The Sun.
London, England, 1855-02-21 00:00:00

THE TRANSPORT SERVICE.

The Moniteur contains the following report to
the Emperor from the Minister of Finance :
Sire—At the moment at which the budget of 1856 is
about to be submitted to the deliberations of the Legis-
lative Body, I ask your Majesty's permission to place
before you, according to custom, a summary account of
the two principal elements of the general situation of
finances—l mean the budgets and the floating debt, or,
in other terms, the deficits (decouverts) of the Treasury,
and of the variable resources by means of which they are
provided for. To give a complete idea of this situation,
it is indispensable to recall to mind some facts already
old, relative to accounts closed and settled ; and to in-
dicate the certain or probable results of the year 1853,
the accounts of which are in course of being settled ; of
the year 1854, which is being liquidated ; of the year
1855, which is beginning ; and of the budget of 1856,
which is only a project.
The deficits from the budgets previous to the revolu-
tion of February, 1848, only amounted in appearance to
the sum of 581,388,165 f., but in reality they amounted
to nearly 800,000,000 f., for it has not been forgotten
that 202,316,175 f., taken from the Savings Banks and
employed in the expenses of the state, though converted
into rentes, did not the less remain liable to be called for
by the depositors who had not consented to that trans-
formation of their securities. I must hasten to say that
the mass of these deficits, created by former Govern-
ments, no longer wholly weighs on the Treasury ; it was
considerably reduced in 1843. The definitive consolida-
tion of the funds from Savings Banks and of the Treasury
Bills, enabled at that epoch, the burden to be reduced
to 292,541,375 f.; and that sum now figures, -as a
legacy from the past, amongst the causes of our
existing floating debt. The year 1848, on account of
the grave events with which the country was agi-
tated, would have presented an enormous deficit,
if it had not been for the special resources which
were employed to prevent it. Thanks to these re-
sources, which exceeded 450,000,000 fr., the accounts of
the year were balanced by a simple deficit of 3,000,000
fr. The budgets of 1849, 1850, 1351, and 1852, all
closed and settled, present altogether a deficit of
382,000,000 fr. This figure, which may appear high, is
explained by the peculiar circumstances of the years
1849 and 1850 which wore still agitated, of the year
1851 which was so full of uncertainty, of the year 1852
devoted to the foundation of a new Government on bases
more in conformity with the grandeur of the country.
But in fact it is its moderate amount which should
cause surprise, if we consider that, within the same
period, there were disbursed in extraordinary works, des-
tined to be profitable to the future, more than 366,000,000
fr., 209,000,000 fr. of which were taken exclusively from
the ordinary resources of the budgets, a thing which, in
good justice, ought not to have been done. The bud-
get of 1853 is in the course of being settled. The law
on accounts has been prepared, and is about to be
submitted to the Council of State. The general results
of that year are therefore now known with certainty.
Notwithstanding the difficulties which arose during the
last half-year, they show a notable increase compared
with the estimates. The excess of expenses, which was
34,000,000 f. at the time of the vote, has been reduced
to 23,000,000 f. But a sum of 88,654,490 f. was em-
ployed in the execution of great public works, though
the special resources applicable ts them were only
54,894,945 f. Without the 34,000,0001. of the ordinary
budget, instead of the deficit to which I refer, there
would have been an excess .of receipts of more than
10,000,000 f. The year of 1854 which is in course
of liquidation will present, according to all appear-
ances, a perfectly analogous result. On comparing
the increase of receipts and expenses, and taking
into account the credits which will probably be an-
nulled, it may be admitted that it will be balanced
by a deficit of about 60,000,000 f. This result is
sufficiently explained by the unforeseen and unavoidable
circumstances which necessitated in the course of the
year the opening of large credits. I will specially cite
the arrears of the loan of 250,000,000 f. ; the subven-
tions amounting to more than 10,000,000 f. accorded to
communes and charitable establishments ; the con-
struction of annexes for the Universal Exhibition of
Fine Arts and Manufactures, and other wants not
less urgent, such as relief for the cholera. But the
fact which is specially worthy of remark is that in addi-
tion to the special resources which are set apart for
them. Extraordinary works absorbed the enormous sum
of 66,000,000 fr. Without this low), levied on the ordi-
nary resources, this budget, like the preceding, would
j2ave closed by an excess of receipts of several millions,
notwithstanding the incidental charges with which it was
burdened. With respect to the year 1854, your Majesty
will see with satisfaction how extensive are the resources
of the country, and how great is its confidence, since,
in spite of the state of war, in spite of the bread crisis,
in spite of the epidemy which has spread through a great
number of departments, the indirect taxes have equalled
expectations, and have obtained. the high level of the
preceding year.
The Budget of 1855, which was voted with an excess
of receipts of 3,981,905 fr., is only at its commencement,
and it is absolutely impossible to foresee what will be
the balance of it. The results of the first month, as far
as regards the indirect revenue, are most satisfactory ;
they exceed by nearly eight millions (7,959,000 fr.) those
of the corresponding month of 1854. It certainly would
not be wise to over-rate the consequences of such a fins
commencement, but it nevertheless does not appear to
have been produced by any accidental and transient
cause. The months of Oct., Nov., and Dec. had already
shown a marked indication of an improvement, and it is
therefore fair to hope it may continue, and that affairs will
still follow the ascendant progress which has been so
long apparent, and which there can be no doubt is due
to the uneasiness which the prevalence of the cholera and
the food crisis had occasioned. I beg your Majesty to
allow me for a moment to call your attention to the bud-
get of 1856, the preparations for which are now com-
pleted, and which is about to be transmitted to the
Legislative Body. At first drawing it up the anti-
cipation of the expenses were such that it was con-
sidered as impossible to provide for them without the
creation of fresh resources. The necessity of inscribing
in the budget the arrears of the new loan of five hundred
millions appeared to lead to that of re-establishing the
additional 17 centimes to the laud tax, which had been
suppressed by the law of August 7, 1850. Your Majesty
was desirous that, above all things, the budget should be
a work of sincerity. Relying on the co-operation of the
country which, by subscribing to the loan with such ex-
traordinary eagerness, has just given to your Majesty a
mark of confidence unprecedented in the history of na-
tions, your Majesty would not have hesitated before the
necessary consequences of such an act, notwithstanding
your lively solicitude for lauded property and for the tax
pasrers. I have, however, shown by the example of former
budgets that the deficits bad been caused by the loans taken
from the ordinary public revenue for the benefit of great
public works. The same result will be produced from
the budget of 1856. Notwithstanding the 27 millions
arising from the re-establishment of the 17 centimes, that
budget would have had a deficit of more than 10 mil-
lions if the dotation for extraordinary public works had
not been modified and divided among ulterior budgets.
It is not without utility to call to mind the plan
adopted by former Governments on this subject. They
borrowed in order to execute great works of general
utility. A sum of nine millions (8,960,200 f.) still stands
every year in our budgets to pay the debt contracted by
the Restoration for the construction of canals. The ar-
rears of the 600 millions borrowed by the Government
of July will weigh for ever on our Grand Livre. It
must be admitted that these prolonged charges are legi-
mate ; the great public works which were executed
benefit the future and constitute a source of riches,
of which future generations enjoy the benefit, and it is
therefore just to bequeath to them the load at least in
part. This is particularly incontestable as regards rail-
ways. Independent of their powerful action on industry,
which must give to the public fortune an increase which
for my part, I believe to be incalculable, it must not be
forgotten that they must one day, according to the con-
ditions of contract return to the State. It is, therefore,
a property of several milliards destined to produce an
annual revenue of several hundreds of millions which is
formed at present for the benefit of the future. In 1853
the gross revenue of the railways was 165 millions, and
in 1854 it had risen to 196 millions. sAny combination
which can tend to divide over a great number of years,
the expense resulting from it is, therefore, just and rea-
sonable.
Your Majesty has approved of these principles and
authorised me to follow up as much as possible the ap-
plication of them in the last provisional conventions con-
cluded with the railway companies. Doubtless the re-
sult obtained will not produce an alleviation equal to
that which would have arisen from a special loan.
Nevertheless, thanks to these conventions, a sum of
34,650,000 fr. has been cut off from the budget of Pub-
lic Works for 1856. A considerable advantage, equally
welcomed by your Majesty, was the immediate con-
sequence of this proceeding : the seventeen additional
centimes to the land-tax, which it had been in con-
templation to re-establish, have been abandoned.
On the other hand, it has appeared possible, without
impeding affairs, to subject bonds and receipts t• the
duties which existed before the law of A ug. 7, ISSO, and
thus to increase by seven millions the produce of the
registration duties. These measures, which, have
hi r.
re-
moved the necessity of re-establisng tilleowceadrgat the
merly borne by landed property, a
expen
the
s
expenses
same time the inscription on the build'
of the interest of the two loans, budget of th
thechargingae
State with two millions for departmental prisons,
and
and to leave, notwithstanding', a surplus in the receipts
of 4,140,486 francs. If the conventions concluded
provisionally with the railway companies, receive, as
far as regards their financial clauses, the sanction of the
Legislative Body, the favourable effects of it will not be
confined to the budget of 1856. The en,gagements of
the State towards these companies had not in general
any fixed term. The more or less rapid progress of the
works led to more or less considerable payments, which
the treasury had to make each year. Hence arose un-
certainty in the calculation of the expenses and the
enormous sapplemeitary credits which increased them.
For the future that inconvenience will not exist. All
the debts of the State resulting from old contracts
or new concessions, are determined on and divided
into fixed periods, which are independent of the execu-