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

SPIRIT OF THE PUBLIC JOURNALS

TimES.—lt 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 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 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
isnnstable ; that the Treaties of 1815 are antiquated ;
that humanity wants regeneration ; that the nations
want resuscitation ; 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 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 f., or not
far from forty 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 China 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 indultiy, and it may be elevating
lo 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 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 210,00,000 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 anci 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
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 coun try as unsatisfactory,
ne 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 possible 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.

Philhellenic P osT . lir eh have always
Committee, a
nf felt t
ofmuch
the
distrusteiu ni volunteer.
t..
mo
aif
t,
That
oha
pet
which they have been so ready to vecoly
constituted
singularly purposeless and strangely
wildtiod y
lisricshommpeomsebdercs,hsieoflmye
possibly of a Greek or two ?
worthy
wiles and ancient
tional character for. "
certain it is that this
craft," However this may
of G'reece were nervously
of
patronsenrtih y ug:
if' ao
f;ht itehn 'elniurtrnftP,ri.aasditlsid:
corporation of lovers.
atteacttihoner tfionatnhcaetsfwaierreanind
that a notable set of schemes,
classic anxious
land t to
hpy.rov.sehotvvhiepidrg
excellent condition,
sdurcaihitnyaisntgtohoettc.hzetatkni_neew afpnthe Isthmus of Corinth and the
cutting
ais were to bring at once pros
Hellenic' kingdom, and a fresh'
per
Source
of wealth to the kind-hearted Britons who
should embark their money in these new adventures.
Whether these concessions have not been ob-
tainod 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. indeedoince the arrival of the young King
at Athens, the committee seems much inclined to
drop the acquaintaneo. They wisned at first to
patronise him. They wrote to the English Govern-
meat to ask them to provide a frigate to bring him

from Denmark to these shores, and received from
our Government a very proper snubbing for their
impertinence. Of late their once obtrusive bene-
volence has dwindled down to a more chill reserve,
till at last they come forward in a new character.
and appear in toe unenviable light of public iu-
formers. They now avouch, from anonymous infor-
mation, that the King and Government of Greece
are wanting in honesty and honour. The people
over whom they obtruded their unasked protection
may well exclaim—
" It was all very well to dissemble your love,
But why did you kick me down stairs ?"
The reputation and fair fame of the Hellenes are as
yet intact under the bright new shield of King
George. It is the Philhellenic Committee which is
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 assume ince-
tions and a character to which it had rio real claim
whatever, and, having thus forced itself into public
notice, it now ventures to asperse the clients of
whose cause it took forcible possession. The com-
mittee of its own authority makes known to the
English public the intelligence that Greece intends
to repudiate her debts. This assertion is based uP°lll-
- simple statement of an anonymous correspon-
dent of Mr. Stephanos Xenos. It is indeed surpris-
ing that a gentleman, woo ought to be acquainted
with the plaih facts of the day in Athens and the
obvious position of his country, should for one mo-
ment venture to lay before the pub lie statements 8°
absurd, because so obviously unfounded. A word
disposes of the entire accusation. Th sHellenic king
dom is not yet constituted. The lonian Islanhe
are not yet annexed. The Parliamen t is not yet'
sitting in the plenitude of its powers. How, then,
is it possible for the Government to settle what
shall be done with foreign debts when its,9lf is not
yet settled? The Hellenic kingdom is to b e consti-
tutional. It will be for its Parliament to disc uss and
to decide upon questions of financial expedieneY,
and national honour. This is so apparent that, ha
a
any enemy brought charges of a defamatory nature
against the Greeks, we should have expected the
Philhellenic Committee, had it only been woll-hY
its name, to have explained this, whilst it Lzight
have fairly claimed some credit for the good it
tions of the present Administration at Athens., IC°r
only this. Count Sponneck, if a candid and bold
adviser, is sure to be upright and honourable, and
we may be certain that he will never counsel 1115
young master to enter on a path of repudia doh
which would produce immediate distrust, and 1 eau
to ultimate disaster. It is very unfair to give
new State a bad name on the flimsy grounds wit, is
'
have been pur forward. We do not as yet see it ay
.-vidence that the Greeks intend to act otherwise
than honestly, and we believe they will pursue $
straightforward course. When the question the
foreign debt comes before their Parliament we are
quite ready to presume that they will deal with_ it
on its merits, and that as a nation they are not 5°
lost to self-respect as to require to to either pw
tronised or bullied into doing what is r7ght. The
absence of a Greek Minister at this Cou rt, which
has suggested to this officious Philhellenic Co'"
mittee to usurp powers for which it has no ert,deo;
fiats whatever, and a strange apathy on the part of
that oddly-composed and reckless body, has give °,
opportunity to Mr. Xenos to play a more impovtall,'
part than be is entitled to assume. This "ti mf
Greek" reminds us of Mr. Charles Mathews in " Cool
as a Cucumber," when he ventures unasked is°
meddle in affairs with which he has no business'
The clever comedian is not more serious than tbel
honorary secretary of the committee when he cottle:
forward to discharge his " painful but solemn duty-
As Mathews tells the old father of the crimes and

follies of the son,when the boy is innocent of t beo
all, so the impetuous Xenos rushes into prin t td
blacken the reputation of Ministers and King, so
to damage the credit of his country. " Save II
feom the Philbellenes" will surely be the cry of Abe
Greeks, who, it is only just to suppose, in spite °,
:
their friends, will disappoint the expectations °I,
their enemies, and meet the reasonable claims. °'
their creditors.

COUNTRY MARKETS.

-

MANCHESTER—THURSDAY .
At our market this morning dry English wheat Was to
fair demand at the full prices of this day se'nniglit,
foreign was held for 2d to 3d per 1001bs advance ou Jorro
prices, but a very limited business. Oats met a slow halool.
late rates, and oatmeal the turn cheaper. Indian co ry' 65
per qr dearer. Flour was sold at about former quotations*
Beans brought full prices.

BRISTOL—TuunsDAY.
We had a less supply of English wheat than usual to'
day, which sold freely, and realised an advance of is Per
qr on last Thursday's prices. Foreign wheat also a similar
improvement, with a good demand. Barley quiet, ,at late
rates. Oats is higher, with a healthy trade. Beans 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 English and
foreign, but without any lite in the trade. Barley 6d to 18
lower, Oats, beans, and peas firm, with a limited tradG,
English wheat was sold at 40s to 46s for white, and 36,.:
to 44s per 36 stone for red, Barley, new malting, 325
42s per qr ; grinding, 26s to 30s Oats, old, 228 to 305
per 30 stone ; Irish, 18s to 245. Beans, 408 to 44s per qr.
Yeas, 36s to 44s per 36 stone.