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 transferrable 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 45 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 Republie (1797 to 1798). They are, in all respects, assimilated to the preceding stock.

COUPONS D'EMPRUNT FORCÉ.

These are the receipts given by the govern

ment to the persons who contributed to the various forced loans. This paper is likewise assi milated 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 per petual 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 twentyfive 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:

So 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 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.