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
The washerwomen of Paris, finding soap so dear that they could hardly
purchase it, insisted that all the merchants who were endeavoring to
save something of their little property by refusing to sell their goods
for the wretched currency with which France was flooded, should be
punished with death; the women of the markets and the hangers-on of the
Jacobin Club called loudly for a law "to equalize the value of paper
money and silver coin." It was also demanded that a tax be laid
especially on the rich, to the amount of four hundred million _francs_,
to buy bread. Marat declared loudly that the people, by hanging
shopkeepers and plundering stores, could easily remove the trouble. The
result was that on the 28th of February, 1793, at eight o'clock in the
evening, a mob of men and women in disguise began plundering the
stores and shops of Paris. At first they demanded only bread; soon they
insisted on coffee and rice and sugar; at last they seized everything
on which they could lay their hands--cloth, clothing, groceries and
luxuries of every kind. Two hundred such places were plundered. This was
endured for six hours and finally order was restored only by a grant of
seven million _francs_ to buy off the mob. The new political economy was
beginning to bear, its fruits luxuriantly. A gaudy growth of it appeared
at the City Hall of Paris when, in response to the complaints of the
plundered merchants, Roux declared, in the midst of great applause, that
"shopkeepers were only giving back to the people what they had hitherto
robbed them of."
The mob having thus been bought off by concessions and appeased by
oratory, the government gained time to think, and now came a series of
amazing expedients,--and yet all perfectly logical.
Three of these have gained in French history an evil pre-eminence, and
first of the three was the Forced Loan.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account