In 1736, Denmark created the Bank
of Copenhagen; but within nine years from its foundation it suspended
redemptions altogether, and its notes were depreciated forty-six
per cent. We need not refer to the extraordinary issues of French
_assignats_, or of American continental money,--nor to the deluges
of paper which have fallen upon Russia and Austria. During all these
experiments, the sufferings of the people, according to the different
historians, were absolutely appalling. One of these experiments of
paper money, however, begun under the most promising auspices, and on a
professed basis of convertibility, was yet so stupendous and awful in
its effects, that it has taken its place as a Pharos in History, and is
never to be forgotten. We refer, of course, to the banking prodigalities
of the Regency of France, undertaken in connection with the scheme known
as Law's Mississippi Bubble,--although the Bank and the Bubble were not
essentially connected. We presume that our readers are acquainted with
the incidents, because all the modern historians have described them,
and because the more philosophical impute to them an active agency in
the origination of that moral corruption and lack of political principle
which hastened the advent of the great Revolution.
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