ects of a paper
circulation--doubtless, when supported by high credit, and an extensive
commerce, it must have many advantages; but this was not the case in
France--the measure was adopted in a moment of revolution, and when the
credit of the country, never very considerable, was precarious and
degraded--It did not flow from the exuberance of commerce, but the
artifices of party--it never presumed, for a moment, on the confidence of
the people--its reception was forced, and its emission too profuse not to
be alarming.--I know it may be answered, that the assignats do not depend
upon an imaginary appreciation, but really represent a large mass of
national wealth, particularly in the domains of the clergy: yet, perhaps,
it is this very circumstance which has tended most to discredit them.
Had their credit rested only on the solvency of the nation, though they
had not been greatly coveted, still they would have been less
distributed; people would not have apprehended their abolition on a
change of government, nor that the systems adopted by one party might be
reversed by another. Indeed we may add, that an experiment of this kind
does not begin auspiciously when grounded on confiscation and seizures,
which it is probable more than half the French considered as sacrilege
and robbery; nor could they be very anxious to possess a species of
wealth which they made it a motive of conscience to hope would never be
of any value.--But if the original creation of assignats were
objectionable, the subsequent creations cannot but augment the evil. I
have already described to you the effects visible at present, and those
to be apprehended in future--others may result from the new inundation,
[1200 millions--50 millions sterling.] which it is not possible to
conjecture; but if the mischiefs should be real, in proportion as a part
of the wealth which this paper is said to represent is imaginary, their
extent cannot easily be exaggerated. Perhaps you will be of this
opinion, when you recollect that one of the funds which form the security
of this vast sum is the gratitude of the Flemings for their liberty; and
if this reimbursement be to be made according to the specimen the French
army have experienced in their retreat, I doubt much of the convention
will be disposed to advance any farther claims on it; for, it seems, the
inhabitants of the Low Countries have been so little sensible of the
benefits bestowed on them, that even the peasan