The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-10-28

ments which have seen the light under the impe-
rial gime in France, single one can be found
so utterly shameless and indicative of such deep
debasement as the report just put forth by NJ.
Magne, who is at the head of the French Urea
| sury. At time when France is VIGOROUSLY on
| the eve of a convulsion which may be fatal
when the deficit in the national budget is becoming
| every year more insurmountable, and the condi-
| ton of private credit is alarming every one who
has dealings, direct or indirect, with the French
| mercantile community-this public functionary
| has the mpudenee to come before the world
not with an apology-but with glorifcation of
| the state of the empire, and bundle of fulsome
] compliments to the Emperor, ''from whom these
| blessings tow." The annals Of the Roman EN-
| pire under the later Caesars may be searched in
| vain for parallel.
Monsieur Magne actually ignores what all the
rest OF the world is talking about-the condition
| of the Bank of France, and the immense opecu-
| alive corporations which have grown up under
the shadow of their prototype, the Credit Mobi-
| Ter; and exhausts himself in talking about the
clipping Of gold and silver coin, and the famine,
| and the cholera. As a London cotempo-
| rary remarks, such report, seriously put
forth, supposes extraordinary ignorance and
| folly in the French public" Surely NJ. Magne
does not desire us to believe that the cholera,
or TIE famine, or the sweated coins are the
cause Of the run upon the Bank Of France;
that they led 10 SO unparalleled demand for
money that the loss suffered by the bank in one
month on gold imported from England to supply
her more imperative requirements, was not less
than $4,000 that they account for rate OF
six per cent interest both in London and Paris,
and, under that rate, for demand for accommo-
dation from institution equal to two millions
per day. These facts to which NJ. Magne, it is
true, does not make the most distant allusion,
cannot be explained by any secondary causes or
local influences or figures of speech; as for the
causes which that official condescends TO mention,
they are an insult to his readers
He argues that France isprosperous. Well, so
far trade and agriculture are concerned, there
is no doubt some truth in this. II is quite likely
that France never did so good foreign business
as she is now doing and barring the failure Of
the wine crop, now five years repeated, and some
serious interference with the silk manufacture by
the foundations, her productive account, no doubt
presents fair average on the right side. But
what then We can no more Judge of the con-
dtion of France without taking the Bourse into
account than doctor could give on opinion on a
mans health without examining his lungs. Paris
is the lungs Of France; the rest Of the
national body may be sound enough: if
~. n &, -,
And that Paris is rotten, there can be no
manner OF doubt. As a well informed CORES
pondent told us the other day, there is not a
garcon limonddier in all Paris, there is hardly a
nuiseiymaid who has not stock in something;
everybody pockets are stuffed with stock every
thing is bought, sold and exchanged for stock;
everybody deals in stock, speculatcs in stock,
thinks Of nothing but stock. All this stock is so
much fictitious wealth, created, ~ imperial per-
mission, by the knowing. and distributed through
he nation in exchange for commodities and es-
pecially luxnies AT the time the movement be-
gan, Napoleon wanted money and desired to see
he Bomse buoyant; the establishment of these
stock concerns achieved both aims: he set the
ball rolling, and the forces Of gravity and at
traction have kept il in motion. Now, the ques-
ton is-how can il be stopped? How can il be
regulated. How can the Credit Mobiiier be
brought within paying limits These were the
questions which it devolved upon NJ. Magne to
answer that he has done so, is pretty fair
evidence that be at all events had no answer to
give.
The situation OF France is, ia fact, rs like that
Of he United States before 1887, as any two
situations in different countries and at different
times could well be. There is q discrepancy in
The causes. The government here had no part in
The disaster, ana the people had themselves and
the bank wholly to blomc there the whole re-
slonsibilty Of the crisis rests upon the Emperor.
But the features Of the two cras are analogous.
Here the solution from the difficulty was found
In the liquidation Of the United States Bank.
the Suspension Of the New York banks and pc
riod Of severe mercantile suffering lasting from
three to four years and Of course involving in
Vulnerable mercantile disasters. There. a. il now
seems 70 IT.. the natural issue or the roable Is 10
the utter refusal Of the bank to carry the specu-
lator. any longer. This would prccipitatc the
downfall Of the Credit MobIlicr. Of many Of the
railways. Of vast number OF speculative schemes
which have been ssaried since Inc Empire. and Of
nearly all those merchants who have allowed
themselves TO he tempted into taking part in the
operations Of the Boursc. But it would not nc.
oessarily ruin the country or overthrow The go
vernmcnt The CONFUSION 81 ls57 killed Van
Buren,, mainly because the time Tor his rc-clcc-
ton occurred when the people were freshly
smartiug under their sorrows. Louis Napoleon
has no such proNimatc danger 10 guard against;
and besides, he has his soldiers 10 look to for pro-
lection
II would have been franker and faircr for the
French Chancellor Of the Exchcquer to have said
plainly that The hank would cease to afford aid
to the Boursc, than TO have twaddled about the
Empcrors heart and The " sweatcd coins"
Thot would have oiypn Spinp rr.a .sttronce IN Ala