Harper's New Monthly Magazine, No. XXIV, May 1852, Vol. IVVarious
General
Harper's New Monthly Magazine, No. XXIV, May 1852, Vol. IV
Various
American literature -- Periodicals; Civilization -- Periodicals; Culture -- Periodicals
The President continues the issue of decrees for the government of
France. They embrace, of course, the entire scope of legislation, as the
country for the present has no other source of law. One of the most
important of these decrees is that authorizing the establishment of
Mortgage Banks, the object of which is to enable owners of real estate
to borrow on mortgage, and repay the loans by means of long annuities;
that is, in addition to the interest the borrower is obliged to pay
annually say one per cent. as a sinking fund, which will extinguish the
debt in forty years. The banks are to loan on double real estate
security. They are allowed to issue notes or bonds. They are not to
require more than five per cent. interest, nor more than two nor less
than one per cent. as a sinking fund. An article in the _Moniteur_
followed the publication of this decree for the purpose of explaining
its provisions, from which it appears that there are $160,000,000 of
mortgaged debts in France, paying, inclusive of various expenses, an
average interest of eight per cent., and that these debts are increasing
at the rate of $12,000,000 yearly. It is claimed that the new law will
remedy this state of things, and Germany is pointed to in proof of the
beneficial effects of mortgage societies.----Another financial decree
directs that the holders of five per cent. government funds will receive
hereafter only four and a half per cent. or the principal at par value,
at their option. The effect of this change will be to reduce the annual
interest on the national debt, by about three and a half millions of
dollars. The holders of these securities of course complain of it as an
unjust reduction of their incomes.----Another decree directs the entire
organization of the College of France to be put under the immediate
control of the President, until the law for its permanent establishment
shall have been prepared. New officers have been appointed throughout--a
number of the most distinguished scholars of France being
superseded.----It has also been decreed that judicial officers shall be
disqualified at seventy years of age. By this means the President
secures the displacement of a large number of judges, whose seats he
will fill with persons more acceptable to himself.----It is decided that
M. Billault is to be President of the Legislative corps.----Several
distinguished Frenchmen have died during the month. Marshal MARMONT,
Duke of Ragusa, the last of the Marshals of Napoleon, died at Venice on
the 2d of March. He received his highest military title on the battle
field of Wagram. He forsook Napoleon's cause when Napoleon was falling,
held high offices under the restoration, and has lived in exile since
1830. Having forsaken Napoleon in 1814, and opposed the revolution of
July, his name was erased from the list of Marshals by Louis Philippe's
Government, and a black vail drawn over his portrait in the Hall of the
Public-domain text, read in full here on John Shaqi.
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