Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-05-14
'fA E'1i-7a&sJ ENNz2..s----

, From the RsliGM Daifq .i9re,Ijssy1
A. ,"toW;hs y an abstract of the report OF
r'' i..hh &c, 'dtGlt presented L. the French
ies'Siauve Chambers of the state and trans,
actions OF the Bank Of France
fhc mot Inter"siiu. tuuic introduced nv
mr.. i.ahtie. from lis relation la The ,s.u.rai
Ftnci4!eS p' currency aud CONNIE rec is that
" TIE hmifdt.on OF extension OF discounts .s
Connected with the S,Hte of the EXCHANGES
ann WIN the ebb and Gow of iie pr.cious ms -,
.lS. ABOUT me mouth of July, 1878 the re-
serve OF specie In posse ssion of the Rank a.
mounted To 900, OD0 francs or UPWARDS of
Si'ovo,VOo sterling {; the renles were very u.ar
o. trade "XnerleHce no enbarrassments. Tho
i'"' c"Pi'ai oi the merchants, with thai of
me treasury tor which there was no i,u,nadi.
ale occasion, went TO seek empio>mnnt j., H.,
iEnuS ne preceding loan however oF
I1"''"Vo francs had not Vet been entirely
F"l" hp winnie mew loan OF ~ OO9 opD Of
TVh'eS was OF ite point of being oDeueI and
az emission of lG OJ0 con more was 10 tuLn
p,fct' po'h on account ct contributions D,y.-
10 toreisn powers. These two sums. in
capital OF 800 600 ,00J fraucS Edwards Of
i2o OO0,0Oo sterling all payable to foreigners
within oue wear, Ivy the expectation either of
frehch produce or OF gold anu silver. Atihis
crisis other loans were set on faot i'm Nu,tr,a
Russia, Naples aud Prussia Tai, extensive
3Ad simultaneous operation ef borrowing
produced d universal want of money. From
ISL July 10 Sti October, The specie III the bank
was reduced from III 10 80 Gao 600 francs
l&2. $50 000) little more than half its former
guAutty.
ckiobbimg of the widest nature. and car
riea, principally by foreigners 10 an immense
amount, iUined its mschieyous Influence to
mat OF The ahovementined causes
by the i5th OF October, the diminniion OF
caHh III h"nd, ana the hourly application for
di' counts, wele such as 10 decide the b D, k ii-
ifectoTs against takns any bills which had more
titan 90 days To run.
The bank preferred limitation in the course
0i The bills TO be discounted, TO y dininntica
ni their actual amonUt and VI. Latte asserts
that The directors never had recOur.e 10 tlIe
Latter eHpedeht. IL is clear, however, that
n OILY bills OF Il certain date were admitted
tie total value Uf those presented Tor discount
would i've in fact reduced
On the 10Th OF October, the reserve Of spe-
Gle Aad fallen TO 81 900 900 and the sums PAY
able Oh dPTanj had risen 10 IGj O0JOjD -
The sOilCitiiious for discount remained the
sane, and The demand of specie did not di-
m'nisi. The bank began In a. ps eiend run
Lpon II !OriHe payment of bank noir> in cast
AZ The 'o"est point, the sPecie in hand fell TO
81, 100 dJO. The bank mites amounted In
los O91 900. aud lie accounts current nti,ht
absorb 81 eco, which establishes The propor-
ZION ct fourth 10 d fifth between the sprcie il,
possession amd ihe uOtes pay able on drmaud
The Bank directors IFen rrAsI5-i aHaui-
mousiy TO limit HER discounts 20 bills not en-
Greding 10 days To run The Bauk Ina, been
TeprOdchrd for tki$ determination but il
was placed ia the alarming alternative of a
srspension"f cash payments or Il r8iuSal Ell
discounts altogether, or an Ili tined and dlttl-
cnli sale u TEEieS aid shares OF Bank Stock
ihe not payment 81 their uotc, never could
te th9Ughi Of. IrrIe was no sacrifice which il
was not ihrir day To maze To puSure in cvciy
possible CTcumStdnce, The payment of ticir
notes ia cash. or The two Otnrr esp gdicuiS /:
sale Ut rsHiCS OF Bank stock If TO a small
amount, would have beru useless ifatte,upt-
Ell on a large scale, wOUld have brcu tiilrr
snlSclltvOHS or lmPTdCticdbls bS Shortening
the period Of H., Discounts the Bank atijdrd
all Danger, ana secured every possible advau-
lt@
The immediate consequence If this cpntiar.
ton ct IT, l~>nes was, n JW IN the rrctange
ruth JJrCga cJVttriry AVID igtiuN Of Sprrie
|injO trance. IheuCe follow ed d re>un,pttou
Of ihc discounts at % aud .jtrtvard, az 90
dbNS AID as characterization of the cash in
the golfers at ihc if.. b, from - .O1J 900 10 a
sum W!ilCa removes every shadow Ut dppTe-
tension or unr5sitrs, tor the luure
4 his Idttci ca cninsfGice j. described with
great simplicity aud clrdrncsS in the Official
COCumeI,t. lIiie tie tissues Of the H4uk were
unresIraiHrh " fears for its oY6 safety, Tie
eXCHaug,s .,yte adverse iO FTaKcc. He Bark
with b. eatb, rsAnrcd its issues by limiting
the descriptions b. Us y luCh itwNuiG receive
aud al oncc iie exchange, bt came 20 fdyonf-
abir, Ntdi i've ftug cOIu o. traced rs footsteps,
aud rePleih~hed tie country from whicli ~
lafpc quaniny vt paper had driscn TITLE
Bank Ut france, hcf~fUtt, hds satisfartsItiV
proved, tia' lhe prcArItc or absence OF iLe
precious uir'dls Is contingency over w!hcl.
it con c..el else POWtI;E, Influence af.d c.i,-
ttOul.