No. 72.
Mr. Washburne to Mr. Fish.
Paris, July 27, 1876. (Received August 9.)
Sir: I have had more than once occasion to call your attention to the surprising prosperity of this country and the frugal habits of the people. The new loan of the city of Paris, made last week, offers me another opportunity of referring to the subject.
The city of Paris asked for 120,000,000 francs, and she has been offered sixty seven times that amount; that is to say, more than 8,000,000,000 francs, or $1,600,000,000.
Of course this does not represent the ready money tendered to the city, for many subscriptions were larger than they would have been if it had not been expected that the offers would overrun the amount of the loan, and that subscribers must, therefore, put their names down for large sums, in order that in the proportional allotment of subscriptions accepted they might get something; but as each subscription for a bond was to be guaranteed by a deposit of 50 francs, it follows that the cash already paid into the city treasury amounts in round figures to 864,000,000 francs, or $173,000,000.
The loan has been issued in bonds of 465 francs, paying 20 francs interest per annum and redeemable at 500 francs. The preceding loan of the city of Paris, issued at 25 francs below this one, was covered only forty-three times.
This extraordinary success is made more striking by the failure of the German loan of 100,000,000 marks, which has not yielded one-fourth of the amount called for. It shows the confidence of the French people in the new constitution, which seems to have definite established in France republican institutions, and their faith in the management of [Page 121] the city affairs by the municipal council which has been lately very much abused by the reactionary parties.
The money raised by this loan is to be entirely devoted to the opening of new boulevards or avenues and other embellishments of this city already so rich in magnificent thoroughfares and public monuments. In no respect is the wisdom of the people of Paris and of France more fully exemplified than in the constant effort to keep up the reputation of Paris as the most beautiful and agreeable city of the world, and to attract to it the people of all countries and climes who come to pour their gold into the already well-gorged coffers of the French people.
I have, &c.,