The Sun.
London, England, 1863-12-26 00:00:00

C. 21.
n. 2•
c. 27.
0. 27•
a. O.

.c. 31

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11. 10.
n. 14.
;c. 29'

.c. 29'

(Limited).

I am, Gentlemen, your obedient servant.

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THE CONSOLIDATED DISCOUNT
COMPANY (Limited).
(The Directors reserve to hemselves the right of changing
the name of the Company.)
To be incorporated under "The Companies Act, 1862," by
Which the Liability of each Shareholder is limited to the
amount of share'.
Capital £1,000,000, in 20,001 Shares of £5O.
First issue, 10.000 shares. Deposit on application XI per
share, and £2 on allotment. No future call to exceed £5
p'm• share, and at intervals of not less than three months.
It is not intended to call up more than £2O per share.
DIRECTORS.
George Walter Constable, Esq. (Messrs. Henderson and Con-
stab!e,, Cannon-street.
George Denny, Esq. (Messrs. George Denny and Co.), Great
'illiamHelen's.
Lan?, Esq., Director of the Cape Town Railway.
M'Arthur, Esq. (of the firm of Wm. and Alexander
M,Arthur, Australian Merchants), 46, Moorgate-street.
Sargood, Esq (Messrs. Sargood, lim7, and Sargood),
London and Melbourne.
„,
411 nuts Shepherd Richardson, Esq., Director of the Buenos
Ayres and River Plate Bank,
James Thompson, Esq. (Messrs. Le Gros Thompson and
Co.), Gutter-lane.
"Hugh Fraser Sandeman, Esq.
: Richd. Manners Sanderson, Esq. Messrs. Sandeman & Co.
Samuel Baker, Esq.
* Committee of Management.
BANKERS.
The London and Westminster Bank.
SOLICITORS.
Messrs. Sole, Turners, and Hardwick.
BROKERS.
*.„Tattles Shepherd, Esq., Auction Mart, Bartholomew-lane.
Messrs. Sandeman and Dobree, 2, Royal Exchange-buildings.
Offices—No. 4, Ablrurch-lane.
P OS PE CTUS.
In forming this Company the Directors have secured the
-operation of Messrs. Sandeman and Co., of Abchurch-lane.
Whose well-known and long-established business it is the
object of this Company to take up and develope.
The Company will conduct all the operations of ordinary
discount busines,.
The terms on which the business of Messrs. Sandeman and
Co. has been purchased justify the Directors in anticipating
a Profit of at least 10 per cent. per annum on the paid-up
capital-
The Company will take possession of the premises now oc-
e_opied by Messrs. Sandeman and Co., as from the Ist day of
January, awl the business of the Company will commence
from that day.
No promotion money has or will be paid, and the expenses
Will be strictly confined to the necessary payments.
Prospectuses and forms of applications for shares may be
ob•aim d at the Offices of the Company, of the Brokers, and
of the Solicitors.
In the event of no allotment being made the deposits will
be returned in full ; should a less number of shares be al-
lotted than are applied for, the deposit will be made avail-
able toward. the payment on allotment, and the balance, if
any, returned to the applicant.

FORM OF APPLICATION FOR SHARES.

To the Directors of the Consolidated Discount Company

Gentlemen,—Ravin' paid to your Bankers the sum of
I request you to allot me shares in the
Consolidated Discount Company (Limited), and I hereby
aZree to become a member of the Society, and to accept such
)'hares, or any less number that may be allotted to me ; and
1 request you to place my name on the Register of Members
in respect of the shares allotted to me.

Name in full
Address
Usual signature
Date

CONSOLIDATED DISCOUNT COMPANY
(Limited).
NOTICE IS TIERETIY GIVEN, that no APPLICATIONS
Tor WEINIZES in this Compa,y will be received after WED-
NESDAY next, the 30th instant.
By order.
Temporary Offices, 4, Abchurch-lane,
Dec. 24, 1863.

FORTH BRITISH AND MERCANTILE
INSURANCE COMPANY.

FIRE DEPARTMENT.—SPECIAL NOTICE.
This Company is now prepared to ISSUE POLICIES for
41e,cantile Insurances in the Port of London at the reduced
scale of rates.
Particulars may be had at the Offices, 28, Threadneedle-
street.

IMPERIAL LIFE INSUR ANCE COMPANY
No. 1, Old Broad-street, Landon, E.C.

Instituted 1820.
HENRY DAVIDSON, Esq., Chairman.
lINVARD HENRY CHAPMAN, Deputy-Chairman

insurances effected before the 31st January, 1361, will be
entitled to Three Years' Additions in the Profits to be de-
clared in 1866.

SAMUEL INGALL, Actuary.

N-ORWICH UNION FIRE INSURANCE
SOCIETY.

NOTICE.-CHRISTMAS RENEWALS.

)lereantile and Dock Insurances at the reduced rates.
The business of the Company exceeds £70,000,000.
The duty paid to Government for the year ISO 2 was
'-8▪
5,e62, and the amount insured on farming stock,
'10,080,332. _ _

A bonus of three-fifths of the profi periodically made to
Parties insuring, who have thus, from.time to time, received
"urns amounting in the aggregate to .C 110,000; and the Society
now holds a large Res-rve applicable to a future Bonus.
The rates of premium are in no case higher than those
•
4illarged by the.
other principal offices making no returns to
eir insurers

„,ror pro=pectuses apply at the Society's Offices, Surrey-
Ireet, Norwich ; and 6, Crescent, New Bridge-street, Black-
'Mara, E.C.

TuE ONLY OFFICE WHOSE BONDS AND POLICIES OF

TREASURY, CUSTOMS, INLAND REVENUE, GENERAL
POST-OFFICE, WAR, ADMIRALTY, ROME, COLONIAL,
INDIA, AND OTHER GOVERNMENT DEPARTMENTS.
THE EUROPEAN ASSURANCE SOCIETY.
DIREcToRg IN LONDON.
HENRY WICKHAM WICKHAM, Esq.,
M.P., Chairman.
John Cheetham, Esq., Staleybridge.
John Field, Esq., Warnford-court, City.
Charles Forster, Esq., M.P. for Walsall.
tichard Francis George, Esq , Bath.
;I-fenry 11. Harrison, Esq., Hamilton-place, St. John's-Wood.
jiiomas C. Hayward, Esq., Minories and Ilighbury.
lathes
Hedp,,ine, Esq., Cavendish Club.
'arttes Edward M‘Connell, Esq., Wolverton.
C. W. Reynolds, Esq., Eaton-place, Belgravia.
<ichard Spooner, Esq., late her Majesty's Commissioner of
Customs, Bombay.
Wickham Wickham, Esq., M.P. for Bradford.
vhomas Winkworth, Esq., Gresham Club, and Canonbury.
J, P. Brown-Westhead, E3q., M.P. for York.
Security is provided in approved cases for Officers of Bank-
and Commercial Establishments, Public Companies,
Municipal Corporations, and for other places of trust.
Life Assurance may be combined with Guarantee on ad-
vantageous terms.
tr,l)rosDectuses, Forms of Proposal. and every information
baY be obi ained the Chief Offices, 2, Waterloo-place
"'all-mall, London from ;
and 39, Gcorge-street, Edinburgh. '

A.D. 1720.
11,0 YAL EXCHANGE ASSURANCE
CORPORATION
(Established by Charter of his Majesty George the First)
FOR SEA, FIRE, LIFE, AND ANNUITIES.
Offices, Royal Exchange, London.
Branch Office, 29, Pall-mall.
ir,_ OCTAVIUS WIGRAM, Esq., Governor.
`O,_"...GE YRARRES BARCLAY, Esq., Sub-Governor.
'Q.' JOHN HENRY PELLY, Bart., Deputy-Governor.
DIRECTORS.
'Re DIRECTORS. it
Robert Bain Wiimot Holland, Esq.
taro "'
ESq.
P Min Garr ay, Esq. Earl of Leven and Melville.
'-'4ark Cnr4tt eattlev, Esq. Chas. Jno. Manning, Esq.
William D Close r, Henry Nelson, Esq.
Thomas Dent, 1,11, L
avidso ' I,'(l*ag. Hon.. Josceline W. Percy.
Alexander DruePi,',,, Charles Robinson, Esq.
Fredk. Jos. Edl4-gl,„ Samuel Leo Schuster, Esq.
Iliversdale W. Oren-far vsq•
Rob,. Amadeus Reath '1,,-;.Bq. Eric Carrsincdattaoun,
ESmscii.th, Esq.
William ,
Esqi,
m.p.
Win. Tetlow Ilibbert,'};;.;;l* Joseph Solne2! .
Villam Wallace, A
Jas. Stewart Hodgson 1-;'*: 1 1 • youne-, Esq.
"BCI. ' Chas. Baring ~,
Medical Referee,
SAMUEL Sorax, Esq., Kit'S.
NOTICE. The usual fifteen s
da
at allowed for payment of
IeIRE Pit Ell II:31S lapin;, due Christmas
th 'January.will expire on
FIRE and LIFE ASSURANCES ma be effected with this
,corporation on advantageous terms. y
_ Insurances against Fire on M.rchandize in the docks and
yrarehouses in the Port of London are accepted at the late
rtiuced rates of Premium.
I '
, AR MING-ST
of a Steam Thrashing Machine.
OCK.—No c etra charge is made for the use
The Reversionary n
Bonus on British Life Policies has aye-
razed nearly 2 per cent.
Per annum on the sum assured.
~ Tlquivalent reductions have been made in the Premiums
.4yabie by persons who preterred that form of Bonus.
The divisions of Profit take placo every Five
AnY sum not exceedint,
' X 15,000 be insured on one
I may years.
l'ilfs Corporation affords to the Assured—
Liberal tl e liabiliti pesartofpiciparitonat ;I:cats—with exemption from
nerisnhli
A rate of Bonus equal to the average returns of Mutual
Societies—with the guarantee of a large invested Capital
Stock.
The advantages of modern practice,—with the security
of an Office whose resources have been tested by the ex-
perience of nearly a CENTURY AND A HALF.
ROYAL EXCHANGE, LONDON.

ROBT. r. STEELE, Secretary.

it(IYAL FREE HOSPITAL. Gray's-inn-road,
Wri in the Immediate vicinitv of the Great Northern Rall-
y Terminus, King's-eross.
_viers Ilatron—Her Most Gracious Majeqy the QITEEN.
_:-.ratron—ll is Royal Highness the Prince of WA LE
vresident—Ells Grace the Duke of BUCCLEUCIL IC.&.

7,11 Trea.surer—Edward Mastermsn, Esq.
Milnerous and urgent appeals of the si 1 poor for ad-
t.,;lgn compel the Committee to entreat the bounty of the
tle'll.tt t and humane, as the medical officers are daily obliged,
• as out-patients many distres.ing cases which. with
I,elhore adequate unds, they would gladly admit into the war's.
b,,l,i,yreinises of the Hospital are capable of containing 500
vote,Hospital is not endowed, but is wholly dependent on
the, ,`,`LarY contributions and ltgacies which are received by
.teasurer, Edward Mar erman, E9sq., Nicholas-lane; also
C0.4.-Les:4rs. Coutts and Drummond and Co. ; Rendes and
liansom and Co. Co.'•
'Pre.r.colt, Grote. and Co.; Smith,
RniVe, Co.; Co. : G;yn and Co. ; Jones Loyd and Co. ; Barclay
..ner,„,?•,l Denison an' d Co. ; NV dliams, Descon, and Co.
GurlleY, and Co. ; Nisbet and Co., Berners-street
the ~:rntan and co. ; T. Banned and Co., Liverpool ; and at
't°lsPltal, iron). Id till 5.
6TANFOItD 8, 8/11ITIT Secretary.

TEETH.—Mr. EWELL'S INVENTION in
the construction of ARTIFICIAL TEETH has the
following advantages :—A set of teeth, of excellent work-
manship and mechanism, can be made
and fitted with the
most perfect accuracy and success, in a few hours, without
pain or extraction of stumps, and to answer all the purposes
of mastication and articulation. They are fitted without
wires or fastenings, ant adapt themselves so perfectly to the
:turns, that they are quite immoveable, except at the option
of the wearer. Invalids or residents in the country can ad-
just these teeth to many changes of the nlouthvitrheoaultwathyes
,
aid of a dentist. They are not so liable to injury,
useful, and will last a lifetime. Comfort guaranteed. Trea-
tise explaining Mr. Eskeil's Patent, &c., free for 7 stamps.
Inspection of specimens and consul tations ree.— BGrgsven or-
Bond-street, W ; and at 39, Bennett 's-hill, Lir.,

RUPTURES.—BY ROYAL LETTERS -PATENT.
WHITE'S MOC-MAIN LEVER TRUSS
(PERFECTED AND EXHIBITED IN THE GREAT
ExIIIIIITIONS OF 1851 AND 18(32), is allowed by upwards of
Two Hundred Medical Gentlemen to be the most effective
nvention in the curative treatment of HERN I A.
?'he use of a steel spring' so often hurtful in its effects,
!S here avoided—a soft bandage being worn round the
body, while the requisite resisting power is supplied by the
lllnloseuess
c oc- d Alain Pad and Patent Lever, littituz with eo much ease
during pi that it cannot be detected, and nifty be worn
eeP. A descriptive circular may he said the
truss, which cannot fail to lit, forwarded by port, on the cir-
Ninfcrence of the body, two inches below the hips, being
scut to the manufacturer,

Mr. WHITE, 228, Intend'lly.
A Single Truss, 165., 215., 265. 6d., and 31s. ed. Postage, ls.
A. Double Truss, 31s. 6d., 125., and 525. ed. l'Ostagv, is Bd.
An Umbilical Truss, 425. and 520. 6d. Postaze, is. 10d.
Post-Office Orders to be made payable to Joan White, Post-
office, Piccadilly.

NEW PATENT
rA-4 li'clA-u,,ES_cTiifis.,Citc,, for VaSriclosleOVeiCnsiandlalNl cases of
cakness and Swelung of 1-le. Legs, Sprains, &c. They arc
,:;orous, light in texture, and inexpensive, and are drawn on
!We an ordinary stocking. Price 4s. ed., 7s. 6d., lOs., to ifs.
cult. Portage 6d. _ . _

JOHiQ VI7IIITE, Illaauio4turfa, 243, Pia►adiliy:

NO CURE NO PAY.—The Pre-eminent success
attending the use of KERSIIAW'S VOLTAIC
FLEXIBLE BELT, novel in principle and action, in the
cure of nervous and muscular atiections, admits of its sale
being made dependent upon verified efficacy. A new Belt can
be had on trial for a month, free of charge, for rheumatism,
neuraloa, sciatica, epilepsy, nervous debility, paralysis
lumbago, tic doloureux, bronchial cough, asthma, spasms,
sprains, indigestion, inactive liver, &c. By the mild continu-
ous electric current evolved, exhausted vital enemy is °ace-
tunny rest:Ted. Prices, ss. to
_lss: each ; for extreme cases,
according- to size and power. Testimonials sent free.--Depot,ll, Crooked-lane, Kind William-street, City.

LAMBERT'S ASTHMATIC BALSAM.-AN
EFFECTUAL REMEDY, without confining the bowels
or
affecting the head truly etncacious and Pleasant, is ad
matted to be the best medicine for immediately relieving
coughs, colds, confirmed cases of asthma, and incipient con-
sumption. It frequently cures persons whcm the faculty
pronontice incurable' admirably allays the tickling which
provokes ireauent en'n,rhin,, In approaching, consumption
its effects are frilly beneficial. Persons deprived of sleep, or
even lying down for fear of suffocation, may depend on relief
in a few minutes after taking it. prepares only and sold by
W. LAIHIER, Chemist, v
emist. 87King-William-street, Charing-
cross, London, and by all druggists, in bottles, 1:31., and
three quantities. in one, 2s, pd. each. Be particular, and ask
for Lambert's Asthmatic Balsam. The name and address are
engraved on the stamp.

rp HE NEW WEATHE It INDICATOR.
.By S. CASELLA, for correctly foretelling Changes in
the Weather, either for Rain, Wind, or Moisture. Parton-
lars, with rules, by inclosing stamp.

Also, just published, C.AsEPPA'g Niuv run Improved
POEMS for correctly RE( ISTERIN-0 METEOROLOGI-
CAL OBSERVATioNS.

2:3, Hatton garden, London, B.C.

The following is a translation of the speech de-
livered by M. Thiers upon the French loan, in the
Corps Legislatif, on Thursday last—
Gentlemen,—l had intended, on the occasion of
my first speech before you, to give you some expla-
nations of the motives which decided me to appear
once more within these walls, and of the line of con-
duct which it is now my purpose to pursue. But
the moment is at hand when I shall have a better
opportunity of doing this. To-day I come to speak
of business and business only. I like this better ;
for politics may sometimes divide, but business I
hope will tend to unite you. I am pleased to-day to
have to speak upon a subject on which we have ideas
in common,rather than one which might be irritating
I come, then, at once to the great question before us.
We are asked for 300 millions to meet the expenses
already incurred. It is money due that we are
called upon to provide. Although this expenditure
has been occasioned in great part by an expedition
which I regret extremely—the Mexican expedition
—that consideration in no way diminishes either
our desire or our duty to :pay the money owing.
These expenses have become saddled upon the float-
ing debt, and have thus attained the character of
a public debt. The question now before us is simply
this—is it not desirable to transfer this liability
from the floating to the consolidated debt ? But
pari passu with this question there arises this other
—ls it not incumbent upon us to take precautionary
measures to prevent the floating debt from swelling
again, in the course of a few months, to the same
amount which you now think unsafe ? That is the
question which I propose to examine. Although I
had rather not mix up politics with this discussion,
yet I may perhaps add a few words with the view of
recommending that this loan may have an essen-
tially pacific character. If it were otherwise, com-
mercial transactions and even diplomacy might be
very much damaged. (Cheers.) I shall endeavour,
in the first place, to define as clearly as possible
what the floating debt is. The word deficit, which
is often used to describe it, doss not precisely cor
respond to the idea which I always had of the float-
ing debt. The floating debt is not even, as I under-
stand it, a deficit. There is a deficit, when a mini-
ster, transgressing legal limits goes beyond his credit.
There is a deficit until he has excused himself before
you by the plea of necessity. But when once a deficit
forms part of the floating debt it becomes a public
debt. The floating debt is the aggregate of the deficits
which have not been provided for either by taxes or
loans. A simile will explain my notion exactly. Let
us suppose that a rich banker doing a large business
And having many correspondents, allows himself to
be led into engagements beyond his resources. In
that case he resorts to the expedient which is vul-
garly called making money of his signature. Well,
just so the Treasury is a rich banker; it receives
from its correspondents considerable sums, which it
applies to current expenses. To raise the surplus it
has recourse to its signature and issues Treasury
bills. Now, what are the limits within which, ac-
cording to the dictates of prudence, the amount of
Treasury bills should be fixed ? Under the Resto-
ration it went as high as from 300 to 350 millions.
Under the constitutional Government of 1830 it
was sometimes 400, 500, 600, and 700 millions. The
latter figures appeared to me excessive, and, for my
part, I complained of them at the time. Under the
present regime the floating debt has successively
risen to 800 and 900 millions and even to a milliard.
The latter has been the figure for the last two years.
That is an amount calculated to cause uneasiness,
and it is desirable that it should be reduced. Is it pos-
sible now to fir,with any certainty, the exact amount
of the reduction which ought to be made in the issue
of these bills .? No. Bat the example of the banks
may furnish us with an approximative rule. It re-
sults from a series of observations that the metallic
reserve of a bank ought to be about one-third of the
amount of its issue of paper. This proporticn, which
in France is merely customary, is compelled by legal
enactment in Eregland. A sort of analogy applicable
to the floating debt may be found from these data.
The correspondents of the State are all the great
public establishments. Their funds are all fused in
one great bank, that of the State. That state of
things is eminently useful, it is one which has been
approved of by the most eminent financiers, and
especially by the most eminent of all, one under
whom I had the honour to serve, Baron Louis. The
receiver-general are obliged to deposit considerable
sums with the Treasury, and always to be in advance
witn it. There we have a fund of about 130 millions.
The communes pay into the Treasury the rescnces
which enable them to meet their authorised expenses.
There again, you have a fund of about 110 mil-
lions. Then there is the Caisse des Consignations,
the Caisse d'Essargnes (savings banks), and the
army Caisse. Those are the correspondents of the
Treasury, and they pay altogether about 630 million
a year. This snm was far from being so consider-
able under former regimes, A has always borne a
proportion to the march of affairs in the country.
As the movement has developed itself and as the
receipts of the Treasury have augmented, so this
part of the floating debt has become more consider-
able, At this day the correspondents of the Trea-
sury deposit with it from 600 to 630 millions, more
or less—let us say 600 millions. If to this sum we
add 100 millions of Treasury bills, that makes the
floating debt 700 millions, I am well aware that the
limit of Treasury bills is difficult to fix exactly.
Between the maximum and the minimum there
must necessarily be a certain margin. I think it
would be undesirable to do away with the circula-
tion of Treasury bills; they are excellent 'securities,
sought for by men of business, who have negotiable
paper in their portfolio, and often also by family
men who see in them a safe and readily convertible
security. I should be sorry if the public were to
Treasury bills—namely,
loseo the ther re
as habito ofor
of k investingp in them. There is an-
that in given circumstances they may become a
most precious resource for the State. I was a wit-
ness in 1830 of a most serious situation. Our revo-
lution had provoked armaments throughout Europe,
and France was necessarily obliged to arm also.
We then passed through most difficult days—capi-
tal shrunk from the funded debt, and we were com-
pelled to have recourse to Treasury bills. In that
way we raised several hundred millions. This re-
source ought then to be left to Government. But
this resource must,be prudently used, otherwise you
will exhaust it, and it will leave you empty. It is
therefore necessary to fix limits. We propose the
limit of 100 millions. Some may say 80 is the
right figure, others 120; but at any rate I say this,
that in ordinary times it is unreasonable to issue
Treasury bills to a greater extent than 100 or 150
millions ; and if that limit be observed, the floating
debt will be kept within 700 millions. We are all
agreed that the debt ought to be kept 'down to that
amount, but we must efficaciously provide that that
shall be so. If you devote 300 millions to the pur-
pose of reducing that debt from a milliard (which
s an excessive though not an alarming amount)
to 700 millions, it will not do that at the end of a
few months, you should again find yourself saddled
with the very same figure which you want to re-
duce. In this sort of mistrust, gentlemen, there is
nothing offensive. No. I wish to say nothing dis-
obliging for the honourable members of the govern-
ment, but if I do not mistrust individuals I do mis-
trust the nature of things ? What happened two
years ago ? The floating debt had not then risen
to a milliard. lal. Fould desired to reduce it
to a more normal amount, and I applaud
him for it. At that time M. Fould had a great
repugnance to a fresh inscription on the great book
of :the public debt. I again praise him for the
feeling. But it was indispensable to find resources.
The Finance Minister appealed to the fundholdors,
and he asked from them the money which he would
not have asked from a loan—he asked for the con-
version of the Rentes. I resnect the motives which
led you to vote that to,ervolie ; but allow me to say

what I think of the results. Conversion of Rentes,
when the time is ripe for it, is an excellent mea-
sure, but you oughts
;dutecsorhotake
iumvmoepesrsetyrai
atgn
tociieoos
sans
oc
ua rr e. t hAa t theon
os nrost.
vfgrerureisttitoainbs '1
naturallyee reallycffo:nae lstlee consequences, ences, for the fundholders wp hroicdhu
cdien the
first place, and for the State afterwards, In such
a situation promises are made and hopes excited
which are not always realised. Now, what were
the results obtained by this conversion, which, in
my opinion, was premature ? The Finance Minister
hoped that it would produce 300 millions for the
Treasury, and in point of fact it only realised 157
millions. And to obtain this result you have left
the interest of the debt exactly as it was before the
operation, and you have augmented the capital by
a sum of 700 or 800 millions. While making this
great sacrifice of capital you have, I repeat, gained
nothing on the score of interest. And as to the
fundholders, who were promised that as a result of
the unification of the debt they would soon see the
Threes at 71ethey find the average price for a long
time past 67. But in this business there is a still
more serious deception. The 157 millions paid by
the fundholders to the Treasury were all employed
in the reduction of the floating debt, and yet a few
months afterwards this debt was found swollen to
the amount of a 'milliard. The example of the past
ought therefore to induce us now to take precau-
tions. What should those precautions be ? We
have invented nothing. We have inquired of the
law what should be done. Every year there is a
financial law which limits the issue of Treasury bills,
Article 18 of the Budget Law of 1854 fixes this limit
at 250 millions, and an Imperial decree in due form,
as I admit, has added 50 millions. That is the
limit fixed by law as it at present stands. We think
that now you have the loan this limit may be reduced
to 100 millions. Well, what says the amendment
which I and several of my colleagues have had the
honour to present ? It demanded a legislative re-
duction to 100 millions. Of course in a matter of
this kind we have no bigoted attachment to a pre-
cise figure, and I thought that if a larger sum would
obtain the adhesion of the majority I would very
willingly adopt it. I told the Government com-
nrissaircs, when I was before the commitee, that if
our measure seemed to them inconvenient they might
propose another, and we would consider it, but that ,
we could not possibly grant a loan destined to cover
300 millions of Treasury bonds now in circulation,
and leave them at the same time the power to issue
bills for the like amount in the course of the ensu-
ing year. I must confess that upon this head
nothing satisfactory was said to me.
After a conversation upon the exact amount of
the limit which ought to be put to the issue of
Treasury bills, M, Thiers concluded :
I shall be told that lam mistrustful. No, lam
not. But you must admit that this loan of
300,000,000 is a melancholy new year's gift for the
country. There ought to be a consolation with it,
and this is what our amendment proposes. . . .
As I understand the mandate I received from my
electors, they desired me to support three things—
public liberty, good finance and peace.
The MINISTER OF STATE--We are all agreed on
that point.
M. TE lERS —As to the question of public liberties
we shall speak of that a fortnight hence. The
economical question consists in the good direction
of finance. As to peace. I declare myself a de-
cided partisan of it. (Applause on several benches.)
Not of a peace which would injure our honour,
for if that were in question, we who arc
called the opposition, would not refuse the Govern-
ment all the resources of the country. But under
present circumstances, when I look at Europe, I see
the possibility of making tremendous mistakes, fatal
mistakes perhaps : but I see no great French inte-
rest involved, unless perhaps in relation to the
Danish question. France is mistress of peace or
war at her pleasure, If any great events were to
occur our amendment would be no impediment, for
milliards would then he wanted ; for, gentlemen,
the next war will not be an isolated one, but such a
general war that the present generation may, per-
haps, not see the end of it or the consequences of it.
(Cheers.) But I should not be sorry if our vote
were to stand in the way of little wars, such as
those of China, Cochin China, Japan, Mexico, and
perhaps Madagascar. This is all I have to say. I
will leave our amendment in the hands of the majo•
rity to deal with it as they will, but we who have
signed it have our responsibility and our conscience.