Blackwood's Edinburgh Magazine, Volume 63, No. 391, May, 1848Various
General
Blackwood's Edinburgh Magazine, Volume 63, No. 391, May, 1848
Various
England -- Periodicals; Scotland -- Periodicals
"The time is now fast approaching when the pecuniary
resources left in the treasury at the revolution will be
exhausted. The old loan has ceased to be paid up. The new
loan remains a barren failure. The regular taxes are paid
with reluctance, and are not paid beforehand except in
Paris. The additional impost of 45 centimes (near 50 per
cent on the direct taxes) is positively refused as illegal
by the rural districts and provincial cities. The stock of
bullion in the Bank of France decreases, and, in short, the
progress of financial ruin goes steadily on. We pointed out
some weeks ago the exact and inevitable course of this
decline, and we now read in a French journal of repute the
precise confirmation of our predictions:--'We are now,' says
the _Journal des Debats_, 'but two steps removed from a
complete system of paper-money; and if we enter on that
system, we shall not get out of it again _short of the total
ruin of private persons and of the state_, after having
passed through the most rigorous distress; for it would be
the suspension of production and of exchange.' The plan
proposed, though not yet sanctioned by the Provisional
Government, seems to be a _general seizure and incorporation
with the state of all the great financial and trading
companies, such as the Bank of France, the railways, the
canals, mines, &c._, and the issue of a vast amount of paper
by the state on the alleged credit of this property--in
short, a _pure inconvertible system of assignats_. Monstrous
as such a proposal appears, we are inclined to think that
the rapid disappearance of the precious metals will render
some such scheme inevitable, and it will be the form given
to the bankruptcy and ruin of the nation."--_Times_, 14th
April.
In the midst of these woful circumstances, the Provisional Government
does not for a moment intermit in the inflaming the public mind by the
most fallacious and false promises of boundless future prosperity from
the adherence to republican principles, and the return of stanch
republicans to the approaching assembly. In the same able journal it
is observed,--
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