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Updated: September 11, 2025
By degrees, however, the Government's credit improved, and thus, though the issues of inconvertible notes aggregated sixty million yen at the close of the first five years of the Meiji era, they passed freely from hand to hand without discount.
Panama political and commercial complications were serious. The isthmus was Colombia territory, and, since October, 1899, a civil war had been raging in that republic. Its financial condition was desperate. Two hundred million inconvertible paper pesos had depreciated to the value of two cents each in gold, yet were legal tender for all obligations.
There comes a point in the stress upon a Government when it must depart from the austerer line of financial rectitude and tamper in some way with currency. Sooner or later, and probably in all cases before 1917, all the belligerents will be forced to adopt inconvertible paper money for their internal uses. There will be British assignats or greenbacks.
The story of "Fiat Money Inflation in France" is one of great interest to legislators, to economic students, and to all business and thinking men. It records the most gigantic attempt ever made in the history of the world by a government to create an inconvertible paper currency, and to maintain its circulation at various levels of value.
By what great high-roads and queer by-ways of history had they travelled hither, these wandering Jews, "sated with contempt," these shrewd eager fanatics, these sensual ascetics, these human paradoxes, adaptive to every environment, energizing in every field of activity, omnipresent like sonic great natural force, indestructible and almost inconvertible, surviving with the incurable optimism that overlay all their poetic sadness Babylon and Carthage, Greece and Rome; involuntarily financing the Crusades, outliving the Inquisition, illusive of all baits, unshaken by all persecutions at once the greatest and meanest of races?
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