Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1878-10-17

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"Thus the system continued to
flourish till the year 1920. The
warnings of Parliament. that too
great creation Of paper money
! would, sooner or later, bring the
country to bankruptcy, were disre-
regarded.
"The regent. who knew nothing
whatever of the philosophy OF e.
nance, thought that q system that
bad produced such good effects could
never be carried to excess. If fiye
hundred millions of paper had been
of such advantage. five hundred mil
lions additional would be Of still
greater advantage. This was the
grandserror OF the regent which
Law did not attempt to dispel."-
Mackay, ibid, p. ~.
The condition of France is thus
seen to have been almost identical
with the condition of this country
during the time the Government
was issuing legal tenders and char
tering national banks, which imme.
diately proceeded to send forth their
circulation, without any desire oil
it's returning, for the time, to their
counters for redemption.
Also the idea of imitation enter.
tanned by the regent, aoho kneao moth
ing achateuer Of the philosophy of #.
nance, is identical with the idea
urged by the Nationals and imitation
Democrats, who happen to know less
OF finance than the regent. 1t will
be presently seen, from history, re.
corded long before the United States
even had any existence, what was
the result of this apparently pros.
porous. but actually unnatural, inila.
ton of the currency. Bancroft de
clares
"The contest between paper and
specie began to rage, the one buoyed
up by despotic power, the other APP
pealing TO common sense.
"Within four years succession O,
DEGREES changed the relative value O,
the livre not loss than fifty times
that, from disgust at finctuation, pa.
per at fixed rate might be prefer
red. All taxes were to be collected
in paper; at least paper was made
the legal tender in all payments To
win the little gold and silver tina,
was boarded by the humber classes
small bills as low even as ten Iivre.
were put in circulation, 4
and the stupendous project was form
ed of paying off the national debt il
bank bills. "-P. 354-5.
If Americas great Democratic his
torian, when he prepared these pages
of American history, had design edly
composed them to warn his country
men of the present period and asnec
tally to warn tho party that claims
him. OF their apossacy from the prin
ciples they have maintained for hal
century, he could not have writer
more to the point than be has done
The historian further describes a
enacted at Paris, precisely what uhi
| Nation saw enacted at New York
during the stimulous caused by th,
necessary but unnatural imitation
when the daily stock exchange wa
transferred at night, in 1875 to tn,
spacious vestibuIe of the Fifth Av
enue Hotel. He says:
"Avarice became frenzy it's flu
ry seized every mber of the roya
family, men of letters, prelates, wo
man. Early in the morning the ex
change opened with beat of drum
and sound of bell and closed at nigh
on avidity that could not slumber
In the course of six
teen montha more than two thousan,
millions of bills were emitted u 500
600, 000.-Vol. 3. p. 1856.
| But the laws of trade had been un
naturally violated, and in spite of al
his apparent prosperity, the result
was inevitable. Not tie most arbi
trary measures of an absolutely ire
sponsible and despotic governmen
could prevent those violated law
from vindicating and rightipg them
selves any more than the highes
dam could prevent the swollen tor
rent from seeking it's level.
Although despotie power, in
most relentless manner, left no OF
fort, no lawless outrage untried tina
offered hope of relief, yet the re
suit of tho unnatural imitation wa
inevitable. The accounts which tn
several historians give are remark
able, as showing that the laws OF Fl
nance are immutable, and they ar
valuable lessons to the people jus
now. Henri Smith says:
"The bank notes were made chr
rent throughout the kingdom the,
had been so only at Paris and in th
cities where branch banks were es
tablished.
cit was prohibited to transpor
specie from cities where there wer,
minis. Permission was given the
company to search oil houses with
out exception in order to demand tn,
specie which had not been carried Il
the mint for recoinage, and whicl
was to be oonfiscated in favor OF tn
| lnformers.
"The conversion of paper into col,
far from being arrested was preeipi
tated. Men purchased at any price
estate, houses and precious stones
plate, everything that presented any
! commercial value whatever. Febru
airy A and Is two decrees of TIL,
Council for the purpose of obstruet.
ing this movement, prohibited The
transportation of precious stones ant
Of gold and silver plate."P. SO
February ~, 1720.-It was for
hidden to any person TO keep more
than 500 francs in specie or bullion
under penalty of confscation and q
fine of 10000 francs. 1t was prohi
bited to make payment of over 100
francs. "-P. SO.
"Ihe bank ,DaS condemned to multi
ply notes aohen their depreciation pre.
scribed their reduction. Psf.
"Gold and silver were demoneti.
zed, except the small coin of recent
fabrication, with successive dimi nu.
tions. sd.
"Private individuals were ordered
- norrrv aran,o