The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-04-23

Emperor had become a fugitive; her
strongholds such a Strasbourg and Metz
had been captured; Paris, starved into
submission, had been entered by German
forces. Some other most fertile and pop
uiOus districts had been 90 devastated,
that agents Of contributors in Great Brit
ain and the United States had been sent
into them to supply their unfortunate in
habitants with food and clothing, farming
implements, and seeds for the next years
crop; and as il all these mistortunes had
not filled her bitter cup, it had been filled
to Overlooking by a bloody contest
Frenchmen against Frenchmen-tor the
possession and control Of Paris. Her
beautiful capital had been again besieged,
not BY foreigners, but by her own people,
the monuments Of her glory had been de-
stroyed, not by the Germans, but by those
who shared in the national honor
Of the achievements which these mOnu-
ments commemorated. By this civil war,
so unnatural and so deplorsble the sym
pathy Of other nations excited in her be-
half, as defeat followed defeat in her con-
test with the Germans. had been turned
into Indifference, If not into disgust, and
so helpless had she become that submits
sion to the demands Of the ConquerOr was
her only alternative. What those de-
mands were, the world knows-the cessiOn
OF two Of her beautiful and productive
provinces, and the payment Of a thousand
millions ofdollars to indemnify Germany
for the expenses Of the war. Never be-
fore had a great and powerful nation been
50 speedily and thoroughly mastered; rare
", X ever, had brave and proud people
been compelled to conclude hOstilities
With--so disastrous results. With .
government provisional only; with q de.
morali1ed people; with an empty treasury,
an immense debt, to besDearly doubled by
expenditures Of single year (including
the indemnify, this great nation, hereto
fore one OF the most powerful and intiuen-
tial in Europe, seemed to be on the verge
OF political and financial ruin.
Such was France as she appeared be:
fore the world some four years ago; and
what is her condition tO-day3 ! allude,
not to her political ConditiOn-although
in the organization OF government on
Republican basis, she has surprised the
world By her wisdom aud prudence-but
what Is her financial condition II Is in
most respects better than that OF any ma
ton in the world. Her waste places have
been restored; her industries have been
stimulated into unprecedented activity
her exports, largely exceeding her i'm
ports, have made her great creditor ma
lion, so that gold has been steadily drawn
to her from England, from the United
States, and even from Germany, until the
Bank Of France holds in Ia strong rooms
the enormous sum Of three hundred mil
lions Of coin and bullion, and It's notes,
although not absolutely convertible, are
only the tenth OF one per cent discount
II her prOstration was astonishing by It's
suddenness and completeness, her recu'
peratiye power seems still more wonder
ful. 1t "a undeniable that no country
in Europe has been 80 prosperous as
France has been during the two
past years. In no other country has labor
been 80 we'll rewarded. In none has there
been 30 little monetary or commercial
disturbance. It is an anomaly in the
financial history oil nations that the con-
quering nation to which an enormous in
demnity has been paid, has been from the
beginning OF the instalments subject to
greater financial disorder and embaTTass-
ment than that from which the indemnity
was exacted. 1t is true that this indem'
nifty was paid with borrowed money, but
it is also true that the French people
we're chiefly the lenders, and that the sc:
curities subscribed for by the citizens Of
other States have been steadily going back
to France, 80 that the French debt, the
largest in the world, more than twice as
large Us that Of the United States, Is lit
orally home debt. Here let me remark
that this enormous indemnity Of thou
sand millions Of dollars was paid by
France to Germany in less than two years,
with scarcely any disturbance to the money
markets Of other nations, contrary to the
predictions Of souOof the most eminent Of
European fnanCiers. It did not seem
possible that so great displacement Of
capital could take place without consid.
cradle disturbance of international ex.
changes. That this transfer was effected
within so short a period without pro.
ducing the anticipated trouble Ia an eyi.
dence not only Of the wisdom Of the
French fnanciers by whom this great
feat was accomplished, but also Of the
prodigious capital now in active employ:
ment among commercial nations. II
Germany had not at the same time under
taken to substitute gold circulating
medium for silver and paper, the transfer
would have been effected without pro-
ducing a ripple in the current Of inter.
national exchanges. Now the question
arises-and II is question Of especial
interest to the people Of the United States
by what means has France been able TO
retrieve her credit and recover from her
misfortunes? What il the secret Of her
recuperntive power7 This question will
be briefly considered In my next letter.
Very truly yours,
HuGn MCCuLLOClr.
London, Aprl3, 1915.
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