become a popular measure with the leaders of parties in Rome, to pass agrarian laws, in order to take away these occupied lands from the rich legal proprietors, and confirm them to those, who, like our squatters, had no other claim to them than mere possession. Accordingly we are told by writers on this subject, that the leading provisions in the agrarian laws were those which affected the right of possession, and which were, in principle, like our laws on that subject. From the unequal distribution of property between the nobles and plebeians of Rome, the contest would be proportionably more violent than in a state of society like ours. The lands naturally fell into the hands of the moneyed men, and they were almost literally the patricians alone. We have here attempted to illustrate our views of this subject by an example from only one of our states; but similar laws have been made in other states of the Union. The public lands belonging to the general government of the U. States, and not under the control of any individual state, being situate at a great distance from the main body of our population, have not yet, we believe, been subject to the same embarrassments from conflicting rights, as those which lie within the jurisdiction of the particular states of the Union.

PUBLIC STOCK is property in a public debt (see Public Debt); and the evidences of this property are certificates issued by the state, showing its obligation to its creditors. These public stocks now exist in almost all Christian states, and are so various, that it is a particular study to learn their nature, their different value, the degree of their credit, the mode of buying and selling them, of raising the interest on them, &c. The shares in these stocks, in modern times, are generally made transferable, so that they have become an important article of commerce. Various methods have been adopted to induce capitalists to lend their money to the state. The attraction consists in affording them a prospect of receiving a greater income from their money in this way, than could be procured by any other safe mode of investing it, and in facilitating the transfer of the claims, and exempting from taxes the income arising from the property. 1. The first was by means of annuities (q. v.), so called; that is, compacts in which the state pledges itself to pay the lender a fixed sum for his capital annually, which he could obtain in no other way with equal ease and convenience. These payments are either confined to a certain period, as

forty-nine or ninety-nine years, at the expiration of which the capital is retained by the state, because the lender has been suffi ciently compensated for it by the incons he has received; or else the payments ar continued till the state returns the capital (perpetually). In this latter case, howev er, the state is at liberty to refund the capital whenever it is inclined to do so, or to retain it forever. The creditor has no legal claim, except upon the stipulated interest. 2. Life annuities and tontinet were another invention to bring capital into the public treasury. The former cure to lenders a certain income during their lives. This income is regulated by the age of the persons thus advancing their money, being greatest for the most aged. Many prefer this mode of dispe ing of their property, because, with small capital, they may enjoy a larger income than could be obtained in any other way. Life annuities have been frequent secured on the life of another person who had a prospect of long life, and who, being generally known, it was unnecessary D furnish attestations respecting his age. health, &c. Thus many annuities wer formerly taken out in France on the i of the king and other individuals of em nence in the state. Any person hold such an annuity was at liberty to trans it to any one else, or to bequeath it. T tines are stipulations by which a company of shareholders are to receive a certa interest from the state (somewhat hig than can be otherwise obtained on good security) for the whole capital which members of the company contribute equal shares; so that, while they all v they enjoy this interest; and, when a die, the whole interest goes to the sur vivors; so that the longest liver finally r ceives the whole interest during his There may, however, be many variet in these contracts. Perpetual rents, they are called on the continent of Eur that is, stocks which the governmet: under no obligation to redeem, have come the means to which states most sort, and which have found the most fav both from states and people, and, by t increase, and the facilities which afforded for their transfer, have acquir great importance. The value of all pul obligations rests fundamentally on fact, that taxation annually produces revenue sufficient to pay the stipula amounts punctually, and that the gover ment has a love of justice, and prude and skill in the administration, which w prompt it to regular payment atthe appe

At present, land in England is generally sold at thirty-six years purchase in times of peace, and at thirty years purchase in time of war; that is, capital invested in landed property yields two and sevenninths per cent. in time of peace, and three and one third per cent. in time of war. Within the last thirty years, the three per cent. stocks have been worth from fiftyeight to eighty-two per cent.; so that the stocks, at the highest rate during this period, have yielded but about the amount of land rents in time of war; for a man, who purchases three per cent. stocks at eightytwo per cent., receives but about three and a half per cent., on his capital. In buying stocks in England, the purchaser does not receive any certificate; but his name is merely registered in the great national debt books, together with all his characteristic designations. If he ever sells the whole, or a part of it, this is transferred from his name to that of the purchaser. Every proprietor can, indeed, have a certificate of what is due to him in the national debt books; but, in the stock-market, this certificate is not considered of value, and a person may sell and transfer his property in the funds without being asked for it. Every stockholder must receive his interest, or make his entry and transfer of stock himself, or by a representative regularly authorized. It would be impossible to conceive, how the book-keepers could be convinced, that the multitude of claimants, who appear before them, are the true proprietors, if it were not known that the greatest part of the business, both the transfer of capital and the receipt of interest, is negotiated by stock-brokers, who are well known to the book-keepers; and cases of imposition are, in fact, very uncommon. Moreover, the direction of all the traffic in stocks is committed to the bank of England. The registry books are arranged alphabetically, and distributed into several chambers, which are marked with the initial letters and syllables of the books they contain. Thus every one can easily find the place of the book which contains his account. The payment of the dividends, which occurs at an appointed day, semi-annually, to the amount of more than 68,000,000 dollars every time, is completed in fourteen days.

II. French Rentes and public Certificates. The national debt of France was formerly far greater than that of England. After the death of Louis XIV, it was estimated at 3,111,000,000 livres (about 550,000,000 dollars), when England had a debt of only about one third of this amount, namely,

£45,000,000 sterling, both reckoned a cording to their nominal capital. But the relative amounts are now wholly change The nominal capital of the national dex of England was, in 1823, about thirteen and two thirds that of France. Frane reckons its debt, however, not according to the amount of the capital borrowed, but only according to the annual amount money to be paid, which gives a juster idea of its extent, both kingdoms havi discharged themselves from the obligatio to pay back the capital, and being bour to pay merely the interest. England, fact, pays annually to its creditors about three and a half times what France pays The nominal amount of the debts of thes two states will be found in the table of European states, after index to vol. This is not the place to inquire wheth such a difference makes the condition England more unhappy than that o France. We will only remark, that the tional wealth of England during that per od has increased in a much greater ra than the wealth of France, and the En: lish stocks have always borne a hig price than the French; for, while t French five per cent. stocks are we but ninety-seven per cent., the English commonly worth 145. If we careful examine the history of the national of France, we cannot help wondering bo the French stocks stand so high they do. Immediately upon the death Louis XIV, the regent reduced the bo rowed capital and the interest arbitrar and without consulting the creditors third; and both debt and interest still e tinued to be paid as irregularly as ev In this state of things, Law (q. v.), a Soc projector, promised to cancel the put debt with paper. But this project ember rassed the finances of the kingdom than ever. Various measures were take each more fallacious than the preced to improve the state of the treasury, to diminish the national debt. They w designed to quiet the clamors of the p lic creditors, without giving them thing but the consolation that they sh not lose the whole of their dema The revolution for a long time put an to all claims, and almost wholly destr ed the value of the stocks; so that, w. Bonaparte was in Egypt, a rente of t francs might be purchased for ten, f and even three francs. In 1798, a disposition was made of the public c All the claims of the emigrants were c celled; two thirds were struck off i the remainder of the debt; and the

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which was left was changed into five per cent. annuities,called tiers consolidés, which compose a large part of the present stocks. They amounted, in 1798, to 302,000 francs a year. Since that period, numerous additions have been made to the debt by subsequent loans, so that, in 1822, 178,364,560 francs were annually required for the discharge of the perpetual and funded rentes. But there are many unfunded rentes to be paid besides; and the sinking fund consumes 40,000,600 francs every year. In 1822, therefore, the whole amount of the annual rentes was 228,864,560 francs, exclusive of four millions newly created for the Spanish war. During the last war, the rentes were again paid irregularly, and the arrears accumulated. These and other debts, which were contracted in the course of the war, were paid in obligations bearing five per cent. interest, and to be discharged at their full nominal value, within five years from 1821. These obligations are called reconnaissances de liquidation, and are likewise transferable. The nominal amount of those remaining due in 1828,was about 300 million francs. At present, France seems to be very punctual in the payment of its rentes; and therefore the French stocks, of late years, have brought a high price, and did so, in fact, even during the reign of Napoleon. The economical regulations for liquidating claims for the payment of interest and principal are a good imitation of the measures of England, so far as relates to the funded five per cent. rentes. They are all registered together in the grand livre des dettes publiques, after the manner of the books of the bank of England. Each stockholder has a distinct leaf for every rente he possesses. The dividends of the five per cent. annuities are paid twice a year, March 22 and September 22. The amount paid is stamped on the back of the certificate, and the owner of it gives a receipt. The dividends can be paid not merely in Paris, but likewise in the provincial towns. Owners who cannot receive their dividends personally, and are unwilling to let their certificates go out of their hands, appoint a special attorney to receive what is due, who is furnished with a certified copy of the original certificate. Besides the consolidated five per cent. inscriptions, there are other stocks in France, of various kinds, with which an important traffic is carried on, and which are subject to different regulations. They include, 1. the before-mentioned reconnaissances de liquidation. 2. Bank stocks. The shares in the bank of France are 90,000, each of the

value of 12,000 francs, paying yearly sixty francs at least. If the profits do not yield this amount in any particular year, it is made up from the reserved fund. These stocks are transferable. In 1822, they were twenty-five per cent. above their nominal value. 3. The obligations of the city of Paris. The city of Paris was authorized, in 1816, to create stock to the amount of 1,500,000 francs, to defray the expenses of the city. The sale was but small during that troubled period, and the city was therefore afterwards empowered to issue 33,000 certificates, worth 1000 francs each, and payable to the holder, to be discharged within twelve years, ending July 1, 1829. These certificates bear an interest of six per cent. a year, to be paid quarterly. 4. Another kind of paper often found in the market consists of actions des ponts. They are issued by a company which has built three bridges over the Seine, and comprise 3780 shares, at 1000 francs each. The dividends are fixed, every year, at a meeting of the proprietors. The amount is regulated by the income of the bridges, which is all divided among the shareholders, except one thirtieth. This thirtieth is distributed into three parts, of which one goes to the support of the bridges, and the others form a capital to pay off the stocks, June 30, 1897. Besides, there is a multitude of shares of insurance companies. 5. There is also in Paris a caisse des depôts et consignations, where money, in coin or notes, is taken by the bank of France, and three per cent. interest paid upon it, commencing after it has been in the treasury thirty days. The money deposited may be taken out at any time by restoring the receipt.

III. Austrian Stocks. Austria has long had a large debt, and, till the French revolution broke out, punctually fulfilled its obligations to its creditors. But, during the war of the French revolution, its finances fell into great disorder; and various measures, adopted to remedy the evil, did not contribute to the public credit. Among these was the immense increase of paper money since 1797; for, till that time, the bank paper of Vienna, which, for a long period, was the common medium of exchange, remained about on a par with specie, it being exchangeable, at any time, for silver, on presentment. But, this year, the payment of specie was limited, and, the year following, stopped entirely; and the paper money so increased, that it soon fell rapidly below the value of silver. The means resorted to as an antidote for the consequent embarrassment were ineffectual. One of the most remarkable was

adopted in 1798. It was a forced loan, by which the holders of public stocks were compelled to add thirty per cent. to what they had already paid, on pain of losing the whole; in consideration of which they were to receive five per cent. instead of four. As the loan was all made in convention money, it was understood that the interest should be paid in the same. But this was extremely difficult for the state, on account of the continual depreciation in the value of the paper currency; and, finally, it seemed to be impossible, when an attempt, made in 1802, to recruit its declining strength by lottery loans and other measures, failed. In 1811, therefore, the interest was reduced to half; and, in order to make this half still smaller, the existing paper money was changed for redemption notes, so called, a note of one guilder being paid for five old paper guilders. It was hoped that these certificates would be esteemed as valuable as specie. Hence the reduced interest was to be paid in this new paper, and not, as before, in coined money. But these notes never fulfilled the design for which they were created; and a large amount of new paper, under the name of anticipation certificates, was put in circulation, about equal in amount to that which the redemption notes had been intended to supersede, so that, in a short time, both kinds of paper sunk as low as the old bank notes. In this way, the early creditors of the state lost a large part of their interest and capital. In 1816, the finances of Austria were put under better management. The new administration devoted their chief attention to two objects:-First, to raising the value of the paper money, and, as far as possible, abolishing it; and next to fixing the public credit on a new basis, by restoring to the old claims a portion of their rights, and by negotiating new loans on a more firm and solid basis. In 1816, a new bank was furnished with funds in specie, and empowered to issue new notes, which were to be paid to the holders on demand in silver money. This bank, to which was intrusted the whole business of amending the currency and public credit, commenced its task by giving notice, June 1, that any person might bring in any sum in the old paper money, and receive for it five sevenths in new certificates, bearing one per cent. interest in convention money, and two sevenths in new bank notes, which every one might exchange at the bank for their value in convention money. Thus a proprietor, who deposited 7000 guilders in paper money, received for it 5000 guilders

in certificates, bearing an interest of fifty guilders in convention money, and 2000 guilders in new bank notes, which he might exchange for convention money at the bank, on demand. But the pressure to procure specie in exchange for the bank notes thus obtained was so great that the supplies and resources of the bank would have soon been exhausted, so that the whole system was abandoned a short time after it was established. Several millions of one per cent. certificates were created by this operation, and some of them are still in circulation. Bank shares, at 500 guilders convention money, might be obtained for 2000 guilders in paper money and 200 in convention money. The paper money thus obtained was to be destroyed. Both measures, however, only partially effected the desired object, and they were soon abandoned. October 29, therefore, of that year, a measure was brought forward founded on juster views. This gave rise to the metalliques, so called. A voluntary loan was opened, and the deposits were received partly in public certificates bearing interest and partly in paper money. For an old Austrian certificate of 100 guilders, and the additiona sum of 80, 100, 110, 120, 130 guilders in redemption or anticipation notes, according as the old certificate yielded six, five, four and a half, four, three and a half, or three per cent. interest, a new state obligation was given of 100 guilders, bearing interest at five per cent., both payable in specie. A sufficient fund was, at the same time, provided for the punctual discharge of the interest, and for the gradual extinction of the capital by repurchase. This gave assurance to the proprietors of these certificates that they might sell them, with scarcely any loss, whenever so inclined. These metalliques, therefore, soon obtained extensive credit, and so confirmed the financial strength of the government, that it boldly resolved to establish the public credit on a broader basis. By a patent of Jan. 22, 1817,the sinking fund was organized after the example of the sinking fund of England,and all the funds were united in one for the payment of all public debts; and, by a regulation of March 21, 1818, the whole system of debt was reduced to such order that the proprietors of the old certificates began to be encouraged that their rights would be restored; and this hope gave the obligations once more a limited circulation. The capital of the old debɛ, of which the interest was reduced to halt in 1811, was divided into sections, each of one million guilders. Five of these