New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1856-07-11
ne FRENCH CREDIT AoBLIER.


a0n<inueo 70 announce lteeu ID e'sa'9v VI 49,
=. NAV 81 Count Montalenbest, in opposing
,p.iest Of law to raise the postage on al printed
man book, and the like, sounded the note Of
shrn in the following strain;
err. .,nnrsssion Of oil political life, by what has
Haso ,snlacrdl BY the whir Of speculation. The
pea. French copa .U %as Tsg.eed BY the
- snecustop by the thirst for lucre, by the iniatua
I'm of gambling. On all SIDES, even in our small
Suvps, even in our villages men are earned e"ay oy
o. msbia Of making thoee rapid ienunes Oh wnieS
Yiebout trouble, without labor, and often without
Isnor seek for no other proof than the bill which
Hes jue been laid before you, against the ooe1'es
.. eom~asdste Copies have Jast eeGa fseI how
ever, Inclined to support it, despite the somewha,
Drseopisn regulations which I fancy discovered
Mere II the remedys urgent and 30 considersoie
As evil must be likewise. The real source OF that
evil y the sleep Of all political spirit IN France.
And the evil which I point TO is not the Only
enc resulting from the same source While the mguer
and mic die cssses-tbose ancient pohtical casses-
rive themselves up speculation, another labor pre-
exs itself among the lower classes OF society whence
nesry ell the revolutions emanated which France has
sufeied At the sight of this fearful mania Of gam
hlng which has made vast gambling booth Of marry
a France, a portion Of the masses, invaded ny
Socialists, has been more corrupted than ever,
by the svidity of gain. Hence an unquostiona9le
pGoQress Of secret societies. greater ana Deeper uc
salumpiate Socialism by adopting its name ana whii
hive been recently well shown up, IN al theiI ~
teDshy, the trials at Paris, Angers and elsewhere
Thus speaks Observation-Disclosures one Of me
original shareholders 10 the Bonspartist enterprise
for saving order, religion property and family
We have heard, from Isaac Pereise, that oae Oh
the mysteries ofthe credit Mo6'er was the prmclple
Of multiplying it's action and diminishing its risks
BY embsrkiDg in the greatest possible variety OF en-
teprises, and withdrawing from them in the short
eat pessible time. Now, what does this mean
vhen Invested of the nswery language Of st. ST.
rponism Subscribing for shares TO the greatest ex-
tent in the greatest number Ofspecuations, realizing
the premiums, and getting rid Of them as fast
- it can be done. Stockjobbing, then, is to be
the base Of the industrial development, or rather
all industrial enterprise is to become the mere pre-
tent of ock,jobbing. And, by the aid Of what
instrument is this object of the CT6di, Motier to
be attained What are the means proposed to
enable it thus to multiply its action" and "dimin
nh its risks" The very means employed by
Law. The Credit Mobilier being. privileged COM
pany, backed by Government influence, and dis.
posing Of large capital and credit, comparatively
speaking, it is certain that the shares of any new
enterprise started by it will, on the first emission,
fetch premium in the market. 1t has learned
Nus much from Law, to allot to its own share
holders the new shares at par, in proportion to the
number Of shares they hold in the mother-society.
The profit thus insured to them acts, in the first
place, on the value of the shares Of she Credit Me-
bIer itself, while their high range, in the secoud
place, insures high value to the new shares to be
emitted. In this manner the Credit Mobitier OBJ
tains command over large portion Of the loanable
capital intended for investment in industrial enter
pEises.
Now, apart from the fact that the premium is
thus the real pivot which the activity of the Credit
Mobiher turns, its object is apparently to affect
capital in manner which is the very reverse Of
the action of commercial banks. commercial
bank by ts discounts, loans and emission Of notes,
sets free temporarily fixed capital while the Credit
Mobaitr fixes actually floating capital. Railway
shares, for instance, may be very floating, but the
capital they represent, 1. C., the capital en-
ploy ed in the construction Of the railway is fixed.
A mill. owner who would sink in bulldogs aud ms
chinery part of his capital out of proportion with
the part reserved for the payment Of wages aud
the purchase of raw material, would very soon
find his mill stopped. The same holds good with
nation. Almost every commercial crisis in modern
times has been connected with arrangement In
the due proportion between floating and fixed
capital. What, then, must be the result Of the
the direct purpose Of which is to fix as much as
possible of the loanable capital of the country in
railways, canals, mines, docks, steamships, FORCES
and other industrial undertakings, without any re-
gard to the productive capacities of the country
According to its statutes, the Credit Motiiier can
patronze only such industrial concerns as are car
RED on by anonymous societies, or jOint-stock
companies with limited responsibility. Conse-
uuently there must arise tendency to start as
many such societies as possible, and, further, to
bring all industrial undertakings under the form Of
these societies Now, it cannot be denied that the
application of joint-sto,k companies to industry
marks new epoch in the economical life Of mod
ern nations On the one hand it has revealed the
productive powers of association, not suspected
before, and called into life industrial creations On
scale unsttainabe by the efforts Of individual
capitalists; on the other hand 1t must not be for.
gotten. that in joint-stock companies it is not the
individuals that are associated, but the capitals
By this continuance, propretors have been con-
verted into Shareholders C., spectators. The con-
centration Of capital has been accelerated aud, as
it natural corollary, the downfall of the small
middle class. A sort of industrial kings have been
created, whose power stands in inverse ratio t.
their responsibility being responsible only t.