, 1874-04-13
CONUNOlUM8 FOE CONGRESS-,

oluco ZIG hoteB OF tho National Bank OF
France, put forth in 1718 under tho suporin-
tondeueo of John Law aud tho Regont Orleans,
gradually became uttorly worthless, aud 10
brought Franco to bankruptcy a,ld prepared tho
way for tile revolution Of 17so, although the law
not only made thom legal tender but mado 1t
capital crime to rcfuso to tako thcm, why should
not our legal tendcrs, which aro not 30 strongly
sanctioned by law, likewise doprcciate Us auc-
ccssive Issues Of them are made, until tl1oy, too,
arc worth nothing, and until tloy, too, bring
bankruptcy and porhapa revolution?
Since tho papor roubIcs of Russia, first issued
In Ito, fell to about 80 per cent Of their face
aud then luctuatod in value 90 constantly aud
greatly that business booamo almost an mposs-
bihty, and Binca thoy did tAis despite tho
most stringent ulsascs commanding merchants
to take them at fixed value, and despite
Paul La threat Of hanging On tho St. potors-
burg Exchange every ono who disoboycd these
cdlets, why may not our paper dollars equally
dorango business by their ductuation?
Since tho French assignats, which were based
on the natonal faith and land. produced results
which Carlyle describes in the pasango: "As-
aisnats, assignats, long sinking, emitted in such
quantities. sink now with an alacrity beyond
parallel. 'Coabien?' said one to q hackney
coachmau, what faro?' Six thousand uvres
answered he, some 800 pounds sterling in paper
money. On tho 1st Of February, 17oG, ut tho
Dourso Of ParlH the gold louis Of twenty francs
in silver costed $3.50 francs in aasignats," and
which anothor authority sketches by saying:
"The assignats gradually dwindled down to
nothing, involving the whole land in ruin,-ex-
oopting few lucky spectators, and resulted
eventually in national bankruptcy" why mny
not American assgnata do likewise?
sinco the Continental currency, although
sealed with blood to an extont that should ,nuko
Oglosby as groon with envy) as his favorite
shinplastera arc, was finally sold by the pound
for old papor, why should not its niueteenth-
century imitation go tho Same road2
Since England passed through time Of mone-
tary trouble between 1876 and 1924 such as re
a1o graphing with now, and got out Of it by
gradual redemption in gold, why should we hos
ltato to take the medicine that cured her? Why,
ut my rato, should re tako tremendous doso
Of It's opposite
Since tho irrodoemablo paper-currency Of the
Republic OF Toxas, founded upon faith, and
land, aud water, and everything else, made Texas
bankrupt, why should our irredeomable paper
currency fail to mako us bankrupt?
Since an irrodeemablo currency, by promoting
reckless speculation and in1ating values, brought
on tho crises of ~, aud 57, and '73, why should
not d like cause produce like effect?
Since Austria has plunged herself into bank
r1ptoy by Issuing quantities Of shinplastors,
despite repeated pledges TINT no moro should bo
put in circulation, why should not Congress
after Congress violate pledges as readily as this
ono hns lone and 30 plunge America into banl.-
ruptcy by printing frosh millions Of groenbaoks
from year to year?
Since, in short, all history shows that irro-
deomablo currency is but synonym for gam
bling, false yalnes recklessneBs, panic, disaster,
what ia to hinder historys repeating itself in our
case !?