The dreadful prostration of industry which such a state of the public revenue implies, would have proved altogether fatal to France, had it not been rescued from the abyss by the surpassing wisdom with which, in that crisis, the measures of the Bank of France were conducted. But the conduct of that establishment, at that trying crisis, proved that they had taken a lesson from the archives of history. Carefully shunning the profuse and exorbitant issue of paper which, under the name of assignats, effected so dreadful a destruction of property in France in the first revolution, they imitated the cautious and prudent policy by which Mr Pitt surmounted the crisis of 1797, and brought the nation triumphant through the whole dangers of the war. They obtained an act from the legislature authorising the issue, not of £600,000,000 sterling of notes, as in 1793 and 1794, but of 400,000,000 francs, or £16,000,000 sterling, not convertible into gold and silver. This, and this alone, it was that brought France through the crisis of the Revolution. Specie, before this aid was obtained, was fast disappearing from circulation; the Bank of France had suspended cash payments; three of the principal banks in Paris had become bankrupt; the payment of all bills was suspended by act of government--for this plain reason, that no debtor could find cash to discharge his engagements. But this wise measure gave the French people that most inestimable of all blessings in a political and monetary crisis--a currency which, without being redundant, is sufficient, and, being not convertible into the precious metals, neither augments the strain on them, nor is liable to be swept away by foreign export. In consequence of this seasonable advance, the crisis was surmounted, though not without most acute general suffering; and industry, since a government comparatively stable was established, in the person of Prince Louis Napoleon, has revived to a surprising degree over the whole country. Indeed, it may be doubted whether the general misery which prevailed in France, desolated by a revolution, but sustained by a moderate inconvertible paper currency, was greater than was felt in the manufacturing cities of Great Britain, saved by the firmness of government and the good sense of the nation from a political convulsion, but withering under the fetters of a contracted currency, and unrestricted admission of foreign produce.[4]