Fiat Money Inflation in France

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Great effortswere made to find these emissaries and more than one innocent personexperienced the popular wrath under the supposition that he was engagedin raising gold and depressing paper. Even Talleyrand, shrewd as he was, insisted that the cause was simply that the imports were too great andthe exports too little. [28] As well might he explain that fact that, when oil is mingled with water, water sinks to the bottom, by sayingthat this is because the oil rises to the top. This disappearance ...ofspecie was the result of a natural law as simple and as sure in itsaction as gravitation; the superior currency had been withdrawn becausean inferior currency could be used. [29] Some efforts were made to remedythis. In the municipality of Quilleboeuf a considerable amount in speciehaving been found in the possession of a citizen, the money was seizedand sent to the Assembly. The people of that town treated this hoardedgold as the result of unpatriotic wickedness or madness, instead ofseeing that it was but the sure result of a law working in every landand time, when certain causes are present.

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