The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-09-20

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eoyerers OF some sovereign panacea, war.
ss.ta,i ~ o,,re oil the ills az the body DO.
iAi'eu ,VS'e ~ 80 =, - a, L., ~,
lite, and 70 those VINO Oppose si tiett ". .A1V
say, "wait until you see the results OIL oll
Man II has never been tried YET and
-. 80. ~ ,aonia hacore familiar
When ohue s''e tpeyp.e - m, 80,
with It's penehcent virtues 'le! n"i Ho'e-
dream OF attempting TO exist without O
large supply Of 1t in store ready TO apply
-. -. a,oson IN fac, tbav claim Tor
70 my Nv" VAs.' - ~. ,a.,a.;,o
1t not only curative, Dup atso pf "
properties, that i will be Impossible ior
any more panics or financial crises 70 dawn
on the country, after once fiat or absolute
grecnbacks become the sole currency 81
to see that the supply is equal 70 the de-
mand, so that there need never again be Q
complaint because OF 9 scarcity q funds 1qss
But there isno necessity 20 wait 70 wines y
the results OF such,an experiment " ~ nus
already boon tried on the other sue 81
the sea, and by the consequences ~ that
instauce the American people ought 10
profit now. SIN y,.t. s.:l.,. u
III the early part OF the last century IN,
English financicr, John Law, obtained tue
sanction Of the King Of France for TIC e.
adjustment of Q royal bank IN Iarla IL
was authorized by tho Government 70 !, d y
count bills Of exchange and to issue notes
that were rcdeemabie IN eoin,b Bnt y nap
pencd that times He 70 unusually hard, pus.
iness depressed IN AZ parts Of the country,
labor unemployed everywhere ana the
Government bills were only taSen at .
very heavy discount. This n Il Mr:
Law to Try new experiment entirely out
OF the ordinary course OF bank King proceed:
ings, by which he could make money
plenty and times prosperous; AZ tnete
was q great scarcity OF gold and siyer IN
the kingdom, he conceived the prliila Ilt
tdea-the same that ~ now aqy9fSsi!fd "
the Greenback leaders that ". me gre, ereuit
of the nation was the most sub
stantial upon which 70 build q currency,
better even than gold or silver coin, anu
that oil that was necessary for carrying out
his plan was to issue paper currency with
nothing but the national credit 70 buoy u!
up and usa 1t as good money. Thrust %
CONCEDED that when he first began to put
his plan into execution France awoke as TO-
a new life. All the workshops and manu-:
factories were reopencd, money flowed
freely through all the channels Of uate,
the stores were iillel with costly Mesrehaan-
disc, torwhiCh there waro plenty q cplsto'
mers among those who n few months be.
fore had been on the verge Of starvation;
real estate commanded the most fabulous
prices, and spccnlatlonn ,cStraraean9e and
enjoyment went hand in hand. All this
while the amount OF paper money was
steadily increasing, while gold and silver
vanished from the country. Finally
when the issue OF Government notes had
reached the sum oftwo hundred thousand
million OF francs so, Ooo, 0oo, QUO q rapid
depreciation OF value setin, people refused
to take them, and terrible crash came,
carrying bankruptcy and ruin to 81 parts
OF the country. There was no good money
left, nothing but these paper notes, which
the Government found itself unable TO
force the people any longer TO accept.
Then came starvation and suffering. worse
than before. Tho unemployed laborers
rendered frantic by their misery and desc
lation, tramplpd law and order under foot,
and violence OF every kind succeeded,
Mobs were to be met with everywhere.
John Law fled from Paris at the beginning
OF the storm to escape the Vengeance ofthe'
outraged people. They spat upon. the pa:
por notes In their illry, realizing that they
had never possessed any value save such
Us Imagination had given them for awhile.
And yet these notes had he:high endorse.
ment OF the national credit, that OF France,
thon tho FIRST nation In Europe. 4
i. In tho latter part OF the same century
In 100, the French Assembly, finding that
there was q scarcity Of gold and silver coin,
determined upon approprlatlng the pos
sessions OF the Church, which were oil I'M
mense. value, and qecreed their sale.
But there being so little money to buy
them with they remained unsold. The
Assembly then resolved to issue paper
notes bearing interest like English Ex-
chequcr bills, which were based on the
security OF these undisposed lands: The
faith OF the Government being pledged
upon the notes the people readily accepted
them, and the relief they afforded was
very great. At the end OF a year they bes
gan to depreciate in value. The price OF
food and Of all the necessaries Of life
doubled, while wages remained stationary,
Finally they became absolutely worthless,
Notwithstanding the Government had
made them legal tender, receivable for
duties and taxes, and had in addition in
1903 passed law compelling farmers to
take certain proportion OF their produce,
to market and there sell It at certain rates
fixed by the Assembly. The price Of bread
was also regulated By law, and oil Offend
ers were punishable by fine and imprison-
ment. But the system would not work.
Despite all the legislation the people re-
fused to amy longer have anything to do
with currency that was irredeemable in
gold and silver. Another era Of bloodshed
and riot succeeded. .tfs., .. .sn.7fl
Z Now. It Is the wish OF the leaders OF the,
new political organization that hassudden-