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English money: according to which calculation, the National Debt of France is in round numbers no more than L4,000,000 Supposed liquidation of an annuity of L100. sterling, or 2,400 livres tournois held by a foreigner before the war and yet unliquidated. Francs. Original Annuity 2,400 Tiers Consolide Bons de deux Tiers 2,400
Is paper issued for the purpose of reimbursing the reduced two-thirds of the National Debt, and in the origin rendered applicable to the purchase of national houses and estates in the French Colonies, since ordered to be funded at five per cent; so that the price of this species of paper is entirely subordinate to that of the Tiers Consolide and supposing that to be 60 francs per cent, the Bon de deux Tiers would be worth 3 francs.
The Tiers Consolide 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.
Once more, are we sure of being in a position to reprove such misdeeds; we, whose governments, anterior to '89, made use, without much scruple, of the fall of stocks, and bankruptcies; we, whose debt, on emerging from the Revolution, took the significant name of tiers consolidé?
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 Consolide, must undergo the regular process of reduction and liquidation. National Debt. Francs. The value of a franc is something more than 10d.
Next to the Tiers Consolide, Rachats de Rente are particularly worthy of attention; indeed, this debt is of so secure and sacred a nature, that the government has appropriated a considerable part of it to the special purpose and service of the hospitals and schools; two species of institutions which ought ever to be sheltered from all vicissitudes, and which, whatever may be the form or character of the government, must be supported and respected.
The actual value of the whole, including the arreared dividends up to the present day is as follows: Francs. Tiers Consolide as above, 800 francs sold at 60 francs 9,600 Bons de deux Tiers, ditto 1600 francs sold at 3 francs 48 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.
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