from its being the consolidated third of the national debt, of which
the remaining two-thirds were reimbursed in _Bons de deux Tiers_ in
1797 and 98. It bears interest at five per Cent. payable half yearly
at the _Banque de France_. The payment of the interest is at present
six months in arrear. But the intention of the government is, by
paying off in specie the interest of one whole year, to pay in future
as soon as due.
The days of payment are the 1st of Germinal (23d of March) and the
1st of Vendémiaire (23d of September).
This stock purchased at the present price of from 55 to 60 would
produce from eight to nine per cent. The general opinion is, that it
will rise to 80; and as it is the chief stock, and the standard of
the national credit, it is the interest, and must be the constant
object of the government to keep up its price.
There is a _Caisse d'amortissement_ or Sinking Fund, for the special
purpose of paying off this stock, the effect of which, though not
exactly known, must shortly be very considerable. The _Tiers
Consolidé_ is saleable and transferable at a moment's warning, and at
a trifling expense. It is not subject to taxation, nor open to
attachments, either on the principal or interest.
For purchasing, no sort of formality is required; but for receiving
interest, or selling, it is necessary to produce a power of attorney.
An established rule is, that the seller always retains his right to
half a year's interest at the succeeding stated period of payment, so
that he who purchases in the interval between March and September, is
entitled to the interest commencing from the 23d of the latter month
only; and he who buys between September and March, receives not his
first dividend till the 23d of the following September.