The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
THE INDIANAPOLIS TIMES
PRINTING PRESS IMITATION
The Deadly Parallel

BY ANDREW DICKSON WHITE


THE first result Of this printing press money!
Il issue was apparently all that the most
sanguine could desire; the treasury was at once
greatly relieved; portion Of the public debt
was paid creditors were encouraged; credit re-
vived: ordinary expenses were met, and, a con-
siderable part Of this paper money having thus
been passed from the government into the hands
Of the people, trade increased and all difficulties
seemed to vanish.
But soon there came another result: Times
grew less easy; by the end of September. within
five months after the issue of the 400
millions in assignats the government had spent
/ them and was again in distress
The old remedy Immediately and naturally
required to the minds Of men. Throughout the
country began cry for another issue of paper;
thoughtful men then began to recall what their
fathers had told them about the seductive path
of paper-money issues IN John Laws time, and
to remember the prophecies they themselves had
heard in the debate on the first issue of as
signats less than six months before
Mirabeau then made one of his powerful
speeches. He confessed that he had at first
feared the issue Of assignats, but that he now
/ dared urge it. He argued that there was a diff
ference between paper money Of the rcent issue
and that from which the nation had suffered
so much in John Laws time; he declared that
the French nation had now become enlightened
LIS theory grew by what it fed upon-as the
n II paper money INeOry mas generally done. To-
ward the close, in a burst of eloquence, he sug-
gested that assignats be created to an amount
sufficient to cover the national debt.
This speech was frequently interrupted by
applause; a unanimous vote ordered it printed,
and copies we're spread throughout France The
impulse given by it permeated all subsequent
discussion; GOuy arose and proposed to liquidate
the national debt of 2400 millions-to use his
own words-"by one single operation, grand,
simple, magnificent"
On Sept %, $780, bill was passed authoriz-
ing the issue of 300 millions of new
asSignats but solemnly declaring that in no case
should the entire amount put in circulation ex-
coed 1900 millions. To make assurance doubly
sure, it also provided that as fast as the
assignats paid into the treasury they
should be burned, and thus healthful contrac-
ton be constantly maintained
Each of these issues was but drop of cold
water to a parched throat Although there was
already a rise in prices which showed that the
amount needed for circulation had been ex-
was continued. The pressure for new issues be-
came stronger and stronger.
The Partisan populace and the Jacobin Club
were especially loud in their demands for them:
and, few months later on June 10, 1891 with
few speeches, in a silence very ominouS, a new
issue was made of 900 millions, more
less than nine months after the former great
issue, with its solemn pledges to keep down the
amount in circulation. With the exception of
a few thoughtful men, the whole nation again
sang paeans
Continued tomorrow