The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-06-19
CHEAP MONEY DEVIL.
ALWAYS ON HAND TO ENCOURAGE
FIAT SCHEMES WITH SoPHlSTRY
AND GLOWING PROMISES

First Began speeuiations In the Middle
Ages-His Method Explained In Goethe.
"Faust"--Iiad Hand In the John Law
Bubble--The French Assignats- Ameri-
can Greenbacks - Now Busy Pushing
Along the sixteen tn One scheme.
In a recent interview Governor ALT.
| geld of Illinois told how many hundred
years gold and silver We're maintained
in circulation at a fixed ratio by the fiat
of government 1t is not disputed that
whenever the legal ratio has conceded
with the market value of the two metals
| they have circulated together without
any need of legislative fiat, but when
ever the legal ratio did not coincide
with the commorcial value Of the two
metals, having equal privileges at the
mint. the coinage that was undorvalued
| dropped from circulation by "a law moro
potent than the decree ~ government
OF course deprecated currency can lee
kept i'm circulation SO long as "A govern
ment may be willing and able 60 keep
the promise TO redeem 10 IN standard
money, as is the case with the silver
dollar of the United States and the
franc piece of France The enormous
cost and embarrassment Of flat cur
rency to the government of the United
States are witnessed in the frequent
borrowings Of gold 70 provide for its re-
demption
To Governor Altgeld it is n matter of
indifference. as he says, whether the
legal ratio for the free coinage of silver
be l6 10 / or s TO / with gold, since the
fiat of the government would be as ON
nipotent in the one case rs IN the other.
But in giving the history of fiat cur
rency for the instruction of Illinois edi-
tors and speakers he might have men
toned in the course of his narrative the
royal coin clippers who knavishly de-
based the money of their realms and |
meanly defrauded their subjects just |
as the silverites propose 10 do with the |
standard of the United States
The governor, however, does not 90 /
back quite far enough in tracing the
origin of fiat money. We have the high
authority of Goethe, who deeply pcne-
rated the nature Of things that the
Observation-Disclosures the invent
" of this kind of currency (for which
zee the second part of Faust.
Far back in the middle ages we read |
hat the affairs of the Germanic empire
rere in the greatest disorder The treas {
ny was empty and utterly unable 10 re-
eem its obligations The army was
sady to mutiny because of the long ar
garages of pay. The courtiers in the
nperial palace complained of the dep 4
walton of the Injuries TO which they
id been accustomed. Discomfort and
stress prevailed throughout the en- e
re :
At this juncture Mephistopheles APP q
jared on the scene, rs ne always does
such occasions. He proceeded at once
issue fiat currency under the author
: of his imperial majesty. AZ first the
lperor was shocked at the monstrous | n
aud, and Indignantly asked who had | =
red 10 forge the imperial name,
at the same time that such Il
crime should not 20 unpublished But e
2 imperial scruples We're soon removed | p
the arguments of Mephistopholes and 9
? brilliant success of the scheme. The
asury was quickly replenished. The
ny, having received its pay, was Gag,
20 re-enlist In the imperial palace bl
} courtiers, and even the pages, had al
honey 10 burn, and prosperity again II,
wned upon the empire. In his aston
ment the emperor asked: And does
5 pass for good gold with my people?
it accepted for fun pay by the army
4 the court? Much as l wonder, ]
list let 1t GO "
But the court fool could not quite I'M .,
rstand this magic paper. of which he 7
d received 5, 600 crowns. and he asked
if this was good moneys ~
nth ~
Mephisto-You can have first what q
er your guile: and belly may desire.
Fool-And can | buy with it fields
ID house and cattlcy
Mephisto-Of counsel Demand only |
at, and it shall rot be wanting toyou.
Fool-And castle, with forest and | u
,er park and fish pond? h
Mephisto-Truly l would like to see ,
IN "a worshipful lord II
Fool-This very evening / viii rock
yself in "a landed estate
Mephisto (alone) WHO now doubts
lie wisdom of our fool?
The other fools held on 20 their magic
oney until il withered TO nothingnoss
their hands When the inevitable |
ash came Mephistophcles had business |
Jmewhere else in his vast domain The |
lme parsonage again made his appear
nee TO lure the French people 10 finan-
AL ruin when John LaE acted as his |
at money agent in thu Mississippi
,heme He turned mp again TO persuade 4
ne French convention TO print millions | ;
assignats on the pledge Of the couhs-
lted lands of the nobility and Clergy |
lis cloven foot was exhibited once more |
'hen congress was induced TO issue an
volume Of legal tender paper;
nd he laughed with Satanic glec when |
his groenback currency deprecated TO |
ess than 90 cents on the dollar Re IL
ow busy at the.lugs of the numerous
ictims of the free silver mania. wins.
ering to them of the wonderful pros
Gritty that would flow from the coinage
{ disks Of silver, worth 90 cents each, |
nto full legal tender dollars.
Whenever the Altgelds and other |
emagogic advocates Of fat money, |
whether it consist of irredeomable paper
or Of deprecated silver, under.
axe to trace the history of such methods
4 finance they should give the devil his