Fiat Money Inflation in France
The question will naturally be asked, On whom did this vast depreciation mainly fall at last? When this currency had sunk to about one three-hundredth part of its nominal value and, after that, to nothing, in whose hands was the bulk of it? The answer is simple. I shall give it in the exact words of that thoughtful historian from whom I have already quoted: Before the end of the year 1795 the paper money was almost exclusively in the hands of the working classes, employees and men of small means, whose property was not large enough to invest in stores of goods or national lands.
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amount Andrew Dickson White arguments assignats and mandats Assignats in circulation became Cambon Cato Institute Cato's Letters cause cent Challamel circulating medium commerce confiscated Continental currency Cornell University Library corruption creditors currency debt debtor class declared decreed depreciation Dewarmin economic evil Fiat Money Inflation Forced Loan four hundred millions francs in paper French Revolution gold guillotine Henry Hazlitt Histoire income increased inflationists irredeemable paper issue of assignats issue of paper issues of irredeemable Jacobin Club John Law's labor Legislative Assembly less Levasseur livres or francs Louis XVI manufactures millions of francs Mirabeau monetary unit Moniteur months National Assembly natural laws Necker notes pamphlet paper money Paris patriotism payments political production prosperity purchasing power real estate result ruin simple soon specie speculation speech statesmen stimulated stockjobbers Sumner Sybel Thiers thoughtful thousand francs thousand millions tion various wages White Collection
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