River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1873-12-30

of the United States. The six months
war with Germany resulted in doub
ling the national debt, adding nearly
500, 900, 900 year to the public taxes
forever, and the loss of two fne prov.
inces, containing /, 500, 900 inhabitants:
yet France has withstood those enor.
nous losses, and recovered her strength
with rebound that is
ASTONISHING 10 CONTEMPLATE.
1t is quite true that the cost OF the
war, aside from the German confsca.
ton, was expended within France, and
is not lost TO the capital OF the nation,
except TO the extent that IL represents
property consumed and destroyed by
the war. But the German fine, levied
on the nation land on Paris), amount
ing, with interest, to nearly 81, 100,
600, 900, had to be raised and sent out
of the country. As the whole gold and
silver coin in circulation in France, at
the time OF the conclusion of the war,
was supposed not to exceed $500, 600,
600, or little more than half the in.
demnity, how vas France able to hand
over to Germany, in two years and a
half, $1,076, 900, 900 in coin; for il was
paid in solid gold, every franc of itl
| shall try and explain.
HOW THE FEAT WAS ACCOMPLISHED.
IN the first place When the Gov
eminent borrowed from the Bank of
France 1906, 100000, and authorized
the Bank to issue a like amount of
notes in addition TO its former
circulation, it liberated from circula-
ton an equal amount of coin which
was no longer required foi the trans
action of business, as the new notes
performs it's functions.
SecOnd-The Government not only
made the notes of the Bank a legal
tender for everything, including inter.
est on the national debt, and for duties
ON imports, but authorized the bank
TO suspend specie payments. The eff
feet OF this first act was to enable the
Bank to part with half its usual stock
of coin and bullion, and this set at
liberty $50, 600, 900 more gold and sill
yer.
Here, then, was a double fund of
specie, amounting to $3.50, 600, 600,
which could be spared without de
ranging the finances of the natiou, and
sufficient to extinguish more than 40
per cent. Of the fine and interest there
on.
Ih9rd-The money was procured by
PUBLIC SUBSCRIPTIONS,
in two loans of about $40, 600, 900
each. The bonds issued are called
Rentes. In England they would be
o,1IoI no~,oIn m - -. - t,..e
fixed for their redemption, they are
interminable bonds, and can only be
extingUshed by being purchased in
the open market for whatever the hold
ers are willing to accept for them.
They draw per cent. interest, and
were sold to the highest bidders, and
realized all round S3 per cent.-be-
ginning at so, and advancing to 80 be.
fore the loans were closed.
F0Tth-The whole subscription was
taken by the
FARMERS, sHoPKEEPERS AND BANKERS,
the latter purchasing on speculation
for rise, and then re-selling to the
farmers. The great bulk of these
Rentes have found their way into the
pockets of the French farmers. 1t was
found when the temptation was placed
before them, that nearly every farmer
in France had a secret hoard of gold
"Napoleons aud 5 franc silver coins,
of the existence of which there was a
suspicion, but of the fact or amount
little was known The common people
of France rarely deposit their money in
the savings banks or anywhere else ex-
cept in an earthen crock in the ground.
But every Frenehman, no matter what
his politics or religion, -whether he
be a Royalist, a Republican, or a
Communist; a Catholic, Protestant,
or a Skeptic, has absolute confidence
in the solvency of his Government, and
Is willing TO loan his last franc, shirt,
or pair OF sabots. The subscriptions
for the national loan to liberate
France from the occupation OF
the hated and abhorred L'Alle.
mango Germany amounted to
FOUR OR FIVE TIMES
the sum required: and, at all places
where the books were opened to receive
proposals for Rentes, there were great
crowds, much excitement and conten.
tAbiif AAh eIAdluhlluR ElhH lIHt To
reach the books. For twenty-four
hours in advance of the time Tor opeu-
ing them, long lines of women held
their places, regardless Of rain or heat,
Wind or weather, and impatiently watt
ed .or the signal for the PROCESSION to
move upon tho books and make their
offerings of SO many hundred or thou
sand francs EACH for, in making these
/ subscriptions, the women managed the
business, rs they do pretty much every
other business in France, the men
standing helplessly idle, and watching
their spouses with that feeling which
I the
fEFERIoR HAS FOR THE SUPERIOR.
Fth.-It was demonstrated by the
result of the offerings. and the facts
that came to light, that the French
farmers alone had more gold and silver
boarded away and secreted in unknown
spots than would suffice to discharge
the whole German fine and the cost of
the war besides. IL had long been a
mystery what had become of The steady
stream of the precious metals which,
for the last fifty or sixty years, had