erity, those that followed brought misery; in vain did
he quote from a book published in John Law's time, showing that Law was
at first considered a patriot and friend of humanity; in vain did he
hold up to the Assembly one of Law's bills and appeal to their memories
of the wretchedness brought upon France by them; in vain did Du Pont
present a simple and really wise plan of substituting notes in the
payment of the floating debt which should not form a part of the
ordinary circulating medium; nothing could resist the eloquence of
Mirabeau. Barnave, following, insisted that "Law's paper was based
upon the phantoms of the Mississippi; ours, upon the solid basis of
ecclesiastical lands," and he proved that the _assignats_ could not
depreciate further. Prudhomme's newspaper poured contempt over gold as
security for the currency, extolled real estate as the only true basis
and was fervent in praise of the convertibility and self-adjusting
features of the proposed scheme. In spite of all this plausibility and
eloquence, a large minority stood firm to their earlier principles; but
on the 29th of September, 1790, by a vote of 508 to 423, the deed was
done; a bill was passed authorizing the issue of eight hundred millions
of new _assignats_, but solemnly declaring that in no case should the
entire amount put in circulation exceed twelve hundred millions. To make
assurance doubly sure, it also provided that as fast as the _assignats_
were paid into the treasury for land they should be burned, and thus a
healthful contraction be constantly maintained. Unlike the first issue,
these new notes were to bear no interest. [23]

Great were the plaudits of the nation at this relief. Among the
multitudes of pamphlets expressing this joy which have come down to us
the "Friend of the Revolution" is the most interesting. It begins as
follows: "Citizens, the deed is done. The _assignats_ are the keystone
of the arch. It has just been happily put in position. Now I can
announce to you that the Revolution is finished and there only remain
one or two important questions. All the rest is but a matter of detail
which cannot deprive us any longer of the pleasure of admiring this
important work in its entirety. The provinces and the commercial cities
which were at first alarmed at the proposal to issue so much paper money
now send expressions of their thanks; specie is coming out to be joined
with paper money. Foreigners come to us from all parts of E