Phillips County herald., 1923-07-19


s. n. Beach such condi t ions
could never again
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 thS
road to disaster. Look at Russia with
its worthless rubles and Germany
with its worthless marks. Think of
I what happened il France during the
years Immediately following our Revo.
Irtionary 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
proaigate court had piled up taxes un.
til they were unbearable. The en-.
ragged populace killed King Louis XVI,
and also his queen. Marie Aptoinette.
But they only threw themselves out
Of the frying pan into the fire so far
IS 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
400 900 900 francs worth. then 500 .O0O..
900 were added with the distinct un.
derstanding that the 100000 900
would be the full extent OF the issue.
This pledge was soon broken and fur
ther Issues brought the total up to
3.700 900 900 francs.
Frightful depreciation was the in.
evitable result: and legislation was
passed making II a crime. with six
years Imprisonment as tho penalty. IL
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.
II was simply legalized robbery.
When the penalty was increased to
twenty years imprisonment the inevi.
table climax came. The Reign OF Ter
ror was at its height Robesplerre
was In supreme power. He suggested
that more assignats be issued and II
tho people did not take them the gull.
lotine should be the penalty.
RobcspIerre's End
This unheard Of outrage was more
than the people could stand. An un-
known man arose on the door 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. tho tyrant. became
hOOetplerrc. Ino COHFicteu CIiHiiuai.
Two days later he was led to the gull.
lotine. France had learned her flnan.
cial lesson well-that money must
have value back OF H.
The fallacy OF unsound money is
sure to confront us again. Never ia
there enough OF everything for all the
people. Ths struggle for existence Is
real struggle. and those who hnd
themselves in the lower strata OF hu'
man society are ready at any time 10
grasp at Hat money or any OF tho 9th.
er things which misguided politicians
hold out to thom.
My whole purpose Is to drive home
the fact that danger lies ahead and TO
urge every ono to lot no opportunity
go by to usc voice and influence to.
ward Keeping tho wampum OF these
United Statcs. az IL Ia today. the
aoundeat currency In tho world.