Hence the great series of devaluations that took place in France during the first fifteen years of the eighteenth century in order to increase the quantity of specie; the eleven 'diminutions' (revaluations) that were spaced out at regular intervals between December and September and were intended though the attempt failed to draw hoarded bullion back into circulation; a whole series of measures that diminished the rate of investment income and reduced nominal capital; the appearance of paper money in soon to be replaced by government bonds.