Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1864-08-16
History Of Paper Money in France,

: The French government in l7Is, first issued paper
mouey on the credit Of TIE government 6 running Mr.
one year of the date of the establishments OF Wis royal
bank of France its paper promises to pay showed evident
OF bT an edc n @
er ts paper money should pass at ve per cent ABOVE
specie The edct forbid specie to be used at all in
sums under 600 ivres Still government papers conn
ued to 90 down. The people boarded eweH and precious
Stones order to lay by something that possessed trn
sic value A discovery of this device of the people drove
the government to issue an edct fsrbdding them to
have pearls diamonds, other precious stones Still the
II governments paper money went down Then came an
edc FROM the government forbddng the transportation
of specie also forbdding all persons from holding more
than 500 lvres in specie under penalty of conscaton
and fine OF 10000 lives Sui government paper money
edct orbdding payment to be made IN specie
Still the paper fabric crumbed; and, in few months,
citizen Of France might have hundred million Of govern.
ment money in his pocket and yet s,arYe to death for
want of means to buy meal of Vietuals When this
grand bubble o 10 6 Tsss S s
there only three hundred millions Of specie in the gov.
eminent vaults So the govenment had this severe and
unweSome truth worked into its obtuse brsns at last that
its paper issue promises to pay were not and
could not be made equal to money not even with oil the
even this terrible lesson Of inevitable reputation and ruin
DID not last France more than seventy years. whe1 she
again launched paper balloon which went up as brilliant
y, and came down, if possible, still mere dlsastrousy
Than this of l7s. On the LIST of April, 1890 (well
started the LIST of Apr the National Assembly issued
four hundred millions of francs OF paper on the credit OF
the government. Wise in France shook their heads
aud warned the National Assembly that they would bring
financial ruin both upon the government and the people
But they senced by the cry. What IS not the
governments money good?" To doubt it to incur
The charge of being Se the government Soon other
large ISSUES became necessary and consequence the
aSSgnats began to decline. Ah, hal said the wise men,
told you sol" But the government came up reso-
utey though not wisely To the rescue of its darling cur
fency 1T resored to the most despotc measures to keep
/! Ut par It prohibited the use Of metallic coin.
And finally in 1885, just six years after its first paper
ISSUE it uttered decree of death against all who shonid
refuse take it at par But under this terrible law
its paper fell to half Of per cent And 6ual
" it took 900 of government paper francs to buy p1r
of boots In those good tunes for the SILLY people VINO
had little while before split their throats IN baNing,
What is not the government money good!" took
20 francs of that excellent government money to buy
Frenchman pound Of butter Those who had confident
ly boarded this excellent government money could thea
bring out and treat their children 10 stick Of barley
| candy for 80 francs
It Interesting see how the state Of depreciation Of
paper kept pace with the increase Of its issue
! Thus: ...1r-
| First issue four hundred millions of francs.
Second issue, hundred and twenty millions; dis
count 10 per cent.
Third ISSUE twentyseven hundred millions: discount
81 per ceut.
Fourth ISSUE five thousand millions; discount 55 per
cent.
When the whole ssu, amounted to eight thousand mil.
lions Of francs the discount Is per cent Aud finally
1885, only five years after the FIRST ISSUE when the whole
amount twenty millions of francs, the discount was
go per cent Soon after this the psper fell to
Zero, and was alb audoned as valueless.
TIE experience of Russia with government paper,
less DISASTROUS the less instructive in teaching the
great that it rs within the power of any govern
ment to make its paper issue Of promise to
as money for any length of time