New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-03-12

Thus We see that the premium paid In February to
procure temporary artificial additions to the bullion
reserve Of the Bank amounts to sum almost equal
to that expended for the same purpose during the
four months from October, 1857, to January, SO,
and exceeds the aggregate halfyearly premiums
paid during the years 1856 and 1855; while the
total amount of premiums paid from October, 1857,
to February 1853 reaching the figure of 445, 535f,
exceeds the premium paid during the whole year Of
1856 by almost one-half. Despite this apparent
plethora, the metallic reserve of the Bank is, con-
sequently, really weaker than for the last three
years So far from the Bank being incumbered
with bullion, the influx is only artifcally raised to
its necessary level. This single fact proves at once
that in France the commercial crisis has not yet
| entered the phase already passed in the United
| States, England, and the North of Europe. In
| France, a general depression of commerce exists,
as is ST own by the simultaneous decrease in circu
lation and discounts; but the crash is still impend-
ing as is shown by the decrease of deposits stimuli
taneously with an increase of premium on bullion
| bought, and Of bills overdue.
| The Bank has also been forced to announce that
| a great part Of its own new shares, on which the
instalmens have not been duly paid up will be sold.
| II has also been converted by the Government into
the general railway contractor of France and COM
PEELED to make within fixed periods large advances
| to the railway companies which for
January and February alone amounted to the sum
of so COO 900 francs. 1t is true that in return for
these advances it has received the bonds of the
| companies, which it may sell when il can. The
present moment, however, is peculiarly unfavora-
bic to such sale, and the weekly railway returns
testifyDg to constant falling of in receipts, are
far from warraDting any ssnguine expectations in
this line For the month of Jaouary, for instance,
the Orleans presented decline of 81 per cent the
Eastern of Il per cent the Lyons Of about ii per
| cent, and the Western of IL per cent, compared
with the corresponding receipts in 1857.
Itisawell known fact that the resistance on the
| side Of the seller or the buyer, against change
frem low prices to high ones, and still more from
| high prices 10 low is always very considerable;
and that frequently there occur intervals of longer
or shorter duration, during which sales are heavy
and prices nominal until at last the tendency OF the
market declares itself one way or the other with
| irresistible force Such transitory struggle be.
tween the n0l0tTs anu pulcIs va HVANH"~A'V 40
uotbing extraordinary; but the protracted con-
test, lasting from the beginning of November to
the present day, between French merchants and
| French consumers, is perhaps unparalleled In the
history ofprices. While French industry is stag
nart great numbers of workmen unemployed, aud
The means OF every body stnted prices, which have
elsewhere declined oo an average from 30 to AZ per
cent are still maintained in France at the specu
latFe range OF the period preceding the general
crisis. II We are a.ked by what means this eco
poudcal miracle has been worked the answer is
simply that the Bank OF France under Government
pressure, has twice been obliged to renew the bills
andloans whb had fallen due, aud tina, thus more or
less directly, tie means of the French people, accu-
uuIsted il the Bank vnults, have been enployed TO
keep up inflated prices against thst very people
| The Government nj seems u nae nr that BY this ex.
| ceedinel! smpe process of distributing ,nk notes
wherever they are wanted, the catastrophe can be
defnitivey Sarded of Yet the real result Of this