of 1794 and the removal of price controls, inflation had reached a level of 3500%. Throughout January and February 1795, the Seine River (the main source of import and export of goods at the time) froze, making it impossible to transport anything through there, such as food, luxury goods, and materials that factories depended on in order to keep running. Many factories and workshops were forced to close because they had no way to operate, this led to an increased amount of unemployment. With unemployment soaring, many of the poor (most of the population) were forced to sell their belongings. On the other hand, the very few who were wealthy, could afford anything they needed. "The markets were well stocked, but the food could only be bought at excessive prices". The value of the assignats "had plunged from 31 percent of that of the silver currency in July 1794 to 8 percent in March 1795" The main cause of assignat depreciation was over-issuance by successive revolutionary governments, who turned to printing more and more paper notes to fund escalating expenditure, especially after the advent of war in 1792. Some 45 billion livres worth of paper had been printed by 1797, which collectively were worth less than one seventh that amount based on 1790 prices. The depreciation of the assignat not only caused spiraling inflation, but had knock-on effects across the entire economy. Because assignats were legal tender, they could be used to service debt repayments at face value, although their real value stood at only a fraction of this. The losses that lenders suffered as a result led them to tighten credit and raise interest rates. Likewise the real value of national lands, which the assignats were pegged to, sank to only 25% of their face value. The assignats were withdrawn in 1796 but the replacements also fueled inflation. The inflation was finally ended by Napoleon in 1803 with the gold franc as the new currency. The diminution of the economic power of the nobility and the clergy also had serious disruptive effects on the French economy. With the closure of monasteries, chapters, and cathedrals in towns like Tours, Avignon or Bayeux, thousands were deprived of their livelihoods as servants, artisans, or tradesmen. Likewise, the exodus of nobles devastated the luxury trades and led to still greater hardship for servants, as well as industries and supply networks dependent on aristocratic