declaimers and strong men subservient to these to control a
government.[71]


III.

The first new expedient of the Directory was to secure a forced loan
of six hundred million _francs_ from the wealthier classes; but this
was found fruitless. Ominous it was when persons compelled to take
this loan found for an _assignat_ of one hundred _francs_ only one
franc was allowed. Next a National Bank was proposed; but capitalists
were loath to embark in banking while the howls of the mob against all
who had anything especially to do with money resounded in every city.
At last the Directory bethought themselves of another expedient. This
was by no means new. It had been fully tried on our continent twice
before that time: and once, since--first, in our colonial period;
next, during our Confederation; lastly, by the "Southern Confederacy"
and here, as elsewhere, always in vain. But experience yielded to
theory--plain business sense to financial metaphysics. It was
determined to issue a new paper which should be "fully secured" and
"as good as gold."

Pursuant to this decision it was decreed that a new paper money "fully
secured and as good as gold" be issued under the name of "_mandats_."
In order that these new notes should be "fully secured," choice public
real estate was set apart to an amount fully equal to the nominal
value of the issue, and any one offering any amount of the _mandats_
could at once take possession of government lands; the price of the
lands to be determined by two experts, one named by the government and
one by the buyer, and without the formalities and delays previously