The daily gazette., 1875-09-15

'eHt was yer CEpOunded with
ni'tl sn!l4ty o. 4 lmlnistcred with more
ui3"ti ttlo4 lAan ny Law himself; and
1t ma not been illustrated by q single
nc" ray ol light since his time, The
hci that there IS anything novel in il
and that belongs specially to our time.
ana ia demanded by ourFrcat national
capacity and wants, which have cut
! grown everything ever heard of in the
Old World, Is but the gas OF spread
eagle or1tory, swelling pretension. ip
horance, and sham.
/ Laws career in France lasted only
from 1,1G to 1920 With the failure
of the bank, to take mp its notes. and
the decree of the King diminishing
their legal value, occasioned by the
! eElra'agance OF prices, Il mere matter
I OF legislation which could take place
WIN "ltn orr gfecnhacks any day. public
confidence collapsed. Confusion and
rum followed. The gold and silver
ilH' all been hidden or exported to
lorclSh countries, The attempt 10
dcmone'iIc tue precious metals had
proved 2 lulicrous and disastrous fail.
pre. All credit, public ~ well as pri.
Vatc was annihilatcd Only the l5nl-
and wise heads had escaped the geucf
al sAlpwrcck. Labor was without en-
ploymcnI manufactures and commerce
were al u stand, rents, dividends. wages.
pensions, wcI. AJ longer paid. A
small number valowcl in wealth.
while poverty overwhelmed the grra,
mass ot the c0mmunity.
rms, IN bricI was the re,nit Of M
Law ) experiment with paner money
III France. Tue plan un which Lr
proceeded, and which he followed ont
10 the end, IS pccciscly that annonnre1
by Mr.. Carey rs the basis fora true
system OF national finance. II il ypry
simple and very plausible, aud Law
alWa! 5 contcnded, even after his nta-
carriage that it need uot have failed
He attributed the failure to the hasty
action OF the Regent in dcclarinr llr
currency deprecated, uul reducing its
/ legal valuc accordingly. But though
thelie@cnt had les knowledge thauLsv
OF the subject, his iusijcls were sound
tie cav hcprodigi0Gs inDallen OF pri
ce5 and ihc .uiuous spe, ulat ION caused
by the excessive ISSUE Of notes, and ne
aimed t. correct the overwhelming
disorders thereby caused His method
may hav" been Iuiudicinuc. but the
bubble had been hiowu 10 the point or
bursting and it was bound To burst. If
has act hrd not brought things to &
head something else would. The difn.
Guilty WIS, the whole scheme rested on
no solid husia # value. but only on
public confidence. Whatever destroy
cd that, destroyed the system In ali
such cases, distrrst is AT first Of slow
growth. II comes on like the Iirst
creeping Of daylight from darkness.
but when the sun rises above the hori,
zon, the whole atmosphere Il ablaZe in
u moment. The Recent dill not de.
stroy Mr. Law scheme. He merely
saw it had destroyed itself, and m
nounccd the fact The nation sudden
ly aWohe from it5 de.4si0n i. the de.
claratiaa tJ tcl itself PROSTATE and
ruined
We repeat tlat tic Fundamental
ideas q III paper money m,n are
precisely those Of Law in an aggrava.
ted form Lag held to redemption OF
his p pl- 80 ttr pre-i.u us metals, till
he got mired BIT y, IL succumbing
he miA ? desperate lTalt - destroy
the Ase'la..a q sd AL silver aud
DEGRADE y o"' of u57. 'Est -s or rl.-
p!, pfe0y - de~o 2eli-c Z. Or
'cs7,Gers .c.C ta.-r Ysteu on paper
@~. se-y. et propose tEe re-
i..l1s. F.. ..t-.-.i il q 3.G5
..--, -.4-usp+o payable
e lt@~-~-----. .-..,--- - etMF!y No "a
dsmpt5ta s- -- i - : r.gec cd.6ca
erected On fas-- --GItioc. Il
has 10 touCL,.sLc I v-..Gttv or SOL.
ve-cy abount :. J. j. l-ly 80 end.
less chain oI pron;s1s, oue being re-
deemed by another. Law, At his worst,
never Reat So "a . Tins; and s. III
initial movement, - would have
scoiIed At Tie ee5eu- Il is hard 10
understand how e.v man If thought.
outside Il m insane asylum can advo.
cate It,
Law survived the great disaster be
tween eight md nine years, and died
= htrgar. From the greatest man in
France he came to he the least, He
was for most Of tAczc years a fugitive
from popular rage. \ eft he was no
weak aJYonurpr, Int a man OF com
mludlna talents and larre fortune,
He took half million dollars into
France At q time UhCn II represented
an immersr estate, and lie brought
nGtaiag ont Ills delUsiou Wa3 sn hoh
est deluson, hi ideas being wholly
new, ana If h0 ruined kingdom, he
ruined himself. His career furnishes
an everlasting testimony against the
danger Of following blind guides. how
ever plausible aud ingenious.
IL Is uuI advantage that We have his
example. lie was man of greater
genius by far than any ot paper money
men, and whoever may follow, none
can hope 10 rival him Neither hei-
ley, nor Carey, nor Pendleton, nor
Ewing, nor Fcrry, nor Butler. nor any
other financial genius of our times, can
hope to be the centre Of such q bril-.
liant circle OF dupes as surrounded
and idoliAe,l Law. They may have
an ambition of some such sort, bu'
they should take warning, if not by
his errors, mt least by his sudden TALL
aud untimely end.