elivered by this grand means from
all uncertainty and from all ruinous results of the credit system." It
foretold that this issue "would bring back into the public treasury,
into commerce and into all branches of industry strength, abundance and
prosperity." [9]

Some of the arguments in this address are worth recalling, and, among
them, the following:--"Paper money is without inherent value unless
it represents some special property. Without representing some special
property it is inadmissible in trade to compete with a metallic
currency, which has a value real and independent of the public action;
therefore it is that the paper money which has only the public authority
as its basis has always caused ruin where it has been established; that
is the reason why the bank notes of 1720, issued by John Law, after
having caused terrible evils, have left only frightful memories.
Therefore it is that the National Assembly has not wished to expose
you to this danger, but has given this new paper money not only a value
derived from the national authority but a value real and immutable, a
value which permits it to sustain advantageously a competition with the
precious metals themselves." [10]

But the final declaration was, perhaps, the most interesting. It was as
follows:--

"These _assignats_, bearing interest as they do, will soon be considered
better than the coin now hoarded, and will bring it out again into
circulation." The king was also induced to issue a proclamation
recommending that his people receive this new money without objection.

All this caused great joy. Among the various utterances of this feeling
was the letter of M. Sarot, directed to the editor of the Journal of the
National Assembly, and scattered through France. M. Sarot is hardly able
to contain himself as he anticipates the prosperity and glory that this
issue of paper is to bring to his country. One thing only vexes him, and
that is the pamphlet of M. Bergasse against the _assignats_; therefore
it is after a long series of arguments and protestations, in order to
give a final proof of his confidence in the paper money and his entire
skepticism as to the evils predicted by Bergasse and others, M. Sarot
solemnly lays his house, garden and furniture upon the altar of his
country and offers to sell them for paper money alone.

There were, indeed, some gainsayers. These especially appeared among the
clergy, who, naturally, abhorred the confiscation of