HPDBC Chapter 688 - 689: International Diplomatic Pressure
Chapter 688 - 689: International Diplomatic Pressure
French merchants rejoiced, waving their francs and pushing foreign competitors aside.
Many English, Dutch, and Italian merchants gazed mournfully at the contract prices displayed on the board. The price for one-month sugar futures had climbed to 2 francs, 1 sou, while the three-month futures had skyrocketed to 2 francs, 3 sous!
Weigel stared at the board as if a man stranded in the desert for weeks had finally spotted water—except the Dutch guilders in his hand were worthless for this particular oasis.
Suddenly, someone grabbed his arm and whispered in his ear:
"Why are you just standing here?"
Turning, he saw Van Schaik.
"But I don't have…" Weigel stammered.
Van Schaik leaned in closer. "Have you forgotten? The French Treasury Bank is downstairs!"
"?"
"France is on the gold standard."
"Of course! What a fool I've been!" Weigel exclaimed, as if struck by divine inspiration. He sprinted toward the stairs. "Thank you!"
Being on the gold standard meant anyone could exchange French banknotes for gold at any time, and vice versa.
The Treasury Bank counters were relatively empty, as most people hadn't yet caught on. Weigel promptly converted all 10,000 Dutch guilders in his possession into francs.
Although Dutch guilders weren't fully backed by gold (officially, 1 guilder contained 3.75 grams of gold, but in reality, it was closer to 3.7 grams), Weigel had no choice but to treat them as gold for the exchange.
Fortunately, converting gold into paper currency earned a 2% bonus, which mitigated some of his losses.
Weigel returned to the futures trading hall with renewed vigor, bypassing other foreign merchants to purchase four contracts in quick succession.
It didn't take long for others to notice what he had done. Realization dawned on the crowd, and like a tidal wave, they rushed downstairs.
The Treasury Bank's counters experienced scenes reminiscent of the chaos in the trading hall the previous day. Desks were crushed under the weight of the crowd, and only the large police presence prevented further injuries.
By the time the futures market closed at 5 p.m., the Treasury Bank had amassed over 8,000 ounces of gold, equivalent to about 900,000 francs.
This figure could have easily surpassed one million francs had the bank not paused operations for three hours to repair its damaged counters.
The Sugar Crisis Spreads
Two weeks after the Paris Agricultural Commodities Futures Exchange began operations, the effects of soaring sugar prices rippled across Europe, triggering severe market turmoil.
At Britain's behest, representatives from various countries convened in Frankfurt for an "Emergency European Sugar Conference."
Skipping pleasantries, Lord Marquis, the British delegate, stood abruptly, sweeping the room with an imperious gaze. He declared loudly:
"It is clear that the primary responsibility for this sugar crisis lies with France!"
The hall fell silent. Some delegates glanced at the French representative, Bayeux, while others lowered their heads, avoiding eye contact.
Lord Marquis continued:
"The core cause of the sugar shortage is the slave revolts in the Caribbean, which have led to massive production declines and, in some areas, total crop failure.
"The first region to experience such revolts was the French colony of Saint-Domingue."
He gestured to a pile of documents he placed on the table.
"I have ample evidence proving that the uprisings in other parts of the Caribbean were instigated by abolitionist groups in Saint-Domingue.
"These are records of the activities of Jacques-Pierre Brissot in Saint-Domingue. We have every reason to believe that he masterminded the abolitionist movement there.
"That damned Vincent Ogé operated under Brissot's direct command!"
While British intelligence wasn't exceptionally sophisticated, the abolitionist movement in Saint-Domingue had grown so large that secrecy was nearly impossible to maintain.
"Moreover, the weapons used by the Caribbean rebels were overwhelmingly provided by France.
"I believe the French government owes us—and the rest of the world—an explanation for the chaos in the Caribbean and the current sugar shortage!"
The British had come well-prepared. Their goal was to exploit diplomatic pressure to force France—Europe's largest sugar supplier—to make concessions and stabilize sugar prices.
As the world's largest sugar consumer, Britain was particularly vulnerable. Prices had risen 67% compared to the previous year, and sugar futures had surged 160% over the past six months.
Even with government measures like tax exemptions for sugar merchants, prices continued to soar.
For Britain's working class, this was catastrophic. Sugar was central to their diet and daily life: tea and coffee were undrinkable without it, black bread needed sugar syrup, porridge required sugar, and even fried fish was dusted with powdered sugar.
Without sugar, British homemakers wouldn't know how to cook, and riots seemed inevitable.
Several of Britain's allies—Prussia, Denmark, and Portugal—quickly joined in, accusing France of "disrupting international trade and the global market."
France Strikes Back
Bayeux waited patiently for the initial wave of complaints to subside before pulling out a stack of pamphlets. He signaled his assistants to distribute them to the delegates.
"Perhaps some of you have already heard through other channels," Bayeux began, his tone measured but firm, "that it was the British Duke of Leeds who first instigated the uprisings in Saint-Domingue."
The pamphlets contained detailed evidence implicating the Duke of Leeds in secretly funding the abolitionist movement in Saint-Domingue.
"These documents outline his contact with Ogé and the 300,000-pound fund he provided to finance the rebellion. Additionally, the Duke orchestrated plans to relocate the rebel leader, Boukman, to the United States."
Bayeux gestured toward the table.
"If the United States had sent a representative to this conference, they could confirm these events."
The delegates flipped through the materials. Within moments, many were casting uncomfortable glances at Lord Marquis.
The evidence was indisputable. Ogé himself had directly participated in the Duke's plans, and the 300,000-pound fund left a clear paper trail.
Bayeux pressed on:
"As for Brissot, he is nothing more than a fanatic abolitionist.
"After the Duke of Leeds stirred up the Saint-Domingue rebellion, Brissot was drawn there of his own accord. He left Europe at a well-documented time.
"France, too, has suffered greatly from his actions—his behavior in Saint-Domingue has cost our nation more than 50 million francs annually in lost revenue.
"So, if anyone owes the world an explanation, it is Britain!"
Lord Marquis found himself the target of hostile stares, particularly from the Spanish delegate.
He struggled to respond, realizing that France's evidence was far more comprehensive than Britain's. Worse, it was virtually impossible to refute.
In desperation, Lord Marquis blurted:
"No! France hasn't suffered losses at all! On the contrary, you've profited immensely from the Caribbean chaos!"
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