The New York herald., 1864-08-22
FINANCIAL AND COMMERCIAL.

illustrative of the evils of rs excess " issue o paper
money that aflrdeo ~ ls French asssnsts should
net Ne lost eight o. VI shall therefore briefly traoe
tbsr eriEu aud course. IN Which hes unlike
th, old Continental Money 81 i77s-sI Tor both were IT,
vented e supply ne necessities a ne goveremeut
during critical revolutionary reriod and both became
within few years lsom tAoir arst issue, equally
worthless.
The rrst dea of assignats suggested by the amu.
rcpa rsper III bonds or She various nuncinaliues or
France bY which they pd rnr The demesue and church
properly transferred Them for sale by * The con.
ssitueut Assembly N 1870, ana which they to have
reailed ~ discretion depreciation o.
value which have attended lie beug placed n The
market al at The municipalities moi having The
moncy 10 pay Tor the property transferred 10 them
before d'spcsug of made time bargains ana gave
these bonds 10 the State accordingly, which the
paid is creditors The clergy ard others whose
property thus corascated, wero, q course,
strongly opposed The measure, ard cried out
both against this and ,he creation n paper money
TO VIII cn il Id cut me measure although critical
was deemed political necessity ~ the Assembly, which
soon forwards decreef The of four nundfed mil
hons q assisa bearing interest and secured by
Of this prorerty thus taken from tie clergy aud emil
grants The Intention honest enough for the reyo
luton although II hat destroyed ronarcns, anxious
to pay us deais = designed that when this
property represented BY the assgrnts was sold the
latter should oe redeemed by the treasury destroyed
but the OF the revelation doubted, the
property purchased by The assgnats conse
quenty remained IN circGtaon SO many unsecured
promises 70 pay, and deprecated 50 rapidly valae
through this lack Of faith ia their ultimate redemption
that early l7eS they quite Inadequate supply
wants the State. Yet assignsts were the only
money it bad meet the expenses n against all
Eurore Force heT efore employed again and again
to make the people ccep tn legal tender but iu
vain. On the lllh or April, 1898, tie Convention
passed law punishing with tea years i'm
pr sonment all these convicted Of exchanging gold or
silver for greater nominal Of assignats and the
same punishment applied those who exed prices
upon their goods--one assignats the other
specie But the mmutabis laws which govern finance
and trade could thus easily be disposed Of. Specie
alone remained as the real standard Of value, and in
June OF year Notwithstanding this legislation
% the contrary, silver was worth three iu
assignats, and two months later worth The
price Of living and everything eise except corntbe
value Of which fixed by the Convention the 4th
or May, 17aS-iucreased in proportion TO this
depreciation Or assiguats, but stl amount 4
claims for rent and otherwise we're settled With these at
their value, which creditors forced
receive them. The tendency OF this towards the
mpoverishnent Of the Weather classes by diminishing
their capital well make the poor poorer by re
ducins their earnings for The depreciation
rapid that the advance in the rate OF failed 10 keep
up with IL.
During al this time ar as long assignsts re.
garded currency there speculation them
and spite OF legislation the subject they fuctuatsd
rapidly in market value the ris exchange, which
then the scene OF as much speculation ever
Wall william street WAS, and false
Of military success defeat jus.
commonly coEcooec 10 impose upon credulity and
Influence market as they are among the buls' and
bears Of time aud country. Thus while
France sas invaded north and south by her enamies
her consisted Of money which was not
recognized eScep, by the eye OF the Law, aud The
OF which uncertain the end or the revolution
itself and which at every appearance Of dimin
shed proporon 10 the estimated extent OF tbs
The asssnais huwever, actually rose for short time
g. par, owing forced loan and the victories which
terminated the campaign OF 1898; bu, thoir rapid
cline again sixth eighth part OF heir nominal
vaee left the state In bad copditicn before and
ia 1894 frcsh issue o, billion Of assignss
decroes, making all four oilliots
hundred millions. IN 1895 the azsignas
fel TO fifteenth ot their nominal value 4 law was
rassed making. the ass'gEats available tor pur-
CHASING Sbe uationa property referred hgee times
the va0s nxed IA 1890 ills calculated 10
absorb them rapidly. aod toers rrsh 10 invest
ths way, but stormy debates leo sas2els,rn and
It's repea soon Afterwards.
AhlNAtI Hta.lEe WEE tlcu hl'Fscu 10 facutiIe eNs
changes BY which quarter ADDED every psy
made ass:gns.s !or every hundred mlIioes
10 circulation above two billions Bot sis rdicQ-
i34sy Ineffective hefors end Of Iy9s asignals
deprecated 10 hundred and daieth part OF their nomi
vage aud tho state taxes 10 them,
skce; oueha of the land custom do:es which
~as payable II k3i .ollowed ne people the
read ruin Il ,cw months the bulk ssseaats I
crccation rom twelve twenty thousand NIL
0ecory three thousand millions assigaats we're
authorized BY the two courcil chambers Then forced
iosa Of 81 har1sed millions WIS decrcsd IL real vane
hundred ,fancs in assignats te received
eltya.eut eC cae ia spess.
1ou, The middle 81 1906 time when France had
appeared great the eyes word
.4e sose omen ptIiable state ,nd.geoce Ihe
F-euh people tired d paper money and determined
81 aucer receive H. Violent longer
va-l force the circulation Or assigaa,s and every
persa1 who had goods sell demanded specie ray
neat Almost uagcally, therefore, the steoie which
B- haen Jed or exported returned to circulation
Finally. o duiv. 100, declared rhst he peorle
uleM S:p9a,e they pleased vin regard to money,
aul nat assiA1ap should pass ~ market vaas.
-otsequoncc that their scue 70 absolute worah
!ssuess Immediately accelerated, and they soon sold
Or thousand 70 IN specie. little later
soa IA ' became only thing Of Listory-repud iated
40, forgotten.
There aas been very little speculative activity in wall
street dering Tie or tre stock Exchange opera.
COOS Tor rlse have tesa checked Nv the absence oi
many oi the operators sc1 Iocvstrp brokers from the
rsy. The volume OF business transacted bas heen small
ara monoton0us cuness has prevailed ettb gradual
sinking " prices the s.l~ay ist towards the end u
lhe week. Government ia bearing securities have,
however been 70 strong al advance, chicny
T. 81 foreign orders Tie subscriptions 70 Tia new loan
have shoEn marked increase compared win NE
previous week, rhlch the Improvement N Tho market
value q toe b0bds hsa Jnuaied
The v.s't ot ~ riou, % bis way from Maine to
W~hitgton, stvc rise 70 q ruinor respecting call for
descriptions "a r.N ssue Of six pei cent bonds