“An old motif in popular culture was the Death of Credit. Prints greeting this macabre denouement bore images of grinning skeletons bearing worthless notes and empty purses. On August 16, 1788, Credit died in Paris and its demise threw the huge market in government paper into panic. Unlike Franklin Roosevelt’s version of the statement in 1933, the royal edict’s observation that ‘nothing is imperiled except through…fear’ reassured no one. The Caisse d’Escompte was besieged with bondholders demanding redemption and had to close for fear of violence. The run lasted three days and nights before two further government announcements guaranteeing paper had a temporary calming effect. But only a clean break was likely to restore the modicum of confidence needed to keep the government from disintegrating.”
–SImon Schama, Citizens: A Chronicle of the French Revolution, A. Knopf, 1989.