Fiat Money Inflation in France by Andrew Dickson White
page 70 of 91 (76%)
page 70 of 91 (76%)
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Nor was this all. At various times the insurgent royalists in La Vendee and elsewhere put _their_ presses also in operation, issuing notes bearing the Bourbon arms,--the _fleur-de-lis_, the portrait of the Dauphin (as Louis XVII) with the magic legend "_De Par le Roi_," and large bodies of the population in the insurgent districts were _forced_ to take these. Even as late as 1799 these notes continued to appear.[80] The financial agony was prolonged somewhat by attempts to secure funds by still another "forced loan," and other discredited measures, but when all was over with paper money, specie began to reappear--first in sufficient sums to do the small amount of business which remained after the collapse. Then as the business demand increased, the amount of specie flowed in from the world at large to meet it and the nation gradually recovered from that long paper-money debauch. Thibaudeau, a very thoughtful observer, tells us in his Memoirs that great fears were felt as to a want of circulating medium between the time when paper should go out and coin should come in; but that no such want was severely felt--that coin came in gradually as it was wanted.[81] Nothing could better exemplify the saying of one of the most shrewd of modern statesmen that "There will always be money."[82] But though there soon came a degree of prosperity--as compared with the distress during the paper-money orgy, convalescence was slow. The acute suffering from the wreck and rain brought by _assignats_, _mandats_ and other paper currency in process of repudiation lasted |
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