The Express.
London, England, 1861-11-15 00:00:00

NOVEMBER

lair* Body, if, in spite of the reductions accepted
or imposed, the Government can, after
the session, increase the expenditure of
every kind 1" The supplementary and extra-
ordinary credits, which were 83,000,000 fr. in 1859,
rose to 115,000,0001 r. in 1860, and in 1861 they
approach 200,000,000 fr., without counting those
which must be opened in consequence of the dear-
nes. of provisions. It has beeu seen with regret
that the most considerable of these credits have
been opened immediately after the session. In
studying the financial question, it is easy to foresee
that, without a change of system, France will
soon be beset with serious embarrassments.
The eight years from 1851 to 1858 have opened extra-
ordinary credits to the amount of 2,400 millions. If to this
sum be added 400 millions for the three years 1859, 1860,
and 1861, it will be seen to what extent the public debt
and the deficits of the Treasury have increased.
To meet three circuses recourse has been Chad to every
form of credit, and with the assent of the public powers
the resources of special establishments under the direc-
tion of the state have been utilised. The loans nego-
tiated in 1851, 1855, and 1859 amount to no less than
2,030 millions. When the bank privilege was renewed, the
Treasury absorbed the 100 millions of additional capital
imposed on that establishment. The Army Befallen Fund,
which had received 135 millions, saw all its assets absorbed
by the Treasury, which gave mum iptions of Recite for them.
Lastly, recourse has been had to a new mode of loan, the
Trentenary Obligations, of which 132 millions have been
issued this year.
The public has subscribed to these loans with great
eagerases, but it would be indul3ing dangerous illusions to
rely indefinitely on the development of the national credit.
The state of credit ou3ht the more to attract your
Majesty's attention from the fact that the situation of the
dueness preoccupies everybody. In the last discussion of
the budget, it was calculated that the deficits (decouverts)
must amount at the end of the year to nearly t,00p,000,c,a
flaws, and that figure is certainly not exaggerated. The
Legislative Body and the Senate have already
expressed disquietude on the subject. The same sentiment
haa spread among the class of betimes men, all of whom
predict and encomia a crisis all the graver from the cite
cumstance that, follow:n3 the example of the state, and
with an object of amelioration and progress, perhaps too
precipitate, departments, towns, and companies have
launched into very considerable expenses.
The real means of conjuring away that crisis is to act
with promptitude and decision, and to remove the source
of the evil by suppressing the supplementary and sit:midi-
nary credits.

His Majesty's prerogative has created grave dif-
ficulties at home, by encouraging communes and
private persons to make demands of all kinds, and
abroad it compels the neighbours of France to keep
up immense armaments.
They are only resseured by collecting forces superior to
those by which they fancy themselves threatened, and
which their alarm exaggerates. This fear also is perhaps now
the only bond which still uo;tes in one common sentiment
the populations of Europe, whom their institutions and
their interests would tend to separate. There is no absurd
calumny which will not be believed, no sinister projects
which will not find credit among them.
Your Majesty, by spontaneously relinquishing this power
—more apparent than real, more threateninglthan effective—
would therefore not only restore confidence to France, but
you would allay the apprehensions of Europe, and remove
all pretexts for hostile intentions. When it shoed be seen
that the expenditure of the army and the navy are sub-
mitted to the regular vote] of the legislature, it would be
impossible for any power to fancy itself in danger
of • sudden and unforeseen attack ; governments wou'd no
longer be inclined to those ruinous struggles which impel
them, in mutual rivals', to military armaments and pre-
parations; the populations would no longer witness the
annual increase of their burdens, which excites them against
France, and the odium of which it is attempted to throw
on the Emperor. All then beximes easy, esenwity is re.
established, resources are developed, the embarressmente of
the present situation regulate themselves on suitable con.
ditioes, and after basing provided for the exigencies of
the past, there is no longer any fear of seeing them return.
Admitting, even against all probability, that from a
state of perfect peace Europe should suddenly pass to one
of war, the abandonment which the Emperor would have
made of his prerogative, as far as regards the public
expenses, would be in my opinion,without danger. Which,
in fact, has been at all times the power the seemed ready
to take the field? History is there to reply that it
is France. The warlike habits of the nation, its
love of glory, its confidence in the chief it has
given itself, are • sure guarantee that such will
be the case. Never has our country remained deaf to the
first cry of war, and it has always surprised its enemies by
the rapidity of it. armaments, and the sudden and Wreak.
table explosion of its energy. Your Majesty will not have
forgotten the immense enthusiasm which was displayed on
your departure fur Italy. You will always find similar en-
thusiasm, and you may be asaurod of the loyal and devoted
co-operation of all the great bodies of the state, whenever
the interest of France or that of your dynasty may require
an extraordinary effort.

The vote of the budget by the divisi on of the
services of each minixtry would only present an
incomplete guarantee against the return of the
system of acting on the impulse of the moment,
which is the cause of the present embarrassments.
Ina financial point of view such a change would
only present very doubtful efficacy, and iu a poli-
tical point of view it would offer grave incon-
veniences. "It is, therefore," concludes the new
Minister of Finance, " with a profound convic-
tion that I beg your Majesty to adopt another plan
more conformable to our institutions, and much
more worthy of the grandeur of your character.
In restoring to the Legislative Body its most incon-
testable attributions, the emperor would solidarise
himself with his government ; he would obtain as
the price of that concession a budget in which the
grants would be much more in ratio with the real
wants. In a word, your Majesty would realise in
the moat certain manner the idea, full of foresight,
which inspired the decree of the 24th November."

The above documents are followed in the Monitenr
by two Imperial decrees ; one naming M. Fould to
the post of Minister of Finance, in the room of
M. de Forcade, whose resignation is accepted ;
and the other nominating M. de Forcade to the
dignity of senator.

The Debate of to-day observes that the political
aspect of this reform is highly encouraging to the
friends of constitutional government, and will he,
it hopes, the pledge of a return of France towards
truly constitutional institutions.
The &Me reserves its criticisms, observing, how-
ever, that the vote by great sections, mentioned in
the Emperor's letter to M. Walewski, is not suffi-
ciently explained.
The Freese especially thanks M. Fould for his
courage and for the distinctness with which he has
placed his views before the Emperor. It sees in
some of its allusions an indication of the fact, that
the reduction or disarmament of a part of the army
is under discussion. "It is from this side,"
says the Prase, "and this side alone, that any
sensible relief of the public expenses can come."

(airmen manums.)
FRANCE.

PARIS, Nov. 15.

The Constitutionnel of this morning, in an article
signed by Dr. Veron, states that the report that M.
Fould's programme included a project for a loan is
unfounded.

ITALY.
MAIN, Nov. 14, EVININo.

The Nationdstes of to-day asserts that Signor
Ratazsi has obtained the intervention of the Em.
peror in order to decide Francis 11. to quit Rome
shortly.

1861.

THE BANK OF FRANCE.
PARIS, Nov. 15.
The Moniteur of to-day publishes the usual
monthly return of the Bank of France, which
shows the following results as compared with the
October return :