An idea of the present rage for speculation in Paris
may be formed from an account of the Union Generale, a bank, or rather financing company, started in 1878 by some rich Catho- lics. The "Catholic interest" gathered round the Union, it took Austria for its field of action, established a Land Bank in Vienna, and " financed " railways, iron mines, and foundries in Bohemia and Hungary. Its business expanded so rapidly that in less than three years its called-up capital was raised from 2250,000 to 26,000,000, while its deposits at a fixed rate reached 21,000,000. It is believed to control a capital of £20,000,000, and its shares have consequently gone up from 25, the paid-up value, to 285, or seventeen times the original price. With such prizes in the market, all industry seems tame, and from the highest to the lowest, all are speculating ; while, as in France most enterprises can be affected by the State, the solicitations, offers, and direct bribes to politicians know no limit. The politicians are crazy for quick fortunes, nearly every journal is influenced by speculators, and if a war with Timbuc- too would pay, a war-cry would be raised. All this adds terribly to the influence of the Extremists, who, as a rule, are unapproachable with money.
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