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| Topic: |
History
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| Number of pages / Number of words: |
6 / 1567 |
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In fact, France's financial situation was becoming worse, with prices of bread and flour at an all time high. The Constituent Assembly, eager to solve France's economic problem, brought in a new currency, called the Assignats. Effectively, each Assignat was an ownership right to a piece of land, a kind of collateral from the government...
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Most of the land had previously been owned by the Church, but was forfeited to the State under the Civil Constitution of the Clergy, an act that proclaimed the Clergy had to swear allegiance to the State, rather than the Pope, and therefore all their property and wages were put under State control. It was one of the most successful reforms, as the new currency stabilised the economy for a critical period of time, and released the pressure that was on France, financially...
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