I do not pretend to assert that these are the natural effects of a paper circulation—doubtless, when supported by high credit, and an extensive commerce, it must have many advantages; but this was not the case in France—the measure was adopted in a moment of revolution, and when the credit of the country, never very considerable, was precarious and degraded—It did not flow from the exuberance 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.

I have been here but a few days, and intend returning to-morrow. I left Mrs. D____ very little better, and the disaffection of Dumouriez, which I just now learn, may oblige us to remove to some place not on the route to Paris.—Every one looks alert and important, and a physiognomist may perceive that regret is not the prevailing sentiment—

"We now begin to speak in tropes,
"And, by our fears, express our hopes."

The Jacobins are said to be apprehensive, which augurs well; for, certainly, next to the happiness of good people, one desires the punishment of the bad.

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Amiens, April 7, 1793.

If the sentiments of the people towards their present government had been problematical before, the visible effect of Dumouriez' conduct would afford an ample solution of the problem. That indifference about public affairs which the prospect of an established despotism had begun to create has vanished—all is hope and expectation—the doors of those who retail the newspapers are assailed by people too impatient to read them— each with his gazette in his hand listens eagerly to the verbal circulation, and then holds a secret conference with his neighbour, and calculates how long it may be before Dumouriez can reach Paris. A fortnight ago the name of Dumouriez was not uttered but in a tone of harshness and contempt, and, if ever it excited any thing like complacency, it was when he announced defeats and losses. Now he is spoken of with a significant modulation of voice, it is discovered that he has great talents, and his popularity with the army is descanted upon with a mysterious air of suppressed satisfaction.—Those who were extremely apprehensive lest part of the General's troops should be driven this way by the successes of the enemy, seem to talk with perfect composure of their taking the same route to attack the capital; while others, who would have been unwilling to receive either Dumouriez or his army as peaceful fugitives, will be "nothing loath" to admit them as conquerors. From all I can learn, these dispositions are very general, and, indeed, the actual tyranny is so great, and the perspective so alarming, that any means of deliverance must be acceptable. But whatever may be the event, though I cannot be personally interested, if I thought Dumouriez really proposed to establish a good government, humanity would render one anxious for his success; for it is not to be disguised, that France is at this moment (as the General himself expressed it) under the joint dominion of "imbecilles" and "brigands." [Ideots and robbers.]

It is possible, that at this moment the whole army is disaffected, and that the fortified towns are prepared to surrender. It is also certain, that Brittany is in revolt, and that many other departments are little short of it; yet you will not very easily conceive what may have occupied the Convention during part of this important crisis—nothing less than inventing a dress for their Commissioners! But, as Sterne says, "it is the spirit of the nation;" and I recollect no circumstance during the whole progress of the revolution (however serious) that has not been mixed with frivolities of this kind.

I know not what effect this new costume may produce on the rebels or the enemy, but I confess it appears to me more ludicrous than formidable, especially when a representative happens to be of the shape and features of the one we have here. Saladin, Deputy for this department, and an advocate of the town of Amiens, has already invested himself with this armour of inviolability; "strange figure in such strange habiliments," that one is tempted to forget that Baratraria and the government of Sancho are the creation of fancy. Imagine to yourself a short fat man, of sallow complexion and small eyes, with a sash of white, red, and blue round his waist, a black belt with a sword suspended across his shoulders, and a round hat turned up before, with three feathers of the national colours: "even such a man" is our representative, and exercises a more despotic authority than most Princes in Europe.—He is accompanied by another Deputy, who was what is called Pere de la Oratoire before the revolution—that is, in a station nearly approaching to that of an under-master at our public schools; only that the seminaries to which these were attached being very numerous, those employed in them were little considered. They wore the habit, and were subject to the same restrictions, as the Clergy, but were at liberty to quit the profession and marry, if they chose.—I have been more particular in describing this class of men, because they have every where taken an active and successful part in perverting and misleading the people: they are in the clubs, or the municipalities, in the Convention, and in all elective administrations, and have been in most places remarkable for their sedition and violence.