Memoirs of the Court of St. Cloud (Being secret letters from a gentleman at Paris to a nobleman in London) — Volume 5 by Stewarton
page 10 of 56 (17%)
page 10 of 56 (17%)
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and the carts set out on the same night for Rochefort, the place of their
embarkation. On the following day, not an individual approached the bank, but all trade and all payments were at a stand; nobody would sell but for ready money, and nobody who had bank-notes would part with cash. Some Jews and money-brokers in the Palais Royal offered cash for these bills, at a discount of from ten to twenty per cent. But these usurers were, in their turn, taken up and transported, as agents of Pitt. An interview was then demanded by the directors and principal bankers with the Ministers of Finance and of the Public Treasury. In this conference it was settled that, as soon as the two millions of dollars on their way from Spain had arrived at Paris, the bank should reassume its payments. These dollars Government would lend the bank for three months, and take in return its notes, but the bank was, nevertheless, to pay an interest of six per cent. during that period. All the bankers agreed not to press unnecessarily for any exchange of bills into cash, and to keep up the credit of the bank even by the individual credit of their own houses. You know, I suppose, that the Bank of France has never issued but two sorts of notes; those of one thousand livres--and those of five hundred livres. At the day of its stoppage, sixty millions of livres--of the former, and fifteen millions of livres--of the latter, were in circulation; and I have heard a banker assert that the bank had not then six millions of livres--in money and bullion, to satisfy the claims of its creditors, or to honour its bills. The shock given to the credit of the bank by this last requisition of Bonaparte will be felt for a long time, and will with difficulty ever be repaired under his despotic government. Even now, when the bank pays in |
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