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


Marseillcs, leo 1850
Lille, LEGO 1925
Lad,te's Bank, 1908 1000 " liz liio
These are only few By way ofspecimens. Many
persons OF cool particularly the Eng
'ish-antcpate and predict the same results from the
new spirit developed here as that which followed the
fatal deuslons of the Mississippi scheme. No doubt
scAemers and spectators will appear on the Bourse
and parade themselves at Tortenls-he Wall street
| of Parls-as they do in New York or London-but
the principles of the movement are well under
stood, and they are in the hands of the
! and scientific OF France. The merchants
throughout France receive the most scientific educa
ton. They seldom adventurous-a from the in
formation have receved-and from the best sources
too-hey understand the principles of the credit sys
tenn just as well, if not BETTER than many do in the
United States.
Ihaveexamned the charters ofseyeral of these banks
and they recognize the correct principles of paper
currency, always redeemabe in specie. Throughout
all these banks there is recognized the proportion Of
paper TO specie of three to onethat TO say if they
possess 100000 francs in specie they issue 800 600 in
bills. In making discounts, three good names are
always reqalred-the Bank of France requires FIVE or
six, but this cid institution is considered as belonging
10 the school of desposm, not liberty and liberal in
stutons. fought TO observe Also that none of these
banks, either private or joint stock, issue paper
der the value of $50 francs, or about $50 each.
Such is brief view OF the history and present con-
dlhon OF the banking system IN France. Yet the sys.
| tenn is not fully on its legs. There is one restriction
| and one difficulty to surmsunt. In consequence OF
the monopoly enjoyed still by the old Bank Of France.
none of these banks can transact business beyond
certain narrow limits beyond their points of issue
In the next session Of the Chambers, this point in
connection with the question Of the Five Per Cents
may come up for discussion. In the meantime un-
der the present restrictions there are forty banks and
branches already IN existence in France. Hereto
fore persons having in their possession sum or sums
| of money, woad pay small premium TO a banker
TO take the money for safe keeping. How different
in England and the United States!
The amount of floating capital in Paris and all the
provinces is immense. The whsle specie currency of
France isesma,ed 600 600 900 of francs or about
5000 600 000-in copper coins alone they estimate
$40 600 000 This is the latest and NEST accurate cal
culatlon The paper currency issued by all the banks
IS estimated at only $50 600 600 Of francs, or about
$50 600 900. Perhaps this is too large an estimate,
but it may be set down at s300 000 while ours is
over slO0oo0,0 600. This paper currency is confined
] entirely 10 the commercial classes. The common
people and small shopkeepers deal entirely in specie
Credit and confidence are thus beginning to be crea-
ted in France, and the splendid works and efforts in
progress will change the face OF the country in few
years am, therefore, positive, from every thing
and hear that Paris will in time become one OF
the greatest cities for trade Europe and tina, the
trade Of France with the United States is destined 10
double itself every five years. Paris might be easily
made splendid market for the sale Of American
stocks-but on this subject will enlarge al another
time
On the subject Of railroads have also collected
much lnformation-but space is wanted TO convey
one tenth OF what have the blue broad
water
4 have engaged two Partisan correspondents ofthe
highest attanmens in literature, science, and inan-
cal knowledge. M literary correspondent will sur
pass any one that ever wrote TO New York from Eu-
rope. My financial correspondent is daily an atten-
dant al Tortonis, on the Bouevards, and knows the
Bourse as well as his A. r. 9. He has had a long
practice and intimate relation with all the monled
operations Of Paris with Europe and America. This is
the last letter shall probably write you from PARIS.
leave in a few days for London, on my return. The
first sketch ofmy financial correspondent will 20 by
the same weasel which takes this. have taken par
tlcuar pains give instructions 10 both how to wre
what 10 write, and when to wrIte-so as 10 make
them deeply interesting to the people OF the United
4 States.
Professor Morse is prosecuting his great invention
before the French government, with unexampled sue
cess. lie expects, every day TO have an audience Of
the king al the Tulleries am invited to be present,
and see, before the royal family, exhibition Of his
electric telegraph. He was introduced to one Of the
aids Of the king, the other day. and had conversation
with the Duchess Of Orleans. The French govern.
ment indicate that they will construct their railroads
in conjunction with the electric telegraph. They are
just commencing vast number of railroads, and the
era is proptous for the advent Of Professor Morse
he does not take care, he may become another
franklin in popularity. We will sec. b.
" The British sloop Of war Race Horse has left
Quebec-destnation unknown.
81 The frQate lnconsiant has reached Quebec.