The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1872-01-05
Frances Condition.

The bank of France continues to be
paralyzed, a paralysis which has brought
down the quotations of the fves and
threatens TO depress them to still lower
quotations. Trade is arrested in every
branch. In the midst of all sorts of
contradictory rumors for the ignorance
of the people who, from their position,
ought to be thoroughly informed, is one
of the wonders of this republic without
republicans, this Thieranny), let me
state some facts. The proprietors of
shares in the bank are opposed to the
proposed increase of capital, because
even in the most prosperous years of the
empire their dividends were never ex-
cessive. What would be their dividends
when the capital is doubled? Would
not the bank be tempted to accept
doubtful paper, and so injure its credit,
and consequently impair its usefulness
The bank directors say they have, to
meet their circulation Of $3.50, 900,
bills payable (whOse respective average
amount is $500, which is guaranteed by
three signatures) for $l32, 100000;
specie amounting to SIG, 100000; treas
ury bonds for $23S, 100000 and a paid
say, the bank has 1929, 100000 to meet
a circulation OF $460,0O0,0O0. The bank
directors go further; they say they do
not require even an increase OF this stat
utory maximum OF their paper issue
all they ask is that the Government
should refund the 1926, 100000 lent on
treasury bonds, and that the city Of
Paris should refund the $40,000000 adj
vanced to pay the contribution of war
levied by the Germans when the city
surrendered. Were the bank in posses
sion Of these $27S, 100000 there would
be no necessity to grant an increased
maximum of paper circulation. The
Government is deaf to this proposition,
because it would increase the burden of
interest 10 be provided by the budget
some 81 100000 annually, and the mu-
nicipal budget 100000 or 100000
every year. 1t is asserted the govern
ment are pressing for the doubling of
the banks capital in order that the
whole of the new capital may be in
vested in French fives, 10y which trick
1864 100000 of a new loan may be kept
out of the market. While NJ. Theirs is
plotting cunning, the monetary crisis
continues more intense than ever. There
is almost plenty OF small change, but
people are AFRAID TO part with silver for
paper. Offer gold 20-franc coin for
change anywhere, you are almost sure
TO get it. A shopkeeper told me yester-
day Il like gold, it is so easily hid
den" There is, however, an inadequate
and decreasing supply OF small change.
1 "a do
in a shop. The woman said; "rd
rather you would not pay me than to
change that piece. 1t would take all
my change. You see, sir, am not run
ming after gold as everybody is" | de.
clined toaccept the protfered credit and
went away without making the pur.
chase. Passengers are left behind by
every railway train because they cannot
furnish the price of their ticket. In all
of the railway stations there is this no.
tice: "Only 10f change will be furnish
ed on 20f., 25., So, and l00f. notes only
20f change on 200f. and 5O0f. notes
only 50f. on l,000f. notes." You would
run down to Versailles. The fare is
If. SOC. Offer 20f. note, you will be re-
fused ticket. 1t is provoking. M.
Theirs promises to introduce a bill,
which he hopes will become a law, about
New Years day. He is doing all he
can to discredit the republic and Parlia-
mentary Government. His whole mind
is engrossed by artful schemes to keep
himself President for life. How uner-
ring popular instinct is M. Theirs
never was favorite here because pub
lie opinion believed he was, despite his
great talents, a contemplate man.-COr-
reSpondence New York Verdi