or refrained from bringing what they had to market.[60] But, as is
usual in such cases, the trouble was ascribed to everything rather
than the real cause, and the most severe measures were established in
all parts of the country to force farmers to bring produce to market,
millers to grind and shopkeepers to sell it.[61] The issues of paper
money continued. Toward the end of 1794 seven thousand millions in
_assignats_ were in circulation.[62] By the end of May, 1795, the
circulation was increased to ten thousand millions, at the end of
July, to fourteen thousand millions; and the value of one hundred
_francs_ in paper fell steadily, first to four _francs_ in gold, then
to three, then to two and one-half.[63] But, curiously enough, while
this depreciation was rapidly going on, as at various other periods
when depreciation was rapid, there came an apparent revival of
business. The hopes of many were revived by the fact that in spite of
the decline of paper there was an exceedingly brisk trade in all kinds
of permanent property. Whatever articles of permanent value certain
needy people were willing to sell certain cunning people were willing
to buy and to pay good prices for in _assignats_. At this, hope
revived for a time in certain quarters. But ere long it was
discovered that this was one of the most distressing results of a
natural law which is sure to come into play under such circumstances.
It was simply a feverish activity caused by the intense desire of a
large number of the shrewder class to convert their paper money into
anything and everything which they could hold and hoard until the
collapse which they foresaw should take place. This very activity in
business simply indicated the disease. It was simply legal robbery of
the more enthusiastic and trusting by the more cold-hearted and keen.
It was, the "unloading" of the _assignats_ upon the mass of the
people.[64]