These are the arrears due to such holders of stock as, during the
fifth and sixth years of the Republic, had not their dividend paid in
_Bons de trois Quarts_ and _Quart Numéraire_, mentioned in Art. IV
and VI of this sketch. I also notice them as forming an essential
part of the above-mentioned supposed liquidation, at the end of the
sketch, and shall only add that it is the general opinion that they
will be funded.
To the preceding principal investments and claims on the government,
might be added the following:
_Coupes de Bois.
Cédules Hypothécaires.
Rescriptions de Domaines Nationaux.
Actions de la Caisse des Rentiers.
Actions des Indes.
Bons de Moines et Réligieuses.
Obligations de Reçeveur._
However, they are almost entirely unworthy of attention, and afford
but occasionally openings for speculation. Of the last, (_Obligations
de Reçeveur_) it may be necessary to observe that they are monthy
acceptances issued by the Receivers-General of all the departments,
which the government has given to the five bankers, charged with
supplying money for the current service, as security for their
advances, and which are commonly discounted at from 7/8 to one per
cent per month.
I shall terminate this concise, though accurate sketch of the French
funds by a general statement of the National Debt, and by an account
of an annuity supposed to be held by a foreigner before the
revolution, and which, to become _Tiers Consolidé_, must undergo the
regular process of reduction and liquidation.
_National Debt_.
_Francs._
Consolidated Stock (_Tiers Consolidé_) 38,750,000
Floating Debt, to be consolidated, about 23,000,000
Life Annuities 20,000,000
Ecclesiastical, Military, and other Pensions 19,000,000
-----------
100,750,000
The value of a _franc_ is something more
than 10_d_. English money: according to
which calculation, the National Debt of
France is in round numbers no more than £4,000,000
Supposed liquidation of an annuity of £100. sterling, or 2,400
_livres tournois_ held by a foreigner before the war and yet
unliquidated.
_Francs._
Original Annuity 2,400
_Tiers Consolidé
Bons de deux Tiers_ 2,400
The actual value of the whole, including the arreared dividends up to
the present day is as follows:
_Francs._
_Tiers Consolidé_ as above,
800 francs sold at 60 francs 9,600
_Bons de deux Tiers_, ditto
1600 francs sold at 3 francs 48
Arrears from the first year of the Republic to the fifth ditto (23d
of September, 1792 to the 23d of September, 1797) are to be paid in
Assignats, and are of no value.
Arrears of the fifth and sixth years supposed to
be liquidated so as to afford 25 per cent of
their nominal value, about 600
Arrears in _Bons_ for the year VII, valued at 50
per cent loss 400
Arrears of the year VIII, due in _Bons_, valued
at 25 per cent loss 600
Arrears of the year IX, due in specie 600
Arrears of the year X, of which three months
are nearly elapsed 200
-----
Total of the principal and interest of an original
annuity of 2,400 livres, reduced (according
to law) to 800 12,248
Or in sterling, _circa_ £500
------
I had almost forgot that you have asked me more than once for an
explanation of the exact value of a modern franc. The following you
may depend on as correct.
The _unité monétaire_ is a piece of silver of the weight of five
_grammes_, containing a tenth of alloy and nine tenths of pure
silver. It is called _Franc_, and is subdivided into _Décimes_, and
_Centimes_: its value is to that of the old _livre tournois_ in the
proportion of 81 to 80.
_Value in livres tournois._
liv. sous. deniers.
Franc 1 0 3
Décime 2 0.3
Centime 2.43