The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1878-05-30

iueHt oil inc Otner mana iOr her OifBpTing,
which she is to virtually disown for It's |
well-being, and remain ia her poverty,
solitary and alone. How shall she de- |
eide ?-Auglsta Chronicle and Coasfitu-
Gondhisf
HOW FRANCE PAID HER DEBT.
A Phenomenon that Excited the Wonder
of Europe.
No event of modern times has excited
more wide and general surprise than the
case with which the French pcople Maid
off the heavy war indemnity of 81 600.
OUo,O00 to Germany. It has been a puz.
zlc alike TO financiers. to statesmen and
to political economists, how nation
just emerged from costly Though
brief) military struggle could raise 30
enormous sum in caah in less than two
years time. National pride, it was wide.
ly said, had much to do with it: but no
amount of natio d. pride could have
raised 81 100 ,000,UU in nation where
the conditions of great accumulated
wealth and general prosperity did not
pre.exist. National pride had not avail.
ed TO save French honor from condipn
and overwhelming defeat in war, nor to
avert the huiniliating. aspect of her cnpi-
tai IN the hands of foreign foe, nor to
redeem her from the reprOach of ill.pre-
pared and undisciplined forces and badly
organized campaigns.
Another theory of this rapid payment.
says French journal, of the stilpcn,IolIs
line of five milliards of francs. ay that
France was the holder of about $1,000.
| 0OO,OOO Of foreign securities, which were
sold and the proceeds invested i'm the
new "rcntes" or government bonds Issued
NJ hye per cent. interest, TO rniso money
for meeting the German indemnity.
For, be it mentioned, Bismarck had ex.
acted not only cash payment, without
credit, but also payment in gold and sill
yer. The whole sum of 81 900. 600 600
(,ncluding 200,000,00O francs levied on
the city of Paris, and other war contribu
tions levied during the progress of hos.
tiiitics,) was paid in specie, executing
only i0O,000,00O francs in notes Of the
Bank Of France, which the Prussians
consented to take in place of an equal
amount OF gold. Inquiries into the cur
rent OF exchanges actually developed the
TACT that France was exporting securities
and importing gold the whole timo of
the indemnity payments; but the actual
amount to which the flow of the precious
metal into France extended on this ac-
count could not be actually learned.
;. Another explanation of the rapid
liquidation by France Of this prodigious
levy was thnt tho annual income of
France Is $500, ,000,0 600, and that the
payments to Germany took only one.
soird OF the gross annual earnings of the
French people. But there can be no
doubt that to the general character for
irugality and the accumulated savings of
the French people must be mainly
credited the great financial phenomenon
OF tho nineteenth century. The enor-
NOUS loans which the payments of the
Indemnity compelled the French govern
ment 10 put upon the market were all
promptly taken, and the greater part of
the money came from the French people.
rive per cent. rentes, or bonds, to the
heavy amount of 81 SAC, 900 900, were all
taken at an average price Of SO pcr cant
thus making the interest to the investors
average q per cent Not only so. but
! the second loan, of 1872, was so eapcrlv
sought for that the subscriptions COVERED
the amount called for thirteen times
over. Compelling tho government 10
aware che rentcs among tho subscribers
pro rata.
All travellers in Nance unite in repre.
senting the French people as great econ
omists. With them not only dues Il YER.
little money go great way liz supplying
their wants, but the sums saved, even ut
the slenderest incomes, represent hand.
some surplus. In England there is one
man in every five who spends all he gets,
but in France there is not one in fort,
who spends his income; the other thirty.
nine lsy, something by. Profusion and
waste, which characterzo the use of the
means of living in England, and more
conspicuousiy stiii in tine United States
are quite unknown among the Fre..ch
people. OF what nine families ont of
every ten would here throw away. n
French family would make n variety of |
appetizing dishes; aud it is literally true
that the French men snd women would |
ltye, and live we'll, on the mere waste of |
American families. These habits of |
economy enable the people 10 lay up |
their eavings year by year, and it in well |
known that the public funds are the
most fsvorite means of Investment with
the peasantry. The French rentcs can
be mad in denominations of 100 francs |
l$20( and upward, and have always been
highly popular with the masses. The
principle of popularizing the loans of the
government has worked admirably, and
has been borrowed to advantage in the
issue of United States bonds, which arc
now TO be had In sums as low as $50.
Here is Q fact which speaks volumes
iH :ss;T'0T 0f the French system of public
laws. So long ago as 1867 the debt of
France was held by 1885, ,693 persons.
who averaged $4,000 each. It is now
still more widely distributed. In Enc.
land, on the other hand, her great pn6.
lie debt of So, 800, 600, 600 is in the hands
,f only l28,331 persons, thus averaging
moro than $4,000 to each holder It Is.
impossible to ascertain
low many persons hold the public debt I
If the United States, because so large a 6
proportion of it is in the form of COUPON
,onde, which pass from hand to hand I
without registration. In Franco, all the ]
entes are inscribed in tho name of the I
iolder on the books CT tho treasury. To I
AVE their names in tho "Grand Liyeren {
# the public debt is an honor eagerly
ought after by the mass of the people. {
During oil the recent enormCus drain | /
lpon her resources, which has nearly y
lonhled her national GAht there hss &C.
'een heard anywhere among the Fronch :
.eople The alightest hint of Reputation. {
The French look up5n their public debt q
: an obligation sacredly due; aud it ID {
lue in the larger part to themselves.
Another striking feature In the pros [
'erity of France, whieh aidsin enabling (
IeE TO bear Tie extraordinary fiscal bur, [
lens iss,posed upon her. Is Tue fact fof Eia q
gffiA, fffa4psfttssnt, ~ g ,issls 1850 =, 9