The Sun.
London, England, 1852-03-30 00:00:00

TUESDAY

EVENING, MARCH 30, 1852.

introduction, we must acknowledge that the first
great attempt at legislation by Ministers has been
more successful than could have been anticipated, and
that if other propositions be a 9 equitable and well
devised, the nation will have cause to bless the se-
cession of the GREY•RUSSELL Miniery.

A brief but interesting discussion took place last
night on the subject of the renewal of certain Ex-
chequer-bills, and the rate of interest that should be
payable thereon. It was a subject, however, in
which the late Government, or rather the late
Chancellor of the Exchequer, were more interested
than the present. It was cne of those gross
and palpable jobs for the benefit of the moneyocracy,
respecting which so many loud and well-founded
complaints have from time to time been preferred.
The question was, whether there was any necessity
for paying far more interest than would willingly
be accepted by a certain class of the public
creditors, whether the nation should insist on paying
a higher rate of interest than would freely and wil-
lingly be accepted. Money can now be freely obtained
in the City at two per cent. on first-class securities.
Why should a higher rate be paid on Government
paper, the best of any ? if Sir WILLIAM BLACKSTONE
be considered as an authority. But the prices which
these bills command in the market afford the most
conclusive evidence of their universal acceptation.
The quotations of yesterday show that they sell at
from 68s. to 71s. premium, or rather more than a
year and a half's interest. These premiums are
quietly transferred from the public purse to the
pockets of private individuals without any
adequate object. Sir CHARLES WOOD might
if he pleased have reduced the rate of interest by id.
or id. per diem, by which he would have effected
a saving of from 150,0001. to 225,000/. per annum.
But the Right Hon. Baronet was not the man to
reduce the profits of capitalists, or to save the pockets
of the poor, at the expense of the wealthy. He, ac-
cordingly, notwithstanding the unprecedented amount
of bullion in the vaults, and of unemployed
notes in the banking department of the Bank of
England, renewed the bills at the old rate, and thus
did all in his power to keep up the burden on the
people at the highest rate. Fortunately, however,
his successor will be enabled in June to settle
a rate of interest more suitable to the condition
of affairs at the present moment, and we confess that
we do not anticipate the same truckling or subser-
viency to the Plutocrats from Mr. DISRAELI for
which Sir CHARLES WOOD was so painfully con-
spicuous. The matter, although of comparatively
trivial importance to the great questions of public
policy, is yet one that should not be lost sight
of by the several constituencies at the general
election. Financial reformers should bear these
points in mind, and make economy and retrench-
ment one of the chief topics on which aspirants for
senatorial fame should be most closely interrogated
on the hustings.

THE FRENCH REPUBLIC.

OPENING OF THE FRENCH

CHAMBERS.

The ceremony of opening the French Chambers took
place yesterday. At one o'clock the PRINCE PRESI-
DENT set forth from the Elysee in a carriage surrounded
by a guard of honour composed of the Carabineers.
Many cried " Vive Napoleon" as he passed along, but
there was nothing like zealous or extravagant enthu-
siasm. At the Tuileries a double lino of soldiers was
drawn up within the court, and the grand staircase was
lined with Gendarmerie Mobile. All the time the can-
non fired as in the time of the monarchy.
Tho eceno in the Salle des Mareschaux was very
imposing, seats covered with crimson velvet were
arranged for the members of the different corps,
and at the top, in the centre, a sort of dais was
formed, composed of crimson velvet, with a gold
eagle; the gallery, hung also with crimson velvet,
was allotted exclusively to the ladies. A little
before one o'clock the Corps Legislatif were introduced
and took their seats on the left of the raised fauteuil of
the PRINCE PRESIDENT; ♦ery few of the members were
in costume. The Corps Diplomatique, the Senate, and
the Council of State were severally introduced and took
their seats—the Ambassadors on the right of the room,
and the Senate on the right front of the Presidential
chair. As soon as all were seated, the PRINCE PRESI•
DENT entered in the full dress of a general officer, at-
tended by his Ministers and by a staff of general officers,
colonels of regiments, councillors of state, &o. His re-
ception was of the warmest kind. Having bowed with
great affability on all sides, he proceeded to read, stand-
ing and uncovered all the time, the following Installa-
tion Speech:—

" Messieurs the Senators, and Messieurs the Deputies,
" The Diotatorship which the people confided to me ceases
to-day. Things are about to resume their regular course.
It is with a sentiment of real satisfaction that I come to pro-
claim here the establishment of the Constitution ; for my
constant pre-occupation has been not only to re-establish
order, but to render it durable by endowing France with in-
sti,utions adapted to her wants.
" Only a few months ago, as you will recollect, the more I
endeavoured to confine myself within the circle of my attri-
bution, the greater were the efforts made to restrict it, in
order to deprive me of movement and action. I confess I
often felt so discouraged, that I bad the idea of abandoning a
power which was so disputed. What withheld me was that
I saw that only one thing could succeed me, and that was
anarchy. Everywhere, in fact, the ardent passion for de-
struction was rising without:capacity to found anything. No-
where was there an institution or a man to whom to attach
oneself; nowhere an undisputed right; no organization of
any kind, or a system capable of being realised.
" Thus when, thanks to the aid of some courageous men,
thanks especially to the energetic attitude of the army, all
perils were removed in a few hours, my first concern was to
demand institutions at the hands of the people. For too
long a time society had resembled a pyramid turned upside
down, and I have replaced it on its basis. Universal suf-
frage, the only source of right in such conjunctures, was im-
mediately restored. Authority regained the ascendant; in
fine, France, adopting the principal dispositions of the Con-
stitution that I submitted to her, opportunity was afforded
me to create political bodies, whose influence and considera-
tion will be the greater according as their attributes shall
be wisely regulated.
" Amongst political institutions, in fact, those alone have
durability which fix in an equitable manner the proper limits
to which each power ought to be confined. There is no
other way of arriving at a useful and beneficial application of
liberty. Examples enough are near at hand.
" Why in 1814 was the inauguration of the Parliamentary
system seen with satisfaction, despite of our reverses? It
was because the Emperor—let us not fear to make the avowal
—had been led, on account of the war, into too absolute an
exercise of power.
" Why, on the contrary, in 1851, did France rejoice in the
fall of the same Parliamentary regime ? It was because the
Chambers had abused the influence that had been allowed
them; for wishing to dominate, they compromised the ge-
neral equilibrium.
" In tine, why did not France show herself moved at the
restrictions imposed on the liberty of the press and on per-
sonal liberty? It is because the one had degenerated into
licentiousness, and that the other, instead of being the legal
exercise of the right of each, had, by odious excesses, me-
naced the rights of all.

" This extreme danger, especially for democracies, the
having to see unceasingly ill-defined institutions sacrifice
liberty and power by turns, had been perfectly comprehended
by our fathers half a century ago, when escaping from revo •
lutionary troubles, and after a vain trial of all kinds of re-
gimes they proclaimed the Constitution of the year VIII.,
which has served as the model for that of 1852. Without
doubt, the liberties, to the abuse of which we had become
accustomed, are not all sanctioned, but still real
liberties are consecreed. Thus the day following
revolutions the first of securities does not consist in the im-
moderate use of the tribune and the press, it is to be found
in the right to choose a suitable Government. Now the
French nation, perhaps, for the first time, has given to the
world the imposing spectacle, a great people voting in full
liberty the form of its government.
" Thus the Chief of the State who you have before you is
truly the expression of the popular will; and what do I see
before me ? Two Chambers, the one elected by virtue of
the most liberal law existing in the world ; the other named,
it is true, by myself, but also independent, because immove-
able.

" Around me you behold men of recognised patriotism and
merit ready to support me with their.counsels, and to en-
lighten me as to the wants of the country.
" This Constitution, which to-day is to be put in practice,
is not the work of a vain theory or of despotism—it is the
work of experience and reason. You will aid me to consoli-
date it, to extend, and to ameliorate.
"I will cause to be made known to the Senate and Corps
Legislatif the state of the situation of the Republic. They
will see by it that confidence has been everywhere restored,
that work has recovered, and that, for the first time after a
great political change, the public fortune has increased in-
stead of being diminished.
" During the past four months, it has been possible for
my Government to encourage many useful undertakings, to
recompense many services, to succour much want, to exalt
even the position of the greatest number of principal func-
tionaries; and all that without adding to the estimates of
the budget, which we are happy to present you in a balanced
state.

Such facts, taken with the attitude of Europe, which
has received with satisfaction the changes that have been
made, gives us just hope of security for the future; for if
peace is secured within, it is equally so without. Foreign
powers respect our independence, iv d it is for all our inte-
rests to keep with them the most amicable relations. So
long as the honour of France shall not be engaged, it will
be the duty of the Government to avoid carefully all cause
of perturbation in Europe, and to turn all our attention to
internal ameliorations, which can alone procure comfort for
the laborious classes, and ensure the prosperity of the
country.
" And now, gentlemen, at the moment when you are asso-
ciating yoursOves with my labours, I win explain to you
frankly what my conduct shall be.
It has been frequently repeated, when I was seen
htoo
re-establish the institutions and the recollections of t
Empire, that I desire to re-establish the Empire itseat.
If such had been m constant pre-occupation,
.th
transformation would have been accomplished long since.
Neither means nor opportunity have been wanting to me.
" Thus, iat tßii
- -8, when six millions of suffrages named me,
in spite of the Constituent, I was not ignorant that the
simple refusal to acquiesce in the Constitution might give me
a throne, but I was not seduced by an elevation which would
necessarily produce serious disturbances.
" It was equally easy for me to change the form of the
government on the 13th Jane, 1849 t I YTIAI d 123 sl9 io,