francs—as a war indemnity, and largely increased her debt. She was apparently prostrated. What was to be done? “Issue more paper currency to restore prosperity,” our inflationists would have said. But no; a wise financial policy determined otherwise. Not believing that the country could recuperate by deceiving itself, they issued no more irredeemable paper money. They reduced the volume of that which was in circulation, they worked sturdily and steadily toward resumption, so that a franc not only pretends to be, but is a franc, and he that has one knows what he has. The people set to work again in a frugal and laborious way, their industries producing things for which there was demand in the market; no capital sunk in useless enterprises; no wild speculation; no self-deception by the creation of fictitious values—and thus you find France to-day, in spite of her disasters, economically in a more satisfactory condition than the countries around her. There is a striking lesson before us. No wise man will study it without profit.
Now, it being conclusively shown that the depression of business, was not brought on by a contraction of the currency, but by causes which always produce such results, the question recurs whether an inflation of the currency will furnish the relief we need. Our inflation doctors seem to me just as wise as a physician who would treat a case of overloaded stomach as a case of starvation.
Sometimes you will observe when a man is ill, and some medical tyro tries to cure in the wrong direction, that nature makes an effort to right itself. So it is also with the diseases of the body economic.
You say that, although the banks in the business centers are full of money, lying idle for want of employment, we want more currency. I tell you, business can have more currency; it can have as much as it likes without any further act of Government. According to law, every one
