The policy followed by the Bank of France for several years long ago put it in a condition where it would be safe to undertake the full resumption of specie payments, but the arrangements with the government have been such that it has been deemed wise not to offer to redeem all notes on demand at present. The progress made in two years is wonderful. On the 26th February, 1874, the bank had in circulation 2,700,131,175 francs, of its notes, and 933,716,885 francs in specie. For every 1000 francs of circulating notes it had but 345 francs to be used in redeeming them. On the 25th February, 1875, the bank had reduced its circulation to 2,575,886,800 francs, and had increased its metallic reserve to 1,486,302,329 francs, being a contraction of 125,000,000 francs, and an accumulation of 55),000,000 francs in cash. At the end of Febary, 1875, the bank held 573 francs in cash fr

every 1000 francs in circulation. On th 24th February, 1876, the circulation had bee still further reduced by 112,000,000 franc

the amount outstanding on that day being

2,463,800,490 francs. The cash reserve also

increased nearly 300,000,000 francs more, the

specie held by the bank on February 24 being 1,776,741,081 francs; so that on that day every 1000 francs of notes outstanding had

the view of Currency

the Lectures on the livered at Oxford, and

Iso in other writings.

which, in my opinion,

The

poses of redemption at the proper time. The figures are in themselves enormous. stock of gold and silver on hand in the Bank of France is by far the largest amount in any one sum in the world, and we doubt if there was ever a larger collection of hard money. It amounts to more than $355,000,000, an amount sufficient to buy our whole greenback currency at present rates and leave some millions of surplus. It is more than three times the entire quantity of coin and bullion held by the Bank of England. Indeed, it is scarcely less than the combined metallic reserves of the Bank of England, the Imperial Bank of Germany, the Bank of Austria and the Bank of the Netherlands, by the latest returns we have received.