Part 20

In the space comprised between _La Magdeleine_ and the _Vieille Rue du Temple_, I speak within compass when I say that there are sometimes to be seen fifty ambulating conjurers of both sexes. They all vary the form of their art. Some have tables, surmounted by flags, bearing mysterious devices; some have wheels, with compartments adapted to every age and profession--One has a robe charged with hieroglyphics, and tells you your fortune through a long tube which conveys the sound to your ear; the other makes you choose in a parcel, a square piece of white paper, which becomes covered with characters at the moment when it is thrown into a jug that appears empty. The secret of this is as follows:

The jug contains a little sulphuret of potash, and the words are written with acetite of lead. The action of the exterior air, on, the sulphuret of potash, disengages from it sulphurated hydrogen gas, which, acting on the oxyd of lead, brings to view the characters that before were invislble.

Here, the philosophic Parisians stop before the movable stall of an astrologer, who has surmounted it with an owl, as an emblem of his magic wisdom. Many of them take this animal for a curiosity imported from foreign countries; for they are seldom able to distinguish a bat from a swallow.

"Does that bird come from China, my dear?" says a lusty dame to her elderly husband, a shopkeeper of the _Rue St. Denis_.--"I don't know, my love," replies the other.--"What eyes it has got," continues she; "it must see a great deal better than we." "No;" cries a countryman standing by; "though its eyes are so big, it can't, in broad day, tell a cow from a calf."

The lady continues her survey of the scientific repository; and the conjurer, with an air of importance, proposes to her to draw, for two _sous_, a motto from Merlin's wheel. "Take one, my dear," says the husband; "I wish to know whether you love me." The wife blushes and hesitates; the husband insists; she refuses, and is desirous of continuing her walk, saying that it is all foolishness.--"What if it is?" rejoins the husband, "I've paid, so take a motto to please me." For this once, the lady is quite at a nonplus; she at last consents, and, with a trembling hand, draws a card from the magic wheel: the husband unrolls it with eagerness and confidence, and reads these words: "_My young lover is and will be constant_."--"What the devil does this mean?" exclaims the old husband; quite disconcerted. --"'Tis a mistake," says the conjurer; "the lady put her hand into the wrong box; she drew the motto from the wheel for _young girls_, instead of that for _married women_. Let _Madame_ draw again, she shall pay nothing more."--"No, Mr. Conjurer," replies the shopkeeper, "that's enough. I've no faith in such nonsense; but another time, madam, take care that you don't put your hand into the wrong box." The fat lady, with her face as red as fire, follows her husband, who walks off grumbling, and it is easy to see, by their gestures, that the fatal motto has sown discord in the family, and confirmed the shopkeeper's suspicions.

Independently of these divers into futurity, the corners of streets and walls of public squares, are covered with hand-bills announcing books containing secrets, sympathetic calculations of numbers in the lottery, the explanation of dreams in regard to those numbers, together with the different manners of telling fortunes, and interpreting prognostics.

At all times, the marvellous has prevailed over simple truth, and the Cumæan Sibyl attracted the inquisitive in greater crowds than Socrates, Plato, or any philosopher, had pupils in the whole course of their existence.

In Paris, the sciences are really making a rapid progress, notwithstanding the fooleries of the pseudo-philosophers, who parade the streets, and here, on the _Boulevards_, as well as in other parts of the town, exhibit lessons of physics.

One has an electrifying machine, and phials filled with phosphorus: for two _sous_, he gives you a slight shock, and makes you a present of a small phial.

Farther on, you meet with a _camera obscura_, whose effect surprises the spectators the more, as the objects represented within it have the motion which they do not find in common optics.

There, you see a double refracting telescope: for two _sous_, you enjoy its effect. At either end, you place any object whatever, and though a hat, a board, or a child be introduced between the two glasses, the object placed appears not, on that account, the less clear and distinct to the eye of the person looking through the opposite glass. _Pierre_ has seen, and cannot believe his eyes: _Jacques_ wishes to see, and, on seeing, is in ecstacy: next comes _Fanchon_, who remains stupified. Enthusiasm becomes general, and the witnesses of their delirium are ready to go mad at not having two _sous_ in their pocket.

Another fellow, in short, has a microscope, of which he extols the beauty, and, above all, the effects: he will not describe the causes which produce them, because he is unacquainted with them; but, provided he adapts his lessons to the understanding of those who listen to him, this is all he wants. Sometimes he may be heard to say to the people about him: "Gentlemen, give me a creeping insect, and for one _sou_, I will shew it to you as big as my fist." Sometimes too, unfortunately for him, the insect which he requires is more easily found among part of his auditors, than the money.

P.S. For the preceding account of the Parisian conjurers I am indebted to M. Pujoulx.

LETTER XXVIII.

_Paris, December 4, 1802_.

In one of your former letters you questioned me on a subject, which, though it had not escaped my notice, I was desirous to avoid, till I should be able to obtain on it some precise information. This I have done; and I hasten to present you with the following sketch, which will afford you a tolerably-correct idea of the

FRENCH FUNDS, AND NATIONAL DEBT.

The booked or consolidated debt is called

TIERS CONSOLIDÉ,

from its being the consolidated third of the national debt, of which the remaining two-thirds were reimbursed in _Bons de deux Tiers_ in 1797 and 98. It bears interest at five per Cent. payable half yearly at the _Banque de France_. The payment of the interest is at present six months in arrear. But the intention of the government is, by paying off in specie the interest of one whole year, to pay in future as soon as due.

The days of payment are the 1st of Germinal (23d of March) and the 1st of Vendémiaire (23d of September).

This stock purchased at the present price of from 55 to 60 would produce from eight to nine per cent. The general opinion is, that it will rise to 80; and as it is the chief stock, and the standard of the national credit, it is the interest, and must be the constant object of the government to keep up its price.

There is a _Caisse d'amortissement_ or Sinking Fund, for the special purpose of paying off this stock, the effect of which, though not exactly known, must shortly be very considerable. The _Tiers Consolidé_ 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. An established rule is, that the seller always retains his right to half a year's interest at the succeeding stated period of payment, so that he who purchases in the interval between March and September, is entitled to the interest commencing from the 23d of the latter month only; and he who buys between September and March, receives not his first dividend till the 23d of the following September.

TIERS PROVISOIRE.

This is the debt, yet unbooked, which is composed of the provisional claims of the creditors of the emigrants, the contractors, and various other holders of claims on the government.

The _Tiers Provisoire_ is to be booked before the 1st of Vendémiaire, year XII of the Republic (23d of September, 1803), and will from that day bear interest of five per cent; so that, setting aside the danger of any retrospect in the interval, and that of any other change, it is at the present price, of from 15 to 50, cheaper than the _Tiers Consolidé_ to which, in about eighteen months, it will, in every respect, be assimilated.

BONS DE DEUX TIERS,

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 Consolidé_ and supposing that to be 60 francs per cent, the _Bon de deux Tiers_ would be worth 3 francs. There are no hopes, however distant, that the government will ever restore the _Bons de deux Tiers_ to their original value.

BONS DE TROIS QUARTS,

So called from having been issued for the purpose of reimbursing the three-fourths of the interest of the fifth and sixth years of the Republic (1797 to 1798). They are, in all respects, assimilated to the preceding stock.

COUPONS D'EMPRUNT FORCÉ.

These are the receipts given by the government to the persons who contributed to the various forced loans. This paper is likewise assimilated to the two last-mentioned species, with this difference, that it is generally considered as a less sacred claim, and is therefore liquidated with greater difficulty. The holders of these three claims are hastening the liquidation and consolidation of them, and they are evidently right in so doing.

QUARTS AU NOM ET QUART NUMÉRAIRE.

This paper is thus denominated from its having been issued for the purpose of reimbursing the fourth of the dividend of the fifth and sixth years of the Republic (1797 to 1798). It is generally thought that this very sacred claim on the government will be funded _in toto_.

RACHATS DE RENTE,

Is the name given to the redemption of perpetual annuities due by individuals to the government, on a privileged mortgage on landed estates; the said annuities having been issued by the government in times of great distress, for the purpose of supplying immediate and urgent events.

This paper is not only a mere government security, but is also specially mortgaged on the estates of the person who owes the annuity to the government, and who is, at any time, at liberty to redeem it at from twenty to twenty-five years purchase. Claims of this description, mortgaged on most desirable estates near the metropolis, might be obtained for less than 60 per cent; which, at the interest of five per cent, and with the additional advantage, in some instances, of the arrears of one or two years, would produce between eight and nine per cent.

Next to the _Tiers Consolidé_, _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.

## ACTIONS DE LA BANQUE DE FRANCE.

These are shares in the National Bank of France, which are limited to the number of thirty thousand, and were originally worth one thousand francs each; they therefore form a capital of 30,000,000 francs, or £1,250,000 sterling, and afford as follows:

1. A dividend which at present, and since the foundation, has averaged from eight to ten per cent, arising from the profits on discount.

2. A profit of from four to five per cent more on the discount of paper, which every holder of an _action_ or share effects at the Bank, at the rate of one-half per cent per month, or six per cent for the whole year.

The present price of an _action_ is about twelve hundred francs, which may be considered as producing:

80 francs; dividend paid by the Bank on each share.

30 francs; certain profits according to the present discount of bills.

110 francs; per share 10-10/11 per cent.

_Actions de la Banque de France_, though subject, in common with all stocks, to the influence of the government, are, however, far more independent of it than any other, and are the more secure, as the National Bank is not only composed of all the first bankers, but also supported by the principal merchants in the country. This investment is at present very beneficial, and certainly promises great eventual advantages. The dividends are paid in two half-yearly instalments.

## ACTIONS DE LA CAISSE DE COMMERCE,

ET

## ACTIONS DU COMPTOIR COMMERCIAL.

The _Caisse de Commerce_ and the _Comptoir Commercial_ are two establishments on the same plan, and affording, as nearly as possible, the same advantages as the _Banque de France_: the only difference is as follows:

1. These last two are, as far as any commercial establishment can be, independent of the government, and are more so than the _Banque de France_, as the _actions_ or shares are not considered as being a public fund.

2. The _Actions de la Caisse de Commerce_ limited in number to two thousand four hundred, originally cost 5000 francs, and are now worth 6000. The holder of each _action_ moreover, signs circulating notes to the amount of five thousand francs, which form the paper currency of the Bank, and for the payment of which the said holder would be responsible, were the Bank to stop payment.

3. The _Actions du Comptoir Commercial_ are still issued by the administrators of the establishment. The number of _actions_ is not as yet limited: the price of each _action_ is fifteen hundred francs (_circa_ £60 sterling), and the plan and advantages are almost entirely similar to those of the two last-mentioned institutions.

The _Banque de France_ the _Caisse de Commerce_, and the _Comptoir Commercial_, discount three times a week. The first, the paper of the banking-houses and the principal commercial houses holding bank-stock; the second, the paper of the wholesale merchants of every class; and the third, the paper of retailers of all descriptions; and in a circulation which amounts to 100 millions of francs (_circa_ 4 millions sterling) per month, there have not, it is said, been seen, in the course of the last month, protests to the amount of 20,000 francs.

BONS DE L'AN VII ET DE L'AN VIII.

Is a denomination applied to paper, issued for the purpose of paying the dividend of the debt during the seventh and eighth years of the Republic.

These _Bons_ are no further deserving of notice than as they still form a part of the floating debt, and are an article of the supposed liquidation at the conclusion of the present summary. It is therefore unnecessary to say more of them.

ARRÉRAGES DES ANNÉES V ET VI.

These are the arrears due to such holders of stock as, during the fifth and sixth years of the Republic, had not their dividend paid in _Bons de trois Quarts_ and _Quart Numéraire_, mentioned in Art. IV and VI of this sketch. I also notice them as forming an essential part of the above-mentioned supposed liquidation, at the end of the sketch, and shall only add that it is the general opinion that they will be funded.

To the preceding principal investments and claims on the government, might be added the following:

_Coupes de Bois. Cédules Hypothécaires. Rescriptions de Domaines Nationaux.

## Actions de la Caisse des Rentiers.

## Actions des Indes.

Bons de Moines et Réligieuses. Obligations de Reçeveur._

However, they are almost entirely unworthy of attention, and afford but occasionally openings for speculation. Of the last, (_Obligations de Reçeveur_) it may be necessary to observe that they are monthy acceptances issued by the Receivers-General of all the departments, which the government has given to the five bankers, charged with supplying money for the current service, as security for their advances, and which are commonly discounted at from 7/8 to one per cent per month.

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 Consolidé_, must undergo the regular process of reduction and liquidation.

_National Debt_.

_Francs._

Consolidated Stock (_Tiers Consolidé_) 38,750,000 Floating Debt, to be consolidated, about 23,000,000 Life Annuities 20,000,000 Ecclesiastical, Military, and other Pensions 19,000,000 ----------- 100,750,000

The value of a _franc_ is something more than 10_d_. English money: according to which calculation, the National Debt of France is in round numbers no more than £4,000,000

Supposed liquidation of an annuity of £100. sterling, or 2,400 _livres tournois_ held by a foreigner before the war and yet unliquidated.

_Francs._ Original Annuity 2,400 _Tiers Consolidé Bons de deux Tiers_ 2,400

The actual value of the whole, including the arreared dividends up to the present day is as follows:

_Francs._ _Tiers Consolidé_ as above, 800 francs sold at 60 francs 9,600 _Bons de deux Tiers_, ditto 1600 francs sold at 3 francs 48

Arrears from the first year of the Republic to the fifth ditto (23d of September, 1792 to the 23d of September, 1797) are to be paid in Assignats, and are of no value.

Arrears of the fifth and sixth years supposed to be liquidated so as to afford 25 per cent of their nominal value, about 600 Arrears in _Bons_ for the year VII, valued at 50 per cent loss 400 Arrears of the year VIII, due in _Bons_, valued at 25 per cent loss 600 Arrears of the year IX, due in specie 600 Arrears of the year X, of which three months are nearly elapsed 200 ----- Total of the principal and interest of an original annuity of 2,400 livres, reduced (according to law) to 800 12,248 Or in sterling, _circa_ £500 ------

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.

The _unité monétaire_ is a piece of silver of the weight of five _grammes_, containing a tenth of alloy and nine tenths of pure silver. It is called _Franc_, and is subdivided into _Décimes_, and _Centimes_: its value is to that of the old _livre tournois_ in the proportion of 81 to 80.

_Value in livres tournois._ liv. sous. deniers. Franc 1 0 3 Décime 2 0.3 Centime 2.43

LETTER XXIX.

_Paris, December 7, 1801_.

At the grand monthly parade of the 15th of last Brumaire, I had seen the First Consul chiefly on horseback: on which account, I determined to avail myself of that of the 15th of the present month of Frimaire, in order to obtain a nearer view of his person. On these occasions, none but officers in complete uniform are admitted into the palace of the _Tuileries_, unless provided with tickets, which are distributed to a certain number at the discretion of the governor. General A----y sent me tickets by ten o'clock this morning, and about half after eleven, I repaired to the palace.

On reaching the vestibule from the garden of the _Tuileries_, you ascend the grand stair-case to the left, which conducts you to the guard-room above it in the centre pavilion. Hence you enter the apartments of the Chief Consul.

On the days of the grand parade, the first room is destined for officers as low as the rank of captain, and persons admitted with tickets; the second, for field-officers; the third, for generals; and the fourth, for councellors of state, and the diplomatic corps. To the east, the windows of these apartments command the court-yard where the troops are assembled; while to the west, they afford a fine view of the garden of the _Tuileries_ and the avenue leading to the _Barrière de Chaillot_. In the first-room, those windows which overlook the parade were occupied by persons standing five or six in depth, some of whom, as I was informed, had been patient enough to retain their places for the space of two or three hours, and among them were a few ladies. Here, a sort of lane was formed from door to door by some grenadiers of the consular guard. I found both sides of this lane so much crowded, that I readily accepted the invitation of a _chef de brigade_ of my acquaintance to accompany him into the second room; this, he observed, was no more than a privilege to which I was entitled. This room was also crowded; but it exhibited a most brilliant _coup d'oeil_ from the great variety and richness of the uniforms of the field-officers here assembled, by which mine was entirely eclipsed. The lace or embroidery is not merely confined to the coats, jackets, and pantaloons, but extends to the sword belts, and even to the boots, which are universally worn by the military. Indeed, all the foreign ambassadors admit that none of the levees of the European courts can vie in splendour with those of the Chief Consul.

My first care on entering this room, was to place myself in a situation which might afford me an uninterrupted view of BONAPARTE. About twenty-five minutes past twelve, his sortie was announced by a _huissier_. Immediately after, he came out of the inner apartment, attended by several officers of rank, and, traversing all the other rooms with a quick step, proceeded, uncovered, to the parade, the order of which I have described to you in a former letter. On the present occasion, however, it lasted longer on account of the distribution of arms of honour, which the First Consul presents with his own hand to those heroes who have signalized themselves in fighting their country's battles.

This part of the ceremony, which was all that I saw of the parade yesterday, naturally revived in my mind the following question, so often agitated: "Are the military successes of the French the consequences of a new system of operations and new tactics, or merely the effect of the blind courage of a mass of men, led on by chiefs whose resolutions were decided by presence of mind alone and circumstances?"

The latter method of explaining their victories has been frequently adopted, and the French generals have been reproached with lavishing the lives of thousands for the sake of gaining unimportant advantages, or repairing inconsiderable faults.

Sometimes, indeed, it should seem that a murderous obstinacy has obtained them successes to which prudence had not paved the way; but, certainly, the French can boast, too, of memorable days when talent had traced the road to courage, when vast plans combined with judgment, have been followed with perseverance, when resources have been found in those awful moments in which Victory, hovering over a field of carnage, leaves the issue of the conflict doubtful, till a sudden thought, a ray of genius, inclines her in favour of the general, thus inspired, and then art may be said to triumph over art, and valour over valour.