The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-10-25
in the official report of the

for the public consumption, though
in ten DAYS the amount issued in this
form has reached 3O.OOO.OOO francs,
and in very able article in the Lon
don Times on the 10th of February,
1849. a writer for that paper, which
one year before had deprecated the
decree us visionary, and one that
would inevitably lead to the destruc-
ton of the commnrce and industries
Of France. said:
IN. D'Argout resolved to make
every effort to keep alive what may
be termed the circulation Of the life
blood of the community. Money was
to be found to meet not only the de-
mands on the bank, but the necessl-
ties, both public and private, of every
rank in society. 1t was essential to
enable the manufacturers to work.
lest their Workmen, driven to despe-
ration, should fling themselves among
the most violent enemies OF public
order. It was essential to provide
money for the food Of Paris, for the
pay Of the troops. and for the daily
support of the dteiiers ndtiondur. A
failure on any one point would have
led to Il fresh convulsion.
AS illustrative Of the truth that 1t
is labor and not coin that maintains
society and government, | cite ano-
Their brief passage from the article IN
the Times:
mo sooner was the bank relieved
from the necessity of paying away
the remnant of it's coin than it made
every eXertion to increase it's metallic
rest. About $40. 100000 OF silver
were purchased abroad at high
price. More than lO0,OOO.OOO were
made over in dollars to the Treasury
and Executive departments in Paris.
In all, taking into account the branch
banks, SOC. 900, 900 of five-franc pieces
have been thrown by the bank into
the country since March, and curren-
cy was thus supplied to all the chan
nels of the social system.
The war between France and Ger
many was declared July 10, 1870, and
was terminated by the treaty of May
10, 1871. In April, 1870, the clrcula-
ton of the Bank of France was $685.
$50 900, and it held Of specie and bull
lion 1921 $50 900. In August the gov
eminent required it to suspend specie
payments, and by the same decree
made it's notes legal tender. The
first statement published after peace
had been restored showed circula-
ton of Ss442 900 900, with $l1O. 100000
of specie. In consideration Of the
suspension of specie payments and
the use of its notes as legal tender,
the bank loaned the government
1906. 900. 900. at one per cent interest,
and agreed to pay the tax above re-
ferred to on it's entire circulation.
When. in August, 1870, the French
army had been defeated and conster-
nation had seized upon the people of
Paris, the Bank of, and the other
credit institutions of that city entered
into cooperation and determined as
matter absolutely necessary to the
maintenance of society, to advance to
the people within q fortnight S0.000.-
900 francs 1896, ,000,) and it is a
matter of history that not q single
failure Of moment took place IN
France pending the use and liqulda-
ton of these bonds. If you ask to
whom these advances were made. l
answer in the language of the late
Thomas Balch. Esq. whose long
residence in Paris made him familiar
with the financial magnates of Eu-
rope.
Ito merchants, manufacturers,
shop keepers, artisans and mechanics;
| to any citizens, indeed. whose books
showed that their business during a
sufficiently long period had been
| fairly prosperous, and whose industry
and integrity were established, land OF
course much Importance was attached
to this labor fact. Many of the adj.
vances to artisans and mechanics
were made without endorsement or
collateral at all-on no other security
| indeed, than Il fair business and IN
| honest man. The effects of this eX
traordinary operation were of com
mensurate public Importance. In the
midst of the most frightful and accu
mulated military and political calam
tiles in the gradual environment OF
the French capital by the German
hosts. the trade and labor of France
were preserved and even stimulated
and it was altogether owing to this
patriotic and most sagaciOuS audacity
that, in period of special and terri
bic trial, no noteworthy commercial
) or industrial failure occurred and that
France was afterward enabled tx
: provide for the payment. without Sc
rious difficulty. of an indemdity in
tended permanently to crush her, ant
< which excited by its magnitude tn,
+ establishment of the whole world y
{ The decree of legal tender (cour
/ force fixed the maximum of the issu,
l of the bank at $3.50, 100000. 1t was
: however. increased by the law of De
< cember %, 1871. to S560,OOO,OOO an,
finally by a law of July Is. 1872, t,
| 500. 900. 900. What effect had tn
! issue of this vast amount of pape
+ money on the premium on goldl Di,
| it. in accordance with the theory O
; Secretary Sherman and the British
> economists, our free traders and bull
= ionists so delight to honor, expel tn
r precious metals from France! Or di
t Il show that their wisdom is folly. an
, that their so-called science, whic
h John Stuart Mill truly said was