answer the purpose of specie: this was simplifying the operation by
generalising it. In this way the assignats had their origin.

This invention was of great utility to the revolution, and alone secured
the sale of ecclesiastical property. The assignats, which were a means of
payment for the state, became a pledge to the creditors. The latter by
receiving them were not obliged to accept payment in land for what they
had furnished in money. But sooner or later the assignats would fall into
the hands of men disposed to realise them, and then they were to be
destroyed at the same time that they ceased to be a pledge. In order that
they might fulfil their design, their forced circulation was required; to
render them safe, the quantity was limited to the value of the property
proposed for sale; and that they might not fall by too sudden a change,
they were made to bear interest. The assembly, from the moment of their
issue, wished to give them all the consistency of money. It was hoped that
specie concealed by distrust would immediately re-appear, and that the
assignats would enter into competition with it. Mortgage made them quite
as sure, and interest made them more profitable; but this interest, which
was attended with much inconvenience, disappeared after the first issue.
Such was the origin of the paper money issued under so much necessity, and
with so much prudence, which enabled the revolution to accomplish such
great things, and which was brought into discredit by causes that belonged
less to its nature than to the subsequent use made of it.

When the clergy saw by a decree of the 29th of December the administration
of church property transferred to the municipalities, the sale they were
about to make of it to the value of four hundred millions of francs, and
the creation of a paper money calculated to facilitate this spoliation,
and render it definitive, it left nothing undone to secure the
intervention of God in the cause of its wealth. It made a last attempt: it