Thirty Years' View (Vol. 2 of 2): or, A History of the Working of the American Government for Thirty Years, from 1820 to 1850Benton, Thomas Hart
History
Thirty Years' View (Vol. 2 of 2): or, A History of the Working of the American Government for Thirty Years, from 1820 to 1850
Benton, Thomas Hart
United States -- Politics and government -- 1815-1861
"_At his arrival at power, a sum of 160,000 francs in money
[about $32,000] was all that the public chests contained. In the
impossibility of meeting the current service by the ordinary
receipts, the Directorial Government had resorted to ruinous
expedients, and had thrown into circulation bills of various
values, and which sunk upon the spot fifty to eighty per cent. A
part of the arrearages had been discharged in bills two-thirds
on credit, payable to the bearer, but which, in fact, the
treasury was not able to pay when due. The remaining third had
been inscribed in the great book, under the name of consolidated
third. For the payment of the forced requisitions to which they
had been obliged to have recourse, there had been issued bills
receivable in payment of the revenues. Finally, the government,
in order to satisfy the most imperious wants, gave orders upon
the receivers general, delivered in advance to contractors,
which they negotiated before they began to furnish the supplies
for which they were the payment._"
This, resumed Mr. B., was the condition of the French finances
when Bonaparte became First Consul at the close of the year 1799.
The currency was in the same condition--no specie--a degraded
currency of assignats, ruinously depreciated, and issued as low as
ten sous. That great man immediately began to restore order to the
finances, and solidity to the currency. Happily a peace of three
years enabled him to complete the great work, before he was called
to celebrate the immortal campaigns ending at Austerlitz, Jena, and
Friedland. At the end of three years--before the rupture of the
peace of Amiens--the finances and the currency were restored to
order and to solidity; and, at the end of six years, when the vast
establishments, and the internal ameliorations of the imperial
government, had carried the annual expenses to eight hundred
millions of francs, about one hundred and sixty millions of dollars;
the same historian copying the words of the Minister of Finance,
thus speaks of the treasury, and the currency:
"_The resources of the State have increased beyond its wants;
the public chests are full; all payments are made at the day
named; the orders upon the public treasury have become the most
approved bills of exchange. The finances are in the most happy
condition; France alone, among all the States of Europe, has no
paper money._"
Public-domain text, read in full here on John Shaqi.
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