The Mellette County pioneer. [volume] (Wood, Mellette County, S.D.) 19??-1971, 1923-07-20

SOuAo hONCh o6oAh
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 IL, that nation 10 on thy
road to disaster. Look at Russia with
It's worthless rubles and Germany
with Its 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
protigate court had piled up taxes up
til they were unbearable. The en-
ragged populace killed King Louis XVI
and also his queen. Marie Antoinette
But they only threw themselves out
- bhC LYME Rdh NV ~ u 81 q
as finances were concerned.
unsound Money Tyranny
Al the very worst point OF their cur
rency imitation they found themselves
under the absolute domination OF
R~obespierre. In order to meet the
growing scarcity OF coin. paper money
called assignats were issued. First
400, 900 900 francs worth, then 500, 900,
600 were added with the distinct un
d~erstanding that the 1,200, 000, 900
would be the full extent OF the issue
This pledge was soon broken and fur
Their issues brought the total up to
3.7OO, 600, 900 francs.
Frightfui depreciation was the In
evitable result: and legislation was
passed making Il a crime, with six
years imprisonment as the penalty, II
any a 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 q
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.
1t 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. Robespierre
was In supreme power. He suggested
that more assignats be issued and II
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.
Iotine. France had learned her fnan-
cial lesson well-that money must
have value back Of II.
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 fat 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
60 by to use voice and influence to-
ward keeping the wampum of these
United States. ~ It 10 today. the
soundesss currency In the world.