PAPER MONEY.

Dominion, Volume 2, Issue 574, 31 July 1909, Page 6

PAPER MONEY.

• r/;::T^.'ti!SSoN''OT';Histoßy._ r ( //*.;'/■ • Speaking as chairman'of a .financial,ccn> \.\ pany last evening, Air. J., R. Blair strong!}-,..' condemned tlio idea of a .State note issue, and quoted historical.instances, to show that such money, would 'inevitably depreciate, and that; suffering' would ■thereby/be, entailed .upon; those least, ; abie. to/bear it.:.;- ~\; '!■■•;., .■.;'„:. ; The nuanciaL.'oircumstances.of.ithe country;, (said .Mr,, Blqir) were-, somewhat, unsettled,,'■: and a..'contributoryi,cause J iof; this estate or • ' affairs was to be-foundin;, many-of, the. wild'l theories 1 that werol.being-promulgated. -The v f theory'that we acquire happiness • . through'..tho .'issue /of : papor. money, was ',alt»-,: gether;unworthy..of credence, andhewas glad' the Government'gave no countenance to, it Paper money was no .new, idea. , Tno assignats issued: m. Franco before the. Revolution were an' instance.•'• So /profitable wore they , to those i.whoiiissuedi.ttttim —though not /to 'those .who-received?'them—that one;Prenoh- ■ man. established in* London: and. ; cir- > culatedithein,broadcast. •* The influence of tho issue' of\assighats;on' the Working classes of J Franco was'ono of the 'main causes of tho r Revolution. Russia: had found,''it impossible ■ .to prevent, her.fpaper. roubles depreciating to ■ the ( extent ■" of j.40, 'per. voent-.' ■. • In •■ .the .;■ States, again,though i'it» was a great country " : with'/its populati.oii<of'SO or 60; millions, it v* was found, impossible to:prevent;'the green- '■.■<' backs falling, even more, and until they be-;, gan to redeem them .in gold, the' currency . was unstable, and miichsufferingwascaused.. Tho experience yof.';the.,South American' R^, publics. was; similar.,'.■'"'The I 'thing ;had.'been tried over; and; over-again ,by- some of. .the. most powerful, countries/' and; they had'not , been able toiprevenfc the;suffering' which ,re-; suitcd.v Clt; should* be particularly.. 1 noticed -'-' was'the working.classes thai suffered- ■ most;through the'decroaso-of' the purchasing l ■■> power of the money:they had received. '761'' this, was ~the scheme .which thoy > wore told by ■;,' ■ them .happy,' If was'*,' , pure delusion, and he;was. sorry, that; so niuch public; atfention: had.bcen; direotod it.'