The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-04-29
FRENCH FINANCE.

| >>>OSS~.~
ton on the effects of the Franco German war
on both nations. MI. McCulioch's ability and
knowledge of the subject was amply demon
strated during his unfortunately too brief &C.
cupancy Of the Office Of Secretary Of the Treas
ury under Andrew Johnsons administration,
and we think synopsis Of his views will be
read with much interest in this city, not only
by our German and French residents, but also
by every one engaged in commercial pursuits.
Mr.. McCulloch endeavors to account for
the fact that France has been able to recover
from the misfortunes Of the late war, and
commerce and the manufacturing industry Of
Great Britain, it may still be doubted whether
her wealth is actually greater than that Of
France. The French, he truly remarks, ere
an eminently economical and thrifty people.
A French family can live, and live we'll, on
less than would be considered sufficient to
save from starvation an American family Of
the same numbers. If the art Of cookery
were understood and practiced in the United
States as it is in France, if our people knew
as we'll how to make the most of their pro-
visions as the French do, the cost OF living,
as far as food is regarded, in most OF the
States would be reduced more than fifty PEI
cent. The number Of people who live be-
yond their incomes is less, and the number of
those whose incomes exceed their expendi
lures is greater in France in proportion to
population than in any other country.
Then, again, Mr.. McCulloch adds, the
French are, beyond all others, a boarding
people. There are few artisans in the cities
or peasants IN the agricultural districts who
do not keep reserve of coin in their own Gus
tody. There has always been more gold
boarded in France than in all other European
countries combined. The nation may have
lost by having SO much money lying idle, in
stead of performing its proper office as circu-
lating medium, but as the masses oaly part
with their earnings under pressing necessities,
or in exchange for their own public securities,
in which alone they have confidence, there
has always been in France an enormous
amount of gold and silver which the govern
ment can reach by the offer Of attractive loans
habit Of boarding is not to be commended as
q rule, it is by no means certain that France,
in the circum stances under which she has
been placed has not, on the whole, been the
gamer by 1t.
But although France. at the close Of the
Franco German war, was not quite SO badly
off as most people supposed, her condition
was most critical one,. and one that required
in the management Of her finances the great
est prudence and practical skill. Fortunately
for the welfare Of the nation, Mr.. McCulloch
says, the wisdom and skill which the emer-
gency required were not wanting. So wisely
and skillfully have her finances been man.
aged, and SO rapidly has the country recov-
cred from its recent prostration, that not
only has the indemnity been paid without
disturbing the money markets of other ma
tons, and the exchanges become SO favorable
as to supply the Bank Of France with the
coin necessary to enable it to resume specie |
payments, which is speedily to take place; |
not only has this been accomplished, but |
French capitalists, in the absence from the |
investment the securities of other nations.
Paris has for some time been liberal buyer |
in the London market Of foreign bonds, and 1
as order after order is filled, one constantly
hears from the dealers the expression of
that country which, less than
four years ago, seemed to be upon the high
road to bankruptcy, should be exhibiting
such practical evidences of wealth. To the
causes already given for this extraordinary
state Of things, MI. McCulloch adds the fol-
lowing:
!. The French people are mot only an
and boarding people, but they are
exceptionally industrious.
2. They are eminently skillful and tasteful.
The raw materials. which are the basis Of arti-
cles Of taste and elegance, acquire in the
hands of French artisans greater value than
il the hands Of artisans of any other nation.
French goods are found all over the world,
md there is q constantly increasing demand
Tor them at remunerative prices.
3. Even in England. so different in the char
scter Of her people. not only has French
cookery superseded the English, but French
aste in everything appertaining to dress is
he standard of fashion.
4. France has 9 fine climate and an excel
emit soil, and her lands, which have been cul-
ivated for centuries, instead of being ex-
lausted by vicious system Of husbandry,
UGH as frequently prevails in the United
States. are now more productive than they
ver were before. Although she has a popu-
alton of over thirty dve millions to feed upon
territory much smaller than Tex IS, she is
arge exporter Of various kinds Of agricultu-
al products. As purely agricultural coun-
ry, France is undoubtedly the first in Eu-
OPEN manufactures she is second only to
treat Britain.
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