The buildings where the subscriptions were received were literally
besieged for hours before the time named for opening. France is no
longer poor. It is a rich country.
Hon. William H. Seward
Secretary of State, &c., &c.,
&c.
The subscription to the new French
Loan.
M. Fould has sent the following report to the Emperor on the subject
of the new French loan:
“Sire: I have the honor to submit to you
the results of the public subscription to the loan of 300,000,000,
authorized by the law of 30th December, 1863. The price of emission
of the three per cent. rente was fixed by the decree of 12th January
at 66 francs 30 centimes, with interest running from 1st January,
payable in ten equal instalments, the last falling due on 21st
November next. To realize the 300,000,000 and the 15,000,000
required for discount and dividends during 1864, it was necessary to
issue 14,253,393 francs of rente. The subscription was opened on
Monday the 18th, and closed on Monday 25th. The subscriptions
amounted to 219,321,536 francs of rente, by 542,061 subscribers, of
whom 134, 105 are at Paris and 407,956 in the departments. Although
the administration has still some returns to receive, the figures
which I now place before your Majesty will not be materially
modified, The subscription of six francs of rente, declared
irreducible, amount to 2,409,366 francs. In conformity with article
4, of the regulations of 12th January, the subscriptions which, in
consequence of the proportional reduction, would have been brought
below six francs of rente are admitted for that sum. In this
category are included demands of from 10 francs to 120 francs of
rente. They represent a sum of 3,372,390 francs of rente, demanded
by 118,830 persons, and figure in the repartition for 712,980 francs
of rente; making the total of irreducible rente 3,122,346 francs,
which reduces to 11,131,047 francs, the rente to be allotted to the
other subscriptions. Each subscriber will therefore be entitled to 5
francs 41 centimes of rente for every 100 francs of rente he has
demanded. At the moment of issuing the loan, the high rate of
interest and the restrictions which the Bank of France had deemed
advisable to impose on its advances on securities decided me to
admit, concurrently with specie and for important subscriptions, the
direct deposit, as a guarantee, of rente on the state and of
treasury bonds. Notwitstanding this facility, the sums actually paid
in have amounted to 230,000,000. A more considerable sum withdrawn
from circulation would have embarrassed the movement of affairs. In
order to diminish the effects of a too great concentration of
capital, I have authorized, from the 26th January, the reimbursement
of nine-tenths of the sums paid in by subscribers for 3,000 francs
of rente and upwards. The definitive liquidation of each
subscription will not be terminated until about the 13th of
February. At that date, the provisional receipts will be exchanged
for negotiable loan certificates.
[Page 33]
The treasury will reimburse at the same time
the sums paid in excess of the first tenth of the loan to the
subscriber who may not prefer to avail themselves of the right
granted them, by article 8 of the regulations of 12th of January, of
applying that excess to ulterior instalments. The resources which
the loan has procured for the treasury are more than sufficient, to
assure the public services and the successive reduction of the
treasury bonds in circulation. They also permit me, in conformity
with article 7 of my regulations, to suspend, from this day, the
faculty of paying by anticipation the instalments of the loan before
they fall due. The promptitude with which the country has responded
to the appeal made to it is a further proof of its confidence in the
Emperor’s government, and of the universal feeling of security in
the credit of France.
“I am, &c.,
