The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-10-25
The -Anti-AGon0poliSt.

interest and charges, to ST. ,1OO, 900 900,
in addition to the surrender of the
magnificent provinces of Alsace and
| Lorraine and their wealthy and in
dustrious people to Germany was due.
the premium on gold rose to it's high
est point, 2 IL per cent, at which, to
the French people, exo1b itant rate it
remained for but q few days, and
when the irredeemable circulation
had been subsequently increased from
$3.50. 900, 900 to ss490, 100000 the pre-
MUM fell to per cent, and in Octo-
Der. 1873, when the volume of notes
had actually reached $6l4 900 900, the
premium was merely nominal, and
was only demanded on large sums.
Legal-tender, gold. silver and paper
money were then circulating in COM
mon and at par with each other. AS
| have said, the war fine amounted to
81 100, 100000. The total cost Of the
war to France has been officially es-
timated at So 900, 100000, and the di-
rect loss to agriculture at $500, 900. 900
yet the last payment on account OF the
war fine was made on the 9Th of Sep
TENDER, 1873. or in two years and four
months after the conclusion of the
treaty of peace. Does history pre-
sent any such striking illustration as
this Of the harmony of the interests
of state and it's people! The advance
of the banks to the manufacturers in
August, 1870, enabled them to main
tain their industries, and by paying
living wages to place the whole peo-
pie in q position to not only respond
to the demands Of the government for
taxes, but to meet its call for two
loans. one for 1851 100000 and the
other for 1897 100000, tho tenders in
response to the latter call amounting
to the fabulous sum of SO, 900, 900 900,
or four times the amount of the ma
tional debt of the United States.
But, emitting funny facts that
would be pregnant and instructive, |
must, in view of your limitation as to
space, hasten to a conclusion. The
German Empire entered upon what
may prove to be a fatal experiment
when, under the mistaken notion that
she was to receive the bullion then
held by France and that which she
might earn in the time stipulated for
the payment of the fine, she deter
mined to establish a gold currency,
demonetiZe silver, and to exclude
small notes from circulation. The
highest estimate l have seen anywhere
Of the loss of the precious metals by
France in the payment of the war fine
is 1910 900, 900, but that this estimate
is excessive is shown by French and
other official figures. The French
Government shipped 500, 100000 of
specie and bullion directly to the
German Government; yet the tables
of the two countries-and they are
confirmed by the British tables of
exports and imports of specie-show
that France lost from her intercourse
with Germany from Jan l. 1871, to
Dec. 81, 1874. but $40. O0O,O 900 in gold
and silver.
This is the statement of NJ. Leon
Say, made during the time he was
Finance Minister. which he continued
to be till Mcmahon changed his
Cabinet. Great Britain took tenn.
porarily some of the French rentes, as
she has during the present depression
taken our 5. 4 > and 4 per cent bonds
to be held as certificates of deposit on
call. Between Januaryl, 1871, and
December 81. 1874. the dates just
referred to, she sent Sll0, 000,0 900 more
of gold and silver to Germany that
she drew from her. Assuming, which
there is no good reason for doing, that
all this went on French account, and
it appears that Germany received but
$3.50 ,OO0, 900 of cash from France in
payment thereof. The truth is that
France being, for the reasons stated
in my Introductory remarks, the
creditor of all commercial nations
: paid Germany in bills drawn against
foreign debtors by the French people
or in other words. Germany was paid
in foreign merchandise, the imports OF
which, in excess of exports from
January |, 1870. to December 81, 1874
having been, according to Bavaria
Vaterland, Sl.l32 100000. Many OF
the earliest of these bills were drawn
, against German merchants and bank
ers. and served to transfer money
which had been in circulation in Ger
{ many to the Imperial Treasury. ant
| thus withdraw it from commercial
, use. Thus the industrial and financial
!: sagacity of the French government
, enabled France to avenge herself up
: on Germany by the methods Will
which it settled the unconscionablt
war fine imposed upon her.
t The legal and actual condition of the
} bank of France at this time furnishe:
: an instructive study for those of oul
: statesmen who are endeavoring tt
| bring about resumption of specie
2 payments by SO contracting our legal
tender paper as to further reduce tn.
price of wages and commodities
e which are already below hard-pan, O.
!. prices which ruled in the days of 1859
: 60, when our bank paper was supposed
1 to be convertible into specie on de
0 mand. The bank of France is burden
e ed with an excess of gold. in addition
r to which, it is said. she holds 500,
d 900 900 of silver, which. like gold, i
f legal tender; yet the law will not per
h NIT her to resume specie payment
l. until January l, 1878. She now doe