Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1923-07-19


arise. But with such men as Henry
Ford and Thomas A. Edison talking
about commodity money there is no
foretelling what may happen.
One of the plainest lessons taught by
financial history is that whenever a
nation issues paper money with moth
ing back of it, that nation is on the
road to disaster. Look at Russia with
It's worthless rubles and Germany
with it's worthless marks Think Of
what happened in France during the
years Immediately following our Revo-
lutionary War
The common people of France rose.
in their might, tore down the Bastile,
and made reprisal for centuries of
kingly crime and oppression. The
profigate court had piled up taxes I'm
til they were unbearable. The en-
ragged populace killed King Louis XVI
and also his queen, Marie Antoinette
But they only threw themselves out
of the frying pan into the fire so far
as finances were concerned.
Unsound Money Tyranny
At the very worst point of their cur
rency imitation they found themselves
under the absolute domination Of
Robespierre. In order to meet the
growing scarcity of coin, paper money
called assignats were issued. First
400,OO0,0O0 francs worth, then 100000,
900 were added with the distinct I'M
Outstanding that the 200,O00,OO0
would be the full extent of the issue
This pledge was soon broken and fur
Their issues brought the total up to
100000, 900 francs.
Frightful depreciation was the in
evitable result; and legislation was
passed making it a crime, with six
years. Imprisonment as the penalty, if
any one should refuse to take the pa
per assignats at their face value. Just
think of it! A French peasant after
working the entire year to produce a
crop was compelled by law to accept
payment for that crop in paper mon
ey, which he knew to be worthless, or
go to prison.
It was simply legalized robbery.
When the penalty was increased to
twenty years Imprisonment the ineyi
table climax came The Reign of Ter
ror was at it's height. Robespierre
was in supreme power. He suggested
that more assignats be issued and if
the people did not take them the gull
lotine should be the penalty.
Robespierre's End
This unheard of outrage was more
than the people could stand. An I'M
known man arose on the floor of the
convention and denounced Robes
pierre, reciting the heinous crimes he
had committed, and SO worked upon
the feelings of the audience that
Robespierre, the tyrant, became
Robespierre, the convicted criminal
Two days later he was led to the gull
lOJ1ACs 1aANC A1O 4Oc14 AO0 AS1 mas
ciaI lesson well-that money must
have value back of it.
The fallacy of unsound money is
sure to confront us again. Never is
there enough of everything for all the
people. The struggle for existence is
a real struggle, and those who find
themselves in the lower strata of hu.
man society are ready at any time to
grasp at fiat money or any of the 9th
er things which misguided politicians
hold out to them.
My whole purpose is to drive home
the fact that danger lies ahead and to
urge every one to let no opportunity
go by to use voice and influence to.
ward keeping the wampum of these
United States, as it is today. the
soundest currency in the world.