The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-09-27


the actual defeat of their army, on the
9th, the battles of Woreth and
Saarbrucken (height of speichern)
ended in the beginning of the retreat
upon Paris, and on the It'll the city
was declared in state of siege. These
events followed one another with eX
traordinary rapidity; and amid the
CONSERVATION everywhere excited by
them, the hdute finance of Paris took
the alarm and a great anxiety grew
up lest, with the threatened destruc-
ton of the military power of the
country the native industrieS-the
handspring and support of the credit
and grandeur of France should per-
ish also. The French inancers-not
the French politicians foresaw the
impending danger, and with charac-
teristic sagacity and courage provided
the remedy.
:sThe managers of the discount
banks of Paris met together at the
call of M. Pinard, of the Compton
d Escompte, and considered the state
of the country. The result of their
conference was resolution to extend
financial assistance wherever 1T
could be made available for the
general good. They appealed to the
bank of France for help. The officers
of the bank promptly responded,
declaring their willingness and desire
to make common cause with the
banks of discount, but said they could
only do so in conformity with the
fundamental law Of their establish
ment, which restrained them from
making loans except upon the security
of three names Of known responsibility
or upon prescribed collaterals; but
they would, the necessary require
ments being met, extend all the aid in
their power. They pointed out at the
same time the prime duty of preser-
wing the resources and credit of the
bank intact for the worst emergencies.
The result of this answer was, that
the discount banks determined to
become indorsers for the advances
made by the national banks; and &C.
cordingly with this cooperation Of the
bank of France, bills were discounted,
during the first week after this
arrangement was agreed upon, to the
amount of eighty millions of francs
and during the second week to the
amount of one hundred millions "a
total of say nearly forty millions Of
dollars 1.-THE bank s doors being kept
open till ten o'clock at night and adj
ditional clerical force employed, to
meet the requirements of this extra
ordinary occasion. Il understand that
the discount banks made the advances
in the first instance; the national
bank rediscounting upon the indOrse-
ment of the discount banks.) This is
no new thing in France; it happened
in 1848 during the suspension &C.
casioned by the political events OF
that year, when the national bank, at
it's principal Offices in Paris and at it's
several branches, made like advances
to an amount approximating to sixty
millions of dollars. (tooke. history of
Prices, vol. vi. PIP. $500 The whole
transaction was concluded by the 18th
of August, and in the presence Of
vast military disasters, and amid civil
and political connections unparalleled
in the history of modern nations!
"To whom were these immense
advance made! To merchants, manu-
facturers, shopkeepers, artisans and
mechanics; to any citizens, indeed
whose books showed that their
business during sufficiently long
period had been fairly prosperous,
and whose industry and integrity were
established, and of course much i'm
portance was attached to this latter
fact. Many of the advances to arti-
sans and mechanics were made with
out Endorsement or collateral at ALTON
no other seccrity, indeed, than a fair
business and an honest name. The
effects of this extraordinary operation
were of commensurate public impOr-
, lance. In the midst of the most
frightful and accumulated military and
, political calamities and the gradual
environment of the French capitol by
the German hosts, the trade and labor
of France were preserved and ever
stimulated; and it was altogether
owing to this patriotic and most
sagacious audacity that in a period OF
special and terrible trial, not note
worthy commercial or industrial
failure occurred, and that France wa:
; afterward enabled to provide for the
!. payment, without serious difficulty ,o1
an indemnity intended permanently
> to crush her, and which excited by it!
magnitude the establishment of thu
whole world!
: Mr.. Shuckers remarks; ''It remain!
: to be added that, at the date of Mr.
I Balch's recital of these facts to me
I lin 1874 only about six thousand dol
lars of the great advances made, a
: above stated, were still unpaid, AM
!, this small sum was due from tn
Il unsettled estates of deceased debtors
J. G. D.