Charles-Louis de Secondat, Baron of Montesquieu reports to the National Constituent Assembly, of the Republic of France, that the issue of 400,000,000 irredeemable paper assignats (tied to the value of confiscated Roman Catholic (state) Church lands had proven to be a success, and endorses (with a lack of enthusiasm) the issuance of more Bills of Credit.  The reason for Montesquieu’s trepidation is that any further issues would not be backed by any tangible assets and would most likely be inflationary.

       [added 10/16/2021]