Editing Volume 3/Book 2/Chapter 5

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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'':  
 
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'':  
  
"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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"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> What Theirs meant by "in traffic" seems to be the exchange of one type of currency for another.
  
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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Thiers continues: 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" />
 
 
"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" />
 
  
 
===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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