The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-08-26
Patriotism and the Pocket.

The financial world has not yet recovered
from lis surprise at the amazing success oi
the great French loan. 1t Is hardy Ioo
much to saw that, as an evidence ut once "l
practical patriotism and material power Inc
spectacle may fairly take rank with that
mighty uprising OF the German nation wh'ch
an ately. in the space OF q few weeks, pros
trated the power and eclipsed the glory OF
France. The sum required was SOU, oOo'ooo'
tbe sum subscribed was $500, 900, 900, or
not quite twelve times as much. VI this'
Paris took 81, 635, ,OOo 900; the departments,
$685., 1000, 900; foreign countries, principally
England and Germany, 4,73O, 1000. No
more fiatteriug proof could have been given
OF the confidence of Europe in the endurance
and solvency OF the great French nation.
The price OF the issue was eighty-four francs
Gny cenlimes, and the interest payable was
five per cent. That is, the Subscriber who
paid in eighty-four francs fifty centimes was
entitled to be credited on the Grand Livre
for one hundred francs, and 10 receive nVe
per cent. Annually on that one hundred
francs. In realty, therefore. he receives
nearly six per cent on the actual money u.s.
bursed The first instalment to be paid Will
he fourteen and half per cent. on each
common OF five francs Rente, the interest on
one hundred francs; and this instalment
will be handed over to the Germans In
indemnity for the two departments OF the
Marne, which are s'-aightway TO be eVacu-
ated, according to, stipulations.
The wonderful response OF The French 10
the appeal Of their government is something
touching. romantic, unparalleled. The bu-
reauX where the subscriptions were received,
we are told, were besieged by crowds OF ail
classes, who acted with an eagerness as OF
starvation. Long queues were formed every
where the night before. A thunderstorm
broke over Paris, and the crowd for the
momeat dispersed only TO rush together
again the moment the clouds passed over
Peasants who mad -beeu iioaruiiiSS- sous anu
centimes in stockings and under mattresses
for years trudged mile after mile 10 otier
their pittances and enjoy the felicity OF being
inscribed on the immortal Great Book OF
national Indebtedness. The artisans OF the
faubourys, the brown old danes who sell
chestnuts and buckwheat gatetteS on the
street-corners, the walters at the cafes, the
grisettes OF the Latin Quarter, the students
of the University, the omnibus drivers and
river boatmen-all who have little TO IN
vest and who trust 10 the Grand LlVre US 10
a perpetual fountain of never.failing inter-
est-were eager to be accepted Us Lhe .tortu-
nate creditors OF the State. For they knew,
as everybody knows, that the Grand Livre
is perpetual; that it has passed through The
terror of revolutions, the confagrations and
petroleum OF Communism; and that never,
while France exists as q State at all, will the
Grand Livre lose It's sacred charm. How it
all may be paid is relegated to distant
future; the loan is Indefinite, and may,
therefore, be, as the Grand Livre is, per.
petual The government need only trouble
itself to find the interest; and that that will
be forthcoming, no ono can doubt.
But while France is justly exultant at The
success OF the loan, the London Times
sounds 4 note of alarm for the benefit OF all
who are engaged in mercantile or financial
operations throughout the world. We copy
elsewhere its city article OF the 10Th instant
in regard to the effect OF the French loan
upon the markets Of the world. The Times
prints this article in an unusually conspicu-
Gus style OF type, as If it desired TO invite
special attention 10 it. If the views pre-.
sented be sound, it is some consolation, at
least, 10 know that three years must elapse
before i1 will be time to ''stand from under"