Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1879-08-12


NV Grecnbaok neighbors are continually re
g. ring me 90 the financial policy and example
,f Frtuce, as immensely superior TO ours, ana
as having given that country immense pros
reritv, while ours has been plunged into de
-pair. These Greenbackers tell me that France
issued more paper currency than we did, and
brld h AT par with gold, without redemption in
toiu, until she had paid on ali her debt IN this
uapcr money. As the senior editor OF the Jour
Iai recently spent some time IN France, prob
ably he can give Us some information on these
points, as many OF the rank aud file OF the
tirecnbackers sincerely believe the represent
ations which their leaders (whO know better
have made TO them. j. \. BUCRNAN.
Mechanic Falls, July -
REPLY.
When we were in Paris we took special
mains To obtain from official sources,
through United States Minister Noyes, a
fun statement of the financial policy of
France since the close Of her six months
war with Germany in lS7O-l. To pay her
war expenses and the large indemnity eN-
acted by Germany, France issued bonds, or
rcnteS, bearing on an average per cent.
interest, 20 the amount OF about S+,Io0,-
uOO, OO,-nearly twice n much aS our war
expenditures. Possessing the wealth oi an
old country, and freedom from croaSerS 20
CIV down her credit, the bonds OF France
were all promptly purchased by her own
people The principal and interest OF this
debt might have been paid IN silver, and
even paper, on a. good grounds as claimed
iu this country. But the nation has thought
10 the wiSeSt policy 70 pay both in gold,
without even suggesting the possibility OF
any other course. Instead of having paid
of her debt, il has been reduced only a
few millions, aud at the date of the last
settlement was S4.6gJ.UOo. 600, against
5000, uOO. 900 United States debt
The French government never issued "A
dollar of paper money. Under the ext
,.sncirS OF war in 1870, specie payments
were suspended. and the Bank Of France
-.s only bank OF issue i'm the republicans
authorized 90 increase it, circulating notes
made legal tender 10 about S6f0, 100000,
on condition that il loaned the government
about $500. OvO. 600. the same 20 be paid IN
seven annual payments. IL was also pro
,idtd by law that when the government
had reduced It's debt 90 S6o,OoOOOo, the
notes should cease 20 be legal tender; and
also that ON Jan. /, ISIS, specie payments
should DE resumed. These provisions Tor
early redemption prevented the French
bans notes from dcprccidt.ug more than .
per cent. ~ fast a. tAe government PAID,
rl, blnk accumulated q specie reserve and
h.-au 20 call IN It's uotc>-irst oil All thc
r,e franc - pieces, then the - ana Sip
notes followed contracting It's circulation
bt the latter part OF l>ls 90 about Si'V.-
OUU. uUO. near which point 10 has since rc-
manned Specie payments were success
fully resumed Jan. 4. ISIS, and nave pctn
,.l.ilv maintained since that time. Moth
iug il now legal tender iu France except
.,oid and silver, and NO notes are used be-
f,..'
never was So much paper money ln France
a> tbcr, has been al. the time In this couu-
Try since l>bt,
An the money USED iu France under the
denomination OF 81 * silver. which gives
. chance for larger use OF silver IMAM
..,rll De employed here where We have
small notes. We rarely ever saw paper
motto. u,,l iu France-golt 2ud silver being
OBJ. almost universal currency outside oi
ltrsc business transactions NotV.th-
standing this advantage OF France, she has
coined mo- silver except for small change
for three wears. and has recently agreed 70
continue the suspension OF silver coinage,
iu common with other members ol the
I .rin Union The government Is anxious y
watching ihe course OF the silver MARKET
fan -b.. hons that something Will turn up 90
relieve the country oi The diihcu4'I'S ans
I'M. from silver coin2Se.
For several years AFTER the close OF the
,ysr. business was very good lh France
The brief duration of the struggle ana 'ne
remarkable economy aud industry oi l-y
French. mltgatcd and delayed tht u>u'u
evil results OF war. 80 10 was not tiI last
r,.,r thai the depression was seriously felt
i'm France But during this period oi >o'
- rH.hW D.
AVERAGE WAGES of workiucu. Ihe past
wear French Industries have been mGch ''-
pressed Inn common with those OF o'h'I
countries OF Europe and thousands "'
wNrkmcu have been out ui employment
Few men are getting more Than 4' GEMS
p.r Jav. and thousands OF women are al
syork iu the fields for 10 cents io ~ cents
per jav. The great body OF W"rAinSHeh
fy- an black bread and yiucgary wine.
..Hapny France" The muuarcu>t> are
,udeavoriug Co persuade the rene" P''P'y
tbtt r,pubican institutions have caused
'-hard-timeS. and that iAe r'"e"H - ''
vote up the empire. Nobody mas ever >"-
-r>tei the contraction or 'It>ui"P s''"
theory OF hard times.
The public expenditures of France are
vr,.v much larger than those oi TINS couN-
frl as She maintains AN army oil t''''o'
r.u. Taxation Is oncrou>, ami vA'v""N
even 10 everything that Is eaten AN" Rr''"A'
During the past year the imports nave
LARGELY exceeded the exports, ann tAeTe l">
h..u u deficit OF several millions III ,u'
revenue. Were IL not for the rein.'I N''''1
industry and economy OF the trehy"
economy Pos which they I've on what we
should throw out OF the kitchen W.ud'"
they would DE in q bad way With SuCh
economy as is practiced by every oody III
France. W, should soon become the richest
nation iu the world.