Make France Great Again-Chapter 786 - 777 Continuation of the Gold Standard System
After listening to Jerome Bonaparte’s words, Count Algou hesitated for a moment, and then replied to Jerome Bonaparte, "Your Majesty, I believe that maintaining the bimetallic standard is the best strategy for the French Empire!"
"Tell me your reasons!" Jerome Bonaparte responded to Count Algou calmly.
"Your Majesty, according to the gold reserves during my tenure as president of the Bank of France, there is a significant gap between us and the Kingdom of Britain!
Moreover, our bank also reserves over 2000 tons of silver, and rashly changing the monetary system might bring considerable trouble to the silver we hold!" Count Algou explained to Jerome Bonaparte.
What Count Algou didn’t know was that the gold reserves of the Bank of France were no longer the 40 tons they were when he left (historically in 1855, the Bank of France’s gold reserves were 32.5 tons), but nearly a hundred tons (to be precise, 101 tons) of gold.
A portion of this gold came from France’s frenzied exchanges during the war, while another portion came from the treasury of the Russian Empire.
It can be said that the French Empire now holds the largest gold reserves of any country in Europe. (Historically, Britain’s gold reserves had decreased from 104 to 74 tons, and during this period, due to Jerome Bonaparte’s exchanges, Britain’s gold reserves were even less than this value.)
"Mr. Algus!" Jerome Bonaparte smiled as he asked Count Algou, "How long has it been since you last learned about the gold reserves of the Bank of France!"
Count Algou was taken aback, then carefully replied, "Since I stepped down from the position of president, I haven’t had the opportunity to learn anything about it again!"
"Then let me tell you about the current gold reserves!" Jerome Bonaparte informed Count Algou of the current gold reserve figures of the Bank of France.
Count Algou showed a look of surprise on his face; he couldn’t understand how the Bank of France managed to more than double its reserves in less than a year after he left the position of president.
"The current gold and silver reserves of the Bank of France are in a ratio of about 1 to 20," Jerome Bonaparte responded to Count Algou, "and according to my intelligence from the United States of America, there might be a large-scale silver mine in California!"
"Ah!" Count Algou’s face revealed a look of shock.
Count Algou didn’t quite believe Jerome Bonaparte’s intelligence, but Jerome Bonaparte’s previous actions made him have to believe these things.
Because Jerome Bonaparte indeed has a gold mine in California!
"Though the current gold to silver ratio still remains at about 1 to 15, once this silver mine is exploited, the international market price of silver will plummet just as the gold price did before!
By then, the exchange rate of gold and silver will be far from this number!" Jerome Bonaparte replied to Count Algou in a solemn tone.
"Your Majesty, who currently controls that silver mine!" Count Algou asked Jerome Bonaparte urgently.
This news was of paramount importance to him!
"What? Are you planning to eliminate the witnesses?" Jerome Bonaparte half-jokingly asked Count Algou.
"Your Majesty, I believe this silver mine must be under our control, otherwise it will pose a significant conflict with the silver reserves we hold!" Count Algou spoke frankly to Jerome Bonaparte.
"Rest assured! The silver mine is currently under the control of my people! At least for a year or two, no information will leak!" Jerome Bonaparte reassured Count Algou by patting his shoulder.
Count Algou couldn’t help but breathe a sigh of relief in his heart. Now it seemed imperative for him to convert all the silver stored in the bank into gold as soon as possible.
"Mr. Algus, do you still believe that maintaining the bimetallic standard is better than the gold monometallic system for us?" Jerome Bonaparte asked Count Algou again.
"Your Majesty, I still believe that France should continue to practice the bimetallic standard!" Count Algou answered Jerome Bonaparte once more.
"Hmm?" Jerome Bonaparte curiously glanced at Count Algou, "Why?"
"If our currency union consisted solely of France, then I would certainly recommend that France complete the transition from bimetallic to gold monometallic standard!" Count Algou expounded, "But our currency union is not made up of only us. Belgium, Switzerland, Sardinia, the Kingdom of the Netherlands, and the Kingdom of Württemberg (due to Jerome Bonaparte’s tireless persuasion, the Kingdom of Württemberg agreed to join France’s currency union) still use the silver monometallic standard, and maintaining the bimetallic standard is beneficial for the French Empire’s trade exchanges with them!"
"If the international market experiences a silver price crash, what do you plan to do?" Jerome Bonaparte asked Count Algou.
"Your Majesty! By then, we can adjust the gold-silver ratio of the silver coin or stop the free minting of silver coins! In this way, France can still engage in trade exchanges with them!" Count Algou replied to Jerome Bonaparte.
"That does make some sense!" Jerome Bonaparte’s obsession with the gold standard gradually faded under Count Algou’s persuasion.
In his heart, the priority of establishing an international organization similar to the European Union far exceeded that of France transforming into a country with the gold standard.
Count Algou smiled slightly and did not speak.
"Let’s do as you said!" Jerome Bonaparte spoke again, "After you return, prepare a little!
At the Currency Union conference in early September, you’ll represent France!"
"Yes!" Count Algou hastily replied.
Subsequently, Count Algou was given the dismissal order by Jerome Bonaparte.
...
A few days passed again, and Jerome Bonaparte finally received the news of Queen Victoria and Prince Albert coming over.
It rained that day, and Jerome Bonaparte instructed General Vayan to block the Paris Railway Station until Queen Victoria and her husband arrived.
At the same time, Jerome Bonaparte also summoned Baron Haussman, governor of Seine Province, and the "hero" of the Crimean War, Marshal Pelissier.
During his conversation with Baron Haussman, Jerome Bonaparte gave orders to him, instructing him to lock down the World Fair on the evening of Queen Victoria and her husband’s arrival.
The next day, he must strictly limit the number of people at the World Fair, and in any case, ensure the personal safety during Queen Victoria and her husband’s visit to the World Fair.
"Your Majesty, why don’t we directly announce the closure of the World Fair for a day?" Baron Haussman suggested.
"What about the people at the World Fair? We can’t have the entire exhibition hall with just a few people," Jerome Bonaparte retorted to Baron Haussman.
"Your Majesty, we could hire people to pretend to be attendees of the fair! This way, we can ensure the safety of the queen couple and also make the fair appear less desolate!" Baron Haussman proposed a solution again.
"This solution..." Jerome Bonaparte pondered for a moment, then said to Baron Haussman, "It is indeed a good solution, but I do not like it! 𝓯𝙧𝓮𝓮𝒘𝓮𝙗𝙣𝒐𝒗𝒆𝓵.𝓬𝓸𝒎
So let’s still do as I said!"
"Yes, Your Majesty!" Baron Haussman had no choice but to comply with the capricious monarch before him.
After finishing with Baron Haussman, Jerome Bonaparte turned his gaze to Pelissier.
"Marshal Pelissier, when Victoria and Albert arrive, you will accompany me to welcome them!" Jerome Bonaparte said to Pelissier.
"It is my honor!" Marshal Pelissier respectfully replied to Jerome Bonaparte.
Time quickly arrived at the day when Queen Victoria and her husband arrived. At 10 o’clock in the morning, Jerome Bonaparte, Augusta, Friedrich, and their retinue departed from the Tuileries Palace by carriage, arriving at the railway station at 10:30 escorted by Dragoons.
At this time, there was still half an hour before the Victoria couple’s train arrived. Since Augusta was holding Friedrich in her arms, Jerome Bonaparte allowed Augusta and Friedrich to remain in the carriage, mentioning that once the train arrived, he would send someone to notify them, so they could get off to greet them.
Half an hour later, accompanying a distant whistle, Jerome Bonaparte immediately ordered Vayan beside him, "Quickly ask Augusta to come over!"
After a while, Augusta appeared on the platform holding Friedrich.
The train carrying the Victoria couple also slowed down gradually and eventually stopped at the platform.
Subsequently, the Victoria couple alighted from the train, followed by several children.
The oldest was about ten years old, and the youngest just 5 or 6 years of age.
They were Victoria and Albert’s children.
"Welcome back to France, my friend!" Jerome Bonaparte stepped forward to warmly embrace Prince Albert.
"I am really glad my friend could personally come to receive us!" Albert also responded with a smile to Jerome Bonaparte.
"You are my best friend, how could I not come to greet you!" Jerome Bonaparte said to Albert, and then turned his gaze to the eldest (male) child beside Albert, couldn’t help but exclaim, "This is Crown Prince Edward, he’s grown so much!"
The person being watched by Jerome Bonaparte was Albert’s eldest son, the future monarch of Britain, Edward VII.
At this time, Edward VII gazed at Jerome Bonaparte with a look of admiration.
