They were worth from 8 per cent to 15 per cent more, a fact due to the hope that in case of a counter-revolution they would be less likely to be discredited. The Directory was guilty of even greater abuses in dealing with the Assignats. By 1796 the issue had reached the enormous figure of forty-five billion francs ($9,000,000,000), and even this gigantic total was swollen still more by the numerous counterfeits introduced into France by the neighboring countries. The Assignats had now become totally valueless, the abolition of the maximum the previous year, 1795, had produced no effect; and, though by various payments into the Treasury, the total number had been reduced to about twenty-four billion francs ($4,800,000,000), their face value was about thirty to one of coin. At this value they were converted into eight hundred million francs ($160,000,000) of land warrants or Mandats Territoriaux, which were to constitute a mortgage on all the lands of the republic. These Mandats were no more successful than the Assignats; and even on the very day of their issues were at a discount of 82 per cent. They had an existence of six months, and were finally received back by the State at about the 70th part of their face value in coin. That is, the State gave one dollar in coin for seventy dollars in the paper. This experience of France has been the experience of practically the entire world, Italy, Russia, Germany, Great Britain. The South American countries are now going through it. Even the very best of them, Brazil and Argentina, although their notes are not backed up by the land as those of France were, have suffered the same consequences of their folly. They are the notes issued by the Government against their own credit. They were issued as fiat money, but are gradually being retired just as the Assignats were as depreciated currency. MR. BANKER: Well, we haven't anything on the South American countries to speak of ourselves from Colonial times down to the present day. UNCLE SAM: Now, Mr. Banker, just hold up; you can't get into that tale of woe tonight, for I always have a bad dream when I think of it; a veritable nightmare. We must quit for tonight. Mr. Farmer over there has gone to sleep on my hands already. MR. FARMER: No, he hasn't; not on your life, and I hope it's a very long life, Uncle Sam. MR. LABORINGMAN: Mr. Farmer, you are the first man I ever saw who snores when he is awake. You snored loud enough to wake the dead. Your snoring actually kept me from going to sleep. UNCLE SAM: Well, boys, let me see whether I can recollect just what points we have made tonight. _First_: There is credit, which is the result of confidence and trust. It is the right to demand payment. _Second_: For every credit granted, a debt is created. _Third_: If every debt is paid every credit will be canceled. _Fourth_: Credit is never excessive no matter what its absolute quantity is, so long as it always returns into itself; that is, cancels itself.