Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1894-07-11
Mt0NyERTlBL5 PAPER MONEY.
England, France and America Have
Each Proved 1t Superior to

England, France and America Have
Each Proved 1t Superior to
Coined Metal
II there is any one thing more than
another for which financial reformers
In the Peoples party are ST eered at
and misrepresented, it is for their ad-
vocacy of non-redemab legal ten
der money, that is money on its face,
receivable for all debts. The daily
press of the country has nothing but
SCOTS and jeers for the idea, the object
being to deceive the people and do the
bidding of gold-bugdom. But in the
great ocean of journalistic deceit and
claptrap there may sometimes be found
drifting bit of truth confirming the
wisdom of the so-called cranks and
financial Missionaries. Here is some
thing of the kind that a few days ago
got into the Pittsburg Dispatch, in
answer to correspondent:
sit has been said that the French
paid the penalty imposed upon them
by the Franco-Germanw war out of their
peasants stockings. 1t is a matter of
record that when the legal tender act
(Cours' Force was forced through the
French parliament and a law was
made permitting the Bank of France
to issue bank notes to the amount
of $500, 900, 900, the people invested
in the loan at a rate that surprised
the entire world The metallic
reserve in the Bank of France
was 1929, 900, 600. the bank note.
circulation, 1881, 900, 900 in July, 1870
This did not include the banks de-
posits. The circulation was increased
on the 10th OF August, 1870, to $780,
600, 900, and the specie reserve fell to
$500, 100000. At the end of October,
1873, the circulation increased to S614,-
100000 When it was proposed, in
1871, to make the paper money, money
on its Observation-Disclosures most
acrimonious debate ever waged over
financial measures embroiled the en-
tire French parliament All sorts of
trouble was predicted. Nobody could
see how the issue of $3.50, 90, 600 addi-
tional notes on a metallic reserve of
$12O, OO0,O this being the proportion
of reserve the new notes were based
ON could in any way assist France in
paying one thousand millions of gold
to Germany. But there were men in
power who resolved to pursue what
they confessed were heroic measures
they had to raise the monev-and a
measure that the ablest fnanciers
in the world predicted would
paralyze France was pushed
through, and then the notes of
the Bank of France, instead of de-
preciating, appreciated. Gold was at
premium of ga per cent The value
of the bank notes increased until the
premium practically disappeared.
This page of financial history has
puzzled financiers from that day to
this. If the fiat people were familiar
with the various phases OF this trans
action doubtless In not only
would extract much comfort from it,
but in all probability they would en-
ploy 1T as club TO convert conserva-
tives to their peculiar views"
The fiat people" have been familiar
with the facts here set forth, and in
its main outl ne the foregoing is pro-
duced in speeches by Congressman
John Davis and others, and also ap-
pears In the literature of the reform
party. The French pushed through"
a measure that the able fnanciers"
considered suicidal and paid thou
sand millions TO Germany, while the
height of American sta esmansh,n is
reached by issuing fifty millions in
bonds for the same 'able financiers'
to draw interest on. Amt I'VE"
smsrt?-Coming Nation.