, 1873-12-25

nearly two-thirds Of Il. taking itn |
pay ii Its own. notoa. Tho anvorn1nort used |
tha taonoy to help pay tho largo German In
Il is On astonishing fact TINT tllo notes Of Tho
Dank OF Franco are |
ALMosr At TAN WITH oo1p,
tho Hauk bhs sllspuntod spcoio- !!
redemption, aud Inns had moro than $0O0. .0u0 U00
of Its notaH In circulation during tho past year.
aud Ia not under loyal obligation to rosnmo for
Blk years moro. Amy broker til Paris Will Elvo
ovor OUT franes in gold for 1000 frano noto on
the Bank Of France. Ihis III less than Il Of
per cont discount.
Why a1o tue notoa Of tho susponded Bank Of
franco only at discount Of A Of
l. per cent, whom Tho legal.tender notes
q tho United States q America aro :
ago, wara ID to ID por cont disoounta Tho
American isaue OF greonuaolts Is only three.1fihs
al large aa tho Frauch tasue Of 6anh-iotc 'shtlo
tho United States contains several millions moro
Of tho former III scarcely half as largo aa TINT OF
tito lattot. Tho coin III tho United States Trons-
tiry bears about the aamo proportion to tho
greanbaoks outstanding tlat lilo coin in tho
Dank Of Franco bcais to Its notes outstanding.
What il tho osp!auatlon2 I shull Try to
il tic f'rBt place, tho Danls of franco is ro-
1uiroa to
nEsuMn arEo1E PAYMENT m 1879.
This Of itsui inspires confidence in tic notoa
among tho pooplo. In tho next placo, tho Bauk
Ia required to contract Its circulation 640. .000..
600 d year, beginning with 1871, aud
continuing at that rste until tho circulation
is reduced from tho higho point, VIZ: $olo,-
nnxitnnn,, hi 1870. It haa leady CONTACTED Its
satios down to eoH5, ,00U, 900, being contraction,
n loAa than two yoars OF $50 00o 200 Of It's NOES.
III the Third puce, the uotes of the Ianls arc re-
oeivcd III payment Of all Govornmont taxos, ill.,
posts, and cxcises. Duties Oh imports aro pay
abto in these notes. Tho interest Gil tho ma
tional debit III paid with tLcu. AL tho merchants
aud baukors ol Continental nationB receive tlieln
freely IN payment oi dobts DUO from Etoncl,men,
aud in tl1u purchase Of products OH Fro!ch no.
count. Fourt4ly, France exports no gold. Hlo
balancc Of trade i6
ALWAYS IN HER FAVOR
from s100,0u0,ooo to s2u0.Voo.00o per an
Nun. Ihero ia always an inflow 'ot t4e
from France FOR half century was in tho pny-
mont Of the German tluo. Tho money was pro.
curea, NJ described In q previous letter, by q
universal subso. iption Of tho people, III which
each family brought fo,th its hfaen hoard OF
mont, togcthsr with tha $780, QUO Of gold
furnished by tho Bank. But tho frat Install
ulont ot the ntom.ity had hardly been pad ovor
to the uernans beforo sen,e OF it hesnn to tlow
baok into Frsnoe, aud the cutront las continued
to inr1e eAao eycr btuce.
Since tic last payment Of tho German demand,
,here Aas been 10 further drain on
Franco from any quarter. On tho coli.
tsar s1ogoG o2 to Per" PER mo mo1,h
croasca its stock of coin by noery s6o, ,o0o. .ooo
during tho same period in which it contractod
Its noto circulation by ej50u0,1u0.
Lastly, tho poople Of France
HAVE UNLIMITED CONFIDENCE
in tho aolyolcy aud integrity Of the Bank Of
franco. Thoy haso been accustomed to
its notes siuco the time OF tho First Esnplro,
seventy years aago. They have uever lott so'l
bank redeemed in coin for tho last SIXTY yours;
and thoy nro morally oortatu that 1t rlll resunlo
buforo tho timo fixed by tho aoyerumonr, in
1879. Tho poteB oof all denominations, from
o-tranc to ? 5.oo0-franc noso. They are more
portable and convenient to handle, count md
oasiily concea!ed about tho person; 80
TINT thcro il no desire oil tue part OF tho people
to exchange bank-notea Tor coin. pcoplo aro
contnuniiy bringing silver to the Dank, or it's
notes therefor, as thoy prefer tho notes 70 tho
| silver. The Bank III Paris. week or two ago,
| paid out S5,Qu0,00D OF silver 6.frano pieces
and In less than week. it had rocoivod gu, ,G00,
| 0OQ OF those pieces from persons demanding
notes in exchange for them. Ereht deal Of
| gold ia offered 10 the BANK at premium Of
q fiancB Gil the 900 francs ard ut these rasos
the Bank Is steadily strengthening its rosorve Of
| coin.
However Frenohmen may difrer with each
| other III politics; aud religion, there aro Two
l Hs.., nTo fni}1, otiun
tnAs ~ mn.cn ,lioy ~ i,aa .d@ rr"io " .t'1
y; ti,n ahaomta sn'yonau ~ Heir Nnt;oma ant
| Tho Bank Of France
cororor tu,, ~ na1,tn nnmnuh9 nov.rno-x a,,oan
~ uo'unu' .noa' rp s"v pus ~ neunoi, o,on,roaai,
Nesents, tulue 'r3at, ~ ~ H.
VI t"e'9 @ "e r.a;na a,.s. ~ T,,,,
c9nts; lno a ,o,, y, .au renars,
| % ~ t'ehoIe: "a1 =. 1aon a 4,s ~, t,.t tnt
Gounct'' ~ VI 1uv ~ ~. sas',i;'-
nolaols, anuia Inu at, an1 ~ tha ;st;,t;n,
tna1 Inv anahn nia soa0A''oa VI NV AA"''sN~'oA'
Inc lahH r,a laas N ,n,.,,., r,,n,.,n
s., "aoos ~ ns' s,nar snmoan aacritaa nI ~ Al. kinds
;Iis o9nss's go ~ I3 'n ngs1 nnd "3or ~ nrcc",
wals, pate, aaanohon, ana osuoE uIectous -
stonos aug }ewsny: ror 'ne sato a1.n hoop.ns ~
taeso epeelat aepoas5S naSes ct'a!so acGoru- @
ing % t1elr saluo anu ihe 4ongs ~ t,e a's,:a ous
lng 1no uom1nunn t19uoies s LUG sniotsaus "
tue Danh "eTe n"cu VIII spec'ad aepos,as ia, ..
yaluablea. Ino gommuno ooa 1oaaefs nn IT, ts'!cu
folcGd loan on tno isanA OF 3u''ogG tlanes oay
1r 'nE p11s " sad tho
ment OF thla ooIl'fcation SO % tl!a5 ane bank
~ tho ehn !oss nots ~ tnG ,n1ceo Aeeonn'o'