of commerce, but the artifices of party—­it never presumed, for a moment, on the confidence of the people—­its reception was forced, and its emission too profuse not to be alarming.—­I know it may be answered, that the assignats do not depend upon an imaginary appreciation, but really represent a large mass of national wealth, particularly in the domains of the clergy:  yet, perhaps, it is this very circumstance which has tended most to discredit them.  Had their credit rested only on the solvency of the nation, though they had not been greatly coveted, still they would have been less distributed; people would not have apprehended their abolition on a change of government, nor that the systems adopted by one party might be reversed by another.  Indeed we may add, that an experiment of this kind does not begin auspiciously when grounded on confiscation and seizures, which it is probable more than half the French considered as sacrilege and robbery; nor could they be very anxious to possess a species of wealth which they made it a motive of conscience to hope would never be of any value.—­But if the original creation of assignats were objectionable, the subsequent creations cannot but augment the evil.  I have already described to you the effects visible at present, and those to be apprehended in future—­others may result from the new inundation, [1200 millions—­50 millions sterling.] which it is not possible to conjecture; but if the mischiefs should be real, in proportion as a part of the wealth which this paper is said to represent is imaginary, their extent cannot easily be exaggerated.  Perhaps you will be of this opinion, when you recollect that one of the funds which form the security of this vast sum is the gratitude of the Flemings for their liberty; and if this reimbursement be to be made according to the specimen the French army have experienced in their retreat, I doubt much of the convention will be disposed to advance any farther claims on it; for, it seems, the inhabitants of the Low Countries have been so little sensible of the benefits bestowed on them, that even the peasants seize on any weapons nearest hand, and drub and pursue the retrograding armies as they would wild beasts; and though, as Dumouriez observes in one of his dispatches, our revolution is intended to favour the country people, "c’est cependant les gens de campagne qui s’arment contre nous, et le tocsin sonne de toutes parts;" ["It is, however, the country people who take up arms against us, and the alarm is sounded from all quarters.”] so that the French will, in fact, have created a public debt of so singular a nature, that every one will avoid as much as possible making any demand of the capital.

I have already been more diffuse than I intended on the subject of finance; but I beg you to observe, that I do not affect to calculate, or speculate, and that I reason only from facts which are daily within my notice, and which, as tending to operate on the morals of the people, are naturally included in the plan I proposed to myself.