History of the French Revolution from 1789 to 1814 by Francois-Auguste Mignet
page 113 of 490 (23%)
page 113 of 490 (23%)
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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 |
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