The Sun.
London, England, 1863-12-04 00:00:00

SPIRIT OF THE PUBLIC JOURNALS

TIMES.—It is at an important moment that M.
Fouid makes his financial report to the Emperor.
'rhe French people will be recalled from political
and humanitarian fancies to hard realities by this
summary of the national accounts. At no time since
the Italian war have vague anticipations of coming
change been more general than during the last fort-
night. Since the refusal of England to join the
Congress the disquiet has increased. The refusal is
in itself a rebuff, and Lord Russell has not the art
to make disagreeable communications less unpleas-
ing by any sweetness of diction. People have, there-
fore, been ready to see in all that takes place the
first gusts and drops of the coming storm: It is
presumed that the Emperor is offended; that he
, must turn from England to some more accomoda-
ting ally. Hints of a reconciliation with Russia arc
givon ; Baron Budberg is said to have been invited
to Compiegne in terms of especial distinction, and
General Fleury is to pay a mysterious visit to St.
Petersburg. What is to be done, or why any-
thing should be done, no one pretends to know;
but every one fancies that the present state of affairs
cannot last, There is oppression in the silence—
a sense of pain in the uneasy peacefulness of the
hour. Such is the state of nervousness and tremor
into which the French people have brought them-
selves by unlimited draughts of glory. Without a
single real cause of quarrel in Europe, except with
Russia—and with her they talk of an alliance—the
French, whether patriots and politicians or mere
fathers of families, whether ready for new wars or
deprecating in secret the restlessness of the Imperial
temper, all agree in a vague foreboding that some-
thing is to occur. If they analyse the causes of these
anticipations, they can only say that the Emperor
must have designs, or be would not have gone so far ;
that having gone so far he must go further • that
France is dissatisfied ; that the equilibrium of iurope
is unstable ; that the Treaties of 1815 are antiquated ;
that humanity wants regeneration ; that the nations
want resusaitation ; and so forth through all the
political commonplaces of the time. At such a
moment, when peace is endangered by a mere feverish
disquiet at its monotony, the clear statements and
the disagreeable facts of M. Fouid are likely to be
beneficial. Although M. Fould is a Minister, and
this in France is almost synonymous with a courtier,
yet his own independent and acute mind is visible
in all his productions. The phrases end the official
forms of deference to the Emperor's wisdom are
there, but there is also " the logic of facts' used
with unsparing power, and there are hints of the
necessity of peace which seem to contain a covert
rebuke to both master and colleagues. The finan-
cier is the most privileged of Ministers, for he has
to deal with that which is so strong that it cannot

be coerced by the greatest potentates, and yet so
timid that it is terrified by the merest rumour of
the streets—the capitel of a great country. He
must tell the truth, and in this case M. Fould ap•

parently believes that it should be plainly and even
graphically told. For prudent people, however,
the Minister's totals say enough. In the first place,
the amount of the deficits is 972,000,000 f., or not
far from forty millions sterling. This is the result
mostly of extravagant expenditure in a time of
Europtan peace. But a small portion of it can
be reterred even indireely to the Emperor's two

great wars. It has arisen from expeditions to
the East and West, to Cnina and Cochin China and
Mexico; from great domestic expenditure, some of
it productive and likely to remunerate the State in
time, some of it only an outlay of parade, stimulat-
ing, perhaps, to industry, and it may be elevating
to the national taste, but not likely to profit the
public treasury. But the chief cause of the huge
deficit is not this or that enterprise, though involv-
ing the transport of armies across the ocean, and
their maintenance in inhospitable and half-ruined
territories; it is not the pulling down and building
up which is going on in every part of France ; the
splendour of the Court adds but a trifle to it. It is
the permanent yearly cost of a great Army and
Navy that weighs on the resources of France, and
prevents the country, in spite of vastly extended
commerce, from keeping pace with the increase of
expenditure. With more habitual economy France
could indulge in the extravagance of occasional ex-
peditions, and pay the cost of them at once out of
the public revenue. But the consciousness of keep-
ing Europe in alarm must be purchased by such
sacrifices as M. Fould indicates. The cost of the
Mexican expedition up to the Ist January next will
amount to 210,000,000 f., and that of the expedition
to Cochin China will be 60,000,000 f. The account
for Mexico has been brought under the notice of the
Mexican Government, and it was expected that the
new empire would take on itself the coat of opera-
tions to which it owed its existence. As is well
known, this was the design of the Emperor during
the autumn, but the now-existence of Mexican
credit prevented him from thus adding gratuitously
to the glories of his reign. " In spite of the confi-
dence," says M. Fould, " which we have of seeing a
regular Government established in Mexico,we cannot
rest the security of our finances on the liquidation of
its debt to us." TneMexicauProvisional Government
has, it is said, acknowledged a debt of 210,00,000 f.
to France for these war expenses ; but, as the Em-
peror is not yet installed or even elected, and the
country is not likely to find eight millions sterling
either within its own limits or in any European capi-
tal, M.Fould does well not to reckon on beingrelieved
from any part of the burden of this enterprise. It
will, indeed, surprise every one if the present month
puts an end to the expenditure of France on the
other side of the ocean. The 210 millions which
will have been spent by the end of 1863 will be, fol-
lowed, we fear, by many more millions during the
coming year; for, even though Juarez should sub-
mit or be deserted by his followers, or so defeated
as to be unable seriously to trouble the new Govern-
ment, the country must be long subject to French
protection, which will give the only security
against internal disorders and foreign aggression.
And as Mexico can pay nothing for years, the
immediate calls on the French Treasury will be
large; though we cannot deny that the great re-
sources of Mexico, when once brought under the
em-rgy of the French Government, may yield a
splendid profit on the adventure. However that
may be, M. Fould sees the necessity of meeting
the cost of the war at once, and for that purpose
he proposes to the Emperor a loan of 300,000,000 f.,
which will allow him to consolidate pert of the
floating debt. Out of the 972,000,000 f. he will
thus put nearly a third into a more regular and
permanent form, and this among financiers in our
reckless days is looked upon as almost Equivalent
to payment. The produce of the loan will be
employed to purchase Treasury Bonds, and as the
interest will be less the State will be so far a gainer.
Although M. Fould does not hesitate to speak of
the financial position of hiscountry as unsatisfactory,
tie yet gives sufficient proof of the elasticity of its
resources, the industry of the people, the wealth
they accumulate, and the immense sums they are
able to pour yearly into the Treasury. But for
the wars in Mexico and Cochin China there would
have been during the last two years a surplus of
155,000,000 f., which would have reduced the
floating debt to 776,000,000 f. The trade of
France, though somewhat disturbed by the
;Anxieties of the time, is good, and the abun-
dant harvest of the year much diminishes the
evils which have been wrought by politi-
cal causes. After a survey of various sub-
jects, the Minister concludes by phrases which
indicate his owu desire for the maintenance of
quiet. Whatever may be the opinion of his col-
leagues, he does not scruple to hint his dissent from
the policy which has been so long dominant. In-
deed, in this respect the Minister is probably as
much one of the Opposition as some who declaim in
the Chamber. He hopes for the day " when by the
reduction of our expenses, combined with the in-
crease of our receipts, it will be passible to re-esta-
blish the regular working of the sinking fund, and
to diminish the public debt." " If in the future,"
he adds, " the equilibrium of the Budget be main-
tained, if the generous efforts of the Emperor assure
peace, and the State prosper, our finances will per-
mit us to reduce the taxes and realise the wishes of
his Majesty." Let us, like M. Fould, look forward
to that happy day, and hope t;iat the alleviation of
military burdens, of which the Emperor spoke a
month ago, may not be far distant. For the rest-
lessness that leads to war after war, tench lessons as
those which the finance of France teaches are the
best antidote. of
P OST. —We have always felt much distrustlttlo7,
Philhellenic Committee, and of the info
Tilat
which they have been so ready to volunteer.titutet:
singularly purposeless and strangely
wild Irish members, some patrorntshy
of their tredi-
body is composed chiefly of enthuos•tiatsht iec
tot
and t s,
possibly of a Greek or two Dial
aisndthaantcitehnist
fwaierreanind
mayf Greece were nervously
craft."tion a 1
H characterow e
ver
tforhi s 'poro vheer, bcite4ll. t wilesatn it
corporation of lovers
classic land by show
anxious to prove theirieg atffheacttihoner tfionatnheaets
as the cutting of the Isthmus of Corinth and the
excellent condition, and that a notable set of schemes,
suchhiug
of Lake Copais, were to bring at once pros
embark
t theirt
money
hoen
ekyi
nd -thheeasret
new
de
wßritons Ferity to the new Hellenic kingdom, and a fresh
i
t uwr ehso.
Whether these coneessiows have not been oh-
ue
ed
o f w e
twined we know not,; but whatever the relations of
the Philhellenic Committee and the Greek Govern.
ment may have been, it is evident that the ardent
emotions or ambitions which led to the formation
of the committee have cooled in a very remarkable
manner. hdeed,,sincP the arrival of the young King
at Athens, the committee seems much inclined to
drop the acquaintance. They wished at first to
patronise him. They wrote to the English Govern-
, ment to ask them to provide a frigate to bring him

ANNA
from Denmark to these sh ores, and received frora.
our Government a very properr snubbing for their
impertinence. Of late nce obtrusive bene-
votence has dwindled down to a more coil i res erve,
rill at laet they come forward in a new c haractFr,
and appear in tne unenviable light of pkib4infor-
c in•
formers. They bow avouch, from enonymocs
mation, that the King and Government of Greece
are wanting in honesty and honour. The people
over whom they obtruded their unasked prot'ection
may well exclaim—
" It was all very we'll to dissemble your love,
But why did yoli kick me down stairs ?",
The reputation and fair fame of tne Hellenes are a's
yet intact under the bright new shield of King'
George. It is the Philhellenic Committee which le,
the first to stepforward to cast dirt at them. As
there has been for some time no Greek Minister in
London, that body took upon itself to assame func-
tions and a character to which it had no regal claim
whatever, and, having thus forced itself into public
T
notice, it now ventures to aoperse the clients of
whose cause it took forcible possession. he com-
mittee of its own authority makes knoven to the
English public the intehligence that Greece intends
to repudiate her debts. This assertion is based upkon
the simple statement of an anonymous corrospoll-
dent of Mr. Stephanos Xenos. It is indeed su.rpris-
ing that a gentleman, who ought to be acquainted
with the plain facts of the day in Athens and Ito'''.
obvious position of his country, should for one mo
ment venture to lay before the public statements so
absurd, because so obviously unfounded, A. word
disposes of the entire accusation. The Hellenic king-
dom is not yet conritituted. The lonian Islands
are not yet annexed. The Parliament is not yet
sitting in the plenitude of its powers. How, then,
is it possible for the Go vernment to settle what
shall be done with foreign debts when itseLf is not
yet settled? The Hellenic ltingddm is to be consti-
tutional. It will be for its Par.liament to disco ss
to decide upon questions of f,'nancial expeeienef,
and national honour. This is so apparent that, bah
any enemy brought charges of a ,defamatory nature
against the Greeks, we should h ave expected the
Philhellenic Committee, had it onl3' been worthy of
its name, to have explained this, whilst it mii:ht
have fairly claimed some credit for .the good inte
tions of the present Administration a t Athens. Nor
only this. Count Sponneck, if a can did and bold
adviser, is sure to be upright and hon ourable, and
we may be certain that he will never counsel hl6
young master to enter on a path of repudiatiora
which would produce immediate distrust, and lea
d•
to ultimate disaster. It is very unfair to give the
new State a bad name on the flimsy grounds which
have been put forward. We do not as yet see aol
evidence that the Greeks intend to act otherwise
than honestly, and we believe they will pus sue 0,
straightforward course. When the question of the
foreign debt comes before t heir Parliament we i"°,
s°
quite ready to presume that they will deal with i"
on its merits, and that as a n a tion they are not
lost to self-respect as to req wire to be either P"
tronised or bullied into doing What is right. 1-11 e
absence of a Greek Minister at this Court, whir,,
has suggested to this officious Philhellenic Coal'
mittee to usurp powers for wide, `i it has no tredee;
tials whatever, and a strange apt kthy on the part 0,
that oddly-compost .d and reckles s body, has givellb
opportunity to Mr. Xenos to play a more importae.
part than he is entitled to assun ie. This " tiMld
Greek" reminds us of Mr. Charles T.athews in Col
as a Cucumber," when he ventr, ores unasked t°
meddle in affairs with which he 1 las no busines6'
The clever comedian is not mores erious than the'
honorary secretary of the committee when he coal
iorward to discharge his painful but ' solemn dutPA '
As Mathews tells the old father of a e crimes an
follies of the son,when the boy is inrica lent of the ie
all, so the impetuous Xenos rushes i nto print tl
blacken the
th creditere
putati
of hisf hlonoinicsotuernstray.nc
to damage
fkom the Philbellenes" will surely be tht cry eftlief
Greeks, who, it is only just to suppose, in spite Of
their friends, will disappoint the exp ec tations
their enemies, and meet the reasonabl 0-aims
heir creditors.

COUNTRY MARKETS.

------ -

MANCHESTER—THURSDAY.
At our market this morning dry English whet t waBan
fairf"
demand at the full prices of this day se'nvil ;ht,
foreign was held for 2d to 3d per 1001bs advance 0.3
sale
late but a very limited business. Oats met a sl.ye Bal'
late rates, and oatmeal the turn cheaper. Indian earn
per qr dearer. Flour was sold at about former quit taloa-
Beans brought full prices.

BRISTOL—THURSDAY. to'
We had a less supply of English wheat than visual r
day, which sold freely, and realised an advance of is rr,
qr on last Thursday's prices. Foreign wheat also a siullia_
improvement, with a good demand. Barley quiet, at late
rates. Oats Is higher, with a healthy trade. Beau. s Were
very dull. Indian corn Is per qr dearer,

BIRMINGHAM—THURSDAY.
Wheat was in less supply to-day, and sales were made at
is per quarter over last week's rates for both Eng
his
is
foreign, but without any lite in the trade. Barley 6d tads.
lower. Oats, beans, and peas firm, with a limited ti 6364
English wheat was sold at 40s to 46s for white, E1(.,1
to 44s per 36 stone for red. Barley, new malting, 3"-'
42s per qr ; grinding, 26s to :308 Oats, old, 22s to
r.
per 30 stone; Irish, 18s to 245. Beans, 40s to 44s per
Peas, 36s to 448 per 36 stone.

EDINBURGH GRAIN—DEc. 2.
rri'
A small supply of farmers' wheat to-day, which V,
brisk sale at 2s per qr advance upon the prices of last si"(
Barley in good demand, and prices fully as high. 03t6
better sale. Beans were unaltered.
Wheat on the top 12s Od down average 2s 7d down.
Barley on the top Os 6d up
Oats on the top 2s 3d up..
Beans on the top Os 6d down aaavvveeerrraaagggeee OsOias 10°3;1 up n•

Total Supply and Sales.
Wheat .. 621 qrs ..Sold 561 qrs
8ar1ey........ 2775 qrs Sold 1732 €11.6
Oats
Beans ll9 qrs Sold 104 qrs
°'
Flour sells as follows :—Whites, 418 Od ; extras, 396
superfine, 37s Od ; fine, 35s Od.