the origins of contemporary france-4-第151部分

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had　already　advanced　to　the　city　of　Paris　alone；　one　hundred　and　ten

million　francs；　while　the　Commune；　insolvent；　kept　constantly

extorting　fresh　millions。＇10＇　By　the　side　of　this　gulf；　the　Jacobins

had　dug　another；　larger　still；　that　of　the　war。　　For　the　first　half　of

the　year　1793　they　threw　into　this　pit　first；　one　hundred　and　forty

millions；　then　one　hundred　and　sixty　millions；　and　then　one　hundred

and　ninety　million　francs；　in　the　second　six　months　of　1793　the　war

and　provisions　swallowed　up　three　hundred　million　francs　per　month；

and　the　more　they　threw　into　the　two　gulfs　the　deeper　they　became。＇11＇



Naturally；　when　there　is　no　collecting　a　revenue　and　expenses　go　on

increasing；　one　is　obliged　to　borrow　on　one's　resources；　and

piecemeal；　as　long　as　these　last。　　Naturally；　when　ready　money　is　not

to　be　had　on　the　market；　one　draws　notes　and　tries　to　put　them　in

circulation；　one　pays　tradesmen　with　written　promises　in　the　future；

and　thus　exhausts　one's　credit。　　Such　is　paper　money　and　the

assignats；　the　third　and　most　efficient　way　for　wasting　a　fortune　and

which　the　Jacobins　did　not　fail　to　make　the　most　of。　　…　Under　the

Constituent　Assembly；　through　a　remnant　of　good　sense　and　good　faith；

efforts　were　at　first　made　to　guarantee　the　fulfillment　of　written

promises　the　holders　of　assignats　were　almost　secured　by　a　first

mortgage　on　the　national　possessions；　which　had　been　given　to　them

coupled　with　an　engagement　not　to　raise　more　money　on　this　guarantee；

as　well　as　not　to　issue　any　more　assignats。＇12＇　But　they　did　not　keep

faith。　　They　rendered　the　security　afforded　by　this　mortgage

inoperative　and；　as　all　chances　of　re…payment　disappeared；　its　value

declined。　　Then；　on　the　27th　of　April；　1792；　according　to　the　report

of　Cambon；　there　begins　an　unlimited　issue；　according　to　the　Jacobin

financiers；　nothing　more　is　necessary　to　provide　for　the　war　than　to

turn　the　wheel　and　grind　out　promises　to　pay：　in　June；　1793；　assignats

to　the　amount　of　four　billion　three　hundred　and　twenty　millions　have

already　been　manufactured；　and　everybody　sees　that　the　mill　must　grind

faster。　　This　is　why　the　guarantee；　vainly　increased；　no　longer

suffices　for　the　monstrous；　disproportionate　mortgage；　it　exceeds　all

limits；　covers　nothing；　and　sinks　through　its　own　weight。　　At　Paris；

the　assignat　of　one　hundred　francs　is　worth　in　specie；　in　the　month　of

June；　1791；　eighty…five　francs；　in　January；　1792；　only　sixty…six

francs；　in　March；　1792；　only　fifty。　　three　francs；　rising　in　value　at

the　end　of　the　Legislative　Assembly；　owing　to　fresh　confiscations；　it

falls　back　to　fifty…five　francs　in　January；　1793；　to　forty…seven

francs　in　April；　to　forty　francs　in　June；　to　thirty…three　francs　in

July。＇13＇　…　Thus　are　the　creditors　of　the　State　defrauded　of　a　third；

one…half；　and　two…thirds　of　their　investment；　and　not　alone　the

creditors　of　the　State　but　every　other　creditor；　since　every　debtor

has　the　right　to　discharge　his　obligations　by　paying　his　debts　in

assignats。　　Enumerate；　if　possible；　all　who　are　defrauded　of　private

claims；　all　money…lenders　and　stockholders　who　have　invested　in　any

private　enterprise；　either　manufacturing　or　mercantile；　those　who　have

loaned　money　on　Contracts　of　longer　or　shorter　date；　all　sellers　of

real　estate；　with　stipulations　in　their　deeds　for　more　or　less　remote

payment；　all　landowners　who　have　leased　their　grounds　or　buildings　for

a　term　of　years；　all　holders　of　annuities　on　private　bond　or　on　an

estate；　all　manufacturers；　merchants　and　farmers　who　have　sold　their

wares；　goods　and　produce　on　time；　all　clerks　on　yearly　salaries　and

even　all　other　employees；　underlings；　servants　and　workmen　receiving

fixed　salaries　for　a　specified　term。　　There　is　not　one　of　these

persons　whose　capital；　or　income　payable　in　assignats；　is　not　at　once

crippled　in　proportion　to　the　decline　in　value　of　assignats；　so　that

not　only　the　State　falls　into　bankruptcy　but　likewise　every　creditor

in　France；　legally　bankrupt　along　with　it　through　its　fault。



In　such　a　situation　how　can　any　enterprise　be　commenced　or　maintained？

Who　dares　take　a　risk；　especially　when　disbursements　are　large　and

returns　remote？　Who　dares　lend　on　long　credits　…　？　If　loans　are　still

made　they　are　not　for　a　year　but　for　a　month；　while　the　interest

which；　before　the　Revolution　was　six；　five　or　even　four　per　cent。　　per

annum；　is　now　two　per　cent。　　a　month　on　securities。〃　It　soon　runs　up

higher　and；　at　Paris　and　Strasbourg　we　see　it　rising；　as　in　India　and

the　Barbary　States；　to　four；　five；　six　and　even　seven　per　cent。　　a

month。＇14＇



What　holder　of　raw　material；　or　of　manufactured　goods；　would　dare　make

entries　on　his　books　as　usual　and　allow　his　customer　the　indispensable

credit　of　three　months？　What　large　manufacturer　would　presume　to　make

goods　up；　what　wholesale　merchant　would　care　to　make　shipments；　what

man　of　wealth　or　with　a　competence　would　build；　drain　and　construct

dams　and　dykes；　repair；　or　even　maintain　them　with　the　positive

certainty　of　delays　in　getting　back　only　one…half　his　outlays　and　with

the　increasing　certainty　of　getting　nothing？



During　a　few　years　the　large　establishments　collapsed　in　droves：



*　After　the　ruin　of　the　nobles　and　the　departure　of　wealthy

foreigners；　every　craft　dependent　on　luxurious　tastes；　those　of　Paris

and　Lyons；　which　were　the　standard　for　Europe；　all　the　manufactories

of　rich　fabrics　and　furniture；　and　other　artistic；　elegant　and

fashionable　articles。



*　After　the　insurrection　of　the　blacks　in　St。　　Domingo；　and　other

troubles　in　the　West　Indies；　the　great　colonial　trade　and　remarkable

prosperity　of　Nantes　and　Bordeaux；　including　all　the　industrial

enterprises　by　which　the　production；　transportation　and　circulation　of

cotton；　sugar　and　coffee　were　affected；＇15＇



*　After　the　declaration　of　war　with　England；　the　shipping　interest；



*　After　the　declaration　of　war　with　all　Europe；　the　commerce　of　the

continent。＇16＇



Failure　after　failure；　an　universal　crash；　utter　cessation　of

extensively　organized　and　productive　labor：　instead　of　productive

industries；　I　see　none　now　but　destructive　industries；　those　of　the

agricultural　and　commercial　vermin；　those　of　dealers　in　junk　and

speculators　who　dismantle　mansions　and　abbeys；　and　who　demolish

chateaux　and　churches　so　as　to　sell　the　materials　as　cheap　as　dirt；

who　bargain　away　national　possessions；　so　as　to　make　a　profit　on　the

transaction。　　Imagine　the　mischief　a　temporary　owner；　steeped　in　debt；

needy　and　urged　on　by　the　maturity　of　his　engagements；　can　and　must　do

to　an　estate　held　under　a　precarious　title　and　of　suspicious

acquirement；　which　he　has　no　idea　of　keeping；　and　from　which；

meanwhile；　he　derives　every　possible　benefit：＇17＇　not　only　does　he　put

no　spokes　in　the　mill…wheel；　no　stones　in　the　dyke；　no　tiles　on　the

roof；　but　he　buys　no　manure；　exhausts　the　soil；　devastates　the　forest；

alienates　the　fields；　and　dismembers　the　entire　farm；　damaging　the

gr