Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1878-07-13


- WA~unDn~0 n~0H1m~.-0~xAns m~Nn Q
s-~~.s oA s~s - -. sss<
No e~.ns o< rusu~&~rn rzzn~< hss en-
Szsssi ns~<s wsse x.a s~nsr-l sszryszs~
rk&a tAT ez-x us1A wasch fhs Frxn<l
p~uT3~ F@sd 81 fA~ h~zEy w&< N
a<n1zlry q sl.@xs .tss lesw - GeE
n.~ny Is h4~ h-~a . yzz<xAs 2lzss q.
k1&n<zsrs. - ss4ae-snea. 2zA - -
lzsAszl s-nunazmE<ts. k0m a n2rs<xn. yzs
e@.~rze1 fra . eSs~sly gthsa-n hxssf
zsslIszzy struggle. eoHsa rxa-e 80 a.
sts@0@s a s~An IN c.zA IA As~s tA4~s
two y-zrS' tIAs~ >zss0n2l Es8Gs<. .
xAs wAl~ly sad. kad mach o. d
xak q. hSzt Eo azaO4nt Of RatsoEa
prsae essal4 have rsl~ed n sl .tssD.
ss1 .ssS IN q n4;lOE where the co1
dItlons Of great accumulated wsaltl
and prO~gsrTfy did not Pre-exis,
National prlle had not A,aIlei u
save French honor from coDdlgn and
oyerwhelmI defeat Ia var. nor e
avert the humilIating aspect Of hei
capital in tine hands Of q foreign foe
nor to redeem her from the reproaci
of il-prepared aid undisciplined
forces and badly organized cam.
paign.
Another theory of this rapid pay
ment, says French journal. of the
stupendous fine of five milliards Of
francs, was that France was the
holder of about 81 ,OOO, 900 600 of
foreign securities, which were sold
and the proceeds invested in the new
"rentes" or Government bonds is
sued at five per cent. interest, to
raise money for meeting the German
indemnity. For, be it mentioned
Bismarck had exacte not only cash
payment without credit, but also
payment in gold and silver. The
whole sum of 81 1000, 100000 lin
cluding 200, ,O0O, 900 francs levied on
the city of Paris, and other war con-
trihutions levied during the prog
ress of hostilities) was paid in specie,
excepting only 1OO, 200, 900 francs in
notes of the Bank of France. which
the Prussians consented to take in
Pc g e saas1 sRs|1Rt s 60
changes actually developed the fact
that France was exporting securities
and importing gold the whole time
of the indemnity payments; but the
actual amount to which the flow of
the precious metal into France ex-
tended on this account could not be
actually learned.
Another explanation of the rapid
liquidation by France of this prodi-
gious levy was that the annual in.
come of France is $500, 900 900,
aud that the payments to Germany
took only one-third of the gross an
nual earnings of the French people.
But there can be no doubt that to
the general character for frugality,
and the accumulated savings of the
French people, must be mainly cred
tied the great financial phenomenon
of the Nineteenth Century. The
enormous loans which the payments
of the indemnity compelled the
French Government to put upon the
market were all promptly taken, and
the greater part of the money came
from the French people. Five per
cent. rentes, to the heavy amount
of $1,64O, ,OOO, 900, were all taken at
an average price of 50 per cent, ),
thus making the interest to the in
vestors average 6 per cent. Not
only so, but the second loan, of1872,
was so eagerly sought for that the
subscriptions covered the amount
called for thirteen times over, COM
pelling the Government to award
the rentss among the subscribers pro
rata.
All travellers in France unite in
representing the French people as
great economists. With them not
only does a very little money 60 a
great way in supplying their wants,
but the sums saved, even out OF the
slenderest incomes, represent hand.
some surplus. In England there is
one man in every five who spends al
he gets, but in France there is NO,
one in forty ~hO spends his income
the o.ber thirty-nine law somsshing
by. Profasion and waste, which
ehzrxcsefrz~ the use of tine rnesns iE
hving an EnSisna. ssA uao-e con-
syssrzsszs<ly staH IN the CnEss~a States
nrx qmlss unkns~n snaoG= tke FrxDci
p~oT.A~- az wk.f n1n< f2mzl,es s<l1
IL ssery Ten we@la here shrvw s~sF
q Fr~ncA fxsz1ls wuzsi azxke q xxrs~-
~ oi asy~szxang as=hss. 3na &c j. La
erzAlv srz~ sAar tA~ Frw@rA nasn zz&
wuss~n wsz2A kxs. 3xa kss~ wxR- es
fhe ns~rw wx~s~ sf A@ersc~n sxmzaa~rs
The~s kxkzzx sf s'cszn@ms sn2ixs< -
y~syA~ b. lzy - tk~zr k<xA~ xSxnmrs
p<mr kw yc1z. Ez& & - s<2 ksgws
sA-s sAs ysxAda< fma4<s= %rs 60 nsss