The Lake Charles echo. [volume] (Lake Charles, Parish of Calcasieu, La.) 1876-1898, 1878-08-08
REMARKABLE.

County that Sougnt 10
lmpoverish Them,
Mr.. J. w. Schuckers lpri,ate Becre-
t.rv to Salmon p. Chase, when finance
ninister), is enabled to add this to his
f,rmer valuable contributions to eco.
,cm;c literature by being in possession
:, memoranda left by the late Mr.. Bslch,
Il Philadelphia, who devoted much time
vbeu in France to personally conrersing
Nth the leading fnanciers of thstrepub>
liz from whose oral statement the
following is compiled:
at became apparent very soon after
tbe beginning of hostilities between
France and Germany that the armies of
tbe empire were too weak 1.-THE military
examination having been -eaters')
successfully to resist thesure and swift adj
rance of the Germans upon the French
.an;tal. Various uncomfortable encoun-
,ers took place even in the last days of
1ulv which clearly foresbadowed the sub
gouent immense disasters that
overwhelmed the empire and end
ed in the conquest of France.
IN the I'd of August, 1870, the
advance of 100000 imperialists upon
sssrbrucken without decisive results had
powerful effect upon the public senti-
ment Of the French people: on the 4th
the battle of Weissenburg resulted in
the actual defeat of their army on
the 9Th the battles Of Woerth and
of saarbrucken Height of SPEECH
srn) ended in the beginning of the re-
treat upon Paris, and on the 7th the city
was declared in state of siege. These
events followed one another with extra
ordinary rspidity, and amid the censter-
nation everywhere excited by them the
huate finance of Paris took the alarm and
sgreat anxiety grew up lest, with the
threatened destruction of the military
power of the country, the native indus
sries-the handspring and support OF the
credit and grandeur of Franee--should
perish also. The French financiers--not
the French pelitieians-foresaw the i'm.
pending dangers, and with characteristic
sagacity and courage provided the rem
|edy.
"The managers of the discount banks
Of Paris met together at the call of M.
Pinatd, Of the Compton's d'Escampte,
band considered the state OF the country.
THE result of their conference was res
Eoiution to extend financial assistance
wherever it could be made available for
the general good. They applied to the
bank of France for help. The officers
f the bank promptly responded declaring
Eheir willingness to and desire to
make common cause with the banks OF
discount, but said they could only do 80
in conformity with the fundamental laws
|sf their establishment, which restrained
them from making loans except upon
||the security of three names of known
responsibility or upon prescribed col
|laterals; but they would, the necessary
requirements being met, extend ell the
paid in their power. They pointed ont at
THE same time the prime duty of pre-,
serving 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
andorsers for the advances made by the
hational bank and, accordingly, with
this cooperation of the bank of France,
bills We're discounted. during the first
week after this arrangement was agreed
upon to the amount of one hundred
millions "a total of say nearly forty mil
lion Of dollars f)-the banks doors being
Kept open till ten o'clock at night, and
additional clerical force employed, to
meet the requirements of this extra
ordinary occasion. 4 understand that
the discount banks made the advances
N the first instance, the national banks
fedisoounting upon the Endorsement OF
the discount banks. This is no new thing |
I'D FIance. 1T happened in IS4S during
the suspension oceasioned by the POI
hticsl events Of that year, whom the
national bank, at it's principal Office IN
Paris and at its several branches, made
Like advances to an amount approxi>
mating 10 &e0, 900, 900. kTooke's History
o. Prices, vol. vi, ZIP. es-6s9
The whole transaction wss con-