The Sydney Morning Herald Friday 14 July 1848
http://nla.gov.au/nla.news-article12906257
THE MONETARY CRISIS.
Paris, Wednesday Evening.—The monetary crisis is still the great subject of
doubt and anxiety here, and hitherto there
ate no signs of improvement. A report
is entrent to-day which has given firmness to some of the lines of railway. It
is said that the Government is determined
to take possession of all the railways, and
to make an equitable arrangement with
the shareholders.
A deputation consisting
of the directors of several railways, and
among others of the Paris and Lyons, had
yesterday an interview with the Minister
of Finance on the subject. The report is
that the government will take all the lines
out of the hands of the shareholders at
par, and pay for them at five per cent, at
par. As it is well known that the late
government, as well as the present, was
very anxious to get the lines into their
own hands, it is exceedingly likely that
this or some similar plan will be adopted.
The directors of several lines are beginning to find their employes exceedingly troublesome. On the Rouen line,
the engine-drivers refuse to work more
than fifteen days per month ; and besides
this, they ask for the selection of those to
be employed under them, an increase of
wages. On other lines similar symptoms
of insubordination show themselves, and
threats have been used to enforce the
claims ; which have greatly alarmed the
directors. It is probable that in a day or
two the Government will make known its
determination on this important subject.
Every one who knows the respect with
which Frenchmen treated national property, even in the midst of the excesses of
a Revolution, will see that in this country
railways are much safer in the hands of
the Government than in those of private
companies. It is also reported to-day
that an addition of 56 per cent, is to be
made to the direct taxes.
Notes
This report in the Sydney Morning Herald suggests an ambivalence in Australia about railways being in private hands. The industrial action of the Rouen engine drivers in support of their mates is an interesting example of solidarity in the face of the financial problems of French capitalists at the time, 1848 being of course the "year of revolution" in much of Europe and the last year of the Chartist mass demonstrations in Britain.
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