pported
the first issue of four hundred millions. But he now adopted a judicial
tone--attempted to show to the Assembly the very simple truth that the
effect of a second issue of _assignats_ may be different from that of
the first; that the first was evidently needed; that the second may be
as injurious as the first was useful. He exhibited various weak points
in the inflation fallacies and presented forcibly the trite truth that
no laws and no decrees can keep large issues of irredeemable paper at
par with specie.

In his speech occur these words: "You can, indeed, arrange it so that
the people shall be forced to take a thousand _livres_ in paper for a
thousand _livres_ in specie; but you can never arrange it so that a man
shall be obliged to give a thousand _livres_ in specie for a thousand
_livres_ in paper,--in that fact is embedded the entire question; and on
account of that fact the whole system fails." [22]

The nation at large now began to take part in the debate; thoughtful
men saw that here was the turning Point between good and evil, that the
nation stood at the parting of the ways. Most of the great commercial
cities bestirred themselves and sent up remonstrances against the new
emission,--twenty-five being opposed and seven in favor of it.

But eloquent theorists arose to glorify paper and among these, Royer,
who on September 14, 1790, put forth a pamphlet entitled "Reflections of
a patriotic Citizen on the issue of _Assignats_," in which he gave many
specious reasons of the why the _assignats_ could not be depressed, and
spoke of the argument against them as "vile clamors of people bribed
to affect public opinion." He said to the National Assembly, "If it
is necessary to create five thousand millions, and more, of the paper,
decree such a creation gladly." He, too, predicted, as many others had
done, a time when gold was to lose all its value, since all exchanges
would be made with this admirable, guaranteed paper, and therefore that
coin would come out from the places where it was hoarded. He foretold
prosperous times to France in case these great issues of paper were
continued and declared these "the only means to insure happiness, glory
and liberty to the French nation." Speeches like this gave courage to
a new swarm of theorists,--it began to be especially noted that men who
had never shown any ability to make or increase fortunes for themselves
abounded in brilliant plans for creating and increasing