France -- History -- Louis XVI, 1774-1793; France -- History -- Revolution, 1789-1799
Unhappily our National Assembly has much to do: a France to
regenerate; and France is short of so many requisites; short even
of cash! These same Finances give trouble enough; no choking of
the Deficit; which gapes ever, _Give, give!_ To appease the
Deficit we venture on a hazardous step, sale of the Clergy’s
Lands and superfluous Edifices; most hazardous. Nay, given the
sale, who is to buy them, ready-money having fled? Wherefore, on
the 19th day of December, a paper-money of “_Assignats_,” of
Bonds secured, or _assigned_, on that Clerico-National Property,
and unquestionable at least in payment of that,—is decreed: the
first of a long series of like financial performances, which
shall astonish mankind. So that now, while old rags last, there
shall be no lack of circulating medium; whether of commodities to
circulate thereon is another question. But, after all, does not
this Assignat business speak volumes for modern science?
Bankruptcy, we may say, was come, as the _end_ of all Delusions
needs must come: yet how gently, in softening diffusion, in mild
succession, was it hereby made to fall;—like no all-destroying
avalanche; like gentle showers of a powdery impalpable snow,
shower after shower, till all was indeed buried, and yet little
was destroyed that could not be replaced, be dispensed with! To
such length has modern machinery reached. Bankruptcy, we said,
was great; but indeed Money itself is a standing miracle.
Public-domain text, read in full here on John Shaqi.
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