Fiat Money Inflation in France: How it Came, What it Brought, and How it EndedWhite, Andrew Dickson
History
Fiat Money Inflation in France: How it Came, What it Brought, and How it Ended
White, Andrew Dickson
Assignats; Inflation (Finance) -- France -- History
In the leading French cities now arose a luxury and license which was
a greater evil even than the plundering which ministered to it. In
the country the gambling spirit spread more and more. Says the same
thoughtful historian whom I have already quoted: "What a prospect for
a country when its rural population was changed into a great band of
gamblers!" [35]
Nor was this reckless and corrupt spirit confined to business men; it
began to break out in official circles, and public men who, a few
years before, had been thought above all possibility of taint, became
luxurious, reckless, cynical and finally corrupt. Mirabeau, himself,
who, not many months previous, had risked imprisonment and even death
to establish constitutional government, was now--at this very
time--secretly receiving heavy bribes. When, at the downfall of the
monarchy a few years later, the famous iron chest of the Tuileries was
opened, there were found evidences that, in this carnival of inflation
and corruption, he had been a regularly paid servant of the Royal
court. [36] The artful plundering of the people at large was bad enough,
but worse still was this growing corruption in official and legislative
circles. Out of the speculating and gambling of the inflation period
grew luxury, and, out of this, corruption. It grew as naturally as a
fungus on a muck heap. It was first felt in business operations,
but soon began to be seen in the legislative body and in journalism.
Mirabeau was, by no means, the only example. Such members of the
legislative body as Jullien of Toulouse, Delaunay of Angers, Fabre
d'Eglantine and their disciples, were among the most noxious of those
conspiring by legislative action to raise and depress securities for
stock-jobbing purposes. Bribery of legislators followed as a matter of
course, Delaunay, Jullien and Chabot accepted a bribe of five hundred
thousand _livres_ for aiding legislation calculated to promote the
purposes of certain stock-jobbers. It is some comfort to know that
nearly all concerned were guillotined for it. [37]
It is true that the number of these corrupt legislators was small, far
less than alarmists led the nation to suppose, but there were enough to
cause wide-spread distrust, cynicism and want of faith in any patriotism
or any virtue.
II.
Public-domain text, read in full here on John Shaqi.
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