rmously in price, the stoppage of so many manufactories and
the withdrawal of capital caused wages in the summer of 1792, after all
the inflation, to be as small as they had been four years before--viz.,
fifteen _sous_ per day. No more striking example can be seen of the
truth uttered by Daniel Webster, that "of all the contrivances for
cheating the laboring classes of mankind, none has been more effective
than that which deludes them with paper-money." [41]

Issue after issue followed at intervals of a few months, until, on
December 14, 1792, we have an official statement to the effect that
thirty-five hundred millions had been put forth, of which six hundred
millions had been burned, leaving in circulation twenty-eight hundred
millions.

When it is remembered that there was little business to do and that
the purchasing power of the _livre_ or franc, when judged by the staple
products of the country, was equal to about half the present purchasing
power of our own dollar, it will be seen into what evils France had
drifted. As the mania for paper money ran its course, even the _sous_,
obtained by melting down the church bells, were more and more driven out
of circulation and more and more parchment notes from twenty _four_ to
five were issued, and at last pieces of one _sou_, of half a _sou_ and
even of one-quarter of a _sou_ were put in circulation. [42]

But now another source of wealth was opened to the nation. There came a
confiscation of the large estates of landed proprietors who had fled
the country. An estimate in 1793 made the value of these estates three
billions of _francs_. As a consequence, the issues of paper money
were continued in increased amounts, on the old theory that they were
guaranteed by the solemn pledge of these lands belonging to the state.
Under the Legislative Assembly through the year 1792 new issues were
made virtually every month, so that at the end of January, 1793, it
was more and more realized that the paper money actually in circulation
amounted close upon three thousand millions of _francs_. All this had
been issued publicly, in open sessions of the National and Legislative
Assemblies; but now under the National Convention, the two Committees
of Public Safety and of Finance began to decree new issues privately, in
secret session.

As a result, the issues became larger still, and four hundred workmen
were added to those previously engaged in furnishing this paper money,
and these w