Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-18


passed law which you and l know to
be in existence to this day that In the
course Of time transferred almost the
entire landed property into the hands OF
the people, where IL is to-day. That
money had nothing in the world to do
with that law; but that money was
based OF what9 On that land that the
French govern ment confscated, and
they based IL on two-thirds OF the land
ed wealth OF France and the sacred
pledge OF the government to redeem 1t
In land, and In few years $4,000, O00,-
600 OF that money was worth no more
than the Confederate promise TO pay
was worth when General Lee surren-
dered.
Mr. Davis-I will ask the gentleman
II two-thirds OF that money issued by
that French government was not coun@
terfeit?
Mr.. Pendleton, Of West Virginia
cannot stop to argue that with my
friend. 1 have read French history
one way and you have read it another.
Mr.. Simpson-Will the gentleman
permit me TO ask him q question for
information.
Mr.. Pendleton, Of West Virginia
One at time.
Mr.. Simpson-The gentleman from
West Virginia admits that at the time
OF the breaking out OF the French rev.
olution the lands had passed into the
hands Of very small proportion OF the
people?
Mr.. Pendleton, Of West Vlrginia-Up
to that time il had.
Mr.. Simpson-And the condition OF
the people was very bad?
Mr.. Pendleton, Of West Virginia
Very bad indeed.
Mr.. SimpsOn-Had France been run
ming on a gold basis up to that time?
Mr.. Bendleton, Of West Virginia-Up
70 that time France had been running
on a gold basis.
Mr.. Simpson-Then you must admit
that q gold basis naturally produced
that result, and that the property had
all passed into the hands Of few
people, because Of the gold standard.
Mr.. Pendleton, OF West Virginia
No strand will tell you more about that.
II the gentleman will not interrupt
me he will find that l am tolerably well
acquainted with the history OF the
French revolution. Down to the time
OF the French revolution nine-tenths OF
the lands " France were in the hands
OF a few people; secondly, nine-tenths
Of the people 10 that country under the
laws then existing were practically
sarfs aud slaves TO the mobiles. The
feudal system had not then been
abolished in France, and under 1t the
holding OF land was regulated, AID the
gold basis had nothing whatever to do
with it, or a silver basis, or any other
money basis, so far as that matter is
concerned.
Mr.. Slmpson-The gentleman from
West Virginia asserted that the paper
currency that they had resorted to had
put them in very bad condition.
Mr.. Pendleton, Of West Virginia
Now will you let me go on?
Mr.. Slmpson-If what have said be
true the loss OF the paper currency had
nothing 20 do with II?
Mr.. PendletOn, OF West Virginia-H
YOU will allow me l will endeavor to
give you the history Of that matter.
When the French Assembly in 1883
met, IL was confronted with laws that
had been upon the statute books OF that
country for q thousand years under the
feudal system. They abolished the class
privileges, and practically conhScated
two.thirds Of the landed property OF the
country, taking ii from the arlStocracy
and the priesthood, comforting 1t upon
the national government Several years
after that, along about 1852
and 1888, when the French government
undertook TO establish paper
fiat money, called assignats, they abol-
ished the gold and silver that were cur
rent then throughout the world, What
was the result OF that action? Three
thousand millions of assignats were
Issued based upon tWo-thirds OF the
land OF France, and in few years IL
was not worth more than the Confed-
crate money was when General Lee sur
rendered.
WHY? Because the faith Of the
French Government was not pledged to
redeem a franc or a ceutime OF that
money in the money Of the world at
that time known to commercial nations,
to wit, gold and silver.
MIR. Simpson-Does not the gentle
man admit that the result which he de-
scrlbes VAS owing to the failure Of the
Republican government and the resto-
ration OF the old regime and not TO the
failure OF the money itself?
Mr.. Pendeton-NO; 1t was due TO the
failure Of the money. The Republic Of
France did not go out OF existence at
that time. The Consulate came in on
the 18th OF November, 1899, when Ma
poleon was made First Consul. Then in
1904, In March Of that year, Napoleon
set aside the Republic and established
the Empire.
MIR. Simpson-That is what I said,
that il was owing TO the failure Of the
republican government,
Mr.. PendletOn-But years and years
be fore that this paper money had be-
come rag money, and it was not until
April. 1914, that the old regime was re-
stored. and il was Te-restored Ia 1915.
Now, trust my friend will please let
me alone on those questions. Laugh
ter
Mr.. Simpson-But the gentleman has
practically admitted that the failure Of
that money was due te the failure Of
the government that issued 1t, the
same as the failure Of the Southern
Confederacy rendered its money value
less.
Mr.. Pendleton-The French govern
ment never abolished that money, and
never made any effort whatever TO do
ANYTHING with it except TO pledge
itself as to what it would do; but
long before the government attempted,
or refused to attempt, to carry out its
promises, or had an opportunity to so
do, the money had become rag money,