Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-11-11
v0LUM BE III.
From our Evening Edition Of yesterday.l
Loftte,s New Rank.

The spread Of the Banking system in France hare
money France is an interesting theme just the mo-
,oen when II is with total destruction III this
country L, may be amss to tell you something OF
LATTE We may look upon this iinancier as a second
John Law. His name is closely connected win tue
financial history Of the present day In 1914 he was
The prncpal in one Of the first houses on the continent
On the resignation of Jaubert he appointed Cover
nor of the Bank of France In this position by his popu
larty and his power he sustained the public credit at
the highest possible point He SO administered the
Bank that il rose triunphany from all its previous diff
fcues and loaned to the government more even than
was required by the terms Of us charter. II brought
into its vaults millions of the public debt tacilita
ted loans to very large extent and exercised genial
influence over the money affairs of the capital and the
government
In 1924 LATTE lent all lis aid TO the government IN
its endeavors complete the system OF public credit IN
France and urged continually the necessity OF reducing
the debt BY the application of portion OF the revenue
to the extinction OF the principal Though the method
of efecng this adopted in 1925, not the one that
he advised yet faithful lis and iorgettul OF his
own interests he the first to set the example OF
converting the per public scrip into that bearing
3 per interest His popularity was deeply affected
by this move on his part.
LATTE was the originator Of companies commaadde
bers His object was to bring associated wealth bear
upon the industry Of the co1nty He set the example
by subscribing largely to company formed Tor further
ing the interests of the workmen of Mulhouse But the
opposition of faction composed of the OF the res
toration. Latte's broad view of money affairs could
not be cemprehended by these narrow minds In the
midst of heavy business involving millions, he never
withdrew his confidence and his capital from numerous
correspondents Hence his private fortune suffered to
agreat extent The events Of 1880 called him from the
head Of his Banking house the first Office of the State
Just at this moment a violent financial crisis overlook
the moned men Of Paris and Iafie at proceeded
to the winding mp Of his business This affair has been
seized upon with avidity by the envious and they ar
que from his failure in $780, the failure ew
bank. Blu, his enemies bite against file. He saved
from the wreck Of his fortunes after paying all his obi
cations some ten millions offrancs and he has invested
In his new establishment and half millions.
Such the the head Of institution whose
pita is fixed conditionaly SIS millions offrancs The
unanimous voice of the stockholders placed him there
and il this be Of any advantage, awaits his Ell
forts Bat Laite has the prejudces Of Frenchmen to
fight against. Great caution is necessary in the attempt
to substitute paper for metals though be the alb
solute representative. John Law would have succeeded
had the guoramuses Of that day let him have his way.
Lafe will succeed if his advice be not rejected. The
great probability is that his undertaking will split upon
the rock which John Law scheme foundered.
The people Of France not free enough to enjoy ere
dit substitute FOR money. We shall give full nc
count another time, Of the principles on which M La
te has founded his bank together with notice Of the
installation of its officers.