Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1878-10-30

ant crops n OF eAPotn eAcecoipk WI
former experience, various financial
scnemes have been proposed as pretended
modes Of relief, none OF which has the
merit OF . substantial basis, and all Of
which, when subjected to the test Of prac-
ticaf examination, are found to rest on
nothing. II is but natural, when millions
Of men and women are unemployed and
ready 10 listen to artful appeals with atten-
ton, ~quickened by personal suffering, that
these projects Of making cheap money,
and enhancing ostensibly the value of
labor, should make q larger lodgment than
in ordinary times.
The leaders take care not to make it
clear that just in proportion as this pro-
cess Of imitation might augment wages, the
price Of rent, Of meat, and bread, and
clothing and Of every household article
would be raised, and when the collapse
came the loss would mostly fall on the
great mass who toll with their hands.
More than one hundred and fifty years
sgo, John Law became Comptroller-Ge Gen.
eral Of the finances Of France, upon the
strength Of q project for establishing a
bank and . Mississippi Company, by the
profits Of which the National debt was to
be paid Of. Three years before he had
opened . bank in his own name, under the
protection OF the Duke Of Orleans, then
Regent Of France. The prospect Of i'm
mense gains seduced people Of every condi-
ton to subscribe for shares in the bank
and the company, so that in two years they
rose upward Of twenty fold the original
value, and were nominally worth more
than eighty times the amount Of all the
current specie in France. But when Law
reached the climax Of his artificial power,
he fell, - Jay Cooke did in 1873, and in
volved tens OF thousands Of families in
utter ruin.
Seventy years later, when the Revolution
uprooted the old social foundations, the
chiefs devised . scheme for issuing notes,
called ~assignats, bearing interest at three
per cent. 1t was known as a project for
looming the whole land Of the country into
money" except that no coin was used TO
carry it out. The French people were told,
o. The American people are told now about
ssfne fiat money" that wealth, comfort,
end happiness would follow in the train Ct
the assignats.
Barnave denounced Laws scheme, the
memory Of which still survived after two
generations had passed away, as based
upon the phantoms Of the Mississippi;
our upon the solid basis Of ecclesiastical
lands" Mirabeau threw all his weight
into the scale, and maintained that the as
signats could not be better secured than
upon the land on which they were issued.
In his fiery way, he exclaimed: Il would
rather have q mortgage on a garden than
on . kingdom" Perverted el~oquence,
passionate power, misguided statesman
ship. and mighty intellectual vigor could
not avert the calamity which the few who
remained calm in the midst of the violent
throes Of the Revolution knew to be in
cvitabie. The crash came, and with it
widespread bankruptcy, and the assignats
we're - worthless as the notes and bonds
Of JEFF Davis C~onfederacy.
n the blov had fallen on The srt;fcers of
this hinge fr.nd and their nfedera Il
misbt have been horne with nat;ence bv
the re,t NJ the world. Init II crr.bad tho
fresides Of labor, and spread misery
among those who were least able to hear
IL. The reau,t il summeJ mn nv a pbiloso-
pbic historian. in tbese instructive words
aBefore the and Of the wear 17e5 the
paper money was almost exclusively in the
2 OF the working classes, employees,
~ nj s ,. \ snorgh s y ;nvea api IL p tores ~
goods or national lands. The financiers
and men Of large means, though they suf-
Iered .erriDiy' were snrewa enongn 20 put
msnsnt vsIna. The working classes had
no such foresight, or skill, or means. On
WEIGHT ~ III loss. After the first collanse
came up the cries OF the starving; roa Is
M bridges were neglected; manufactures
49, Nona III, ts snr ~ app,saan.e - ~ ~
ture in any respect: nom dared to make
IN Investment for any length Of time; and
Z 49, : lony 70 cur.a,i Ine
f. ave- sor an npccrta;n fntpre
mi. = tha art ~ enterta;nmar ~
which The peop,e 81 the limited states ara
invited. Indeed. the advocates ~ the az
c.lled Al mopAv rrorose soma,h;no wor.a
th.r tha rrench .s-a;or.,s for .h.t h.a a.
1890 ~ l.rd. - H. crown ana .ha
rhurch q s.u b.ct rron onr m..n;s.
csrt ar.nc;ers Who would ,;.e - a0oS tho
co.rtrv -;.h !. a. rs;sc. ao,a s;,var
~. "a av.~r,h,nr v.,r.h,s .na 1890.
= 1890 morav H. =. - rcnara.s m;.s .