silver coin is heaped up in barrels, placed in spacious cellars, resembling the subterranean store-houses of a brewery. Each tub holding fifty thousand francs in five-franc pieces, and weighing about six hundred pounds. There were, I was told, eight hundred barrels, piled up to the very crown of the arches, and rising much higher than my head. We walked through a long alley of these barrels for some time, until we came to a large stone-roofed and iron-floored apartment, wherein are to be seen large square leaden cases, resembling those used at vitriol and sulphuric acid works. Each of these holds twenty thousand bags, of one thousand francs each, and the whole are soldered up hermetically within the cases; several of which, it appears, have not been opened for nearly forty years; and, a regent told me, would probably remain untouched a hundred years longer, and would be the last of their stock dipped into. In these leaden reservoirs the treasure of the Bank of France is kept perfectly dry, and free also from any variation of temperature. The stairs leading to these regions of Plutus are narrow, and admit of only one person at a time, ascending or descending with a candle. This has been expressly contrived for protection and defence, and a large quantity of sand is kept in a room near the door at the head of the steps, sufficient to fill the staircase, in the event of an attack upon the bank by a mob. The regents told me that (from the steepness and narrowness of these stone stair-flights) a couple of days, it was calculated, would be spent in clearing a passage, even were an insurgent force in possession of the bank itself. In one of the treasure-vaults are the precious deposits of the Rothschilds, and other wealthy capitalists, left for saftety with the bank. To give you the length, breadth, and thickness of the ingots of gold piled up to the ceiling in this subterranean chamber would be fruitless, as well as unsatisfactory, for neither of our names did I see labelled on the tempting blocks.

Private individuals are in the habit of depositing their plate and valuables in these well-guarded strongholds. The richest noble of Eu rope, Prince Demidoff, has requested the Bank of France to keep his jewels in its custody; and on one of the shelves I saw a casket of diamonds belonging to the Russian Croesus, valued at a million sterling. If the French had faith in one another, as Englishmen have, this great stock of bullion would never be needed. Want of confidence obliges the Bank of France to keep in its vaults a sum which might be reduced to a fourth, or even to an eighth part, with safety to itself, and of incalculable advantage to the wealth and prosperity of the country. As commerce, and dealings between man and man are at present carried on in France, this sacrifice is unavoidable; for in this country there is, and has been since Louis XIV. first turned the heads of the people for conquest, or wholesale robbery, which is the same thing, a lamentable want of good faith, engendered by the habit of plundering their neighbours.

A plan was suggested to me not long ago for establishing a bank here, which should circulate small bills of exchange not re-issuable, based upon ample capital, in connection with the post-house stations, of which there are six hundred principal ones, as agencies for redeeming the notes. The postmasters are always men of substance and character, and pay, in some instances, enormous sums for their brevets, or licences, which are under the regulations of Government. I have known as much as twelve thousand pounds sterling given for a brevet,

the lowest price of a brevet being two hundred pounds sterling. Sooner or later a system of banks-of-issue analogous to ours, either as separate establishments, or based upon those already established agencies, must prevail. Gold and silver form an inadequate medium in trade to any profitable extent. The regents of the Bank of France are fully aware of this; but they cannot change the dispositions of their countrymen. At Fontainbleau, not thirty miles from Paris, 1 found it difficult to obtain change for a five hundred franc note, (not twenty pounds sterling,) and in many towns at the South of France it might be attempted for a week in vain.

In a statement shown unto me of the present condition of the Bank of France, it appears that the specie in the Bank amounts to 190,477,735 francs; the bills discounted, to 158,378,741 francs; the advances on bullion, to 4,436,000 francs; and the loans on public securities, to 8,696,586 francs. The other side of the account shows that the amount of notes in circulation was 223,685,200 francs; the balance due to the treasury in account current, 104,287,376 francs; and the balances due upon private accounts current, 44,929,117 francs. It appears, therefore, that the specie in the Bank of France on the day this account was made up, is only 33,211,465 francs less than the amount of their notes in circulation (a difference equal to about 1,300,000l. sterling), or, in other words, they hold about 7,470,000l. specie, against an issue of about 8,770,000l. sterling of notes. I compared this with the official statement for the end of 1840, and it appears that the decrease in the specie is 42,750,017 francs; the increase in the amount of bills discounted is 2,502,621 francs; the decrease in the advances on bullion is 19,343,600 francs; the increase on the advances on stock, is 315,965 francs; on the other side of the account, the decrease in the amount of notes in circulation is 17,936,810 francs; the decrease in the balance due to the treasury is 1,819,247 francs; and the decrease of the amount due upon deposit accounts is 25,794,926 francs.

If I compare the operations of the Bank of France with those of the Bank of England, I find a remarkable difference in the management of the two establishments. The Bank of France, with a circulation of about 8,700,000l. sterling, holds nearly 7,500,000l. in specie. The Bank of England issues 16,000,000l. of circulation, with a provision of bullion of above 5,000,000l.; or, taking the average of the last eight years, from 1832 to 1839, the circulation of the Bank of England was about 18,300,000l. with an average stock of bullion of about 7,200,0002. The amount of bills under discount by the Bank of France is about 6,200,000l. sterling, whilst the advances on public securities are only 340,000l. Now compare this with the amount of bills under discount by the Bank of England. From the return published by the last Bank Committee, it appears that there have been periods when the circulation was above 20,000,000l. and the amount of private bills under discount below 1,000,000l. and, with the exception of the latter end of 1836, and the year 1837, when the Bank discounts were unusually large, it will be found that the average of the amount is much below that of the Bank of France.

In fact, with the Bank of France the bills under discount form the principal item in the account of their securities; whereas, with the Bank of England the case is completely reversed, and the securities are chiefly made up by advances on Government funds.

In conclusion, I may add that the Bank of France is directed by men of unquestionable talent, sound judgment, and high principle. It was founded in 1803, by a law which gave it the exclusive privilege of issuing notes during a period of forty years. It is directed by a Governor, two deputy-governors, fifteen regents, and three censors. It discounts bills, guaranteed by at least three signatures, including the drawer, and transacts the ordinary business of bankers; besides taking charge of ingots, foreign coin, diamonds, &c., at a commission which cannot exceed an eighth per cent. for every period of six months. The capital of the bank is a hundred and eight millions of francs, in ninety thousand shares of twelve hundred francs each, upon which a dividend of from twelve to fifteen per cent. is generally paid. It is admirably managed, and rarely becomes the subject of those unseemly controversies and perpetual commentaries in newspapers which prove so weakening to the moral force of the Bank of England. I never read a single article of critical disquisition on the affairs of the Bank of France during the past year that I have been in Paris; whilst, on the other hand, I never take up the 'Times' or 'Post' at Galignani's reading-room without finding interminable columns of angry and unprofitable squabbles between the Whigs and Tories of our monetary system-for, in finance, as in politics, there are conservatives and radicals.

Above all, we shall never, I hope, disgrace our country by asking assistance again from other nations of the Continent; for, rely upon it, our credit as a commercial country suffers thereby to an extent which people in England can form but little idea of. I never hear it mentioned at the tables of bankers and commercial men, except in a tone of self-complacency, while glances at myself, and affected consideration for my wounded feelings, accompany their provoking attempts to change the unwelcome topic of conversation. Count d'Argout, the governor, is a peer, and a proud one; he has all the acumen and tact of Lord Lyndhurst, with the ready conception for accounts and industry of Lord Ripon. He is a favourite of the King's; but his position as governor for life of the Bank of France renders his lordship not only independent, but disregardful of the frowns or smiles of the Tuileries. I only wish the cabinet of Downing Street had an acquaintance equally slight with that of the Old Lady in Threadneedle Street.'

Still, in what commercial city of the world, except London, are men like the Gurneys, the Mastermans, and the Barings, to be found? Honour intact in its highest sense; with every quality that should appertain to the great and good, and every attribute of a practical and disciplined Christian gentleman, have deservedly raised to their present eminence these wealthy individuals, of whom the metropolis may be justly proud. You may seek Paris, Frankfort, Hamburgh, in vain, for such men; and, let me tell you, you cannot be too sufficiently thankful for the privilege of having such examples perpetually before the public eyes: and also, that a cycle of our great bankers and merchants is sufficient to redeem the character of our country, financially compromised as it has so often been by incompetent

statesmen.

AN ACCOUNT OF THE LAST DERBY DAY.

(REPORTED WITHOUT HAVING BEEN TO THE RACE.)

BY ALBERT SMITH.

WE are by no means a sporting character. We never kept a racer; we do not care a straw which horse wins or loses; and have about as much idea of what is meant by the fluctuation of the odds in the sporting divisions of the newspapers as we have of playing upon the ophicleide, an instrument we never could bring ourselves to learn, for fear of some day tumbling into it and never being heard of again. Nei her did we ever make a bet on the course higher than half a dozen pairs of gloves with some dark-eyed Peri in lined muslin and guirlandes Josephine, or a foolish half-crown at a roulette-table,—a very precarious chance in either case. We know as much of Tattersall's as Geoffrey Chaucer did of Musard's quadrilles; and yet we always look forward to the Derby as one of the greatest treats in the whole twelve months.

With these sentiments it may be conceived that we are not overpleased at being compelled to stay in town on the last Derby day,the more so, that we had already received several invitations; and similar despatches to the following were continually dropping in:

No. I,

[Hurried writing, and no wafer: brought by a little boy in buttons.] 'DEAR AL.

Will you have a go in at a drag to Epsom? It won't come to much-about £2 10s. each, including feed. We shall take something better than cape and gooseberry. Let's know soon; and learn" The Monks of Old" and "The Irish Quadrilles" on your cornet.

Lincoln's Inn.'

6

• Yours always,
'HARRY

This was refused, for obvious reasons hereafter stated. Besides, we know how these parties always end, where the charm of female society is wanting to check the exuberance of youthful spirits. We joined one some time back, of which our last reminiscence is that of endeavouring to cut up a cold fowl with a corkscrew, and drinking champagne out of a mustard-pot. We have a faint idea of leaving the course with a thousand other vehicles, all jostling along in one whirling cloud of dust and confusion, and disputing about a turnpike ticket-somewhere, and offering to decide the quarrel by the ancient ordeal of trial by battle with the tollman; but this scene is as indistinct and evanesçent as an unfixed Daguerreotype.

No. II.

[Lace-work envelope, scented paper, medallion wafer, stamped with an unintelligible coat of arms, and small, formal, angular handwriting -a good specimen of a style after six lessons.']

'Mrs. is very happy in being able to offer Mr. A- a seat

in her landau to Epsom. Should he feel inclined to join her party, an early answer will oblige.'

This was received, and also refused, on Tuesday morning. We were evidently pitched upon to fill up a sudden hiatus at the eleventh hour: besides three very plain daughters, all single, and carrying flaring parasols all different,-servants in gaudy liveries, who would have made capital harlequins if put into a kaleidoscope,-nothing for lunch but warm sandwiches and flabby cucumber, peppered with dust,-together with an air of intense parvenu dash flung over the whole setout; all these combined were too much even for the sake of a cast to the Derby.

No. III.

[A dirty piece of paper, folded in that peculiarly ingenious and intricate manner which only the inferior orders can contrive; closed with a common red wafer, ornamented with five distinct impressions of the end of a watch-key.]

'Hond sir i Take the librty to Inform you of A wan as will start from My shop on Wensday for The Darby to epsm for a Sovrin there And back and shall be onnord by your cumpay from your obedient and Humbil servent

'JOHN HIGGS.'

This was from our friend the green-grocer in the next street, and was gratefully declined, as was also the request from a neighbouring shopkeeper that we would inspect the celebrated six-and-sixpenny Derby blouse. But these were not all the inducements to go. A kind friend who resides close to the downs, actually offered us a bed before and after the race. Placards of superior four-horse coaches to Epsom,' stared at us from every office in London; all the railways, annihilating every idea of space, endeavoured, we know not how, to prove that some of their stations were near the course, we are not certain whether we were not told that the Eastern Counties was the best line to take; and all the world seemed wrapped up in the idea that the Queen would grace the course,-which not proving true, was a remarkable instance of the Derby and hoax taking place on the same day. We believe the joke to be original; if not, we humbly crave pardon for having introduced it.

To be candid, the plain truth of the matter was, that we could not afford the trip. The season had been, up to the period in question, comparatively very expensive, and much more gaiety was yet to follow, which would make a great diminution in our exchequer, although we inhabit chambers on the fifth floor in a cheap inn (of court,) and contrive occasionally, by dint of extreme caution, to make the same pair of white trowsers appear two consecutive days in Regent Street. But our darling boots-the especial favourites with the bronze morocco tops and patent feet-had begun to evince the first symptoms of decline in the soles, brought on by over-waltzing. Moreover, the invincible stock, with the tiny bouquets embroidered thereon, seemed to have fallen out with our chin, unfortunately, like a stubble land at harvest-home,' and was also on the decay; and a new black wais coat of plain satin had been shot by some champagne, and tastefully ornamented with red spots, more palpable than plesing, which rendered another absolutely necessary. We argued with ourselves a long time,