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Updated: September 11, 2025
The machinery of the State Government was captured by the paper-money party in the spring election of 1786. The results were disappointing to the adherents of the paper-money cause, for when the money was issued depreciation began at once, and those who tried to pay their bills discovered that a heavy discount was demanded.
And yet and what an idea does the fact present of the multitudinous resources, the unrivalled industry, the latent power of this country! all that heap of precious metals, all that is besides in circulation, with the addition of the bank-note currency, is comparatively nothing when weighed against the true and real exchangeable wealth of Great Britain; wealth of which this coined and convertible paper-money is merely the standard sign of value, the recognised medium by which all things are bartered.
In funeral ceremonies, especially of the father, custom also requires the children to give public expression to their grief. Besides many other filial observances, the eldest son is in duty bound to render the journey easy for the departed by scattering fictitious paper-money, as spirit toll, at the various roadside temples.
Accordingly forty men turned out under Captain Robert Patterson. They were given ammunition, as well as two pack-horses, by the Commissary Department. Every man was entitled to pay for the time he was out. Whether he would ever get it was problematical; at the best it was certain to be given him in worthless paper-money.
Throughout the country began a 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 Law's time, and to remember the prophecies that they themselves had heard in the debate on the first issue of assignats less than six months before.
'Good; that is fixed fact. The Signor Antonio drove at his moustache right and left. 'I give you, see, Italian money and German money: German money in paper; and a paper written out by me to explain the value of the German paper-money. Silence, engine that you are, and not a man! I am preventive of stupidity, I am? Do I not know that, hein? Am I in need of the acclamation of you, my friend?
But after having taken possession of the manorial lands, after having reaped a harvest from them, the peasants would not part with their grain for paper-money. They withheld their produce, waiting for a rise in the price, or the introduction of gold.
In 1890 it was found that the reserve fund kept in the Treasury for the exchange of paper-money of 1 yen and upwards was insufficient to meet the demand. Subsequent loans for the purposes of the war with Russia I have already referred to. Besides funded Japan has also, like this country, had experience of unfunded debt in the shape of Treasury Bills, temporary loans from the Bank of Japan, &c.
But even now we realize very imperfectly what a power in the world paper-money is; for we are apt to think of it only as a circulating medium in the form of bank-notes, or treasury-notes, or of somebody's currency which has the merit of making no pretensions to the theoretical idea of a currency which represents gold, the representative of everything else.
Patriotism, accordingly, regrets that his zeal seems to be getting cool. A man stout of heart, enigmatic, difficult to unmask! Meanwhile, finances give trouble enough. To appease the deficit we venture on a hazardous step, sale of the clergy's lands; a paper-money of assignats, bonds secured on that property is decreed; and young Sansculottism thrives bravely, growing by hunger.
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