In such a situation how can any enterprise be commenced or maintained？
Who dares take a risk， especially when disbursements are large and returns remote？ Who dares lend on long credits - ？ If loans are still made they are not for a year but for a month， while the interest which， before the Revolution was six， five or even four per cent. per annum， is now two per cent. a month on securities." It soon runs up higher and， at Paris and Strasbourg we see it rising， as in India and the Barbary States， to four， five， six and even seven per cent. a month.[14]
What holder of raw material， or of manufactured goods， would dare make entries on his books as usual and allow his customer the indispensable credit of three months？ What large manufacturer would presume to make goods up， what wholesale merchant would care to make shipments， what man of wealth or with a competence would build， drain and construct dams and dykes， repair， or even maintain them with the positive certainty of delays in getting back only one-half his outlays and with the increasing certainty of getting nothing？
During a few years the large establishments collapsed in droves：
* After the ruin of the nobles and the departure of wealthy foreigners， every craft dependent on luxurious tastes， those of Paris and Lyons， which were the standard for Europe， all the manufactories of rich fabrics and furniture， and other artistic， elegant and fashionable articles.
* After the insurrection of the blacks in St. Domingo， and other troubles in the West Indies， the great colonial trade and remarkable prosperity of Nantes and Bordeaux， including all the industrial enterprises by which the production， transportation and circulation of cotton， sugar and coffee were affected；[15]
* After the declaration of war with England， the shipping interest；* After the declaration of war with all Europe， the commerce of the continent.[16]
Failure after failure， an universal crash， utter cessation of extensively organized and productive labor： instead of productive industries， I see none now but destructive industries， those of the agricultural and commercial vermin， those of dealers in junk and speculators who dismantle mansions and abbeys， and who demolish chateaux and churches so as to sell the materials as cheap as dirt， who bargain away national possessions， so as to make a profit on the transaction. Imagine the mischief a temporary owner， steeped in debt， needy and urged on by the maturity of his engagements， can and must do to an estate held under a precarious title and of suspicious acquirement， which he has no idea of keeping， and from which， meanwhile， he derives every possible benefit：[17] not only does he put no spokes in the mill-wheel， no stones in the dyke， no tiles on the roof， but he buys no manure， exhausts the soil， devastates the forest， alienates the fields， and dismembers the entire farm， damaging the ground and the stock of tools and injuring the dwelling by selling its mirrors， lead and iron， and oftentimes the window-shutters and doors.
He turns all into cash， no matter how， at the expense of the domain， which he leaves in a run-down condition， unfurnished and for a long time unproductive. In like manner， the communal possessions， ravaged， pillaged and then pieced out and divided off， are so many organisms which are sacrificed for the immediate relief of the village poor， but of course to the detriment of their future productiveness and an abundant yield.[18]
Alone， amongst these millions of men who have stopped working， or work the wrong way， the petty cultivator labors to advantage； free of taxes， of tithes and of feudal imposts， possessing a scrap of ground which he has obtained for almost nothing or without stretching his purse strings， he works in good spirits.[19] He is sure that henceforth his crop will no longer be eaten up by the levies of the seignior， of the décimateur and of the King， that it will belong to him， that it will be wholly his， and that the worse the famine in the towns， the dearer he will sell his produce. Hence， he has ploughed more vigorously than ever； he has even cleared waste ground； getting the soil gratis， or nearly so， and having to make but few advances， having no other use for his advances， consisting of seed， manure， the work of his cattle and of his own hands， he has planted， reaped and raised grain with the greatest energy. Perhaps other articles of consumption will be scarce； it may be that， owing to the ruin of other branches of industry， it will be hard to get dry-goods， shoes， sugar， soap， oil， candles， wine and brandy； it may happen that， owing to the bungling way in which agricultural transformations have been effected， all produce of the secondary order， meat， vegetables， butter and eggs， may become scarce. In any event， French foodstuffs par excellence is on hand， standing in the field or stored in sheaves in the barns； in 1792 and 1793， and even in 1794， there is enough grain in France to provide every French inhabitant with his daily bread.[20]