Professor  F.  A.  Walker  has  in  his  work  on
Money  (ch.  xvi.),  described  the  development  of
the  paper  issue,  and  the  fruitless  opposition  of
Necker.  It  was  assumed  that  the  republic
could  do  safely  what  had  been  (1719-21)  dis-
astrous under  the  monarchy.  "Paper  money,"
it  was  argued  before  the  assembly,  * '  paper  money
under  a  despotism  is  dangerous,  it  favours  cor-
ruption ;  but  in  a  nation  constitutionally
governed,  which  takes  care  of  its  own  notes,
which  determines  their  number  and  their  use,
that  danger  no  longer  exists. "  A  desire  to  com-
mit the  thrifty  middle  class  of  France  to  the
principles  and  measures  of  the  Revolution  for
political  purposes  largely  actuated  the  assembly.
This  was  avowed  by  Mirabeau,  ' '  Partout  ou  se
placera  un  assignat -monnaie,  1^  silrement  re-
posera  avec  lui  uu  vosu  secret  pour  le  credit  des
assignats,  un  desir  de  leur  solidite  .  .  .  par-
tout  ou  se  trouvera  un  porteur  d'assignats,
vous  compterez  un  defenseur  necessaire  de
vos  mesures,  un  creancier  iuteresse  a  vos
succes."  These  notes,  the  Comte  de  JSriRABEAU
continued  to  declare,  could  never  be  issued  in
excess.  "They  represent,"  he  said,  "real
property,  the  most  secure  of  all  possessions,
the  soil  on  which  we  tread."  Again,  "There
cannot  be  a  greater  error  than  the  fear  so
generally  prevalent  as  to  the  over-issue  of
assignats.  .  .  .  Re-absorbed  progressively  in  the
purchase  of  the  national  domains,  this  paper
money  can  never  become  redundant."

The  following  table  of  the  depreciation  of
the  assignats,  derived  from  M.  Bresson  {Hist.
Financikre  de  la  France),  shows  how  entirely
Mirabeau's  anticipations  were  falsified  by  events.
24  livres  in  coin  were  worth  in  assignats —


April  1,

1795

.    238

Oct.  1,  1795

1205

May   „

))

.    299

Nov.,,     „.
