The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-16
: THE INDIANAPOLIS TINES
PRESS IMITATION
The Deadly Parallel
BY ANDREW DICKSON WHITE
Published By D. ApplstOn-Century Company
Copyright

~,rrRIOrIsI.Y enough, while depreciation was
u going on, there came an apparent revival
Of business 80.
The hopes of many were revived by the TACT
that in spite of the decline OF paper theIe "aS
an exceedingly brisk trade in all kinds OF per-
manent property Whatever articles OF pernla-
nent value certain needy people were VIKING 70
sell certain cunning people were willing 10 puy
and TO paw good prices for in assignatS. Al Il4lS
hone revived for a time in certain quarters.
Put ere long it was discovered that TINS
was one Of the most distressing results OF
natural law which is sure to come into play
under SUCH circumstances 1t was SIMPLY
feyerish activity caused by the intense desire
of a large number of the shrewder class 70 con-
vert their paper money into anything and every
thing which they could hold and hoard until the
collapse which they foresaw should take place.:
This very activity in business simply nolcaoeo
the disease 1t was simply legal ROBBERY OF the
more enthusiastic and trusting by the more
cold-hearted and keen. 1t was the "unloaolng
of the assignats upon the mass of the people.
interesting is it to note in the midst OF all
this the steady action of another simple law
in finance Prisons, guillotines, enactments IN
hicting 20 years Imprisonment in chains upon
persons twice convicted Of buying or selling
paper money at less than its nominal value, ana
death upon investors in foreign securities, were
powerless
THE National Convention, fighting world IN
Il arms and with an armed revolt on its own
soil. showed titanic power, but in its struggle
TO circunvent one simple law Of nature its weak
ness was pitiable The louis dor stood in the
market as a monitor, noting each day, with I'M
erring fidelity the decline in value OF the
assignat: a monitor not to be bribed not TO be
scared AS we'll might the National Convention
try to bride or scare away the polarity of the
mariners compass.
On Aug. l. 1885, this gold louis of Is francs
was worth in paper, 900 francs; on Sept. l, 1900
francs; on Nov. l, 2600 francs; on Dec. l, 1850
francs. In February, 1876, it was worth 1900
francs or one franc in gold was worth 288 francs
in paper Prices of all commodities went up
nearly in proportion. Everything was enor-
mously inflated in price, except the wages OF
labor AS manufacturers had closed, wages had
fallen.
The question will naturally be asked On
whom did this vast depreciation mainly fall at
last? When this currency had sunk to about
one three hundredth part Of its nominal value
and after that. to nothing, in whose hands was
the bulk of it? The answer is simple. 1 shall
give 1t in the exact words of that thoughtful
historian from whom I have already quoted:
Before the end of the year 1895 the paper
money was almost exclusively in the hands of
the working classes, employees and men of small
means, whose property was not large enough to
invest in stores of goods or national lands
"FinancierS and men of large means were
skrewd enough to put as much of their prop
erty possible into objects of permanent value
The working classes had no such foresight or
skill or means. On them finally came the great
crushing weight of the loss"
Continued Tomorrow