Financially he proved equally incapable for a time of crisis, and could not understand the need of such extreme measures as the establishment of assignats in order to keep the country quiet.
Roused by the collapse of the assignats, following upon the ruin of industry and the arrest of commerce, they were still further exasperated by the speculations of the financiers, by the jobbery which prevailed throughout the administration, and by the sale of national property which had profited hardly any but the bourgeoisie.
The successive issues of assignats, and the Financial multiplication of counterfeits made abroad, had so policy depreciated this paper money that an assignat of joo otflic francs was in February 1796 worth only 30 centimes; 01).
The destruction of the plate for printing assignats, on the 18th of February 1796, did not prevent the drop in the forty milliards still in circulation.
The scarcity of money due to the discrediting of the assignats, the cessation of commerce, abroad and on the sea, and the bad harvest of 1793, were added to all these dangers, and formed a serious menace to France and the Convention.