The times. [volume] (Richmond, Va.) 1890-1903, 1893-10-27

Such conditions are the most favorable
Of all for bringing forward the Wild men
who exist in all states OF society, whom
we call IN the United States "PopulIsts. 4"
SO the French Populists at once came
forward with the ever-ready plan 20 END
all OF the difficulties Of the situation by
the government manufacturing all the
money that was needed
One Of the first acts OF the Revolu-
tionary government was to conhscate all
the lands that had belonged before to
the church. and It was proposed that
these lands should become the basis on
which the new money was to rest Accord
| ingly the National Assembly ordered the
issue OF 10000, 900 francs about $sO,OOO0oO
| in paper promises OF the government
/ called assignats These were payable on
! demand and bore four per cent. interest,
but no interest was paid on them and the
government had no coin to redeem them
with. They were also made receivable
in payment for the conhscated church
lands. provision foC selling which IN
small parcels to the people was made
That great statesman Mirabeau favor
ed the Issue Of these notes because he
saw 1t would result IN making thousands
OF Frenchmen land owners. the titles to
which lands would rest on the Reyolu-
tlor He saw the wisdom Of the move
mont as a political one, though his clear
intellect never for a moment allowed him
to SUI pose that the thing could succeed
as a financial measure. TO forward his
political aims. H. argued for the measure,
and, in doing it, he stated the Populist
argument Of to-day as well as the present
Populists can state it. lie said in the
Assembly:
'It is in vain TO compare 0sslglats,
secured on the solid basis Of these do
mains. TO an ordinary paper currency pos
sessing forced circulation. They repre-
sent real property, the most sacred Of all
possessions. the land on which we tread"
But what happened TO this solid Popu-
list money? AS soon as the government
got through paying out the first issue it
found itself short Of money, so It man
ufactured 800 900 francs about $4,000
900 more of it and put that afioat. The
law for this second issue contained a
pledge that in no case should the amount
Of assignats exceed twelve hundred mil
lions Of francs. But when a man finds
he can get rich by putting out his own
notes, pledges are never thought Of. and
the same is the case with a nation. Very
soon France put out 6oO,OOOOO francs
about $4,000, 600 more. Soon after she
put out 3OO.OOOOCO francs about $60,OOOOOO
more and then made a new pledge that
the total amount should never be allowed
to exceed what had been issued. But
this pledge was also soon broken, and
issue followed issue until an official state
ment put out at the end Of 1892 showed
that thirty-four hundred millions of
francs had then been issued.
Specie disappeared from circulation
almost as soon as the second issue was
made, and the assignats began to go stead
lily down. Business and industry soon felt
the effects, and the inevitable collapse fol-
lowed. With the masses Of the people
the purchase Of every article Of supply
became a speculation; a speculation in
which the professional Spectator had an
immense advantage over the buyer. In
the language Of a distinguished writer
Commerce was dead, betting took its
place"
In the early part Of 1892 the assignat
was 30 per cent. below par. In the follow
ing year it had fallen TO 81 per cent. below
par BY February, 1895. the issues had |
reached $500 10000 francs about $500, |
100000 and the value had dropped to one |
two hundred and sixty-ffth part of their |
nominal value a note protesting to |
be worth about $50 Of our money was |
worth about six cents. They finally went |
down 10 a point at which one thousand |
dollars were worth only one dollar. Mean |
time the government had resorted to the |
usual expedients of bolstering up a worth |
less currency. The use of coin was pro- |
hibited. A maxim price in assignats was |
fixed for commodities by law; the pur-
chase of specie was forbidden under penal |
ty Of imprisonment in irons for six years. |
and the sale of assignats below their |
nominal value was forbidden under penal |
ty Of Imprisonment for twenty years in |
chains Investment Of capital in foreign |
was punishable with death. But |
all was futile; the paper money went on |
depreciating until. on the LIST Of July. 1896.
the government wiped the whole business |
out by a decree that authorized all men
to transact business in any money that |
suited them, whereupoD specie immediate |
ly reappeared and the assignats went out |
of existence to be never more heard Of |
except for the purpose of warning man |
kind how impossible it is for govern |
ment TO create money.
If cur Populists would only study these |
facts. there would be no more Populists |
We commend them all to read and study
a little book just published by |
the Century Company called Cheap |
Money" where they will find authority
for all we have stated and for much more.
-
FOOLISH COMMoDoRE STANTON.
The most charitable construction to be
put upon the conduct OF Commodore