The Sun.
London, England, 1855-01-02 00:00:00

THE FRENCH NATIONAL
LOAN.

REGULATIONS OF THE ISSUE.
The President of the Council of State, charged provi-
sionally with the Ministry of Finance, orders, in execu-
tion of the imperial decree of this day, as follows :
Art. 1. From the 3d to the 14th of January, 1855,
inclusively, Sunday, the 7th, being comprehended
therein, the p Mlle will be admitted to subscribe to the
loan of five hundred millions authorised by the law of
December 31, 1554.

The subscription offices will be :—For Paris and the
department of the Seine, at the central cash office of the
treasury ; at the central receiving office of the Seine,
Neuve des Mathurins St., No. 36 ; at the office of depo-
sits and consignations, Lille St., No. 2 • at the mayoral-
ties of the twelve wards. For other departments than
that of the Seine, in all the chief places of every depart-
ment and ward, at the respective offices of the general
and private collectors of taxes. They will be opened on
the 3d of January at 9 a.m. and will close on the 14th of
January at 5 p.m.
Art. 2. The subscribers will have the option haws*
the rente of Four-and-a-Half per Cent. (created March
14, 1852) and the Three per Cents.
Art. 3. The rente of Four-and-a-Half per Cent, will

be issued at the rate of 92f., with interest from Sept. 22,
1854 ; that is to say, that in engaging to pay into the
Treasury the sum of 92f. at the periods stipulated in the
6th article following, the subscriber will receive a rent.
of 4f. 50c., which, notwithstanding the delays granted
for the payment of the subscription, will commence run-
ning without deduction from the 22d of Sept., 1854.
The rente of Three per Cent. will be issued at the rate
of 6i fr. 25 c., with interest dating from December 22,
1814. .

Art. 4. No subscriptions will be admitted save for 1.
francs of rents and. the multiples of 10 francs.
Art. 5. If the amount of the subscriptions exceeds the
sum of five hundred millions, they will be subjected to a
proportional reduction. Nevertheless, these subscriptions
net exceeding 500 francs of rente shall undergo no re-
duction, save in so far as they alone may exceed the sum
of five hundred millions. The subscribers whose de-
mand may be reduced will receive immediately after the
liquidation the reimbursement of the corresponding
part of their payment, unless they prefer, (but only in
what concerns the discountable subscriptions, as shill
be hereafter determined), leaving it as a prepayment, in
which case they would be allowed on the sums so prepaid
by anticipation, dating from the day of actual payment
in cash, discount at four per cent.
Art. 6. The subscriptions will have to be paid in as
follows :—One-tenth on subscribing and the remainder
iu 18 equal instalments, payable on the 7th of every
month from March 7, 1855, to August 7, 1856, both
days inclusive. The treasury will be bound to receive
the prepayments when tendered with discount at 4 per
cent. for all subscriptions not greater than 1,000 francs
of rente ; the same right to have discount may Le here-
after granted to subscriptions above the sum last named.
For the subscriptions of 1,000 francs of rents and 11134101
the prepayments may be made at the time of subscribing,
with right of discount from the day of actual payment,
but this discount will not be settled until the delivery of
the loan certificates. The prepayments, for the same
subscriptions, will be then received, dating from this
last period. They cannot be made, save for the entire
amount of one or more instalments.

Art. 7. There will be delivered to the subscribers a
provisional receipt, which, immediately after the closing
of the subscription and the allotment of each person's
share, will be changed for a loan certificate. This cer-
tificate will be made out for the holder or bearer, as
desired.

Art. S. The loan certificates will be chanted for inscrip-
tion of rente as noon as the last instalment shall have been
paid up. The holders of certificates exceeding the sum of
I,ooof. of rente will be able to demand partial inscrip-
tions determined by the instalment of each term, and
for the sum corresponding to each of such payments,
the first tenth remaining always in reserve as a guaran-
tee to the treasury until the payment of the entire
amount.
Art. 9. In case of arrears with any instalment, the
debtor will become responsible for interest to the trea-
sury at 5 per cent., to date from the eighth day after
the instalment falls due, without any previous notice of
I the liability being necessary. In default of payment
when a term expires, a month's grace being given, to
date from the day when payment was due, the entire
amount of the certificate may be called for, and the
Minister of Finance may cause it to be sold to the high-
est bidder, for the benefit of the public treasury.
Done at Paris the 31st of December, 1854.
J. NAZOCRE.

Report of the President of the Senate, in the
name of the Committee charged with examining
the law authorising the Finance Minister to eon•
tract a loan of 500 millions.
Gentlemen,—When, last year, the invasion of the
Ottoman territory occasioned the rupture of that peace
which was so dear to the interests of civilised nations,
France had not a moment's uneasiness about the snipe•
riority of her arms ; but she did not expect that one
single campaign could conduct her to the end of a diffi-
cult and remote war. Victory, in fact, has shown her-
self true to the flag of Zurich and Moscow. Yet Rue.
six, notwithstanding the reverses of her diplomatists
and armies, seems as if she wished to turn a deaf ear
to the remonstrances of Europe, and to the warnings
of Bernarsund, the Alma, and Inkerman.
Gentlemen, you have heard the very firm words of the
Emperor ; they have caused to vibrate the heart of the
country, which thinks it has done nothing so long as
anything remains to do.
Great events, therefore, are preparing for 1855. The
greatest of all would be doubtless, that a specific solution
might spring out of this European movement, in which
the idea of peace is dominant amid the din of combats.
But, if there be a sure way of obtaining it, it is by our
strength being put forth on a par with our right, and by
every one knowing,;in the second as well as in the first
hour that France can expect everything from her
soldiers, her wealth, and her credit.
In a few months our armies have already gained by
conquest imperishable palms. They hare survived the
epidemic and the tempest, surmounted the fatigues and
hardships, and braved the inequality of numbers. Their
constancy has been sublime, and by their irresistible
valour, they have struck with astonishment and almost
admiration our very enemy himself.
France is proud of such children ; she depends on
her brave sons, who from their very first battle have
shown themselves the rivals of the grand army, those
veterans of a hundred fights.
She depends also on her alliances.
At the beginning of last session we congratulated
ourselves on our union with England. This was
only brought about by the wisdom of the two Govern-
ments, and the good sense of the two people. A
strong brotherly concord has been now formed in
the East by the outpouring in common of most
precious blood, and by sharing the same trials and
the same glories. This is why—at the moment when
the Emperor so nobly expressed at the Imperial sitting
the national gratitude for the sentiments of the English
Parliament, for the co-operation of the intrepid armies
of Great Britain, and for the skill of their illustrious
chiefs—unanimous acclamations burst forth with enthu-
siasm, and yours were not the least fervid. Those ac-
clamations which we confirm here, in the maturity of
our reflections, will resound en the other side of the
Channel, they will be re-ocheeel also by the future, in
order to mark the fundamental regeneration of modern
policy, and one of the most :striking characteristics of
the Emperor's reign.
Another alliance, equally memorable on account of
its date land spirit, has just been contracted with Ans.
tria, and by it the old league of the north is broken up.
This alliance, foreseen since the opening of last session,
and in a manner predicted by an august and profound
thought, astonishes Russia and her partisans. The still
surviving antipathies of 1815 do not comprehend how a
great power, long friendly, can cause its foreign policy
to be based on the free appreciation of its legitimate in-
terests, and no longer on a dread of the French Revolu-
tion. But it has not escaped the sagacity of the Empe-
ror of Austria that many things have been changed in
the world by the accession of Napoleon the Third ; that
the Imperial throne has risen again, not on the ruins of
social principles, but for the triumph of those ideas that
render states stable and prosperous ; and that the
moment had conic for repudiating traditions henceforth
captioxe and superannuated, and for confiding in a
power that loyally maintains the equilibrium of Europe
and the peace of nations. Everything is linked in
policy ; the return to order through the 2d of December
was destined in evicably to bring after it in its train the
return to truth in our international relations.
Such, gentlemen, is the state of the foreign affairs of
the country. In order to preserve its advantages, in
order to meet the necessities of the war and shorten its
duration by the energy of the means, the Legislative
Corps has voted a law authorising the Government to
contract a loan of 500 millions, and the Emperor has in.
dicated the mode to which lie gave the preference.
Now, gentlemen the constitution only requires of you
one ine-, to wit ;if there is in this law anything that
entrenched on the great principles of which you are the
guardians, enclosed in this narrow circle from which you
might wh:le to issue in order to give freer expression to
your sentiments, you will remember the limit of your
attributes, and you will confine yourselves to answering
with unanimity that nothing better could be done,
whether for the honour of France, that is destined to
come forth victorious from this contest of justice against
ambition, or for the consolidation of theimporial throne,
the basis of the constitution, or for the Emperor him-
self, to whom we are indebted for the power of waging
a political and not a revolutionary war, for the alliance
of the two greatest civilised nations in Europe, and for
bringing to the European concert the authority of a go-
vernment powerful from the principle, its force, and its

sincerity.
This loan will have besides another result for the eta.
bilityaifotne , of
that have
imperial institutions. After the three elec.
glorified the name of the Emperor,
nal subscription, which not long since so
trsthe
:a
patriotically responded to its appeal, there will be in this
new proof of a fifth and solemn sanction ; and no assent
will have been wanting to the political establishment that
you have assisted in founding, nor the reiterated suf-
frages of the people, nor the continued support of these
interests most at stake in the development of the pub-
lie wealth.
In consequence, your committee propose to you to
declare that the Senate does not oppose the promulga-
tion of the law.

Two ENGLISH TRANSPORTS ON SHORE.—Letters from
Constantinople, dated Dec. 18, state that the Georgiana
(sch.), with a general cargo from London, and a large
English transport were on shore at Barber's Point (Dar•
danelles) previous to that date.