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Strategies & Market Trends : Ride the Tiger with CD -- Ignore unavailable to you. Want to Upgrade?

To: Canuck Dave who wrote (99082)	11/18/2007 2:52:12 PM
From: pogohere	Respond to of 312985

"Only two potential sources of trouble." Uh, not exactly, there was one more: English counterfeiting was a major factor in the Assignat's decline, as it had been against our own Continental Currency. We will quote him at length, since the reader will have great difficulty finding information on this elsewhere. 'It is true that adventurers in Belgium and priestly knaves in Switzerland commenced the business of forging the Assignats as early as October 1792 . . . It was found that Belgium was too open and too much in sympathy with revolutionary dogmas; and that Switzerland was too confined in its resources and communications for the . . .vast designs of the nobility and clergy. It is true that the business was kept up and increased there, but the great establishments for the systematized fraud found more scope and greater opportunities for uninterrupted work in London. . . England lent its aid, while its cabinet became the concealed agent for the propagation of the felony and the circulation of the nefarious outrage.' Continuing: 'Seventeen manufacturing establishments were in full operation in London, with a force of four hundred men devoted to the production of false and forged Assignats. The success and extent of the labor may be judged by the quantity and value they represented. In the month of May 1795, it was found that there was in circulation from 12 billion to 15 billion francs of forged Assignats . . . The Assignats in circulation at this time . . . issued by the Revolutionary government were 7.86 billion francs, and not, as Mr. White has stated 45 billion francs . . . The value of the lands dedicated . . . as the basis for their redemption . . . was 15 billion francs . . .(pp.32-33) Stephen Dillaye (Assignats and Mandats, A True History, Including an Examination of Dr. Andrew Dickson White's "Paper Money In France," (Philadelphia: Henry Carey Baird & Co., 1877, p.8) Stephen Zarlenga: "The Lost Science of Money" (American Monetary Institute Charitable Trust, 2002: www.monetary.org) p. 448