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How They Pay Specie In France

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From tho Hartford Coura.nt. The French poople like ourselves bave reoently suffered trom a great war, and experienced the ñnancial disturbances usually following such a But France seems to have found a way to a specie basis without much trouble. ïhe following paragraph is from a piivate letter cf Mr. William Faxen, of this city, who has been for some months in Paris : The newspapers, as well as the Congressmen, seera to be f uil of pluns for the resumption of specie payments, scarcely any two agreeing to the most feasible method. Here in France the thing has been accomplished. Without any bluster, and while gold is plenty enough, silver is so abuudant as alinost to be a nuisance. Last summer all the silver in circulation was in pieces of less than five francs in value, and five, ten pnd twenty franc notes were more cominon than those of any other denomination. Some time in the fall the Bank of France ceased to pay out five and ten franc notes, and altnost as if by magie they disappeared, their place being the silver five franc piece which became as abundant as the notes had been. If one offered a 20 franc note in payinent for a purchase of less than five francs in value he was sure to get three silver five franc pieces in change, and as it is a cumbersome coin it was the first money paid out in subsequent purchases, so that a large . arnount could not have been required for the purposes ol trade. - That coin could fairly be quoted in the market as " active." Shortly after the five and ten franc notes disappeared those of twenty francs began to be scarce and one of that denomination is now rarely seen. The store-keepers give gold in change and the bankers pay it out upon checks - there is no premium upon it, and the resumption of specie payments is an accomplished fact.


Old News
Michigan Argus