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
1790 1795
For a bushel of flour 40 cents 45 dollars
For a bushel of oats 18 cents 10 dollars
For a cartload of wood 4 dollars 500 dollars
For a bushel of coal 7 cents 2 dollars
For a pound of sugar 18 cents 12 1/2 dollars
For a pound of soap 18 cents 8 dollars
For a pound of candles 18 cents 8 dollars
For one cabbage 8 cents 5 1/2 dollars
For a pair of shoes 1 dollar 40 dollars
For twenty-five eggs 24 cents 5 dollars
But these prices about the middle of 1795 were moderate compared with
those which were reached before the close of that year and during the
year following. Perfectly authentic examples were such as the following:
A pound of bread 9 dollars
A bushel of potatoes 40 dollars
A pound of candles 40 dollars
A cartload of wood 250 dollars
So much for the poorer people. Typical of those esteemed wealthy may be
mentioned a manufacturer of hardware who, having retired from business
in 1790 with 321,000 _livres_, found his property in 1796 worth 14,000
_francs_. [76]
For this general distress arising from the development and collapse of
"fiat" money in France, there was, indeed, one exception. In Paris and
a few of the other great cities, men like Tallien, of the heartless,
debauched, luxurious, speculator, contractor and stock-gambler class,
had risen above the ruins of the multitudes of smaller fortunes.
Tallien, one of the worst demagogue "reformers," and a certain number
of men like him, had been skillful enough to become millionaires, while
their dupes, who had clamored for issues of paper money, had become
paupers.
The luxury and extravagance of the currency gamblers and their families
form one of the most significant features in any picture of the social
condition of that period. [77]
A few years before this the leading women in French society showed a
nobility of character and a simplicity in dress worthy of Roman matrons.
Of these were Madame Boland and Madame Desmoulins; but now all was
changed. At the head of society stood Madame Tallien and others like
her, wild in extravagance, daily seeking new refinements in luxury, and
demanding of their husbands and lovers vast sums to array them and to
feed their whims. If such sums could not be obtained honestly they must
be had dishonestly. The more closely one examines that period, the more
clearly he sees that the pictures, given by Thibaudeau and Challamel and
De Goncourt are not at all exaggerated. [78]
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