The times. [volume] (Richmond, Va.) 1890-1903, 1895-05-23
"COIN's CHOOL"-TENTH
AKIICLE-THE Lesson fUENIsHLD
HN IRA NlI

The author Of the work under review, as
do all other advocates of free coinage.
cites France as country whose cxpc-
rierce furnishes lessons of great impor-
lance I'm behalf Of free coinage theories.
We propose therefore TO lay the exact
facts In regard 20 Frances finances be-
fore our readers this morning.
To understand and appreciate French
finances there are certain elementary facts
that must be taken into the account.
The French people as body are al
most destitute of banks and banking fa-
cilities. The Bank of France. established
in the year 1soA is their ercat financial
institution. II is the depository Of the
Government fund and its chief officers
are appointed by the Government Never
thelcss it is a private institution. fits capi-
tai being contributed 10y private citizens
and not by the Governments France is
so bare Of local banks that 10 may almost
be said 10 have none. The Bank OF
France was, when started. expected 10
establish branches in all the localities.
bu, so far IT has established only seventy
eight Of them.
Whatever the cause may be mnd there
are scvoraD. the fact is that banking in
France Is confined 20 the Bank OF
France ard these scvonty-oieht branches
and few other financial institutions like
me Credit Lyonuaise Credit Fcncier etc..
which, for a nation of 100000 of people.
leaves the great body of the people prac-
tically without banking facilities The con-
sequence is that the chock-book is prac-
ticaly unknown TO the great body of
Frenchmen. They Keep their own money
I'm the cause.-the strong box. There must
consequently be a great deal more money
In such country than I'm one where
banks are scattered AN over the face of
the country, and the people use check
books
Again, France is a most fertile country.
and the people are wonderfully indus
trious. The peasantry have great stores
and boards Of money. therefore. I'm con-
sequence Of their habits. their frueality.
the fertility OF their soil and their i'm
dustry. This causes greater per capita
OF metallic money in France than i'm any
other country and much larger one
than Is necessary or would exist il the
people had banks scattered through the
country as we have. and were i'm the
habit Of trausacting their business with
checks. as We do, Instead of with actual
metallic money We are led up TO the
conclusion. Them that 10 is not Partially
OF the people for silver that causes sil-
Yer 20 Doe abundant there. bat their social
conditions which make 1t inevitable
Nevertheless there is 40 very great guam
tity OF silver in France. and there have
been times when. In obedience 10 the
general laws of finance. she has utterly
turned her back upon silver.
Franco endeayored 70 maintain himotal-
lism from lio3 20 1874. when she finally
gave it zap. and planted herself squarely
upo,. what is practically gold monometal-
ism. whore she stands firmly to-day. In
that interval. IN her efforts 20 do the
impossible, she changed the mint price
Of the mare OF gold l4 times and the
min. price Of the marc Of silver 2l
times.
Al last. IN ii26, the ratio OF gold to silver
was fixed at 10 "a i-2. But silver was
rated too highly. and by The same law
that gold became the standard IN England
silver became the standard in France
In 1898 the ratio OF gold to silver was
fixed az to 10 -. at which ~ still nomi-
made equally legal tender al that ratio.
Buv the French armies in Napoleons
wars plundered all the sanctuaries OF
Europe Of their treasures and the mines