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

SPIRIT OF THE PUBLIC JOURNALS

TIMES.—It is at an important moment that M.
Fould makes his financial report to the Emperor.
The 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 are
given ; 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 peacefulbess 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 he would not have gone so far ;
that having gone so far he must go further ; that
France is dissatisfied ; that the equilibrium of Europe
is unstable ; that the Treaties of 1815 are antiquated ;
that humanity wants regeneration ; that the nations
want reauseitation ; 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" tisad
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 capital 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 E, or not
far from torty millions sterling. This is the result
mostly of extravagant expenditure in a time of
European peace. But a small portion of it can
be referred even indirectly 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 hsbitual 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 let 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 cost 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 non-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." The Mexican Provisional Government
has, it is said, acknowledged a debt of 210,u00,000f.
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 dues 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 shou2d 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 ou the French Treasury will be
large; though we cannot deny that the great re-
sources of Mexico, when once brought under the
energy 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 part 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 his country as unsatisfactory,
ee 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 own 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, iu 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 workingl 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 that 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, such lessons as
those which the finance of France teaches are the
best antidote.

POST.—We have always felt much distrust of the
Philhellenic Committee, and of the information
which they have been so ready to volunteer. That
singularly purposeless and strangely constituted
body is composed chiefly of enthusiastic utopists,
wild Irish members, some patrons of the Turf, and
possibly of a Greek or two worthy of their tradi-
tional character for " proverbial wiles and ancient
craft." However this may be, certain it is that this
corporation of lovers of Greece were nervously
anxious to prove their affection to that fair and
classic land by showing that her finances were in
excellent condition, and theta notable set of schemes,
such as the cutting of the
kingdom,Corinthelelsithmusofand
and
fresh
source draining of Lake Copais, were to bring at once pros 11-
parity to the new
source of wealth to the kind-hearted Britons who
should embark their money in these new adventures.
Whether these concessiows have
not b
ob-
tained wt, know not; but whatever the relations of
been
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emotions or ambitions which
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of the committee have cooled in a very remarkable
manner. Indeed, since the arrival ()i
at Athens,
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