passed on the 2nd of December, 1789.

From that moment the hatred of the clergy to the revolution broke out. At
the commencement of the states-general it had been less intractable than
the nobility, in order to preserve its riches; it now showed itself as
opposed as they to the new regime, of which it became the most tenacious
and furious foe. Yet, as the decree placed ecclesiastical property at the
disposal of the nation, without, as yet, displacing it, it did not break
out into opposition at once. The administration was still confided to it,
and it hoped that the possessions of the church might serve as a mortgage
for the debt, but would not be sold.

It was, indeed, difficult to effect the sale, which, however, could not be
delayed, the treasury only subsisting on anticipations, and the exchequer,
which supplied it with bills, beginning to lose all credit on account of
the number it had issued.

They obtained their end, and proceeded with the new financial organisation
in the following manner: The necessities of this and the following year
required a sale of this property to the amount of four hundred millions of
francs; to facilitate it, the corporation of Paris made considerable
subscriptions, and the municipalities of the kingdom followed the example
of Paris. They were to return to the treasury the equivalent of the
property they received from the state to sell to private individuals; but
they wanted money, and they could not deliver the amount since they had
not yet met with purchasers. What was to be done? They supplied municipal
notes intended to reimburse the public creditors, until they should
acquire the funds necessary for withdrawing the notes. Once arrived thus
far, they saw that, instead of municipal notes, it would be better to
create exchequer bills, which would have a compulsory circulation, and