Thomas Allan Ingram

“ Trade was paralysed and all manufacturing establishments were closed down. Attempts by the Convention to increase the value of the assignats were of no avail. Too many causes operated in favour of their depreciation: the enormous issue, the uncertainty as to their value if the Revolution should fail, the relation they bore to both specie and commodities, which retained their value and refused to be exchanged for a money of constantly diminishing purchasing power. Even between the assignats themselves there were differences. ”

“ The success of the issue was undoubted, and, possibly, if the assignats had been restricted, as Mirabeau at first desired, to the extent of one-half the value of the lands sold, they would not have shared the usual fate of inconvertible paper money. Mirabeau was a strenuous advocate of the assignats. “They represent,” he said, “real property, the most secure of all possessions, the soil on which we tread.” “There cannot be a greater error than the fear so generally prevalent as to the over-issue of assignats ... ”

“ No person was to be allowed to lay in more than one month’s supply. A maximum price was fixed, above which no one was to buy or sell under severe penalties. These measures were soon stultified by further issues, and by June 1794 the total number of assignats aggregated nearly 8,000,000,000, of which only 2,464,000,000 had returned to the treasury and been destroyed. ”