“The more we reflect on the true principles of credit, the more are we convinced that there exists in this respect no difference between a nation and a private individual. A nation, like a private person, possesses credit only so long as it is known to have the will and the power to pay. A nation, like an individual, can do nothing better towards its creditors than to pay in ready money its engagements when due. If, through some unfortunate circumstances, the means of payment in cash are wanting, the best—the only course which a nation, like an individual, can then adopt, is to propose to its creditors only such arrangements as are secure of being carried into effect, for nothing destroys confidence like exaggerated promises.”

* * * * *

“Rest assured that every mechanical means of bringing about the re-appearance of specie, such as the melting down of plate, the purchase of materials at a great expense, or other such temporary expedients, though they may afford the appearance of relief, have really nothing substantial or durable in their nature. When once the public feeling leads to the hoarding or the exportation of specie, that which you produce in this way will speedily be withdrawn from the circulation like the rest. It is only by securing public opinion, and by furnishing irresistible motives of confidence, that credit can be ensured; and those who fear that, even after the restoration of order, the specie which seems to have vanished from among us will not re-appear, are mistaken. Gold and silver are necessarily transported, like other articles of merchandize, wherever there exist the will and the power to pay for them; they are even transported more readily by reason of the ease with which they are removed. So long as the nation has a surplus to dispose of, the gold and silver required will always be procured; for it must not be forgotten that, if gold and silver are the purchasing medium for all other things, all other things are equally the purchasing medium for those metals. For a nation which has nothing to give, there can be nothing to obtain; but those nations which have an immense surplus, cannot long want anything which may be purchased, and, least of all, gold and silver.

“Since the position of your finances compels you to be the debtors of other nations, prove yourselves to be the best possible debtors; you have the means to do so. Only show that you know how to set about it, and you will soon see flowing into the country the capital of the foreigner, who only awaits that moment to come and exchange it for your effects. You will see immense sums brought to light which are at present yielding nothing, and which would be gladly exchanged for productive securities bearing annual interest, when once it is felt that the payment of that interest is certain, and that the capital will not be endangered.”

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In conclusion, the Bishop of Autun submitted to the National Assembly a series of articles having for their object the establishment of a sinking fund for the gradual extinction of the public debt, the means of raising the necessary portions of which for each succeeding year were to be determined at the commencement of each session of the legislature.

INDEX.

THE END.