August 15, 1868.

The Economist, 15. August 1868. S. 925/926.
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French Loan. Its alleged influence on England  Zusatz von Marx.
(withdrawing Gold, raising discount.)

The coin in the Bank of France has augmented, but on all former occasions the offer of new Gvt. security has tempted new money from the secret hoards of that country. Every house in France has a caisse; the amount of deposits in banks is for such a country contemptible; the whole country deposits of the Bank o. France in all its branches are only £2,000,000. So large a portion of the circulating capital of France is out of the banks in coin, that a subscription to a loan cannot be effected, as in England, by cheques and transfers; it requires an actual deposit of coin. The increase in the coin of the Bank o. France is no proof that any coin has been sent from England.

The Economist, 15. August 1868. S. 930–932.
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Subscription to new French Loan. Paris Correspondent 13 August. 1868.

The loan 18,000,000£. The only money yet payable on it is the deposit of 3% = 540,000£. The loan has been subscribed for many times, say between 30 and 40 times, and the deposit is consequently much greater. Dauerte eine Woche der loan, schliest on Thursday, 13 August.

The great bankers and capitalists have reserved, as their way is, their subscriptions to the last moment, in order to be able from the manner in which the small public have „gone up“, and it may be also from private information they have the means of getting, to proportion the amount demanded to that which they want and are likely to obtain.

But that a very considerable portion of the loan will be covered by the minimum subscriptions of 5f. rente is certain. For though the petty capitalists for whom the minimum was fixed, have not, especially in provincial towns and agricultural districts, displayed anything like the enthusiasm they manifested on former occasions, and have thereby grievously disappointed the expectations that were formed, Bourse speculators, in order to get as large a number as possible of small subscriptions which are irreductible, have employed men of straw to subscribe. At Marseilles, it is even stated, one peculiarly sharp fellow „purely and simply“ hired almost a whole battalion of soldiers to take several subscriptions of 5f.

As last Thursday the quotation of Three P.Ct. stock on the Bourse was 70f. 271/2c., whereas the new stock is issued at 69f. 25c., with the right of paying in advance, with a discount of 2 P.Ct., the small 5f. subscriptions – a right which large amounts are not to enjoy – it is evident that the speculating fraternity had a considerable interest in getting into their hands as much of the 5 fcs scrip as possible. And to succeed in this object, not only did they employ poor men to subscribe, but by a premium which at one moment was as high as 3f., they induced bona fide subscribers to sell their certificates. When this became known among the lower orders of Paris, a considerable number of men and women hastened to inscribe themselves, and they carried their paper straight to the Bourse for sale. For some days the outside of that famous establishment was quite encumbered with a class of people whose dress and manner proved them to be strangers to the place, and they had no difficulty in making the bargain they sought. But the inevitable result was that the influx of scrip caused the premium to decline, so that the late comers were grievously disappointed about the sum they had counted on. Some of them having very confused notions on the great law of offer and demand were excessively indignant at being told that they must take less than the 3 fcs their friends and neighbours had got, and they applied ugly epithets to the buyers who told them so; at one moment, indeed, a band of these got up a little emeute. The upshot of all this is that whereas the Minister of Finance was most desirous to keep his loan in the hands of people of small resources, and the belief that they would hold it permanently as an excellent investment, and whereas he even, after opening the subscription, took special measures for preventing speculators from getting it and from carrying it to market, he has sadly failed. The speculators have obtained the greater part of it, and to the market it will go.


  • Inhaltsverzeichnis von Friedrich Engels
  • 1869 I Heft
  • Money Market. 1868.
  • Money Market Review. Jahrgang 1868.
  • The Economist. Jahrgang 1868. Nachträge
    • The Economist. Jahrgang 1868.
    • Inhaltsregister für 1868 Jahrgang. („Money Market Review“ und „Economist“.)
    • Kommentar zu George Joachim Goschen
      • George J. Goschen: The Theory of the Foreign Exchange. 7th edit. London 1866.
      • Friedrich Ernst Feller, Carl Gustav Odermann: Das Ganze der kaufmännischen Arithmetik
      • Inhalt.