《the origins of contemporary france-4》

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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

ground and the stock of tools and injuring the dwelling by selling its

mirrors; lead and iron; and oftentimes the window…shutters and doors。

He turns all into cash; no matter how; at the expense of the domain;

which he leaves in a run…down condition; unfurnished and for a long

time unproductive。  In like manner; the communal possessions; ravaged;

pillaged and then pieced out and divided off; are so many organisms

which are sacrificed for the immediate relief of the village poor; but

of course to the detriment of their future productiveness and an

abundant yield。'18'



Alone; amongst these millions of men who have stopped working; or work

the wrong way; the petty cultivator labors to advantage; free of

taxes; of tithes and of feudal imposts; possessing a scrap of ground

which he has obtained for almost nothing or without stretching his

purse strings; he works in good spirits。'19'  He is sure that

henceforth his crop will no longer be eaten up by the levies of the

seignior; of the décimateur and of the King; that it will belong to

him; that it will be wholly his; and that the worse the famine in the

towns; the dearer he will sell his produce。  Hence; he has ploughed

more vigorously than ever; he has even cleared waste ground; getting

the soil gratis; or nearly so; and having to make but few advances;

having no other use for his advances; consisting of seed; manure; the

work of his cattle and of his own hands; he has planted; reaped and

raised grain with the greatest energy。  Perhaps other articles of

consumption will be scarce; it may be that; owing to the ruin of other

branches of industry; it will be hard to get dry…goods; shoes; sugar;

soap; oil; candles; wine and brandy; it may happen that; owing to the

bungling way in which agricultural transformations have been effected;

all produce of the secondary order; meat; vegetables; butter and eggs;

may become scarce。  In any event; French foodstuffs par excellence is

on hand; standing in the field or stored in sheaves in the barns; in

1792 and 1793; and even in 1794; there is enough grain in France to

provide every French inhabitant with his daily bread。'20'



But that is not enough。  In order that each Frenchman may obtain his

bit of bread every day; it is still essential that grain should reach

the markets in sufficient quantities; and that the bakers should every

day have enough flour to make all the bread that is required;

moreover; the bread offered for sale in the bakeries should not exceed

the price which the majority of consumers can afford to pay。  Now; in

fact; through a forced result of the new system; neither of these

conditions is fulfilled。  … In the first place; wheat; and hence

bread; is too dear。  Even at the old rate; these would still be too

dear for the innumerable empty or half…empty purses; after so many

attacks on property; industry and trade; now that so many hundreds of

workmen and employees are out of work; now that so many land…owners

and bourgeois receive no rents; now that incomes; profits; wages and

salaries have diminished by hundreds of thousands。  But wheat; and;

consequently; bread; has not remained at old rates。  Formerly a sack

of wheat in Paris was worth 50 francs。  In February; 1793; it is worth

sixty…five francs; in May; 1793; one hundred francs and then one

hundred and fifty; and hence bread; in Paris; early in 1793; instead

of being three sous the pound; costs six sous; in many of the southern

departments seven and eight sous; and in other places ten and twelve

sous。'21' The reason is; that; since August 10; 1792; after the King's

fall and the wrenching away of the ancient keystone of the arch which

still kept the loosened stones of the social edifice in place; the

frightened peasant would no longer part with his produce; he

determined not to take assignats; not to let his grain go for anything

but ringing coin。  To exchange good wheat for bad; dirty paper rags

seemed to him a trick; and justly so; for; on going to town every

month he found that the dealers gave him less merchandise for these

rags。  Being distrustful and a hoarder; he must have good; old

fashioned crowns; with the ancient effigy; so as to lay them away in a

jar or old woollen stocking; give him specie or he will keep his

grain。  For he is not; as formerly; obliged to part with it as soon as

it is cut; to pay taxes and rent; the bailiff and sheriff are no

longer there to constrain him; in these times of disorder and

demagoguism; under impotent or partial authorities; neither the public

nor the private creditor has the power to compel payment; while the

spurs which formerly impelled the farmer to seek the nearest market

are blunted or broken。  He therefore stays away; and he has excellent

reasons for so doing。  Vagabonds and the needy stand by the roadside

and at the entrances of the towns to stop and pillage the loaded

carts; in the ma
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