448 THE POPULAR SCIENCE MONTHLY. 



years were for sale in the shops, it was evident that something 

 must be done. The original concern decided to wait. It closed 

 its factory and discharged its workmen. But some of the other 

 firms could not wait. They must have their money back or go 

 into bankruptcy. Shoes began to come down. Every shoe-dealer 

 was alarmed, and a meeting was held in the Cafe de la Comddie 

 to see what could be done. It was decided to lower the prices and 

 then to maintain them. Boots were rated at fifteen francs per 

 pair, and shoes and slipi3ers in proportion. But one dealer could 

 not keep his promise. He had a very large and handsome new 

 shop, and he had spent much money in fitting it up. A gentle- 

 man, named Shylock, from whom he had borrowed the money, 

 said that he had lent money for legitimate business, not for specu- 

 lation ; to sell shoes, not to hold them for higher prices. This 

 stock of boots was thus forced on the market, to be sold for what 

 it would bring. And other dealers had to sell for similar prices, 

 or lose all chance of selling at all. And so Issoire was full of 

 notices : 



" Grand Slaughter of Boots and Shoes ! " 



" Boots given away — only Five Francs a Pair ! " 



Boots were never so cheap before, in Issoire or anywhere else in 

 France. 



The Issoire Citizens' Foot-wear Manufacturing Company took 

 no part in these cheap sales. Its agents were active, however, and 

 they privately bought up a part of the stock of the smaller stores, 

 and sent out several wagon-loads across the country to Clermont, 

 and one down the river to the farmers in the valley of the Loire. 



It was an era of cheap boots. Everybody was well shod. The 

 children burned up their wooden shoes, or used them only for 

 coasting in the winter, and there was general satisfaction. The 

 Minister of Public Instruction, who spent a day in Issoire on his 

 way from Marseilles to Paris, had a pair of new boots jDresented 

 to him, and he showed them at home, as an example of what the 

 octroi could do for a town. " Boots," said he to the Minister of 

 Finance, " are actually cheaper to-day at Issoire than they are at 

 Paris or Lyons. So much has the octroi done for my country- 

 men." And the mayor sent a message of congratulation, remind- 

 ing the people that his jjromises had come true. *' The octroi has 

 reduced the price of boots, and has demonstrated the truth of the 

 paradox that the quickest road to low prices is to make prices 

 high." The traders who had gone into bankruptcy left Issoire 

 and were speedily forgotten — except by their creditors, chief of 

 whom was Monsieur Shylock. It did not much matter about them 

 in any event. Their loss was the community's gain. It was not 

 Issoire's fault that they were dealing on borrowed capital and 

 could not stand the strain of reduced prices. 



