The advocate., 1890-01-09

plhce ~ ~ HorhBe WNefeN WVlAu pe peg
fectly safe and he would secure foprdGths
Of It's value to supply his pressing pecesal-
" for money a. one per cent per anpum.
lie would negotiate and sell bis warehouse
aud elevator certificates whenever the
current price suited him, receiving from
the person TO whom he sold, only the dlf-
ference between the price agreed upon
and the amount already paid by the sub
treasurer When, however, these storage
certificates reached the hand Of the miller
or factory, or other consumer, he 70 get
the product, would have 70 return 70 che
sub-treasurer the sum Of money advanced
together with the interest ON same and the
storage and insurance charges on the pro
duct This ls no new or untrIed schemes
II Is safe and conservative; Il harmoplzes
and carries out the system already in
vogue on really saler plan because the
products Of the country that must be pon-
sumed every year are really the very best
security In the world, and with more JUS
tIce to society at large. For,a precedept
attention Is called To the following.
In December, l9ls, the London Times
announced the inevitable failure Of the
French republic and dlslniegration OF
French society in the near future, but 20
wise was the administration Of the states
men Of that aation that two mouths later
Il was forced TO eatits own words saying
in lis columns February 10, 1S40l
"As amere commercial speculation with
the assets which the bank held 10 band II
might then have stopped payment and
liquldated its affairs with every probabil-
lty that a very few weeks would enable
It TO clear OH It's liabilities But this idea
was not for a moment entetAined by NJ
D'Argout, and he resolved 70 make every
effort to keep aline what may be termed
the circulation Of the life-blood Of The
community, The task WINS overwhelming,
Money was TO be found TO meet not only
the demands on the bank, but theneoessi-
ties both public and private, Of every
rank in soceity Itwas essential 70 en-
able the manufacturers TO work, lest their
workmen, driven 10 desperation, should
fling themselves amongst the most violent
enemies ofpubllc order. II was essential
to provide money for the food Of Paris,
for the pay Of troops, and for the daily
support Of the industrial establishments
of the nation Afaildre on any one point
would have led to a fresh convulslon, but
the panic had been followed by SO great
a scarcity Of the metallic currency, that
afew days later, out Oft payment OF 30,
100000 fallen due, only 1900 francs
could be recorded In silver. gaaoar grs
In this extremity, when the bank alone
retained any yavailable sums0f mdn9ysthe
government came to the rescue, and on
the night6f the 10Th Of March, thee notes
ofthe bank we're, by decree made a legal
tender, the issue of these notes being
limited IN all to S5O,OOO,OOO, but the
amount Of the lowest Of them reduced for
tAeppblic convenience 70 100 francs
One of the great difficulties mentioned in
thelrepoR was 10 print these 100 franc
notes fast enough forthe public conSump
tlong Inten days the amount issued II
shlB,f6fm had reached sO,OOO,OOO fraHcg
19T3eh6ble the Misunderstanding Insereslf
t5 ag@6ath6Ftbe storm ata nicih5ug wien
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