Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-10-01
MIR. Bsnnett's Letters from France
LETTER No. X.


cur,apcv-the hssptals-the works OF art-the press
ms o,llenes-the theatres-the palaces-and above
al the snlendd chateau of Versailles have more or
lass occunied NV attention. Ii is impossible to de-
scribe with any satisfaction to myself IN these run
ming letters the mulutudinous thoughts and feelings
which all hear and see create in my mind. can
onlv Give INV readers the heads of few brief hints
= handful of loose Thoughts. must return 20 New
York before I can draw out my collections al iuil
length.
On. of the most important matters which has &C.
cuped nv attention here is the spirit creating
new age which the revolution of 1880 has developed
in France. Well did Fieschi call LOUIS Philippe the
Napoleon de Ia pair Louis Philippe Is probably one
&c those few men in France who understands the ma
ton-,he aOe-and the high destlnles which are yet
"a he byought forth Before that revolution, some syHp
toms az tbe now spirit in trade and manufactures
,,ads their appearance-but The anuquated tenden-
cs of the elder Bourbons and the old nob!esse re-
nrss.ed the benignanl spirit The "credit system, =
as we call in our country had received rude and
violent shock BY the government Of Louis XIV, and
also nv The old revolution of 1892. The French wr-
tiers on political economy, and every subject connect
I'd with the developement of nations wealth aud re-
sources, were equal to any in Europe. II is singu
reasons Of the great werk of Adam Smiths wealth
Of Nations" were borrowed from the old economists
of France, those remarkable philosophers who had
classified all the phenomena OF wealth before the SUD-
iect had attracted the power OF Europe
The American revolution was the first great pohu-
cal event which did not spring from the old religious
feuds begun by Luther and the Reformation. 1hat
was war involving commercial well as political
liberty The French revolution of 1892 was success
full because called into action the system OF credit;
but by abusing that valuable principle II created no.
thing but dread and alarm, hurryng tie French peo-
ple back to the exclusive hard money Of the middle
ages During the empire and restoration the credit
system was in perfect allegiance. The revolution Of
1890 and the man who made that revolution, have ie'
yyed the new principle, and during tRe last SIX years
the progress which France has made In trade, cur
repcy and manufactures is truly astonishing.
The public men and public writers In our country
are entirely ignorant Of the condition OF France al TINS
day. Let me shed little light upon these DOCK
heads.
l. eight wears a commercial revolution has been
effected equal 10 what could be done In nan ceh'u
nv ia England or any other slow going country. Al
this time, there are 40 joint stock banks IN France
IN 1890 there were none, or only two or three OF no
s.rt of consideration Since that period, many otaer
societies have started into existence have ascer-
tanned that there are now in operation 100 societies.
anonymes, with capitals equal TO 3oOOOoooo francs
besides 1870 societies oonssRddts with aggregate
capitals of f. 40 000 During the present year
these will be increased probably III or ~ per cent.
These companies embrace every coneernaoie purpose
IN trade currency, and manufactures. RAILROADS.
banks cotton literature, theatricais every purpose
10 hi
comes under their influence. DO not doubt OUT
psrton Of this consists of specuation bat the o!d
lessons of the Mississippi scheme, ana the msnddsS
of the revolution CT 1892 will retrace and modify inc
spirits Of the business people
The atber and originator Of this new spirit IS the
celebrated LAFrTTE the banker, who is consldered
the chief or head Of the democratic or republican
party here. He was the most efficient agent IN the
revolution but in consequence OF the financial panic
caused by that event. he was very much reduced IN ms
fortune In $780, tie public funds fell from ~ 10 AZ
On the appointment of Casimlr Pener to the minis
try they recovered, but not before LATTE had lost
much property. Since that period he has been very
active in new direction. he has established large
bank OF so 900 900 capital with branches, and now
at the head perfect master spirit OF the new con-
mercial movement which pervades all France. The
king himself favors this policy in his own way LOUIS
Philippe is constantly engaged IN designing and con-
siruetinp works Of utility asd works OF art. he 10
repaunp, rebuilding and beautifyns Paris beyond
any former monarch-perhaps even Napoleon, who
designed much but had no tine 10 execute lie has
turned the palace Of Louis XIV, at Versailles, into
pic,ure gallery for the amusement of the people
It's singular, indeed that the government ana tSs
republicans should both unite in the same policy; and
what is more singular, is the fact that this poey Is
exactly the reverse Of that adopted and pursusd by
the United States executive the creation OF an excu-
siye democracy Here oil parties unite in fostering,
extending, and protecting the credit sysiem-in our
country the government or democratic party Tor
three wears past mas done all il could 70 pull Il Down
THIS is passdnt.
But LATTE is the great master spirit that gives
new life TO young France. AT an exhibition OF pub
lie seminary the ether day. he made speech, which
was much applauued This seminary IS entirely de-
voted TO instruction IN commerce when II 10 elevated
20 science About dozen young men received me.
dals one Of whom was from the United States and
another from China. The profession Of a merchant
is rapidly becoming the most respectable in France
To il they will give the character Of man Of science
and in a short time il will supcrscde the old rever-
ence for the military profession The profession Of
an edori il also considered as belonging to the high
cat Intellectual rank. In England these things are