New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-05-30

which BY the very nature Of its organization II
finds iself involved it must rely on the progressive
ovscut;op Of new plans on still more enlarged
scala With such an institution. any stagnaton'
and still more any regress, Is symptom oil fa'al
decay. Take even the report Of 1856. There we
find on the one side the modest capital of 90 OOoOOO
Of francs and on the other, operations involving the
enormous sum Of more than g. OOO OOV VOoot francs
Mr. Pereire himself gives the following sketch OF
these operations:
Our subscription the last loan vas not only
,c, M il Increased the amount 81 $4,000, y m
blended 70 facilitate the iusslent. Of the & -rs %
roveus n, in cash amounted 70 the sum o. ''''
That Of account current Win the DAM s SD ,-its
That Of our eurren, attained the 40 II, oef
osr (;lr b., received in.,.ueu;s
as - shares and boIds which have Pro 80 go .oo, a.,
6uced together the of........'...;'.,. IV''0V
Il las paid both on is own account sad to5
that ofth. Con- 10 which mas acteu "a ga
s.bsnker. 7s9 81 coupons amounting io o.
Tho movement csisse Of securities mas oeeh Oh
shares Or bonds"
Mr. Pereire does not deny that the part per-
formed by the Credit Mobilier in 1856 was OF
somewhat different kind from that 1t had performed
before. During the first three years OF It's EXIST
ence. it had to "inaugurae important undertakings
Gin France to systematize the creations OF great
"afIars" and, consequently, to prove inexhaustiOle
in piling fresh securities upon the stock market.
Put in 1S56. sudden charge occurred. AS
" peace had opened new era OF social activity
sncculation threatened to Oyershoot the marx
Under these altered circumstances the conscleh-
fiona gentlemen Of the Credit Mobilier, the Pc
reires the Foulds, the Mornys, exclusively oeht on
fostering public prosperity, felt it " an imperous
duty" 10 bride where before they had spurred' TO
moderate where they had urged on, and to MAINTAIN
an attitude of reserve where " boldness hau De-
fore been ian intelligent prudence. As all
France was becoming mobile, the Credit Mobller,
for conscience cake, resolved upon becoming sta-
tionary. II is however true that TINS VirVuous
resolution WAS TO some extent fOrestalled by
note inserted in the Monitcur Of the 9th of March,
I-56 which indicated the bounds the Govern
ment wished to trace out to the issue OF fresh
" securities" Even if the propensitleS OF the
Credit Mobilier had all been the other way, this
publication, " says Mr.. Pereire, "wOud have been
an order, particularly for us; it was forced
halt, which must interrupt the creation OF new
q UNDERTAKINGS" This forced halt seems suh-
ciently to account for the self-imposed duty OF
moderation.
At the very moment when the Credit Mobiller
found itself thus curbed in its career by GoVern-
ment halter, it unfortunately happened that unprln-
ciplcd competition was busy engaged in circum-
scribipg its sphere of action and impairiDg its re-
sources While the MonitewS nete of March .,
ESQ. was directly aimed at the sO-called Anonymous
Societies whose formation and operation III France
are, by law, subject to Government appreciation
and control and to the starting of which the Credit
Mobilier is restricted by its statutes, French spec
ulation now found larger outlet under the form
of Societies en- Commandite, which are exempt
from Government appreciation and almost from all
control. Speculation thus merely changed It's chan
nels the stunted growth of Anonymous Societies
beng more than compensated Ivy the luxurant crop
of Societies en- Comandite. Instead Of Obstructng
speculation, Napoleon Ill. with all his "exalted
wisdom, as Mr.. Pereire calls 1t, had only with
drawn great part of it from the control OF his pet
concern. During the first nine months OF 1856 when
all France was intoxicated with speculation, and
when the cream of it should have been skinned by
the Credit Mobilier, that devoted company was
thus, by mere misunderstanding on the part of the
" exalted wisdom, condemned to act upon "a re-
stricted scale and to humbly wait for the Off
- cial signal for the resumption of activity 1t
was still waiting for the official signal and /" tran
sition to better times" when an event occurred
quite beyond the control even of the "exalted Wis
com of Napoleon himself
The consideration of that event we will post
pone to another day.
.to-..u- N.,s,,rys Va boya NJ Ieast q nuire III