ose of the eighteenth century; that the whole state of present
things, so far from being an evil is a blessing. All these ideas, and
others quite as striking, were brought to the surface in the debates on
the various new issues. [39]

Within four months came another report to the Assembly as ingenious as
those preceding. It declared: "Your committee are thoroughly persuaded
that the amount of the circulating medium before the Revolution was
greater than that of the _assignats_ today: but at that time the money
circulated slowly and now it passes rapidly so that one thousand million
_assignats_ do the work of two thousand millions of specie." The report
foretells further increase in prices, but by some curious jugglery
reaches a conclusion favorable to further inflation. Despite these
encouragements the _assignats_ nominally worth 100 _livres_ had fallen,
at the beginning of February, 1792, to about 60 _livres_, and during
that month fell to 53 _livres_. [40]

In March, Claviere became minister of finance. He was especially proud
of his share in the invention and advocacy of the _assignats_, and now
pressed their creation more vigorously than ever, and on April 30th, of
the same year, came the fifth great issue of paper money, amounting to
three hundred millions: at about the same time Cambon sneered ominously
at public creditors as "rich people, old financiers and bankers."
Soon payment was suspended on dues to public creditors for all amounts
exceeding ten thousand _francs_.

This was hailed by many as a measure in the interests of the poorer
classes of people, but the result was that it injured them most of all.
Henceforward, until the end of this history, capital was quietly taken
from labor and locked up in all the ways that financial ingenuity could
devise. All that saved thousands of laborers in France from starvation
was that they were drafted off into the army and sent to be killed on
foreign battlefields.

On the last day of July, 1792, came another brilliant report from
Fouquet, showing that the total amount of currency already issued was
about twenty-four hundred millions, but claiming that the national lands
were worth a little more than this sum. A decree was now passed issuing
three hundred millions more. By this the prices of everything were again
enhanced save one thing, and that one thing was labor. Strange as it may
at first appear, while the depreciation of the currency had raised all
products eno