certainly had as much confidence in the secure possession of
government lands as any people can ever have in large issues of
government bonds: indeed, it is certain that they had far more
confidence in their lands as a security than modern nations can
usually have in large issues of bonds obtained by payments of
irredeemable paper. One simple fact, as stated by John Stuart Mill,
which made _assignats_ difficult to convert into real estate was that
the vast majority of people could not afford to make investments
outside their business; and this fact is no less fatal to any attempt
to contract large issues of irredeemable paper--save, perhaps, a bold,
statesmanlike attempt, which seizes the best time and presses every
advantage, eschewing all juggling devices and sacrificing everything
to maintain a sound currency based on standards common to the entire
financial world.

And now was seen, taking possession of the nation, that idea which
developed so easily out of the fiat money system;--the idea that the
ordinary needs of government may be legitimately met wholly by the
means of paper currency;--that taxes may be dispensed with. As a
result, it was found that the _assignat_ printing press was the one
resource left to the government, and the increase in the volume of
paper money became every day more appalling.

It will doubtless surprise many to learn that, in spite of these
evident results of too much currency, the old cry of a "scarcity of
circulating medium" was not stilled; it appeared not long after each
issue, no matter how large.

But every thoughtful student of financial history knows that this cry
always comes after such issues--nay, that it _must_ come,--because in