The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-01-30
FRENCH ASSIGNATS.
Another Explanation of Their Char
Rcter.

Another Explanation Of Their Char
acter.
To the Editor:
In your issue of Jan. l saw an article by
S. A. Stenerson, addressed to Mr.. Donnelly,
asking him to criticise an enclosed article of
some paper in Chicago. AS the article in
question was not published, l know nothing
of its contents, but think that Mr.. Donnel
lys reply does not enter into the history of
the French assignats to the extent it ought,
to set at rest the critics of the American
system of finance and aid our friends to
repel repetition of such attacks. l there
fore beg pardon of Mr.. Donnely and ven
ture few remarks in addition to his able
article.
1t is true, as Mr.. Donnelly says, that the
basis of the assignats was lands that had
been confscated by a revolutionary gov
eminent and which had belonged to the
church and noblemen of France. These peo
pie held their titles to said lands by deeds
tnat had been executed by the constitu-
tional government of France, which this
revolutionary government was seeking to
destroy or supercede. They were called
assignats" for the reason that under the
law authorizing their issue it provided that
the holder would be assigned as much of
this land as he desired at the face value
of the notes in his possession; or, in other
words it was tender to the government
of these lands and as Mr.. Donnelly says,
it was more similar to land warrants,
with this exception: They were in small
denominations, and circulated money,
and the above named confscated property
was set apart by the government to be as
signed and set apart as security for these
notes. They had other basis. Up to
lIi.1 only | o00 Oib) frap or about 800
| 100000, had been issued SO long as the
issue was not above this amount the as
| siSnats were worth and sold on the market
| at 80 cents in coin, but after this date they
| issued $h,37S000,000 francs, or about $780,
| GN,o00, based upon the same security. This
| amount was all out of proportion of the
needs of the people. and they began to
| doubt the power and stability of the gov
| eminent. The commune or heads of the
| government, quarreled. Some were put to
| death, and it was apparent to the work
| ngmen that it must fail and the lands
which were the basis of these assgnats re-
verted back to the original owners. These
considerations caused the stuff to fall until
| it took $lS of it to equal 81 in coin, and it
| was depreciating at rapid rate. At this
| point the government issued an edict re-
quirng it to be received and paid out at
| the rate to which it had fallen, namely IS
| to 1.
This was the first attempt to make it
| legal tender. In 1895 it went out of use
The government that authorized its issue
was superseded by Napoleon He restored
the confiscated lands to their original
owners Thus ended one of the grandest
farceS that ever existed. The assignats
failed, not because they were coined out
of paper, but because they We're not is
sued by a stable government; because they
were not made legal tender except for
cOnfiscated lands) and could not perform
the uses of money for which they were
designed, and because they were based
upon lands the usurpers had wrongfully
robbed the rightful owners of. which the
people did not believe the existing gov
eminent powerful enough to retain and
| make the title good. This turned out to
be true for when Napoleon was made
| emperor of France, one of his first official
acts was to restore these cOnfiScated es
tates to the original or rghtful owners
thus the bottom knocked completely
out; therefore, these French assignats bear
no comparison to our treasury notes. Ours
is stable government with sovereign
constitutional power to coin and create
money and regulate the value thereof. (See
the constitution of the United States, Art
l, Sec. 81 To compare these French assig-
mats, issued by an irresponsible govern
ment based upon estates filched from the
people, that were finally restored to their
rightful owners by the nations government
is unjust. To compare these assignats to
treasury notes issued by this most power
full, stable government on earth is simply
the vaporings of a child or a consummate
knave. A. H. NELSON.
inn lie Ion