Interesting is it to note in the midst of all this the steady action
of another simple law in finance. Prisons, guillotines, enactments
inflicting twenty years' imprisonment in chains upon persons twice
convicted of buying or selling paper money at less than its nominal
value, and death upon investors in foreign securities, were powerless.
The National Convention, fighting a world in arms and with an armed
revolt on its own soil, showed titanic power, but in its struggle to
circumvent one simple law of nature its weakness was pitiable. The
_louis d'or_ stood in the market as a monitor, noting each day, with
unerring fidelity, the decline in value of the _assignat_; a monitor
not to be bribed, not to be scared. As well might the National
Convention try to bribe or scare away the polarity of the mariner's
compass. On August 1, 1795, this gold _louis_ of 25 _francs_ was
worth in paper, 920 _francs_; on September 1st, 1,200 _francs_; on
November 1st, 2,600 _francs_; on December 1st, 3,050 _francs_. In
February, 1796, it was worth 7,200 _francs_ or one franc in gold was
worth 288 _francs_ in paper. Prices of all commodities went up nearly
in proportion.[65] The writings of this period give curious details.
Thibaudeau, in his Memoirs, speaks of sugar as 500 _francs_ a pound,
soap, 230 _francs_, candles, 140 _francs_. Mercier, in his lifelike
pictures of the French metropolis at that period, mentions 600
_francs_ as carriage hire for a single drive, and 6,000 for an entire
day. Examples from other sources are such as the following:--a
measure of flour advanced from two _francs_ in 1790, to 225 _francs_
in 1795; a pair of shoes, from five _francs_ to 200; a hat, from 14
_francs_ to 500; butter, to, 560 _francs_ a pound; a turkey, to 900
_francs_.[66] Everything was enormously inflated in price _except the
wages of labor_. As manufacturers had closed, wages had fallen, until
all that kept them up seemed to be the fact that so many laborers were
drafted off into the army. From this state of things came grievous