The Dawson news. (Dawson, Ga.) 1889-current, 1922-10-10
COLOSSAL SUM PAID
FOR WORTHLESS MONEY
80 BILLION BROUGHT $1,000 A
. THOUSAND AND ARE NOW
WORTH ONLY 70 CENTS.
DWARFS JOHN LAWS BUBBLE
Golden Stream Poured Into Golfers
OF Defeated Nation Far in Excess
Of Preparations Payments. Ten Mil
lion Buyers in United States.

VI ANSPdA alAOiio dJIllCtllS. Gil MIL
lion Buyers in United States.
Observation-Disclosures has "in-
vested" the colossal sum of $960,O00.-
600 since the war in German paper
money now almost worthless SAYS
special dispatch from New York to
the Baltimore Sun.
America paid 10 cents, 5 cents,
cent a mark America bought 80,000,-
100000 paper marks at an average of
! Is cents a mark, $12 a thousand.
To-day paper marks sell below 20
cents a thousand. America has left
what may be worth $56000,000. Not
more.
The victims in America of this stu
pendous folly, the most gigantic fl
nancial delusion in history, have lost
$904,000,000 About one-third of the
loss is represented by stocks and
bonds bought in Germany with marks.
The buyers have given to Germany
gold for all her war reparation pay
ments, made odate, $644 100000, and
hall as much again.
Third of National Debt After 1865.
America has paid to Germany
sum equal to one-third the total of
the American civil war debt, $685.
907 626, August |, 1905. America, vic
tor over Germany, has paid her as
much as Germany in victory collected
from defeated France as indemnity af-
ter the Franco-Prussian war Of 1871
$96S,OO0,OO0.
This estimate is based on Berlin Of
fetal statistics of September 9, 1922,
and latest records of German marks
distributed in. this country.
Famous financial bubbles of history
show nothing to compare with the
German mark craze. John Laws
French company bank crashed and
ruined million Frenchmen over night
when its paper currency initiation
reached 12,0O0000,000 francs on an
original capital of 100000 francs.
France, the home land, suffered.
245,OOO, OoO,O 900 Marks Circulated.
Germany, up to September 9, had
circulated 5,000,000,0 900 paper marks,
the unguaranteed currency of war
beaten, practically insolvent govern
ment But the crash has not come,
perhaps because foreign gold, the gold
of England as well as of America,
bought half of Germany's bubble cur
rency. She has marketed 80000000,-
600 marks in America
London reports British losses in
German marks speculation at about
$672, 100000
1t is estimated that Americas buy
ers OF German paper marks hold 3d.,
100000 in America own 10000
100000 held in Germany, 5,000,000,000
held in Amsterdam, Paris, etc, and
have invested $4,000, 100000 of the
marks they bought in buying German
bonds and stocks.
Famous Gold Brick Outdone.
The typical example of fiat currency
initiation and its ultimate fate hereto
fore has been for 200 years the Mis-
sissippi bubble of John Law, Scotch
economist of note, successful specula-
tor, who induced France in 1717 to
experiment with his theory that plenty
of money makes nation prosperous
and happy and paper money secured
paves the route to plentiful money.
Law merged his Louisiana company
with his bank, made their shares in
Interchangeable after taking over the
French national debt and its interest
income. A royal edict gave him con-
troll Of the mint He hitched promise
OF vast profit to his Louisiana COM
pany with appearance of solvency for
his bank based on the credit and hon
or of France. a riot of gambling in
the company bank hsares increased
their price value sixteen fold.
Initiation OF the banks paper money
IL,
reached 12000,000000 francs on origi-
nal capital of 100000 francs Its in
come was per cent ON the latter.
Those who remained sane suddenly
decided to buy cows and farms with
their paper money and in month
Law was ruined, hated exile from
France.
London gambled in American green
backs, Union and Confederate, during
the civil war, see-sawing their rival
market from Appomattox TO Gettys-
burg. New York and Amsterdam
bought and sold more marks in day
than London handled greenbacks in a
year.
Ten million buyers of paper marks
in America means that 10 out OF ev-
cry lis men, women and children in
the United States own or have held
in trust for them an average of Ger
man paper marks which cost 500 at
S12 per thousand in 1o19-192l.
The Lure of Easy Money"
Easy money! The lure of specula-
ton made successful business men in
America get German paper marks
quick, paying big premiums, fearing
they would be too late for the great
garnering of dream profits. Right at
ter the signing of the Versailles peace
treaty in July, 1919, they paid for Ger
man marks as high as half their par
price, "a cents, which the paper mark
commanded before the war They paid
more than paper marks were selling
for in Germany's neighbor countries
This easy money mirage made mill
lions of Americans, men OF large sal
aries, take their savings out OF the
banks and buy Germany'S paper prom
ises. 1t emptied the little iron safes in
100000 cupboards. 1t sent millions OF
dollars OF liberty bonds to market here
TO get money to invest in Germany's
paper marks. And it still is taking its
Il