The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-04-23
GheGtteIIfgerreer,
Necessity tor Greater Economy
Among the LnbOring People.

to the New York Tribune, touching the
wonderful rccuperatiOn Of France from
the desolating effects Of the Fianco-Gcr-
man war. No one can read this letter
without stopping to reflect upon the con-
trast presented by the present condition
Of French and American finances, Ten
years after our great war we still have a
currency fifteen per cent below par, while
French bank notes are within one-tenth
Of one per cent Of par four years after
peace with Germany. The population Of
this country Is about 4O,0OO,OOO, and
that Of France some 3G,0O0,00O, In the
matter Of territory and natural resources
there Is no, comparison between the two
countries, the odds being overwhelmingly
in our favor, What, then, is the secret
why French money is good all over the
world and American money will not pass
oven in Canada save at heavy diScOunt2
Neither nation pays coin for its paper.
That Is, neither French bank notes nor
American grcenbacks are convertible on
demand into gold or silver. And yet
the paper of France is within One-tenth
Of one per cent Of par, while that Of the
United States Is fifteen per cent below par.
The explanation is very simple, France
Ia a great producing nation. Unparall-
eled as were her disasters In the war with
Prussia, yet she was not bankrnpted by
any means. Her people had Il reserve
fund in the way Of accumulated savings
that tho world knew not Of. Her people
had not only the faith but likewise the
ability to lOan their government II thous'
and millions Of dollars with which to pay
off Bismarck's assessment upon them.
Had the French people been nation OF
consumers, that isl nation that annually
ran behind certain amount In her deal.
ings with other nations, her credit would
have been wiped out by the results OF her
war with Germany. But she was a cred.
itor nation. The vast mass Of her people
produced much more than they cOnsum.
Cd. They avoided debt as individuals,
US municipalities, rs corporations, and in
oil other respects
As illustrative Of what he means, we
may refer to the iaGt that on the lst Of
January in last year there were In
France "a many as 2,O7O,lOO dcpostors
in bOs savings Institutions, whose credits
amounted to slO7OOO,OOO, in addition to
which $lS2, ,2OO,7OO had been withdrawn
during the year preceding As ii Is very
much the practice with dupositorS in
French Savings Hanks to withdraw their
capital when 1t amounts to about 500,
for the purpose Of investing 1t in Gov-
ernmcnt Rents or obligations Of the city
Of Paris, II may be considered that the
above amounts combined represent the
invested savings Of the humble classes
among the French people. From
this 1t would appear that there are
upwards of two million persOns
In the lower ranks of French 80
ciety whose united savings amount to
more than seven hundred millions Of
francs, or Sl4OOOO,OOO, and who pru.
IDENTIFY prefer the positive though inSig-
nificant interest Of 81 per cent to the high
but uncertain profits promised by glow
Ing spcculntions. These two millions Of
depositOrs are composed Of wOrkingmen,
domestic servants, clerks Ond assistants,
small masters, little slopkecpers, and the
like, soldiers and sailors, benefit societies
and minors Of both sexes. During 1873,
1896 workingmcn paid into these banks
as much MS S3,OOO,OOO, while 1922
domestic servants deposited sl,lOO,OOO,
and 57,6l4 persons following various oc.
cnpatious s2,5i2OOO.
There Is no surcr Indication OF pros
pcrity than the widely diil'uscd habit ol
saving. The French have learned to save
something, be II ever so little, over and
above their outlays. This is the universal
habit In that country and one that has
been cultivated. In tho year 1885, when
The savings banks were frat established,
the depositors wQro in the proportion
Of only 4 10 every 1000 Of the popula-
tlon. Ten years later the proportion was
inCeased to 90 in the 1000. Up to
1855 II had only increased to % in the
1000. During the empire, however, the
progress was more rapid, the proportion
being in 1865 MS great rs Al in every ! :
OOO And in 1873, despite their recent
great misfortunes, the stagnatiOn Of trade
and high taxation, the proportion increns.
ed to 81 In the 1000.
We point to these statistics, in Gonnec.
tion with our reference to Mr. MCCnl.
lOch's letter, in order to show the strength
Of n people who practice the virtue Of
economy. II lisa virtue that is but little
known among the working people Of this
country, especially west Of New England,
rs compared with France. A few days
ago we noticed inqnc Of the Pittsburgh