New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-09-29
An Imitation Precedent.

Philip III considered himself as much be-
yond the operations OF natural laws and
scientific truths as any Statesman of our
day considers his country or his party. He
WIS dull and ignorant bigot, who thought
Just as the repudiatlOnsts of to-day think,
that he could afford to treat with contempt
all the traditions of trade, all the maxims
of public law and all the obligations OF
public morals. He had wasted money Law
ishly and had borrowed il at high rates of
interest 1t began to grow burdensome
and irksome TO pay, and SO the anointed
monarch, very much as if he had got his
ideas from Democratic mass meetings in
Ohio, came to the conclusion that creditors
were maletactors. and that the lending OF
money was a crime deserving exemplary
punishment On the thlrtieth of Novem-
Der 1896, he issued a long and pious pre-
clamation, saying. i'll substance, thar he
had been to great expense in butchering
Protest mt. and that he found it hard to
pay "tbe grievous damages, discounts and
IN 4rests which had been forced upon him
trnaking it seem, just as his imitators do to.
day, that the loan Was put upon him origin
ally IN an outrageous maDnerl that his
creditors would not advance him any more
money without security, and that he was so
much in debt that this was embarrassing;
that he therefore cancelled all such obliga-
TONS reserving for himself to decide
them, and took again into his possession all
his mortgsged property.
We do not know but that we shall be en-
couraging the bediamites of Ohio by re-
lating the consequences of this infamous
act. They do not appear TO object 10 ruin
and disaster, providing 1t makes things
lively in the Hooking valley and on the
James river. But we will at all events
quote few lines from Mr.. Motley as to the
result of Philips work: The effect of the
PRONUNCIATION of this measure was instan
taneous. Two millions and half of ex-
change sold by Cardinal Albert came back
in one dav protested. The chief merchants
and bankers of Europe suspended payment.
Their creditors became bankrupt At the
Frankfort Fair there were more failures in
one day than there had been in all the
years since Frankfort existed. There was
general howl of Indignation and despair
upon every exchange, in every counting
room, in every palace, in every cottage of
Christ-ndom Such a crime as
this had never been conceived by human
heart before All this would, perhaps. not
warn our bedlamites. They would only
gloat over the prospect of taking it out OF
the moneyed class in this fashion. But
they may possibly think it worth while to
consider that this tremendous crime did
not pay. A year later Philip found that
housekeeping was impossible under this
load, aud he was obliged to revoke his
proclaDa ion and pay his debts, to evade
which he had incurred such infamy
To Philip ii, succeeded his son Philip III.
The greatest bigot and murderer who ever
sat on throne gave way to one of the
greatest imbeciles This paltry creature
was surrounded by greedy court of
thieves and panderers, who wrought their
own foul wills with the public treasury.
There were millions for these vicious
tavorites. but not enough for their avarice,
and from their vast needs and narrow
brains came forth another brilliant
scheme for keeping money equal to
the demands of trade" They debased
the coin of the realm, they issued millions
of copper tokens, they lowered the rate of
interest on government loans, and finally,
as if to give an eternal proof OF the folly of
knavery in high places, this idiotic govern
ment decreed that the piece OF four marve-
dis should be worth eight maravedis, and
that the piece of two should be worth four
Here is an exact parallel IN history to the
immortal infatiOnist in Shakespeare who
promises the rabble that three-penny loaf
shall be sold for penny, and that the
three.hOoped pot shall have nine hoops
Neo York Tribune.