The Express.
London, England, 1852-04-29 00:00:00

FRANCE.

PARIS, WPDNESDAT EVENINO.
The Bourse to-day has experienced a favourable
reaction, in consequence of the following decree pub-
lished in the Moniteur :
Louis Napoleon, President of the French Republic :
Considering the decree of 14th March last, relative to the
conversion of the Five per Cent. Mentes into Four-aud o-
Half per Cents..
Considering that in order to conclude the operations ren-
dered necessary by that measure, there is reason to substi-
tute some Three per Cent. Mentes for Four-and-a-Half per
Cent. Mentes :
On the report of the Minister of Finance, decrees :
Art. 1. The Minister of Finance is authorised to cause to
be inscribed on the Grand Livre of the public debt
1,403,436(r. of Three per Cent. Mentes, with the interest
due from the 22nd of December last, in exchange for
4,175,633 fr. 90e. Four-and-a-Ralf per Cent. Mentes, which
will be annulled.
Art 2. There shall be devoted to the Three per Cent.
Mentes created in virtue of the above authorisation, a sink-
ing fund of the hundredth pert of their nominal capital,
taken front the oinking fund belonging to the Four-and-a-
Gulf per Cent. Renter.
Art. 3. The minister of finance is charged with the exe-
cution of the precept decree.
Done at the TuiTeries, this 27th April, 11332.
(Signed) LOUIS NAPOLEON.
(Countersigned) Bignev, Minister of Finance.
Besides this token that the government does not
intend to have recourse to a loan, the Patric has
been instructed to contradict the same rumour, and
to state that the treasury has a balance of 100 mil-
lions at this moment in the hands of the bank. The
meaning of the decree in the Moniteur is the assur-
lance which it gives that the government has closed
the important operations of the conversion of the
Five per Cents., and settled its accounts in this
business.
The Council of State proceeded yesterday with
the examination of the budget of 1833. You an
aware that the budget of the ministry of state in-
cludes these of the Senate, the Corps Legis-
latif, and the Council of State. This and
the budgets of the ministries of justice and foreign
Whirs have been adopted without any amendment.)
The budget of war has been also passed without the
bust attempt to realise the expectation raised in
some garters of a reduction of the army. It is not
on co—rbat that the ministry of police will peas un-
questioesd; as a small section of the Corps Legislatif
slow some disposition to render themselves on
this subject the organ of a large party
in the country, which is totally opposed to
that institution, as equally incompatible with the
usages, feelings, and interests of modern French
society. M. de Moray, it is given out, intends to
speak on this question in a sense far front favourable
is the government.
The present amount of troops is to be maintained.
The general deficit, it is said, will be about forty
millions.
It seems the spirit of the bourgeoisie in the south
is not a whit more favourable to the government than
that of the capital. The prefect of the Bouches-du-
Rhone has ordered that the re-organisation of the
national guards in that department shall not be pro-
ended with. The sub-prefects and mayors are
immediately to disarm all the existing national
eta , and to send in their arms to the arsenal at
This measure is to be executed throtigh-
eat the department by May 13 at the latest.
A prosecution has been oommenced against M.
Prosper Merime, for having in an article on the affair
of M. Libri, in the last number of the Revue des
Dias Mender, " publicly insulted functionaries of
the judicial order for acts done in the discharge of
their functions; and M. de Mare, responsible editor
at the Revue, is also to be prosecuted for having pub-
' hiled the article. This article is a defence of M.
Mai against the accusation charging him with hay-
' bsr deign valuable books and manuscripts from solos,
eras public libraries.
Loeb Napoleon paid to-day a visit to the Loam.
He appeared, together with several officers of bin
military household, on the balcony of the central
window opposite the Tuileries, whence he sure
the great square of the Carrousel, now cleared of
buildings and rubbish, and compared the ground
with a plan which he held in his hand. The new
buildings are expected to cost two millions sterling.
The Pays contains an article which is intended to
espouse the cause of clemency against Colonel de
d'Espinasse's report. This journal, which seems the
organ of M. de Persigny, says that it is absurd for
one half of France to think of transporting the
other; and traces the existence of the political dia-
-1 ease of socialism to the fact that the country has not
been governed for the last half century ; but
now the principle of authority is lifted in to its right
place, and the only treatment which can mitigate the
insanity of communism is a watchful attention to the'
wants of the people, and clemency as well as firm-
ness of administration.
The reference of the Orleans affair to the Council
of State indicates the intention of the government to
choose the course of " perseverance instead of
"abnegation" in working out its own violent
wilL Whatever the decision of this body
may be it is thought that it must pay some attention
to the effect of the law of " prescription," as the
French statute of limitations is termed. The court
of the Seine dwelt with great emphasis on this right.
In fact, the donations of Louis Philippe in August 7,
1830, having gone unchallenged for 20 years, it is
difficult to see how the Council of State can ignore
this consideration. _ _ .

It ',officially announced that the Prince-President,
" faithful to the traditions of his glorious uncle," will
Rregido in person in the sittings of the Council of
State for the discussion of the now law of public
instruction. Apropos of this law, a good deal of
surprise has been felt to-day at the disclosure of a
difference between two prominent leaders of the high
church party, whose opinions have hitherto been
supposed to be strictly in unison—M. de Montalem-
bert and M. Veuillot, of the Univers. M. Veuillot
views the government scheme with satisfaction, and
rejoices in the prospectof estate monopoly in education.
M. de Montalembert has published a letter, stating
that in his opinion the law of the 15th March,lnJA, is a
better ono than can be hoped for from the present
government after the declaration of principle con-
tained in the decree of March 9 last. He says: The
future will show what prudence and justice will have
gained by the disappearance of the principle of liberty
of teaching, which has served as the banner of the
church militant in almost all Europe, and which has
witnessed the marvellous development of catholic
energy which has been seen within the last twenty
years.
The Bonapartists observe upon this controversy

that M. de Montalembert continues to be somewhat
of a parliamentarian, while M. Veuillot is simply a
good catholic.
The Constitutionnel states that, according to the
business now in preparation, it is to be presumed
that the Legislative -Body will, from Monday taxt,
sit every day without any further adjournment.
A decree of the President of the Republic orders
that the engineers of the Ponta et Chaussees and
Mines, and the other functionaries, employe.., and
agents belonging to the department of. Public Works,
shall take the oath prescribed by the constitution
within one month from the Ist of May next.
M. de Itayneval, the French Ambassador at the
Papal caurt, has arrived in Paris, from ltome.
At the Bourse the Four-and-a-Half rose 30e. and
closed at 100 f. 55c.; the Three per Cents. rose 65c.,
closing at 71f. 35e. The decree in the Meniteur rc
lating to the conversion into Three per Cents. of the
unconverted Four-and-a-Half per Cents. was consi-
dered as an indication that no loan is contemplated.
Bank of France shares rose 25. The Central Rail-
way ruse 17.50; Orleans, 13.75; Bordeaux, 11.25;
ltouen, Teste, and Bordeaux, 7.50; Strasburg, 6.25;
Northern and Lyons, ss. each.