(12) In no one point is the analogy between the conduct of the revolutionary leaders in America and in France，so striking as in this；yet it must not be forgotten，that the Americans failed partly from inexperience and partly from real necessity；whereas in France they knew very well what they were about，and opened and widened the precipice with design.
The history of the American assignats，is almost word for word，only upon a smaller scale，and not attended with circumstances of such shocking cruelty，as the history of the French ones．The sudden start from two millions to two hundred millions of dollars；the credulity with which the first assignats were received，the undeserved credit which they for a time enjoyed，their subsequent rapid fall，so that in the year 1777，they already stood with specie in the proportion of 1 to 3；in 1778，of 1 to 6；in 1779，of 1 to 28；in the beginning of 1780，of 1 to 60；fell immediately afterwards to that of 1 to 150，and finally would pass for nothing at all；the attempt to substitute a new emission of assignats，instead of those which were worn out，continued until at last it became necessary to establish a formal depreciation；the harsh laws made to support the value of the paper；the regulation of the price of provisions（the maximum） and the requisitions，which they occasioned；the general devastation of property，and disturbance of all civil intercourse；the wretchedness and immorality which ensued upon them—all this goes to compose a picture，which the French revolutionary leaders seem to have taken for a model．It is remarkable，that they closely copied the Americans only in two points，of which one was the idlest，and the other the most objectionable of any throughout their revolution；in the declaration of the rights of man，and in paper-money.
