sterling of their paper. This was manly. Who, after this masterly stroke, can doubt of their abilities in finance ?But then, before any other emission of these financial indulgences, they took care at least to make good their original promise! If such estimate, either of the value of the estate or the amount of the encumbrances, has been made, it has escaped me. I never heard of it.

At length they have spoken out, and they have made a full discovery of their abominable fraud, in holding out the church lands as a security for any debts, or any service whatsoever. They rob only to enable them to cheat; but in a very short time they defeat the ends both of the robbery and the fraud, by making out accounts for other purposes, which blow up their whole apparatus of force and of deception. I am obliged to M. de Calonne for his reference to the document which proves this extraordinary fact; it had by some means escaped me. Indeed it was not necessary to make out my assertion as to the breach of faith on the declaration of the 14th of April, 1790. By a report of their committee it now appears, that the charge of keeping up the reduced ecclesiastical establishments, and other expenses attendant on religion, and maintaining the religious of both sexes, retained or pensioned, and the other concomitant expenses of the same nature, which they have brought upon themselves by this convulsion in property, exceeds the income of the estates acquired by it in the enormous sum of two millions sterling annually; besides a debt of seven millions and upwards. These are the calculating powers of imposture! This is the finance of philosophy! This is the result of all the delusions held out to engage a miserable people in rebellion, murder, and sacrilege, and to make them prompt and zealous instruments in the ruin of their country! Never did a state, in any case, enrich itself by the confiscations of the citizens. This new experiment has succeeded like all the rest. Every honest mind, every true lover of liberty and humanity, must rejoice to find that injustice is not always good policy, nor rapine the high road to riches. I subjoin with pleasure, in a note, the able and spirited observations of M. de Calonne on this subject.1

1

"Ce n'est point à l'assemblée entière que je m'adresse ici; je ne parle qu'à ceux qui l'égarent, en lui cachant sous des gazes séduisantes le

In order to persuade the world of the bottomless resource of ecclesiastical confiscation, the Assembly have proceeded to other confiscations of estates in offices, which could not be done with any common colour without being compensated out of this grand confiscation of landed property. They have thrown upon this fund, which was to show a surplus, disengaged of all charges, a new charge; namely, the compensation to the whole body of the disbanded judicature; and of all suppressed offices and estates; a charge which I cannot ascertain, but which unquestionably amounts to many French millions. Another of the new charges is an annuity of four hundred and eighty thousand pounds sterling, to be paid (if they choose to keep faith) by daily payments, for the interest of the first assignats. Have they ever given themselves the trouble to state fairly the expense of the management of the church lands in the hands of the municipalities, to whose care, skill, and diligence, and that of their legion of unknown under-agents, they have chosen to commit the charge of the forfeited estates, and the consequence of which had been so ably pointed out by the bishop of Nancy?

But it is unnecessary to dwell on these obvious heads of encumbrance. Have they made out any clear state of the

but où ils l'entraînent. C'est à eux que je dis: votre objet, vous n'en disconviendrez pas, c'est d'ôter tout espoir au clergé, et de consommer sa ruine; c'est-là, en ne vous soupçonnant d'aucune combinaison de cupidité, d'aucun regard sur le jeu des effets publics, c'est-là ce qu'on doit croire que vous avez en vue dans la terrible opération que vous proposez; c'est ce qui doit en être le fruit. Mais le peuple que vous y intéressez, quel avantage peut il y trouver? En vous servant sans cesse de lui, que faites vous pour lui? Rien, absolument rien; et, au contraire, vous faites ce qui ne conduit qu'à l'accabler de nouvelles charges. Vous avez rejeté, à son préjudice, une offre de 400 millions, dont l'acceptation pouvoit devenir un moyen de soulagement en sa faveur; et à cette ressource, aussi profitable que legitime, vous avez substitué une injustice ruineuse, qui, de votre propre aveu, charge le trésor public, et par conséquent le peuple, d'un surcroît de dépense annuelle de 50 millions au moins, et d'un remboursement de 150 millions.

"Malheureux peuple! voilà ce que vous vaut en dernier résultat l'expropriation de l'Eglise, et la dureté des décrets taxateurs du traitement des ministres d'une religion bienfaisante; et désormais ils seront à votre charge: leurs charités soulageoient les pauvres; et vous allez être imposés pour subvenir à leur entretien!"- -De l'Etat de la France, p. 81.

p. 92, and the following pages.

See also

grand encumbrance of all, I mean the whole of the general and municipal establishments of all sorts, and compared it with the regular income by revenue? Every deficiency in these becomes a charge on the confiscated estate, before the creditor can plant his cabbages on an acre of church property. There is no other prop than this confiscation to keep the whole state from tumbling to the ground. In this situation they have purposely covered all, that they ought industriously to have cleared, with a thick fog; and then, blindfold themselves, like bulls that shut their eyes when they push, they drive, by the point of the bayonets, their slaves, blindfolded indeed no worse than their lords, to take their fictions for currencies, and to swallow down paper pills by thirty-four millions sterling at a dose. Then they proudly lay in their claim to a future credit, on failure of all their past engagements, and at a time when (if in such a matter anything can be clear) it is clear that the surplus estates will never answer even the first of their mortgages, I mean that of the four hundred millions (or sixteen millions sterling) of assignats. In all this procedure I can discern neither the solid sense of plain dealing, nor the subtle dexterity of ingenious fraud. The objections within the Assembly to pulling up the flood-gates for this inundation of fraud. are unanswered; but they are thoroughly refuted by an hundred thousand financiers in the street. These are the numbers by which the metaphysic arithmeticians compute. These are the grand calculations on which a philosophical public credit is founded in France. They cannot raise supplies; but they can raise mobs. Let them rejoice in the applauses of the club at Dundee, for their wisdom and patriotism in having thus applied the plunder of the citizens to the service of the state. I hear of no address upon this subject from the directors of the bank of England; though their approbation would be of a little more weight in the scale of credit than that of the club at Dundee. But, to do justice to the club, I believe the gentlemen who compose it to be wiser than they appear; that they will be less liberal of their money than of their addresses; and that they would not give a dog's-ear of their most rumpled and ragged Scotch paper for twenty of your fairest assignats.

Early in this year the Assembly issued paper to the

amount of sixteen millions sterling: what must have been the state into which the Assembly has brought your affairs, that the relief afforded by so vast a supply has been hardly perceptible? This paper also felt an almost immediate depreciation of five per cent., which in a little time came to about seven. The effect of these assignats on the receipt of the revenue is remarkable. M. Necker found that the collectors of the revenue, who received in coin, paid the treasury in assignats. The collectors made seven per cent. by thus receiving in money, and accounting in depreciated paper. It was not very difficult to foresee, that this must be inevitable. It was, however, not the less embarrassing. M. Necker was obliged (I believe, for a considerable part, in the market of London) to buy gold and silver for the mint, which amounted to about twelve thousand pounds above the value of the commodity gained. That minister was of opinion, that, whatever their secret nutritive virtue might be, the state could not live upon assignats alone; that some real silver was necessary, particularly for the satisfaction of those who, having iron in their hands, were not likely to distinguish themselves for patience, when they should perceive that, whilst an increase of pay was held out to them in real money, it was again to be fraudulently drawn back by depreciated paper. The minister, in this very natural distress, applied to the Assembly, that they should order the collectors to pay in specie what in specie they had received. It could not escape him, that if the treasury paid three per cent. for the use of a currency, which should be returned seven per cent. worse than the minister issued it, such a dealing could not very greatly tend to enrich the public. The Assembly took no notice of his recommendation. They were in this dilemma-If they continued to receive the assignats, cash must become an alien to their treasury: if the treasury should refuse those paper amulets, or should discountenance them in any degree, they must destroy the credit of their sole resource. They seem then to have made their option; and to have given some sort of credit to their paper by taking it themselves; at the same time in their speeches they made a sort of swaggering declaration, something, I rather think, above legislative competence; that is, that there is no difference in value between metallic money

and their assignats. This was a good, stout, proof article of faith, pronounced under an anathema, by the venerable fathers of this philosophic synod. Credat who will-certainly not Judæus Apella.

sys

A noble indignation rises in the minds of your popular leaders, on hearing the magic lantern in their show of finance compared to the fraudulent exhibitions of Mr. Law. They cannot bear to hear the sands of his Mississippi compared with the rock of the church, on which they build their tem. Pray let them suppress this glorious spirit, until they show to the world what piece of solid ground there is for their assignats, which they have not pre-occupied by other charges. They do injustice to that great, mother fraud, to compare it with their degenerate imitation. It is not true that Law built solely on a speculation concerning the Mississippi. He added the East India trade; he added the African trade; he added the farms of all the farmed revenue of France. All these together unquestionably could not support the structure which the public enthusiasm, not he, chose to build upon these bases. But these were, however, in comparison, generous delusions. They supposed, and they aimed at, an increase of the commerce of France. They opened to it the whole range of the two hemispheres. They did not think of feeding France from its own substance. Å grand imagination found in this flight of commerce something to captivate. It was wherewithal to dazzle the eye of an eagle. It was not made to entice the smell of a mole, nuzzling and burying himself in his mother earth, as yours is. Men were not then quite shrunk from their natural dimensions by a degrading and sordid philosophy, and fitted for low and vulgar deceptions. Above all, remember, that, in imposing on the imagination, the then managers of the system made a compliment to the freedom of men. In their fraud there was no mixture of force. This was reserved to our time, to quench the little glimmerings of reason which might break in upon the solid darkness of this enlightened age.

On recollection, I have said nothing of a scheme of finance which may be urged in favour of the abilities of these gentlemen, and which has been introduced with great pomp, though not yet finally adopted, in the National Assembly. It comes with something solid in aid of the credit of the paper circula