History likewise shows that sometimes the 'monetary standard of the victors' can prove to be very bad. There have seldom been more brilliant victories than those eventually achieved by the American insurgents under Washington against the English troops. But the American 'continental" dollar did not benefit from them. The more proudly the star-spangled banner rose on high, the lower did the exchange-rate fall, until, at the very moment when the victory of the rebels was secured, the dollar became entirely valueless. The course of events was no different not long afterwards in France. In spite of the victories of the revolutionary army, the metal premium rose. Ludwig Von Mises
About This Quote

The French Revolution, as it is called, was a brilliant success for the rebels. In fact, the revolution seemed to be on the verge of success when the French monarchy finally fell. The people of France suffered greatly as a result of civil war. Thousands were killed and almost all of Paris burned.

However, the defeat of Napoleon at Waterloo showed that good over evil was still alive inside France. A new currency was created which was backed by gold and silver rather than paper notes or coins. This new currency helped restore a sense of normalcy to France and helped to restore business confidence back to Paris.

Source: The Theory Of Money And Credit

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