The Express.
London, England, 1852-04-07 00:00:00

FRANCE.

PARIS, TUTAT)AT EVF.NING.
The Moniteur publishes the text of the new Copper
Coinage Bill, of which the following are the prin-
cipal provisions :—All the existing pieces of one and
two herds, and of one and two sous, and of one, five,
and ten centimes, are to be called in, and replaced
by bronze pieces of one, two, and ten centimes. They
will be composed of 9.1 parts of copper, 4 of brass,
and lof zinc. The new coins will bear on the face
the effigy of the Prince-President of the ltepublic,
with the motto " Louis Napoleon Bonaparte," and
on the back tho indication of the value of the piece
and the date of its coinage. The amount of the
now copper coin issued will not exceed in nominal
value that of the coinage called in. A sum of
7,560,000 fr. is appropriated for all the expenses of
the new coinage and the paying off of the old. A
special credit of one million is opened to the Minister
of Finance on the estimates of 18:i2 input t of the above
sum. Subsequent decrees will fix the time after.
which the present coinage will not have legal cur-
rency, and will cease to be received at government
offices. The above bill is signed on behalf of the
council of state by M. Barocho and M. Vintry.
The report of the council of state is preceded by a
long argument (exposé des motifs) containing reasons
in favour of the bill. The document states that -

While the gold and silver coinage of Franco is remark-
able fee the perfection of its form, and the neatness of its
stamp, and is, moreover, in harmony with the legal deci-
mal system of weights and measures, the, copper coinage is
the reverse of all this. It Is heavy inconvenient, for the
most part roughly executed, often half worn out, thereby
offering deplorable facilities to forgeries, and, so far at least
as concerns pieces of one and two bards, it is at variance
with the decimal system. The necessity for a recoinage
has been long felt and admitted. Many abortive at-
tempts at legislation on the subject were made be-
tween 1837 and 1848. When the revolution of February
broke out a bill for a new bronze coinage wu in an
ad-
wmead state of preparation. The provisional government
golealeok the solution of the question by a decree of May
41U. But a credit of 1,500,000 fr. necessary for carrying
Illiesture into effect having been termed by the finance
ooatuithee as being for the moment inopportune, and nut
beam the measure in itself was thought objectionable, the
hose of May 4th fell to the ground. It is desirable to
dew epproximatively the amount of copper coinage upon
Ai& the new law will operate. There were issued by
nerd edicts between 1719 and 1768 sous and bards to the
wane of 10,244,3941 r. In 1791, bell metal sous were coined
to the extent of 19,232,543 fr. In the years V. and VII.,
centiness, with the head of Liberty, were issued to the
ammo of 19,001,200. During the two blockades of Stega-
ll/NM the siege of Antwerp, and the siege of
, °Wwas izard money sawed to the amount
T76,1e33, awl in execution of a decree of April
9, 1848, centime, were lewsed to the amount of 250,000.
The whale of taw Woos for a total of 49,593,336 fr. The
might of the aewe up to awl haelusive of the bell metal
eliege of 1791 wee 24 mem& Subsequently the weight
Mee Wow 20 Moo are other more ancient and
mei agree Übe in circulation, of which no
=MUM Olt be The government calculates
We Mc be aot against the loss which inevitably
Use take yam Y a anew in daily use. 60,000,000,
10.1141100 kilogrammes, is assumed as the basis
Oretrf6lperatiew to be effected. It is a principle uncon-
tested at the peasant day that gold and silver money should
embalm a weight of metal as nearly equal as possible to its
seminal value. A small difference meg be admitted to res.
present the expenses of coining, but this coat the progress
of art tends constantly to reduce. In France it is
now estimated at 1 per cent. for silver and '2 per cent.
for gold. But the same principle does not apply, 'ad kir
never been acted upon with respect to copper coinage. If
it were to be applied copper money. would be too mamba.
some to be useful. Silver is too precious to be conveniently
coined into very email pieces. Brass was tried in thus
piece of 2 sous marked N. But these were called in is
1845, because it was found by experience that it was very
easy to make counterfeits of this coin in copper. Braes,
therefore, being out of the question, there is use other way
of having a conveniently portable coin of a man
denomination than by adopted copper or a mixture
of copper and pewter, such as bronze, and to give
to the new coins a nominal value considerably
above the intrinsic value of the metal. All poli-
tical economists, when arguing against depreciating the
coinage, have never failed to make an exception with re-
gard to copper, because that is never a legal tender beyond
ale trifling amount of 5 francs. It is merely conventional
money. M. J. B. Say, in his treatise on political economy,
says " It may be said that gold and silver are the sole legal
monies. Copper pieces are only considered as ' bills of con-
fidence,' tokens representing pieces of silver too small to be
coined in silver." In fact the nominal value of the exist-
ing coinage is at least 50 per cent. above the intrinsic value.
All the nation, of Europe, England excepted, where front
the dearness of commodities copper money is but little used,
have a lighter copper money than the French. The priu-
edple then being admitted that intrinsic value is lint
essential it would seem that beauty and convenience are
the only things requisite to be studied in deciding upon the
nature, form, and substance of the new coin. It is, how-
ever, admitted that any depreciation of the copper coinage, '1
as that now proposed, has frequently been combated by
many respectable opinions, and moreover it is an histo-
twice& fact that some pieces of ten grammes the decime,
which were coined pursuant to a law of 28 Thermidor, were
so badly received by the public that it was found necessary
to withdraw them from circulation. It is, however, confi-
dently asserted that the weight of enlightened opinion, and
the clear reason of the thing is in favour of the proposed
alteration, and the government do nottpprehenel that the
want of public support manifested at a tine, when confi-
dence had been shaken by an unlimited i‘sue of soigne*
is to be feared at preseut. A reduction of tl:e weight of
the copper anus to 10 grammes, that is to about half the
present weight, is therefore confidently recommended.
The following members have been named in the
bureaux to forni the committee on the bill : Viscount
de Kerveguen, M. Genii'', M. Devinck, M. Itav-
nouard do Iluissieres, the Marquis trAndelarre, M.
Randoing, Colonel de Itryas.
The 2lfoniteetr contains a decree from the President
of the Republic, regulating the manner in which
advocates, avoues, notaries, auctioneers, huissices.
and garden chanipe,fres are to take the oath
tlielity to himself and to the constitution.
Another decree contains regulations for carrying
into effect the sentences of transportation to Algeria.
The prisoners arc to be sent, as fur us pitaaible, is
separate detachments of i4B) each, under the deno-
mination of Penitentiary Colony, No. I, 2,
'flee President of the Republic reserves to himself
the right of dispenbing with the penitentiary rfiyinte