The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1876-06-06
r.pEK moxEYIN FRANCE.

President Andrew d. White, OF Cor
nell University, read a paper before
large meeting. Judge Noah Davis. pre-
siding, on the various money expert
ments in France. Near the end OF l7S9
the French people, he said, found
themselves in great financial embar-
rassment. There was a temporary dis
tress in financial circles which states
rnen-like measures and careful manage
ment would probably have soon alle-
Waited but a short road was sought,
and that short road was the issue OF
paper money. The Finance Minister
of the time, Necker, and other thought.
full men opposed this. They knew
from experience the terrible evils OF an
irredeemable currency as shown IN
John Laws time. But O clamor arose
throughout the nation for more circu-
latine medium, and an issue OF S4O0,
900, 900 OF paper money. secured by q
pledge OF the confscated ecclesiastical
property for its redemption, was de-
creed. There was great rejoicing at
this and il afforded a temporary alle-
Walton. But within few months mat
ters were as bad as they were before.
aud again there came cry for more
paper money.
CFLATIoS ARGUMENTS.
Necker and Talleyrand, who had
supported the former issue, strongly
opposed this new one, but Mirabeau
declared for imitation in two very re-
markable speeches. Specimens OF his
arguments, as we'll as others used in
the debate were given, being such n
always have been used for imitation II
all countries. II was claimed by the
infiationists that initiation was danger
Gus only under despotism. but tha
in n constitutional country and amid |
| patriotic people there was no danger
| that il could be checked at any tim,
when the amount OF paper money wa
| likely TO become too great; that, vir
tually, France was superior 10 the law
OF political economy which existed u
the world at large, and that an sddi
tional issue OF paper money woul'
bring prosperity to commerce, manu-
factories, and the people in general
The result was that within q fe'
months after the first issue OF four hun
dred millions was made, making Oh
total issue eight hundred millions. bu
with a solemn pledge that the tots
amount put in circulation should neye
exceed twelve hundred millions. Blu
very soon this pledge was violated ur
der the popular pressure, and hur
dred millions more OF small currenc
was isued. In a few months more, M
der like pressure, il was again violated
and three hundred millions more wei
issued, but with n solemn promise ths
the circulation should never excee
fourteen hundred millions. This, to,
was violated, and the issues went on
q rapidly increasing ratio, under win
Mr.. White called the Flaw OF sccele
ated issue and depreciation, M
which he declared to be real law
nature ~ the law OF the increase
velocity 81 falling body by gravit
tiop.
STIMULATION ASD THEN PARALYSIS.
These issues gave great stimuli
temporarily 10 speculation. gambll
and stock iobbing throughout 9
country. There arose aud was rapid
developed n great debtor class. part
OF those who had bought the nation
real estate, paying q small part do'
snd intending TO pay the remainder
small inatsllments, partly from tho
specnlators and gamblers IN valu
p who had bought for a rise ia nomiI
values. Mr. White showed how q
speculatiug debtor class soon obtain
the controlling influences and how ~
issues and depreciation were acceler
ed. Corimerce and manufaetur'
though nj first stimulated, we're 20
panlyzcd. aud finally almost uniyers
" destroyed; she mercantile intere
which supposed tha, IL was aided
this imitation since the price OF goo
on the shelves Of the merchants VI
raised, soon found that il was injpr,
no less than other interests. Sir
the merchants had 10 attach to th
goods prices not only to cover the
crease in nominal value bnt the Z
frum finctuation, the number OF buy
diminished and payments grew
certain. II was also shown how in
ton brought the worst evils of all
ON the masses of the nation-upon
people Of small fortunes and upon
working class; how the uncertainty
=, values having paralyzed manufactu
III vast numbers OF workingmen throu
ont the nation we're thrown ont OF