Louisville messenger. (Louisville, Miss.) 1842-1843, 1843-04-01
5000, DOC, 900 NATIONAL STOCK


S2oo,0oo,0o0 NATIONAL STOCK
France is anillustrious example for
the u. States to follow in the issue of
her "National Slorck," as proposed
by Cost johnson and others. In A.
pril, 1890, the National debt of France
was 1882, 252, 500. For the payment
Of this debt, the Government passed
a law appropriating the property of
the Church and thu public lands. 1t
being found difficult to d spose OF, by
sale, such an immense amount as was
thrown into market, "bonds" were is
sued 10 bear an interest of four per
CT, and the lands pledged for their re-
dcmption. Those who received these
bonds could not sell them, and would
not invest them in lands; the Cover
nment, therefore, adopted them as a
National currency, taking off the in
terests and making them a legal ten
der, and went so far as to make the
offence Of selling or receiving them
by any citizen for less than their
face, punishable with imprisonment
and irons six years. The first issue
Of these bonds, or, as our poll icians
weuld call them, "National Stocks"
was rs ,OOo,O 900, which, for period,
kept their par value while crcuIa-
ting;--th,s work d SO well, the Gov
eminent, months after the first is
sue, put out $50 millions more, and
thus went on increasing them from
time to time, till 1896, the total issue\
amounted to IS, 437,625O00. From
790 to ~ they were at par; in '93,
paid 90 cents on the dollar, and then
commenced a rapid depreciation, till
March '96, they wound command but
I of cent on the dollar. When they
had run down to mere nothing, anoth-
er exFedient was adopted, -the form
and name were changed. An issue
of "Mandats" was made, which in the
period of 8 months rose from 5 to 50
per cent. and fell as low as 5 per Ct,
and the next month the Government
'repudated," refusing to take them
for the lands, unless at their current
value!
How did magnanimous England
anti Reputation England-National
honor loving England--in this emer-
gency of France. She assumed the
character Of one immense counter
fcitlng house, -actually forged, TO an
enormous amount, French stocks,
which she paid to her emissarics and
agents in that country, and thus hur-
ried OH the climax Of French insol.
vency.
Is it for such swindling game rs
she played with France, that Eng
land is now urging the United States
to the course Of policy, which would
end as did France, in ''repudation {"
England may pirate Of her honor; she
may scornfully point to tins Republic
and brand it with false faith--with
nationtal dishonesty: with ''nation Of
swindlcrs' but till the impartial re-
cords Of history are blotted out, and
mans memory becomes blank, her
own conduct, character ard motives
cannot be forgot en- or misunder-
stood.
Let this Government take warning
from the example Of France-let
those, too, who are urging that policy
on her part, which is now finding its
advocates among men high in power
and. influential in talents-take war
ling. Corruption, bribery, favor
Itism, dishonesty may prevail and
fo.ce sucha measure upon the people,
but it vii never acc mpl,sh the ehd
of is origin Cincinnati Eng.
0r"Let me tell you Mrs. Bidzle,'
'aid Mrs. Quoraz, the other day, "that
.>xv r. ref o1nsi,, 49,. L.ngIo r tI.o