In view of the fact that the well-to-do citizens were thought to be
lukewarm in their support of the politicians controlling the country,
various demagogues in the National Convention, which had now succeeded
the National, Constituent and Legislative Assemblies, found ample
matter for denunciations long and loud. The result outside the
Convention was increased activity of the guillotine; the results
inside were new measures against all who had money, and on June 22,
1793, the Convention determined that there should be a Forced Loan,
secured on the confiscated lands of the emigrants and levied upon all
married men with incomes of ten thousand _francs_, and upon all
unmarried men with incomes of six thousand _francs_. It was
calculated that these would bring into the treasury a thousand
millions of _francs_. But a difficulty was found. So many of the
rich had lied or had concealed their wealth that only a fifth of the
sum required could be raised, and therefore a law was soon passed
which levied forced loans upon incomes as low as one thousand,
_francs_,--or, say, two hundred dollars of American money. This tax
was made progressive. On the smaller proprietors it was fixed at
one-tenth and on the larger, that is, on all incomes above nine
thousand _francs_, it was made one-half of the entire income. Little
if any provision was made for the repayment of this loan but the
certificates might be used for purchasing the confiscated real estate
of the church and of the nobility.[46]

But if this first expedient shows how naturally a "fiat" money system
runs into despotism, the next is no less instructive in showing how
easily it becomes repudiation and dishonor.

As we have seen, the first issue of the _assignats_,--made by the
National Assembly, bore a portrait of the king; but on the various