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had already advanced to the city of Paris alone； one hundred and ten
million francs； while the Commune； insolvent； kept constantly
extorting fresh millions。＇10＇ By the side of this gulf； the Jacobins
had dug another； larger still； that of the war。 For the first half of
the year 1793 they threw into this pit first； one hundred and forty
millions； then one hundred and sixty millions； and then one hundred
and ninety million francs； in the second six months of 1793 the war
and provisions swallowed up three hundred million francs per month；
and the more they threw into the two gulfs the deeper they became。＇11＇
Naturally； when there is no collecting a revenue and expenses go on
increasing； one is obliged to borrow on one's resources； and
piecemeal； as long as these last。 Naturally； when ready money is not
to be had on the market； one draws notes and tries to put them in
circulation； one pays tradesmen with written promises in the future；
and thus exhausts one's credit。 Such is paper money and the
assignats； the third and most efficient way for wasting a fortune and
which the Jacobins did not fail to make the most of。 … Under the
Constituent Assembly； through a remnant of good sense and good faith；
efforts were at first made to guarantee the fulfillment of written
promises the holders of assignats were almost secured by a first
mortgage on the national possessions； which had been given to them
coupled with an engagement not to raise more money on this guarantee；
as well as not to issue any more assignats。＇12＇ But they did not keep
faith。 They rendered the security afforded by this mortgage
inoperative and； as all chances of re…payment disappeared； its value
declined。 Then； on the 27th of April； 1792； according to the report
of Cambon； there begins an unlimited issue； according to the Jacobin
financiers； nothing more is necessary to provide for the war than to
turn the wheel and grind out promises to pay： in June； 1793； assignats
to the amount of four billion three hundred and twenty millions have
already been manufactured； and everybody sees that the mill must grind
faster。 This is why the guarantee； vainly increased； no longer
suffices for the monstrous； disproportionate mortgage； it exceeds all
limits； covers nothing； and sinks through its own weight。 At Paris；
the assignat of one hundred francs is worth in specie； in the month of
June； 1791； eighty…five francs； in January； 1792； only sixty…six
francs； in March； 1792； only fifty。 three francs； rising in value at
the end of the Legislative Assembly； owing to fresh confiscations； it
falls back to fifty…five francs in January； 1793； to forty…seven
francs in April； to forty francs in June； to thirty…three francs in
July。＇13＇ … Thus are the creditors of the State defrauded of a third；
one…half； and two…thirds of their investment； and not alone the
creditors of the State but every other creditor； since every debtor
has the right to discharge his obligations by paying his debts in
assignats。 Enumerate； if possible； all who are defrauded of private
claims； all money…lenders and stockholders who have invested in any
private enterprise； either manufacturing or mercantile； those who have
loaned money on Contracts of longer or shorter date； all sellers of
real estate； with stipulations in their deeds for more or less remote
payment； all landowners who have leased their grounds or buildings for
a term of years； all holders of annuities on private bond or on an
estate； all manufacturers； merchants and farmers who have sold their
wares； goods and produce on time； all clerks on yearly salaries and
even all other employees； underlings； servants and workmen receiving
fixed salaries for a specified term。 There is not one of these
persons whose capital； or income payable in assignats； is not at once
crippled in proportion to the decline in value of assignats； so that
not only the State falls into bankruptcy but likewise every creditor
in France； legally bankrupt along with it through its fault。
In such a situation how can any enterprise be commenced or maintained？
Who dares take a risk； especially when disbursements are large and
returns remote？ Who dares lend on long credits … ？ If loans are still
made they are not for a year but for a month； while the interest
which； before the Revolution was six； five or even four per cent。 per
annum； is now two per cent。 a month on securities。〃 It soon runs up
higher and； at Paris and Strasbourg we see it rising； as in India and
the Barbary States； to four； five； six and even seven per cent。 a
month。＇14＇
What holder of raw material； or of manufactured goods； would dare make
entries on his books as usual and allow his customer the indispensable
credit of three months？ What large manufacturer would presume to make
goods up； what wholesale merchant would care to make shipments； what
man of wealth or with a competence would build； drain and construct
dams and dykes； repair； or even maintain them with the positive
certainty of delays in getting back only one…half his outlays and with
the increasing certainty of getting nothing？
During a few years the large establishments collapsed in droves：
* After the ruin of the nobles and the departure of wealthy
foreigners； every craft dependent on luxurious tastes； those of Paris
and Lyons； which were the standard for Europe； all the manufactories
of rich fabrics and furniture； and other artistic； elegant and
fashionable articles。
* After the insurrection of the blacks in St。 Domingo； and other
troubles in the West Indies； the great colonial trade and remarkable
prosperity of Nantes and Bordeaux； including all the industrial
enterprises by which the production； transportation and circulation of
cotton； sugar and coffee were affected；＇15＇
* After the declaration of war with England； the shipping interest；
* After the declaration of war with all Europe； the commerce of the
continent。＇16＇
Failure after failure； an universal crash； utter cessation of
extensively organized and productive labor： instead of productive
industries； I see none now but destructive industries； those of the
agricultural and commercial vermin； those of dealers in junk and
speculators who dismantle mansions and abbeys； and who demolish
chateaux and churches so as to sell the materials as cheap as dirt；
who bargain away national possessions； so as to make a profit on the
transaction。 Imagine the mischief a temporary owner； steeped in debt；
needy and urged on by the maturity of his engagements； can and must do
to an estate held under a precarious title and of suspicious
acquirement； which he has no idea of keeping； and from which；
meanwhile； he derives every possible benefit：＇17＇ not only does he put
no spokes in the mill…wheel； no stones in the dyke； no tiles on the
roof； but he buys no manure； exhausts the soil； devastates the forest；
alienates the fields； and dismembers the entire farm； damaging the
gr