Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-10-13

Annexed is one or the letters winch wrote IN Ia
rls, previous TO my departure for England and New
York. 1t was sent by Havre Packet, and only
reached this port day before got here in the Royal
William. It's, however only the germ Of what
A.. sav on the ga me interesting subject.
LETTER no. ANlII.
PARIS, 22d Asg. 1885,
have been engaged during the last week in COL
ieclng every species of information or the banking
currency railroads. and what is called here, Les int
rsts materials dc la France. In the United States,
we have been living in utter ignorance OF the real con-
dition of this remarkable and beautiful country. /
have seen, in GaigRanis Reading Room, some ex-
tracts taken from work of NJ. Carey's, on France,
and Published in Philadelphia paper, of g-
norant statements of this country, as ever came 10
us through the preudiced channel of England. This
country is not so ignorant of the credit system
have been led 10 imagine. The Great Revolution of
1892 is the and parent Of all The glory energy
and science OF France Ii singular fact, too that
the bank of LATTE and other private associations,
now organizing all over the kingdom, are authorized
by law of the old republic.
The freedom Of trade, and the establishment OF The
credit system, part and parcel Of the revolution
Of 1892. At that period, every branch Of mind made
aprodigous development in France. Unfortunate
ly, however, consequence OF the unhoy coalition
of Europe against the new republic, and the unpepu-
lar conduct Of Of their leaders the national en-
ergy was directed entirely 10 defensive and then 10
an offensive All the great principles OF finance,
currency trade, &C., on which we have been acting
in the United States, were placed IN allegiance, until
the second or petit revolution Of 1880 took place..
The credit system, in currency, or as respects
public revenue was destroyed and repudiated, by
stretching it beyond its true limits.
LISA strange coincidence, but a true, in the his.
tory of paper credit that the democrats of France
ans those Of America have gone over the same
course and performed the blunders in the credit
system. Martha Van Buren,, Amos Kendall, and Tho
mas Benton, were the persons who first gave the &C
ceHtrlc acton 10 the banking system in the United
States by the wide spread creation Of state banks IN
1880 10 1885, which ended in the revulson Of 1881
The same took place IA France, under the auspices
Of their rivals in the same kind Of democracy here,
Robespierre, Marat, and their associates. What
the consequence OF the abuse OF right and Just prn-
ciples1 The breaking down-the bankruptcy Of
both countries, and the almost utter reputation Of
the scientific credit system, which look upon as
one Of the main props Of true popular government,
and the right species Of civilization.
Such was the abuse Of the credl, system BY the
French IN the latter years of the great republic that
Napoleon 1nseli anu the WHOle nhUOU, alWays
pudiated il as "fantdrordde," id6eioge." After
he became the chief Of the state, he endeavored 10
establish the Bank of France" but from the effects
produced his mind by the revision TO the credit
system Of the revolution, he gave to that institution
wrong principles, and military, instead Of a com.
mercisl system Of action. Hence, TO this day, the
Bank OF France has never been anything else than
the Bank Of Paris. Its bills do not circulate beyond
the capital-and in the departments they pass a, o
dlscosnt OF TO 4 per cent.
From the revulsion of the fret credit system
caused by the folly and ignorance Of Bsbesp.ere a
Co, up to the year 1919 and 1920 the excellent laws
and principles Of the great revolution, relative to f.
nance and currency, remained in perfect abeyance
II was from Bordeaux and Lyons that the first Gle
waited and pure republicans of France came, in IN,
years 1889 to 1882. They came from o commercial
dsinct-thcy understood the true principles Of trade
aud they gave TO France in that day, the laws which
arc yet model 10 the world on finance sad currency