The Sun.
London, England, 1852-05-17 00:00:00

THE FRENCH REPUBLIC.

IVe have received I%C:is pi:Urn:II:1 of Saturday
and yesterday.
Tee statement which the Pairie peremptorily denied
of the demand for reimbursement made en the part
of the Emperor of RUSSIA, consequent on the con-
vex sion of the Five per Cents, appears to have been
put forward on good and sufficient grounds by the
other ne=wspapers. The fact is now acknowledged by
the Constitutionnel. The amount of the turn claimed
by Russia was 29 millions, so that there must hirvo
been sold out beforehand 21 millions. The -whOle
amount of stock held at home and abroad, which has,
or will have to be reimbursed, may be set down at 74
millions, a sum which must, as a matter of course,
go to swell the floating debt.
nel persists in sayin Sill the Constitution-
te that the Government has no
need of a loan, the Treasury having 195 millions to
its credit. There is here some error, for in the next
line the same journal states thet after paying off the
35 millions amount of the stock to be reimbursed to
foreign holders, there will remain a dispOsable sum of
65 millions. As the subject is full of interest, we
give the article at length :
" The nominal capi al ot Five per Oen!. Rentes, which
were bold by foreigners, may be estimated at about 500
millions. V. o do not mean the Rentes belonginK
to
Frenchmen residing out of the country, and to whom
the delay of two mouths was equally applicable. Only
35 millions have been demanded to be reimbursed, not-
withstanding the accidental depreciation which, the pub-
lic funds latterly underwent. If we are well informed,
out of these 35 millions there are about 29 millions by
the Russian Government; so that the demands from all
other countries united only amount to six
which proves the general ci nfideric felt by fort igners in
the stability of the present Government, and in progres-
sive development of our public credit. Is there any-
thing calculated to cause astoLisliment in the ehmaeds
of the Rmaian Goverrenant? Can it be considered as
an indication of bed feeling towards us? Not the least
in the world. There is nothing political in the affair,
and if it be remembered under what circumstances the
Russian Government became the holder of the Rentes,
ot which it now demands the reimbursement, it will be
seen that its conduct explains itself in the most simple
and natural manner.
" The investment made a few years since by the Em-
peror of Russia in French Rotates could only be tempo-
rary. It took place at a moment when the large im-
portations of corn, in consequence of our had harvests,
made us debtors to Russia to a considerable amount.
The Cz ut found it advantageous at that period to pur-
chase from us two millions of Rentes; and the French
Government was wrong, in our opinion, to lend itself to
that operation without thinking of the embarrassment
which the possession of such an amount of the pubic se-
curities in the hands of a foreign Government might
have caused under circumstances which it was possibls to
foresee. Every one must have expected to have seen the
Emperor of Russia on the first opportunity get out of the
singular position of a Government placing its money in
foreign stocks. The reason why he did not do it sooner
was, because the fall which-affected the French funds after
the revolution of February, prevented his telling Rentes
which he had purchasecleat the rate of 118 f. As soon,
however, as the consolidation of order and tie strength-
ening of the Government had raised public credit
he took advantage of it to successively ri slice his ca-
pital, and from the amount of reinforcement now de-
mended it may be seen that he had already sold a portion
of his Rentes Wore the conversion took place. Now,
the Emperor of Russia has seized the opportunity of the
offer c f reimbursement to definitively close the affair,
which, we repeat, was from its nature necessarily tem-
porary, and would have been terminated sooner if cir-
cumstances would have allowed it. The Government
announces that the reimbursement is to take place to-,
day. This is a proof that the demand of 35 millions
tines not embarrass it. Did we not yesterday see that
the amount of its account current at the Bank was 87
millions? If we mid to this the sum in the Treasury,
there is a disposable resource of 195 millions. When the
35 millions for the reimbursements shall have been taken
from it, there will still remain 160 millions, much more
than sufficient for all the-exigencies of the public service,
aud to meet all eventualities. The Government will
thus reimburse these 35 millions without having recourse
to credit'of any kind, and solely with the resources
at its command. The demand for reimbursement
both at home and abroad ail! have been 74 millions
out of a nominal capital of 3,600 millions, or about 2
per cent. The proportion would have fallen to 1 per
coot. but for the demands of Russia, which, as we have
already silown, arise from E xceptional circumstances.
The operation may be summed up as follows :—An
annual economy of 18 millions on the budget; reim-
bursement and consequent reduction of 74 millions on
the public debt; conversion of a capital of Four-and-a-
Half Rentes, amounting to 100 millions, into 'I hree per
Cards. It is impossiole that a measure of such impor-
tance could have been more skillfully and fortunately
conducted; its success is complete; and it refl- eta the
greatest honour on the Government of Louis Napoleon
and on she Minister cf Finance, M. Bineau, whose name
is iittachpcl to h."
The Pays publishes the letter of General CHAN-
GAENIER to the Minister of War, evidently supposing
that the excessive vanity, so characteristic of the man,
which breaks out at each line, and the grossness of
the personal insults addressed to Louis NAPOLEON,
will neutralise any amount of truth it may otherwise
possess. It is said that Generals LAMORICIERE,
BaneAu, and LEFLO, will equally refuse to take the
oath of fidelity.
The delegates of the army were reviewed fin Fri-
day in the court of the Tuileries by the PRESIDENT
of the Republic, who distributed several crosses and
medals on the occasion. After the inspection, the
PRESIDENT directed them to form themselves in a
circle around him, and then addressed them as fol-
lows :
"Officers, Non-commissioned Officers, and Soldiers,—
I have been desirous of addressing you before your de-
parture in a few words of felicitation and encouragement.
was anxious to tell you how happy I ass at the
late solemnity to see myself surrounded by the repre-
sentatives of our valiant army, and to ensure them that
my sentiments of esteem and sympathy wore the same
for all the corps of which it is composed. •
" Many services and many merits have, without
doubt, remained unrewarded; but, be certain that-the
day of just reparation will not fail to arrive for each.
" Besides, if such recompenses are right, they are
neither in your eyes nor in mine the principal motives
of action. What constitutes your force and your glory
is, that, in speaking to you of honour end of your native
country, nothing is impossible with you. That is the
real mainspring of the conduct of the army—cne that
will never fail—and one on which I count.
" Carry back, with pride, to your regiments those
standards, the venerated symbols of our national glory,
and on which is written this history of each regiment ; I
entrust them to your patriotism. Say to your comrades
that my thoughts are always in the midst of them, and
that .1 am always ready to share their dangers, as I share
in their lave and devotedness for the grandeur and pa-
triceisea of France."
This address called forth the loudest acclamations,
which lasted until the PRINCE PRESIDENT withdrew.
No public fete for a long time past has attracted
so many visitors to Paris as the last one. Not only
were the furnished hotels in Paris filled, but also
there of the baulieue. The crowd eagerly hastened
to the review and to the fireworks ; and more than
4,000 carrisges %sere employed in conveying the per-
sons invited to and from the ball at the Ecole
taire. It is really extraordinary that in such an im-
menfe concourse of people, of troops, and of carriages,
not a single serious accident has been heard of, or a
single robbery of any consequence. It must be ad-
mitted that the police regulations were on every point
very well organized, and the orders given carried out
with intelligence and devotedness. It is by such acts
that an Administration acquires real claims to the
esteem and gratitude of the public.
For the benefit of our gastronomical readers we
subjoin the bill of fare of the supper at the grand
ball last weak, and which was furnished by Chevet,
of the Palais Royal :—Potages of different kinds, 109
dishes of fish, 67 galantines, 114 pates, 16 dishes of
roast beef, 98 hams, 60 boars'-head brawn, 22 pates
:
de foie grad, 52 lobsters 1 la Msyonnaiset, 192 roast
,
fowls, 96 bundlea of asparagus, 12 000 small loaves,
214 pieces of
ornamental pastry,
of
pastreyleBs baansaketbsi,aenudits4,6o
plates of ,frui' a
number of dishesl' of strawberries, 9501b5. of small
cakes, sweets, sugar plums, &c. ; 3,100 bottles of
mods,
champagne,
of strops of different glasses.
sorbets, &e., 26,000 bottles of Bordeaux, 30,000 ices,
punch, 17,000 glasses
BUSINESS DONE IN FOREIGB4;Rk- There were
T3H040,,
waiters in attendance. --
LONDON STOCK EXCHA.N,,E Aar 15.
ya— Great Indian Peninsula 6—Namur
East Indian, 22
—Rouenr ea n s andan
d
Tours and Nantes,
and Liege, 6%—Northern of
Bordeaux, 15%—Paris and Strasbourg,
Havre, 11 %—Sambre and Meuse, 4yBt
1114—Western of France, 7%.

SPAIN. a s
enc.?
Our accounts from Madrid are of the 11th.
They state that during Lord Vi EN'S absence
from Madrid, the official duties would be discharged
by Mr. °TWAY, First Secretary of Legation.
General AUMEIIO, who has resigned the office of
Minister of Marine, will retire to Andalusia.
We read in a Madrid letter of the 102 :—" The
most contradictory rumours are current respecting
the intentions cf the Government as to the projected
changes in the constitution. Some persons pretend
that the Ministry, finding public opinion against its
4p3i. i
romjeAct;,xitheDhaasj3.tiog e 7 LolLsbandoned them ; others declare • that
they are merely postponed."
on
UA Y
London, 50
sToh.e Three per Cents.

GERMANY.
A letter from Vienna of the 11th says : ~. hole,..w_
".The review which took place to- d:,y ou the 5
in presence of the Emperor's of Russia and Austria, as
favoured by. magnificent weather. There were
on the
ground about 45,0 teen, The Emperor of Austria
arrived at a quarter before ten, and was thus ready to
receive the Emperor of Russia, who arrived a few
minutes after, followed by a brilliant staff.. The Czsr
wore the uniform of a General of Austrian Hussats,,and
the Emperor Francis the unifek in of an Austrian Field-
-0
Marshal, with, the Russian Grand Cordon. The two
monarchs passed in front of =the troops, commencing by
the right. The Ampercr of Mania then'tools the