currency, but signs are not lacking in some lay quarters of an
inclination to sanction dangerous experiments. The doctrine of
governmental regulation of prices, has, however, made its appearance
in embryo. Class dissatisfaction is also on the increase. The
confiscation of property rights under legal forms and processes is apt
to be condoned when directed against unpopular interests and when
limited to amounts that do not revolt the conscience. The wild and
terrible expression given to these insidious principles in the havoc
of the Revolution should be remembered by all. Nor should the fact be
overlooked that, as Mr. White points out on Page 6, the National
Assembly of France which originated and supported these measures
contained in its membership the ablest Frenchmen of the day.

JOHN MACKAY.
Toronto General Trusts Building,
Toronto, 31st March, 1914.


FIAT MONEY INFLATION IN FRANCE
How It Came, What It Brought, and How It Ended[1]


I.

Early in the year 1789 the French nation found itself in deep
financial embarrassment: there was a heavy debt and a serious deficit.

The vast reforms of that period, though a lasting blessing
politically, were a temporary evil financially. There was a general
want of confidence in business circles; capital had shown its