The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-03-10
The Resources Of Frauce.

i smacks strongly OF the lax Of Bonamy Pric
II thus winds no:
G when We look back upon the subject as
$ whole. three great facts strike us III 1t. I'll
L hrst, that France is vastly rich; the secon
+ that the trade of Europe has attained such
. magnitude that figures are ceasiug to conye
' It's measure; the third, that the aggreca
commercial action of nations is lever wlic
can lift any financial load what YER
: Asw see the Transaction now, with Ties
explanations of its composition before rs
We cannot fail to recognise that it has bee
rather European than purely French. A
purses helped to provide funds for it: al
trades supplied bills for it. In every ore
! vlous state Of the worlds commerce such a.
oper ration would have been impossible; fifty
thirty, twenty years ago, it would have RUNE,
France and have disordered Europe; in on
time Il has come and gone without seriousl
disturbing any Of the economic condition.
under which we live. France. out of he
own stores, has quietly transported to Berlin
| q quantity OF bullion larger than the Who'll,
| ordinary stock Of the Bank of England: ant
yet she shows no sign Of having lost {. soyer
eign.
She has paid, in her bank notes, for el70,.
| coo, 600 of transmission paper, and vet the
| quantity Of her bank notes in circulation is
now steadily diminishing. Such realities as
| these would be altogether inconceiyable if we
| did not see their cause behind them; that
| cause is simple, natural. indisputable; its
name Is the present situation OF the world S
trade. The vastness of that trade explains
the mystery. France has lost e40O,
0CO, coo, one-half of which she has delivered
to her enemy, and yet she is going on pros
pering materially rs if nothing at all had hap
pened But it is now quite clear that she
never could have managed all this alone: she
could have found the money, but never could
she, single-handed, have carried it to Ger
many
1t is there, far more than in subscriptions
to her loans, that the world has really helped
her; she has bought back the stock that for
elgners subscribed for her, bat she could not
do 50 without the bills they sold her II she
had been left to her own resources for the
transport of the indemnity to Berlin, she
would probably have been forced to send two
thirds OF 1t IN bullion, and to empty her peo-
pie pockets for the purpose; the vastness of
the worlds trade and the unity of interests
which commerce has produced, permitted her
to use other nations means of action instead
Of her own.
Viewed in this light, the payment of the
i've mllllards becomes an enormous piece of
admirably well arranged international bank |
ing, IN which nearly ali the counting-houses |
l.
ilnltlon OF 1t is worth knowing, and we NAV |
be glad that the information given in NJ. Saws !
report has enabled us to arrive at it,
Laws Relating to Interest and U,ury.
g Formerly" says a late writer, 1.-THE
aklng OF usury was regarded as heinous
1ffense, and almost all the States had statutes
to suppress it, many of them penal
n their nature and others remedial But for
many years the theory has been gaining
,ronnd that money, like merchandise, should
'e regulated by the market; and even now
many OF the States have no us1ry laws at all,
nd IN those States i'll which such laws exist
hey are quite various, and scarcely any two q
them are precisely alike
This IS serlods fault, which should be q
elnedied by the enactment of laws making
gal interest uniform throughout the Union. |
These States which are now understood to h
ave statutes to suppress usury are New York, a
eW Jersey, Delaware, Virginia, North Caro- '
IA, Alabama, Louisiana, Missouri, Illinois. 2
IVA, Kansas and Wisconsin, white in Penn j
'lvania, Mississippi, Michigan and q few I
hers q the States, the rate Of interest is pre- q
rioed, with provision that ifmore is agreed
be taken, the excess shall be forfeited Il
srhaps the most stringent enactments to "
ohiblt nsury are those in force IL the State e.
New York Al
1 VI AbciiJ l4G i-Sttl Idt5 Oh interest III Con-
chcut was per cent. In 1872 State Inv
Is passed making it lawful to charge any e.
te OF interest on written contract. This IL
v was found to work iniuriously to the bor- Il
Wer ana the public at large by encouraging L
llgh rate Of interest. In 1873 the above q
/" was repealed, and per cent. made the e'
gai rate on all transactions.
Six per cent is the legal rate of interest in
> States Of Maine, New Hampshire, Yer
mt. Massachusetts,, Rhode Island, Pennsyl- p
ala, Delaware, Maryland, District of Co Sc
nbla, virginia.. West Virginia, North Car CT
nat, Tennessee Kentucky, Mississippi, or
kansas, Missouri. Ohiot, Indiana, Hi of
IS and Iowa, (twenty-one States). In by
uisiana all debts bear an interest at the "a
e of five per cent, unless otherwise stipu- tn
ID; contract to pay eight per cent is or
i'd r.
even per cent is the rate in Connecticut, th
v York, New Jersey, South Carolina, Geor-
: Kansas Michigan Minnesota and sid
,consln- (nlne States.) Eight per cent in to1
bama, Florida and Texas. Ten per cent tor
Nebraska, Nevada, California and Oregon. co,
$ statement, subject to State laws, would ito
be complete without reference to the a \
eral statute in respect to the rate of in Gro
st to be taken by the national banks or of
lied under that act. hal
st'.u1e PROVIDES mat every such bank ups
'Sooial'on MAY take, receive, reserve and fun
rye on any loan or discount such interest
) allowed by the laws Of the State or Ter was
ry where the bank is located and no more. con
'pt that where, by the laws of any State cal
rent rate is limited for banks of issue mo
nlzed under State laws the rate so limited s.o,
be allowed for associations organized in con
such State under the said Federal act AM
when no rate is fixed by the laws Of the and
OR Territory the banks may take, receive tabl
barge at rate not exceeding per graf
UNI. D.;
! contract to pay 10 per cent is valid. "R
contract to pay per cent. is valid. 20
! contract to pay II per cent is valid. 11O
'uble-barrel breach loading shotgun to be cha,
L. 0e'ooA ms evening" al = ot. yell
40 ''t' y. GUS
poultry show in Elmira, n. Y. goose rles,
led in lS05 j. the principal curiosity. men
seventy-yearold fowl is to be exhibited spol
g Centennial rem
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