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| | with him. He had not hesitated on this point, not being anxious to leave a | | with him. He had not hesitated on this point, not being anxious to leave a |
| | property behind him. Besides, he had noticed that patrimonies are subject | | property behind him. Besides, he had noticed that patrimonies are subject |
| − | to adventures, and, for instance, become national property; he had witnessed the incarnation of the consolidated third, and he had no | + | to adventures, and, for instance, become national property; he had been |
| | + | present at some mishaps of the consolidated third, and he had no |
| | great faith in the Great Book of the Public Debt. "All that's the Rue | | great faith in the Great Book of the Public Debt. "All that's the Rue |
| | Quincampois!" he said. His house in the Rue Filles-du-Clavaire belonged to | | Quincampois!" he said. His house in the Rue Filles-du-Clavaire belonged to |
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| | ==Translation notes== | | ==Translation notes== |
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| − | ==="il avait assisté aux avatars du tiers consolidé"===
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| − | In the 19th centurey and earlier, the French 'assister' expressed passive observance of an event.<ref>"Assister" Centre National de Ressources Textuelles et Lexicales, 2012. http://www.cnrtl.fr/definition/assist%C3%A9</ref>
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| − | From Sanskrit, 'avatar' denoted incarnation of Hindu deities. In excerpts of 19th century French literature, 'avatar' maintained the meaning of metamorphosis, transformation, or incarnation.<ref>"Avatar" Centre National de Ressources Textuelles et Lexicales, 2012. http://www.cnrtl.fr/definition/avatar and http://www.cnrtl.fr/etymologie/avatar</ref> "Incarnation" seems the most fitting denotation of the transformation of the government's intention for the consolidated third into the disastrous reality of the bankruptcy after the plan for the consolidated third was enacted.
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| | ===Grand-livre de la dette publique=== | | ===Grand-livre de la dette publique=== |
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| | In December 1792, the National Convention passed a decree for church and nobility properties to be seized in areas taken by the French army. Pierre-Joseph Cambon, a businessman-become-member of the National Convention, ensured the passing of the decree.<ref name="debt">Editors. "Joseph Cambon" in ''Encyclopedia Britannica''. Published 17 Oct 2006. http://www.britannica.com/biography/Joseph-Cambon.</ref> | | In December 1792, the National Convention passed a decree for church and nobility properties to be seized in areas taken by the French army. Pierre-Joseph Cambon, a businessman-become-member of the National Convention, ensured the passing of the decree.<ref name="debt">Editors. "Joseph Cambon" in ''Encyclopedia Britannica''. Published 17 Oct 2006. http://www.britannica.com/biography/Joseph-Cambon.</ref> |
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| − | ''National Estates'' was another term for property obtained by the state. These Estates, procured to be auctioned by the state, included those of the church, all the king's things, those of émigrés who fled revolution, and the property of people consumed by the Terror.<ref name="macro" /> Perhaps M. Gillenormand had attended some of these auctions.
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| − | ==="il avait assisté aux avatars du tiers consolidé" / "he had witnessed the incarnation of the consolidated third"===
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| − | The consolidated third became known as the two-thirds bankruptcy. M. A. Thiers succinctly describes the consolidated third in his mid 19th century tome, ''The History of the French Revolution'':
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| − | "Thus the debt was overwhelming, and the state was in the situation of an individual who was unable to meet his engagements. It was resolved, therefore, to continue to pay a portion of the debt in money, and... pay off the capital itself with [the national] estates. It was proposed to retain one-third only; the third retained was to be called the ''consolidated third'', and to remain on the Great Book as a perpetual annuity. The other two-thirds were to be paid off... in bonds receivable in payment of national estates. It is true that these bonds fell in traffic to less than one-sixth of their value, and that for those who did not wish to purchase lands it was an absolute bankruptcy."<ref name="Thiers">Thiers, Marie Joseph L. Adolphe. The History of the French Revolution. Trans. Unknown. London: Whittaker & Co., Ave Marie Lane, 1845. P. 755-56 Original from Oxford University. https://books.google.com/books?id=yDIEAAAAQAAJ&printsec=frontcover&source=gbs_ge_summary_r&cad=0#v=onepage&q&f=false</ref>
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| − | What Theirs meant by "in traffic" seems to be the exchange of one type of currency for another, which is suggested as Thiers continues:
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| − | "The bankruptcy occurred partly because "creditors who would not purchase the national estates would lose nine-tenths by negotiating their bonds, inasmuch as the issue of so large a quantity of paper [money] would considerably lower its value; that... most of the creditors of the state were too poor to buy lands;... that consequently an actual loss of nine-tenths of their capital in most cases took place; that the third, assumed to be consolidated and secured from reduction in future, was only promised." The government, on the other hand, considered national property (national estates) legitimate means of paying off debts. <ref name="Thiers" />
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| | ===Grand-livre de la dette publique / Great Book of the Public Debt=== | | ===Grand-livre de la dette publique / Great Book of the Public Debt=== |
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| | In August 1793, as head of finance and the treasury, Cambon created the Grand-livre de la dette publique, centralizing the debts of the government of France.<ref name="debt" /> | | In August 1793, as head of finance and the treasury, Cambon created the Grand-livre de la dette publique, centralizing the debts of the government of France.<ref name="debt" /> |
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| − | ===il croyait peu au grand-livre / he had little faith in Great Book===
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| − | The problem of managing the government debt instigated the desparation leading to the French Revolution and multiple financial schemes were devised throughout the decade of revolution to rein in debt and inflation. Severe financial restrictions put in place during the Terror were temporarily successful. Following the terror, market speculation was again allowed, contributing to severe inflation, which, by 1797, led to a default, and therefore declaration of bankruptcy, by the government.<ref name="macro" /> One conception of this would be that Cambon's effort's to manage the public debt by creating the 'Grand-livre' appeared fruitless in retrospect.
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| − | ===Rue Quincampoix===
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| − | Rue Quincampoix is an ancient and narrow street in Paris that was the site of stock-jobbing, of negotiations and the trading of stocks by dense crowds of all category of people. According to William Walton, in ''Paris Known and Unknown'', "Avarive, fear, hope, error, and knavery unceasingly agitated this never-ending crowd; one hour built up a sudden fortune which was destroyed the next hour." (p. 132) The financial dealings of this street date from before speculator John Law's establishment of the first official bank of France in 1716. Law became infamous for a financial scheme that led to the Mississippi market bubble, the dissolution of the newly created bank of France, and a serious blow to the French economy in 1720.<ref>Defoe, Daniel, and William Lee. ''Daniel Defoe: His Life, and Recently Discovered Writings. Vol 2. - The First Volume of his Writings.'' London: John Camden Hotten, Piccadilly, 1869. Original from University of Illinois. https://books.google.com/books?id=YCdHAQAAMAAJ&dq=paris+stock+jobbing&source=gbs_navlinks_s </ref> <ref> Walton, William. "Chapter 9: Financial and Commercial" in ''Paris Known and Unknown. Vol. 2.'' Philadelphia: George Barrie & Son, 1901. Original from University of Minnesota. https://books.google.com/books?id=71YMAQAAMAAJ&dq=stock-jobbers+paris&source=gbs_navlinks_s [Mistakenly labeled Volume 3 in Google Books] </ref>
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| | ==Citations== | | ==Citations== |
| | <references /> | | <references /> |
