Baron Félix de Blochausen
Château de Birtrange
(Schieren commune)
(Schieren commune)
Payee:
Baron de Blochausen
Chateau de Birtrange
Grand Duché de Luxembourg
Baron de Blochausen
Chateau de Birtrange
Grand Duché de Luxembourg
174.50F Check Negotiated in Belgium
Belgian 10c Tax Imprint
10c Imperforate
Long Effets du Commerce
26 Jun 1872
Berger & Co.
Political Footnote
Baron Blochausen's career as Prime Minister came to an abortive end for
insider trading in Luxembourg's own banking meltdown in the 1880s.
Wikipedia's article entitled "Blochausen Ministry" offers this account:
Railway construction, the rise of the steel industry, and possibilities for making money offered favourable conditions to the rise of finance. It was the time for speculation. Baron Blochausen let himself be drawn into this. He had inherited the Banque nationale from his predecessor, which was a Luxembourgish bank of issue, which also granted loans. Critics had made the government aware of the risk of the coexistence of several banks of issue in a small country. The companies of Norbert Metz and the Société Guillaume-Luxembourg, close to the Banque internationale, refused to accept the notes of the competing bank. The Banque nationale soon encountered grave difficulties, and was forced to close its doors on 26 September 1881. The first crash of Luxembourg's financial history shook the public. Several people went as far as burning the notes of the Banque nationale in the Place d'Armes in Luxembourg City. In order to attenuate the social consequences, the government decided to reimburse the holders of the collapsed bank's notes. In order to meet these expenses, the government was forced to take out a loan of three million francs.
