The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1856-11-13
Tke CrIsIs in Franco.


The mad speeulations OF the Credit Mobil.
Ter have Occasioned in the greatest degree
the money difficulties in France. by carrying
specie and capital out Of the country, where
it was most wanted. The reaction of their
speculations on their own credit seems close
at hand. II seems there is an American and
French company forming to carry on mer-
camille intercourse between the United
States and Farnce. The London Mems has
the following:
cat this period of pressure the Franco
American Company, which is one of the
competitors for the concession OF the trans
Atlantic lines of communication from the
French G Government, invites subscriptions
in Paris for eighty -four thousand new shares
of 6 $50 900. The list is TO remain open
for one month, dating from the 25th Of Sep.
tember. 1t is presumed that the expendi-
ture of this money (if subscribed) will be
dependent upon the company's obtaining
the concession; but the mere circumstances
of its opening the subscription lists in.;th
midst of monetary panic is strongly chsr-
acteristic of the strength Of the speculative
current"
Hording ofspecie is being resorted to by the
people Of France, which increases the difficult.
ty, and of fitselfwill force matters to some cri-
sis. The Paris correspondent of the Lon
don Times says:
"SilVer can hardly be found anywhere; 20f.
and l0f. piece in gold only are to be had,
and 5f, Of, IT,, and SOC. pieces have nearly
disappeared. The expectation of that met.
al is more rapid as France exports, compar-
atively speaking, but a small amount Of
manufactured produce, and is consequently
obliged to pay the foreign merchandise in
specie. This is one of the consequences Of
the vicious system of her custom houses,
which the government seems afraid to touch.
1t is evident that if the manufacturing pro.
ducts of this country could be sold at re,
latively low price 10 the Uuited States, she
could send them instead of the precious met
ais in exchange for the grain Of the Ameri.
can farmers, and such crisises as the present
would rarely take place, or would be less
severely felt"
Another cause to which the crisis is at.
trbutcd, even while taking into account the
effect of that in Germany on the French
markets, is the enormous building mania of
the Parisans. The Moniteur announced,
some time since, "with satisfaction" that
during the last five years the constructions
in the capital were estimated at 7,l2,00o,-
90Of., and that for 1856 alone the amount
was 100000, ,oO0f., while in 1850 it only
reached 22,000,0OO. y
1t is a fine thing to adorn q capital with
splendid buildings, spacious streets and
boulevards and magnificent squares; but.
like every other passion, it is liable TO be car-
ried to mischivious excess. So great an
ambition in the article ofpublic works has,
it is feared, far exceeded the dsposable capi-
tai, and, to a certain degree, justfes the
the remark of some persons that we have the
GtstierS nationaur once more established
The government, by urging on these works
beyond measure, has accustomed the accu-
mutation of the working population in one
spot, to the prejudice Of the rural districts,
where. during the last harvest, complaint
was general of the want of hands. To find
permanent occupation for the embarrass.
ment of the government, and it will become
greater. 'h'- =
The fear Of a nomentury revolution in
Paris is that it may bring another revolu-
ton with it of a political character, perhaps,
endangering the present dynasty. Hencs
the refusal of the Emperor to allow a sus-,
pension Of specie payments by the Bank Of
France.