November 13, 1793, under terrifying penalties, suppressed all commerce
in the precious metals. About a year later came the abolition of the
Maximum itself.[52]

It is easily seen that these _Maximum_ laws were perfectly logical.
Whenever any nation intrusts to its legislators the issue of a
currency not based on the idea of redemption in standard coin
recognized in the commerce of civilized nations, it intrusts to them
the power to raise or depress the value of every article in the
possession of every citizen. Louis XIV had claimed that all property
in Prance was his own, and that what private persons held was as much
his as if it were in his coffers. But even this assumption is
exceeded by the confiscating power exercised in a country, where,
instead of leaving values to be measured by a standard common to the
whole world, they are left to be depressed or raised at the whim,
caprice or interest of a body of legislators. When this power is
given, the power of prices is inevitably included in it.[53]

It may be said that these measures were made necessary by the war then
going on. Nothing could be more baseless than such an objection. In
this war the French soon became generally successful. It was quickly
pushed mainly upon foreign soil. Numerous contributions were levied
upon the subjugated countries to support the French armies. The war
was one of those in which the loss, falling apparently on future
generations, first stimulates, in a sad way, trade and production.
The main cause of these evils was tampering with the circulating
medium of an entire nation; keeping all values in fluctuation;
discouraging enterprise; paralyzing energy; undermining sobriety;
obliterating thrift; promoting extravagance and exciting riot by the
issue of an irredeemable currency. The true business way of meeting