"There is not enough money
yet in circulation; if there were more the sales of national lands would
be more rapid." And the official report of his speech states that these
words were applauded.

Dorisy then went on to insist that the government lands were worth at
least thirty-five hundred million _livres_ and said: "Why should members
ascend the tribunal and disquiet France? Fear nothing; your currency
reposes upon a sound mortgage." Then followed a glorification of the
patriotism of the French people, which, he asserted, would carry the
nation through all its difficulties.

Becquet, speaking next, declared that "The circulation is becoming more
rare every day."

On December 17, 1791, a new issue was ordered, making in all twenty-one
hundred millions authorized. Coupled with this was the declaration that
the total amount in actual circulation should never reach more than
sixteen hundred millions. Before this issue the value of the 100
_livres_ note had fallen at Paris to about 80 _livres_; [38] immediately
afterward it fell to about 68 _livres_. What limitations of the currency
were worth may be judged from the fact that not only had the declaration
made hardly a year before, limiting the amount in circulation to twelve
hundred millions, been violated, but the declaration, made hardly a
month previous, in which the Assembly had as solemnly limited the amount
of circulation to fourteen hundred millions, had also been repudiated.

The evils which we have already seen arising from the earlier issues
were now aggravated; but the most curious thing evolved out of all this
chaos was a _new system of political economy_. In speeches, newspapers
and pamphlets about this time, we begin to find it declared that, after
all, a depreciated currency is a blessing; that gold and silver form an
unsatisfactory standard for measuring values: that it is a good thing to
have a currency that will not go out of the kingdom and which separates
France from other nations: that thus shall manufacturers be encouraged;
that commerce with other nations may be a curse, and hindrance thereto
may be a blessing; that the laws of political economy however applicable
in other times, are not applicable to this particular period, and,
however operative in other nations, are not now so in France; that the
ordinary rules of political economy are perhaps suited to the minions of
despotism but not to the free and enlightened inhabitants of France at
the cl