The Middleburgh post. [volume] (Middleburgh, Snyder Co., Pa.) 1883-1916, 1896-10-29
How the Nation Tried the Bryau
Plan in 1890 with Awful
Results.
A STORY OF CHEAP MONEY.
NEBRIATED WITH A SCHEME

Lts way.for Orators-Ths Poor Are AL
ways the Losers.
Ihave been asked 70 toll the story Of
cheap money In Franco
The reason Is Its curious similarity 10
he PROMISES made by Mr. Bryan. For
France" read "Amarics," and this tale
seems to belong to 1895 rather than ITO
1915.
In 1859 times were terrible In France
There was both an enormous public debt
and deficit. There was no credit Capital
had retired and was boarded. Business
stood still.
Men began to mutter that cheaper money
was needed.
The trouble, they claimed, was a too
small circulating medium. "Give US more
money. Give us good, sound paper money"
Nearly all the leading revolutionists said
this. Even Mirabenu supported It,
II ever there was good plan for cheap
money, they had IL. 1t was as follows:
France had just con0scated the entire
estates Of the church. This wealth, nc
cumulated for 800 years, was 1000, ,oOoO 600
2IhhNs lh1 NtaANhO tAit iAaANiviis
1t yielded ~ yearly income Of 2oo,oOOOOO
| francs
The statesmen wished TO sell all this real
estate 10 the people, both in order 10 at
tach the people to the revolution and TO
get money Tor the state.
SO they proposed TO issue mortgage notes,
called assignats, Of 40O,OO0OO0 francs
against this land, bearing interest ~ per
cent.
Could any paper money. be betters The
value OF the land ten times greater than
the asignats. and the interest certain to
retire them soon.
True, wise men opposedjt Necksr, the
greatest anancier OF that century and u
true patriot, nearly lost his life in show
Ing its folly.
But oratory was ali in Ats favor. The
lavorite argument was The patriotic scnti-
ment, France can afford to stand alane
and teach all Europe lessan."
The bold revolutionary leaders who had
upset absolutism were like hlacksmiths ut
watch mendins when they tried their
heads at finance.
The 40O, 0O0, ,000 assignats wore, however,
but beginning There had been many
warnings that thqy would only open the
way for deluge Of paper money. SO law
had been passed limiting the issue
But In u few months things were as bad
as eyer, and 800 0,O0Q,0O0 more wore issued
in 1870.
The legal limit had been reached But
,1nOre circulating medium" was still
called for Prices were high, Het wages
were low. More money would help. SO
the limit law WAS evaded, and in l79l
GDD, 600 OO0 more Were issued.
1he nation was now inebriated with its
cheap money. With each now issue there
We're good times for few weeks; then
came harder times and the call for more
assignats. 1t was like o drunkard after
each drink. The faster the new issues
came, the shooter was the good feeling.
Now bad signs appeared.
l. Assignats dropped 10 per cent. States
anen tried 10 mend this by an address To
the people showing how wrong this was
= specie began To disappear. This was
charged TO British influence and to the
greed OF goldbug bankers. It was urged
thai few might be hung for example.
The real reason gold disappeared was THAI
Assignats could be used and gold was
more valuable
8. Prosperity stoPped altogether. At
6rst manufacturers had been stimulated,
then tbs markets were suddenly giutted,
then factories shut down. The nerve of
production was cut The statesmen put
up tarifra But the collapse went.on.
4. Uncertainty As to the future value OF
the assignht checked all Investment and
excited stock gambling. business dwin-
died to living from hand toEnouth. Every
body was speculatipg. Louis Blanc says
Commerce wns dead: gambling took its
place" Money went 10 the cities; the
farmers no longer saw money.
Q. A vast debtor class arose. II was to
their interest to have the currency depre-
ciats still moro so they could pay their
debts easier They clamored for "more|
money"
In December, 1901, 900, 1000 900 moro as
signats were issued, making thus EsFI
9, 100, 10000.
Now new kind Of financial theory was
heard. Deprecated currency" said the !
blathersl<ite orators, 'is N blessing. IL