At the outbreak of the war of 1870, on August 1 French Three per Cent. Rentes were at 60.85, and Four and a Half per Cents. at 98. On the memorable day of Sedan, September 2, they were at 50.80 and 88.50 respectively, and on January 2, 1871, Three per Cents, were down to 50.95. At the commencement of the Commune, on March 18, they were at 51.50 and 76.25, and on the 30th of that month down to 50.60 and 76.25 respectively.
With so little money in England as there now was, securities had fallen to the value at which holders would as soon not sell as sell at such a great discount. High rates and the heavy fall in the value of securities had brought business in every quarter all over London to a standstill. Firms all over the country were now hard put to it in order to find the necessary money to carry on their various trades. Instantly, after the report of the reverse at Sheffield, there was a wild rush to obtain gold, and securities dropped even a few more points.
Therefore, there was little or nothing for the banks to do, and Lombard Street, Lothbury, and the other banking centres were closed, as though it had been Sunday or Bank Holiday. Despair was, alas! everywhere, and the streets presented strange scenes.
Most of the motor-omnibuses had been taken off the road and pressed into the service of the military. The walls bore a dozen different broadsides and proclamations, which were read by the gaping, hungry crowds.
The Royal Standard was flying from St. Stephen's Tower, for Parliament had now met, and all members who were not abroad for their summer vacation had taken their places at the heated debates now hourly in progress. Over Buckingham Palace the Royal Standard also flew proudly, while upon every public building was displayed a Union Jack or a white ensign, many of which had done duty at the coronation of His Majesty King Edward. The Admiralty flew its own flag, and upon the War Office, the India Office, the Foreign Office,
