The Express.
London, England, 1868-01-28 00:00:00

OUR CONTEMPORARIES.

(THIS DAY.)

THE HEW TRENCH LnAN.

The Times observes that M. Maple's report will
probably tend rather to dispel than to create apprehension
in France, although we see in it a startling addition to
national liabilities. As under the system of the present
empire there will always be "exceptional circumstances,"
the expenditure of 1867, which exceeded the very
liberal estimate by the sum of 7,500,0001., cannot
be said to have
.been in any way anomalous.
Besides this there are various augmentations of expense
which will be felt by the years 1808 and 1869, and will re-
quire supplementary resources to the amount of 82 mil-
lions to be shared between them. Stung by the successes
of Prnasia, the French people seem to demand new arma-
ments, and the reorganisation of the army requires money
as wall as men. 7,480,000/. is wanted at once for the re-
form of the war material and the fleet, and Frenchmen are
informed that even this will not be sufficient. After this
let us bear with our minor miseries. However, the
imperial government will have no difficulty in obtaining
any sum it desires, so thigh stands the national credit.
In this case the instalments of the loan are to be by 20
monthly payments, an arrangement which not only makes
matters easier for investors, but encourages the country to
hope that peace will be preserved. Such is the condition
of things in Europe to-day that, in the midst of profound
quiet and without a definite MUSS of quarrel anywhere,
men hail with positive relief every sign that war la not
about to break on them.

The Pnst doubts that this budget can be successfully
assailed, for the items of expenditure are all of them
necessary. It may be unfortunate that at such a time au'
the present France should feel herself compelled to increase
her expenditure far beyond the bounds of her income, but
there is perhaps a better excuse now for apparent impro-
videnco than at any other time since the foundation of the
second empire. . .

Though the new loan is wanted to defray the cost of im-
proved and augmented armaments, the Standard does not
think it can be called a war loan in the sense that it is con-
tracted with a view to war. In spreading the reorganisation
of the army over two years, the Emperor gives a guarantee
to Europe that he undertakes that reorganisation, not
with a view to a campaign against Prussia or Italy, to re-
store French predominance in Europe, but only with the
purpose of assuring France that military strength which
her position and her traditions may be supposed to render
necessary. _ _ . . • •

It is the remark of the Telegraph that while no mention
is made of the Mexican bondholders who have besieged
the Ministry of Finance with claims for partial comper.sa-
sation, nor of the demand for public works to relieve the
glut of unemployed labour, much stress is laid on the na-
tional armaments as the great want of the hour. It fears
that, when M. lqagne warns the public against illusory ex.
pectations of a relief from the growing war expenditure,
he is anticipating no early cessation of that vast outlay
which most European States are now incurring, and under
which they stagger onwards in the race to ruin.