this, additional issues
were made amounting to about ten thousand millions. But on the 18th of
February, 1796, at nine o'clock in the morning, in the presence of a
great crowd, the machinery, plates and paper for printing _assignats_
were brought to the Place Vendome and there, on the spot where the
Napoleon Column now stands, these were solemnly broken and burned.

Shortly afterward a report by Camus was made to the Assembly that
the entire amount of paper money issued in less than six years by the
Revolutionary Government of France had been over forty-five thousand
millions of _francs_--that over six thousand millions had been annulled
and burned and that at the final catastrophe there were in circulation
close upon forty thousand millions. It will be readily seen that it
was fully time to put an end to the system, for the gold "_louis_" of
twenty-five _francs_ in specie had, in February, 1796, as we have seen,
become worth 7,200 _francs_, and, at the latest quotation of all, no
less than 15,000 _francs_ in paper money--that is, one franc in gold was
nominally worth 600 _francs_ in paper.

Such were the results of allowing dreamers, schemers, phrase-mongers,
declaimers and strong men subservient to these to control a
government. [71]

III.

The first new expedient of the Directory was to secure a forced loan of
six hundred million _francs_ from the wealthier classes; but this was
found fruitless. Ominous it was when persons compelled to take this
loan found for an _assignat_ of one hundred _francs_ only one franc was
allowed. Next a National Bank was proposed; but capitalists were loath
to embark in banking while the howls of the mob against all who had
anything especially to do with money resounded in every city. At last
the Directory bethought themselves of another expedient. This was by no
means new. It had been fully tried on our continent twice before that
time: and once, since--first, in our colonial period; next, during
our Confederation; lastly, by the "Southern Confederacy" and here,
as elsewhere, always in vain. But experience yielded to theory--plain
business sense to financial metaphysics. It was determined to issue a
new paper which should be "fully secured" and "as good as gold."

Pursuant to this decision it was decreed that a new paper money "fully
secured and as good as gold" be issued under the name of "_mandats_." In
order that these new notes should be "fully secured," choice public real