] arriving at the bank after the expiration of the
first quarter, to exchange for the bank notes that shall be brought in.

VII. The bank notes being thus put in circulation, upon the best of all
possible security, that of actual property, to more than four times
the amount of the bonds upon which the notes are issued, and with
_numeraire_ continually arriving at the bank to exchange or pay them off
whenever they shall be presented for that purpose, they will acquire
a permanent value in all parts of the Republic. They can therefore be
received in payment of taxes, or emprunts equal to numeraire, because
the government can always receive numeraire for them at the bank.

VIII. It will be necessary that the payments of the ten per cent, be
made in numeraire for the first year from the establishment of the plan.
But after the expiration of the first year, the inheritors of property
may pay ten per cent either in bank notes issued upon the fund, or in
numeraire, If the payments be in numeraire, it will lie as a deposit at
the bank, to be exchanged for a quantity of notes equal to that amount;
and if in notes issued upon the fund, it will cause a demand upon the
fund, equal thereto; and thus the operation of the plan will create
means to carry itself into execution.

Thomas Paine.

XXIX. THE EIGHTEENTH FRUCTIDOR.

To the People of France and the French Armies (1)

1 This pamphlet was written between the defeat of Pichegru's
attempt, September 4, 1794, and November 12, of the same
year, the date of the Bien-informe in which the publication
is noticed. General Pichegra (Charles), (1761-1804) having
joined a royalist conspiracy against the Republic, was
banished to Cayenne (1797), whence he escaped to England;
having returned to Paris (1804) he was imprisoned in the
Temple, and there found strangled by a silk handkerchief,
whether by his own or another's act remaining doubtful.
--Editor.

When an extraordinary measure, not warranted by established
constitutional rules, and justifiable only on the supreme law of
absolute necessity, bursts suddenly upon us, we must, in order to form
a true judgment thereon, carry our researches back to the times that
preceded and occasioned it. Taking up then the subject with respect to
the event of the Eighteenth of Fructidor on this ground, I go to examine
the state of things prior to that period. I begin with the establishment