But once the Assembly had entered on the downward course, it found
it impossible to stop. The strong Government and the financial
readjustment, which Mirabeau had hoped for, never came. The eight
hundred millions went, as the four hundred millions had gone before
them, and still there seemed to be no prospect of the debt ever being
redeemed, or of a balance ever being established between the income
and the expenditure of the State. Again and again the Government found
that it must either face bankruptcy, or else get over its difficulties
for the moment by fresh issues of paper money, and again and again,
when the alternative had to be faced, it naturally chose the latter
course. By June, 1791, the issue of the previous September had been
exhausted, and casting its own prudent limitations to the winds, the
Assembly issued six hundred millions more. From that time forward the
depreciation of the paper money steadily and rapidly advanced. The
Treasury, departing from the original proposal, had already begun to
issue Assignats of quite small value. Paper money soon became the
regular currency in which wages were paid; and even the poorest classes
thus learned to feel the effects of its variations, and to make such
profit out of those variations as they could. With the depreciation
of the Assignats and the disappearance of specie, the rage for
speculation, naturally stimulated by the rapidity of political change,
took hold of the public mind, and the spirit of gambling increased in
all classes the unrest and fever of the time.
Public-domain text, read in full here on John Shaqi.
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