I'm the Dauphin in France

Chapter 1189 National Debt

“So much?!” Joseph sighed. “He’s being so irrational.”

He knew that Camellia pointing to the collar meant that Charles wanted a gold "Badge of Honor".

This was a gimmick he designed to sell war bonds—everyone who bought a large amount of the bonds would receive a pin shaped like a shield and an iris.

A bronze badge is awarded for purchasing 3 francs, a silver badge for 10 francs, and a gold badge requires the purchase of 30 francs in government bonds.

He himself wore a gold medal for honorary contribution.

Under his arrangement, from Louis XVI to Queen Marie Antoinette, and even Alexandra, there has been a recent trend of showing obvious favor to nobles who wear coats of arms.

Just last week, Mirabeau, who possessed two gold badges, even earned the honor of dining at the same table as the King. This sparked a "badge-collecting frenzy" among the nobles of Versailles.

At the very least, a nobleman who didn't wear a bronze badge would be embarrassed to greet others. So much so that some people from extremely poor families had to rent badges in order to attend social occasions.

Of course, the main reason is that the returns on war bonds are quite good – the annual interest rate is 5.6% for three-year bonds and 6.8% for five-year bonds.

Joseph knew that Charles had previously used all his savings to buy government bonds and received a silver badge. Perhaps encouraged by other nobles, he wanted a gold badge as well.

Cameria said, "Your Highness, you may not know how much pressure you put on Prince Charles. He is always striving to do better in order to keep up with you."

Joseph nodded.

Charles is 13 years old this year, an age when he should be pursuing his own self-worth, and his older brother naturally becomes his most direct benchmark. The problem is, his older brother is really quite strong.

"He's done very well. 30 francs is not something he can afford..."

As Joseph was speaking, Emmanuel approached with Baron Northpan, the foreign ministry's special envoy.

The maidservant quickly bowed and stepped back. Northpan bowed to Joseph, looking dejected, and said, "Your Highness, I have failed to complete the task you entrusted to me."

"The Poles were generally gripped by a frenzy and extreme sensitivity. From members of parliament to serfs, they were all shouting that they would fight the Russians to the death, even if they had to eat nothing but bran."

His trip to Poland was to follow the Crown Prince's plan and persuade the Poles not to engage in a direct confrontation with a superior enemy force when faced with an invasion by Russia, Prussia, and Austria. Instead, they were to negotiate and make concessions while simultaneously reducing their troop strength to avoid unnecessary losses. The plan was to wait until war broke out between France and Britain, Prussia, and Austria, then, taking advantage of Prussia's preoccupation with other powers, concentrate their forces for a counterattack.

But clearly the Poles did not accept his advice.

Baron Northpan continued, "Although Regent Poniatowski agrees with your plan, he cannot persuade the many nobles and members of parliament."

Joseph started to have a headache.

If the Poles were to fight to the bitter end, it would be of no significance other than giving Prussia and Austria an extra large piece of territory for nothing.

Perhaps I should go to Poland myself, but at this sensitive time, it would be tantamount to announcing to the world that France and Poland are going to form an alliance, which might make Poland die even faster.

He suddenly remembered the boy who had hurriedly "escaped" earlier, and couldn't help but nod to himself. Let him go. As long as they could give the King of Poland and the Regent firm confidence, they were willing to risk everything to save the Polish army.

He returned to his study, wrote a personal letter, and handed it to Baron Northpan, saying, "Please, you and Prince Charles, make another trip to Warsaw..."

Before setting off, Charles still managed to raise 30 francs—he mortgaged his estates and funds—and proudly donned a gold medal of contribution, contributing to the 770 million francs in sales of French war bonds. As French war bonds sold briskly domestically, they also began appearing on the markets of northern Italy.

Old Port Street, Genoa.

A salon hosted by Countess Ranieri is being held in a luxurious seaside villa.

Baron Ecoberly, sitting on the west side, turned to the people beside him and said, "What do you think of those French government bonds? They seem to be making a lot of noise about them lately."

“The interest rate is so-so, it’s better to buy shares in the steam paddle steamer company,” said the middle-aged man with a double chin standing to the side. “Belney’s stock rose by more than 7% last year, and with dividends, it’s a 10% return.”

Another younger nobleman scoffed, "The most ridiculous thing is that you have to 'lottery' to buy those French government bonds. Anyone who doesn't know better would think they can get an annual interest rate of 20%."

"There are rumors of war everywhere, and the French government is definitely in a hurry to raise funds. I bet it won't be long before the interest rate on the national debt is above 9%."

The others nodded in agreement: "I would only consider buying if it reaches at least 9%."

“If we still have to draw lots, I’d rather invest in paddle steamers.”

“I think we should consider UK government bonds. They are said to have interest rates as high as 10%, but there is a discount, so the annual yield is close to 14%.”

"Genoa cannot buy British government bonds."

“I know some friends who can help me buy things by paying only a 1% commission.”

Just then, a friend of Baron Icobelli came over with a newspaper and whispered, "Have you seen the news? More than 1 million francs of French government bonds sold out this morning!"

The people present were taken aback.

Less than five days after the French government bonds went on sale, 10 million were already sold?!
"Hmph, it's just a propaganda tactic," Count Ferro, with his double chin, scoffed. "If you don't believe me, go check with the bank. There's absolutely no actual money involved. The French government took the bonds and lied that they were sold."

"Yes, that's most likely it. By the way, Baron Ecoberry, you have many connections in the bank; you can get some inside information."

They were just saying it casually, but Ikoberly actually went to investigate, and the results shocked him greatly.

A few days later, these nobles met again at a party—people of the same social class have such small social circles that they often get together.

Then Ikoberly revealed the shocking news: "Did you know? Those French government bonds really were bought up. The largest sums were four transactions, totaling 6.5 million francs."

"I can confirm that the financial records are clear and the bonds have all been settled to private holders."

"Are they crazy?" Count Ferro exclaimed. "They're buying at such low interest rates?"

They naturally had no idea that the 650 million francs all came from the French royal family—Louis XVI and Queen Marie Antoinette, following their son's instructions, did not buy the bonds domestically, but instead sent people all the way to Genoa to buy them.

Just then, Baron Todrick leaned in mysteriously and said, "Have you heard? The Anglo-Austrian coalition has devised a plan to invade northern Italy. Genoa is likely to be engulfed in war!"

(End of this chapter)