The Sun.
London, England, 1841-01-02 00:00:00

CHAMBER OF DEPUTIES, Dec. 30.

M. HUMANN'S SPEECH ON THE BUDGET.
" Gentlemen, the King has ordered us to lay before you
the budget of expenditure and receipt for: the year 1842.
Considerable expenses are imposed on us by circum-
stances which had taken place before taking office.
Oar first attentions have necessarily been directed to
ascertaining the extent of the expenses already consum-
mated or commenced, and to calculating the importance of
the sacrifices that the interest and the honour of the nation
might require. In soliciting the audits necessary for the
year 1842, we laid before you an apercu of our financial
position ; it reveals an important fact, viz , that, indepen-
dently of accidental necessities, the public revenue, in spite
of its progressive improvement, no longer suffices for the
ordinary expenses of the State. Exclusive of these ex-
penses, the Chambers have granted for works of public
utility upwards of 4,000,000, which successively absorbed
the funds which the Sinking Fund left free ; these grants,
by their yearly increase, have at length exceeded the pre-
scribcd amount of the annual revenue. In short, we have
to meet extraordinary expenses, which was without doubt
modified by events, or by the resolutions of the Chambers,
but which oblige us, in the present state of things, to
include in our ealcuation a deficit, which, though
reduced by the combination of a special law for the
War and Marine Departments, still amounts to 500 millions.
We must also keep in view that the treasury supports an-
other deposit of 246 millions, previous to the year 1833,
and which has hitherto absorbed, in part, the resources of
the floating debt.
You are well aware, Gentlemen, that the resources
granted by the law 17th May, 1837, consisted of the over-
plus of the revenue not otherwise employed, of the re-
serve of the Sinking Fund, and in short, of the renter in
case of insufficiency of the other ways and means. Now,
would it not be a fo!ly to reckon on an overplus of receipts
when we see them yearly exceeded by our expenditure?
You must also remark that the adjudication of loans
was indicated by the law of 1837, as a subsidiary resource,
and allow us to add, with the hope that it would never
be employed. It is then beyond doubt that the sys-
tem of the law of 17th May, reposes entirely on
the resource of the Sinking Fund. A short time
ago, Gentlemen, the Five per Cents. were so near par, that
we were on the point of seeing the accumulation of the
resources at an end. Had this taken place, the sinking
fund, instead of being of any assistance to the Treasury,
would have added to its embarrassment ; for it would
have become necessary to borrow for the purpose of reim-
bursing non-consolidated funds previously absorbed ; it
would have become necessary to borrow to continue the
works already commenced, and which could not be stopped
soddenly, and also to borrow to meet the still more impe-
rious necessities arising from circumstances.
We consequently submit to you propositions—one to
affect from 1842 the reserve of the sinking fund to the
extension of the deposits of the years 1840, 1841, and
1842 ; the other to authorise a loan of 450 millions to
meet the expenses of the public works belonging to the
War and Marine Departments. An especial project of
law will be laid before you shortly, dividing the total ex-
pense of the works on a series of years, and fixing for each
year a limit not to be exceeded.
The sinkin4 fund belongs to the debt—its real and
especial destination is to liberate the State ; we
cannot, therefore, apply it more appropriately than
in paying cff the deficits. The consolidation of
the available sums operated every half year will
confine within the limits of a prudent foresight the
obligations imposed on the Treasury by the bth article of
the law of the 7th and 10th of June, 1833. It will per-
haps here be objected that should our Rentes get below
par, the resources of the sinking fund will not be available
for the declination we intend. This is true—but what
would arise thereupon ?—why, the extinction of the dc-
fioits would be slightly prolonged, and the floating debt,
with the elasticity which belongs to it, would easily pro-
vide for it.

Gentlemen,—The plan we submit to your discernment
is very simple, and the following may be considered as a
summary of its results :—You will efface with the Sinking
Fund, if circumstances favour you, the deficits of 1840,
1841, and 1842, in the space of a few years; at the end of
which you will find this powerful resource increased by com-
pound interest. You will secure the termination of the great
works of public utility by ways and means not exposed to
fsil. Independently of these results, you can, if energetically
inclined, increase the revenue of the State so as to equal its
necessities, without creating new taxes or augmenting
tariff duties. We will explain this when we speak of
receipts.
I have now to refer to the necessities of the year 111142.
All the expenses required to keep our civil and military
organisation are included in the budget before you ; we
have included therein the interests of the Sinking Fund
bonds, the allowances for the Pension Fund, and other
expenses not contained in former budgets. The budget
e 1542 may therefore be considered as a faithful and com-
p lete table of the ordinary necessities of the State.
We have omitted the expenses of extraordinary public
works. But it does not enter into our thoughts, that this
being placed in a special budget prevents them being in-
eluded also in the general one.
The public debt presents us with the leading services
which we have to pass in review, It figures in the Budget
under four divisions, the Consolidated Debt, Loans for
Canals, and other Works, capital reimbursed in different
ways, and Annuities.
Some annulments have reduced the amount of 5 per
cents. rentes by 2,811 f., whilst the 3 per cents. have in.
creased 1,1441. by the indemnity to emigrants. On the
other side the sum/hive consolidation of the reserve
of the Sinking Fund augments the credit demanded for
the 4 per cents. by a sum of 13,064,3571., composed of
11,122,357 f. demanded as a supplement of 1841, and of
1,942, 000 f. for the service of 1842.
The Sinkng Fund, with its dotation of 44,616,463 prem.
and its rentes bought out, will dispose, in 1842, of a sum
of 90,178,862 francs.

The funds applied to the extinction of loans is, by the
division of account, increased by 142,982 francs, when the
charge of interest is diminished in the same proportion.
We ask for interest on security money a credit of
8,240,000 instead of eight millions in the last Budget. Ex-
perience has shown that the latter sum was insufficient,
since it was increased by 350,000 f. for 1840, and that we
have required for 1841 a supplement of 250,000 f. The
proposed sum is in proportion to the real wants of the ser-
vice, by voting it you will avoid credits by ordinance.
Ti e interest of the unfunded debt required an allowance of
sixteen millions, which will allow of raising the temporary
loans to five hundred million, in account current and in se-
curities at fixed periods.
The progressive extinctions reduce from 423,200 francs,
the credits for the life annuities and pensions. The in-
crease that you will observe on civil pensions for 61,728
francs, and on the military pensions, for 1,3b0,000 francs
will be but apparent. _ _

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sduction which the subvention allowed to the Legion of
Honour experiences which decreases from year to year, in
proportion to the extinctions.
The Budget of Justice offers an increase of 7,050 f.,
which results from supplementary allotment; demanded for
32,300 f., and compenseed by reductions to the sum of
25,250 f.
The expense of public worship is increased also by the
sum of 1,226,787 francs t the following arc the causes;
185,000 f. must be added to the salaries and indemnification
of the Parochial Clergy by the replacing of the old eccle-
siastics by young non-pensioned priests. A supplement
lesscthhaerarnei carried
of 12,0001, is applied to the rent of the hotel for the re-
Sidcnee Or the Archbishop of Paris, 20,000 francs are
claimed in order to increase the number of Protestant
clergymen ; fifty thousand francs in order to facilitate the
Jowish religion in the payment of a debt contracted for
the building of a synagogue, and 4,780 francs, which it is
acknowledged is necessary to increase the subvention sup-
plied to the cause des retreat's.
The budget of foreign affairs is ix conformity in every
point to that of 1841, only it takes in the subvention of
105,000 francs for the pensions of retirement, which fur
several, was attached by title of supplementary credit and
by virtue of a special law.
An augmentatioLt of 378,162 francs seems to re-

suit from the preposition of the Minister of Public li-
struction. It is, in reality, but 113,362 francs. The
surplus of 264,800 f. represents expenses covered by equi-
valent receipts, but the expenses of primary schools, and
schools of pharmacy, united to the University by the
Royal ordonnance of September, 1840. A sum of
113,362 francs is destined to remunerate a Ninth Coun-
cillor of the University, and certain Professors of the
Normal School and College de France, as well as two
Royal Colleges.
The Home Minister demands that the union to refugees
be resisted in the list of services voted.

The Minister of Agriculture and Commerce demands an
augmentation of 51,793 f. for the establishment of Vichy;
but this will be covered by the increase of revenue. _

The plans for finishing the works of public utility, which
we have laid before you, bring back the Budget of the
Minister of Public Works to its usual proportions; bit
after the passing of the special law, which will shortly be
presented to you, the cost of the extraordinary works
which shall be authorised for the year 1842, will be in-
cluded in the Budget of that department, of which it will
form a distinct section. The amount required for 1842
shows an increase of 318,000 f. ; composed of 28,200 f. fur
the central administration, of 160,0001. for the salaries of
the Department of Roads, Bridges, and Mines, of
130,000 f. for internal waterways and the superintendence
of railways.
The charges of the War department for 1842 are esti-
mated at 364,718.391 f., of which 49,028,274 f. are for
our possessions in Africa. These estimates exceed by
113,177,610 f. the credits originally opened for the
budget of 184 ; but when compared to the special laws
of supplementary audits recently presented, it will be seen
that keeping up the same effective, the budget of 1842 is
less by 53,238,000 f. than that of 1840, and by
21,718,000 f. than that of 1841. The credit of 361
millions is the consequence of a temporary situation; it,
however, cannot be concealed, that under the most favour-
able hypothesis, the increase of effective forces produces
a permanent increase which does not amount to less than
41 millions.

The particulars published by the Minister of War, explain
in detail the increased expenditure ; the cause may be thus
Fummed np. The increase of bodies and the increase of
the effective (men and horses) have increased the annual
expenditure by about 93,000,000 f., as well for home as for
Algeria ; 3,400,0001. are required for the manufacturing
of arms and the making of powder; 4,248,0001. for the
troops in huts, 5,126,000 f. for fortifications and buildings for
the use of the military, 800,0001, on account of the increased
price of materials and provisions, and about 4,000,0001. for
improving the supply of the wants of the army in Africa.
The Minister of War keeps up, for 1842, the amount of
1,050,0001., the credit intended as a provisional amount
for military pensions, and which is the object of a special
law. The naval and colonial department requires 127,
290,400 f. ; but this includes a sum of 14 millions, which,
according to the special law of July 16, 1840, is to be ap-
plied to the building of steamers for Transatlantic naviga-
tion, and the preparations for the service. It this acciden-
tal cause of expense be deducted, which is not a regular
expense attached to the Royal Navy, the credit for the
fleet and colonial establishments is reduced to the sum of
143,290,400 f. With the proposed credits the Minister of
Marine will keep up to their present footing the naval
forces the effective of the crews, the Marines and Artil
Icry. I come, Gentlemen, to unroll before you the exact
statement of the charges of the country. The budget
presented to you exceeds 190,000,0001. that which
you voted last session. But we have joined to
it expenses left out of the budget of 1841 to the
amount of 40,000,0001., for which we have been
obliged to provide by supplementary credits. With
respect to this mass of espouses, which amounts to
1,316,0001., the sum of the public revenue estimated at
1,162,0001., according to the results of the present year,
offers an insufficiency amounting to 154,000,0001. And
if the expenses be calculated according to a peace esta.
blishment.—if, setting aside the extraordinary charges, we
reduce it to a nominal state ; the insufficiency of ways
and means is still 64,000,000 francs, without including
the interests of the amortissement of the new Rentcs
which we propose to create. Of all the facts just offered
for your meditations, this calls fur most attention. The
sum of direct contribution for 1842 is estimated at
396,054,610 f., of which 286,030,110 f are supplied to the
general services of the budget, and 110,024,500 f. to de.
partment and parochial expenses. Yet we do not pro-
pose new taxes, nor yet the augmentation of taxes.
There is something first to be tried. Our con-
tribution system, in my opinion, ought to suffice for
the permanent wants of the couutry. But among
our fiscal laws. Some ought to be adapted to the
energies of our social state. There are some which have
been relaxed, and hence vices and irregularities, which of-
fend public morals and equity as much as the interests of
the Treasury. We present measures herewith to strengthen
the receipt of taxes, and generalise the application of
laws. We shall immediately ask for a new law to ensure
the collection of the stamp-duty, and other taxes of the
kind. The produce of customs and of the salt has arisen in
1840 to 1,841,000,000, although the sum has been increased
by 4,000,000, arising from the importation of foreign corn,
quite an accidental receipt, a renewal of which is not to be
desired, we fear no mistake in admitting an equal revenue
for 18-12. In short, the cheapness of provisions, by exclud-
ing foreign corn, can but favour other consumption more
productive for the Treasury. The law of the 3d of
July last, on the sugars, insures us besides a more than
sufficient compensation, by admitting only the valuation
of the duties to collect ou the exotic sugars, such as has
been adopted for the budget of 1841. The indirect con-
tributions have been va ued according to th a realizations
of the year 1840. First, respecting colonial sugar, we
thought to be en/sided, by the progressive development
of the manufacture, to add three millions of killogrammes
to the quantities produced by the last crop. We, there-
fore calculate that the new duty of twenty-five francs,
reckoned upon a quantity of twenty-seven killogrammes,
the which, united to 80 millions supplied by exotic sugars,
will bring to 107 millions the mean consunettion of the
last five years. Hence arises the contributions indirectes,
not including the tobacco, and a total receipt of 139,350,000
francs. It would offer 38 to 40 millions more, if, at the
and of the year 1830, the tariffs on beverage had not been
reduced one-third. A general system, too, with re-
spect to the sale of spirits in towns ought to be
adopted, and a new vase for the conveyance of liquors
into alcohol adopted. The sale of tobacco in 1840
has Produced 94,458,000 f. The estimate of it for 1842
is 9.5 millions. The sale of lands is valued in the esti-
mates of 1842 at 5,357,000 f. the same as in 1840. We
hope fromithe Post-office 27,025,500 f. ; the same as
that obtained in the last twelve months, diminished by a
sum of 100,0001., by the suppression of Corsican packet-
boats. In fine, the different products, in which are in-
cluded certain special revenues, such as the retribution of
the University, and of Algiers, amount to 30,486;582f.
This estimate exceeds that of the last budget by 740,0001.
The augmentation proceeds from the actual value of ten-
ders to be delivered by the War Minister to the War and
Finance Department, and from the increase of the reserve
labours, from the expenses of the materiel of Marine. We
have terminated the enumeration of the ordinary revenue
for 1840. It amounts, as we have already said, to
1,161,838,1421., to be divided thus Francs.
Direct contributions 396,054,610
Indirect taxes and revenue
Produce of domains and woods 39,744,500
Divers revenue and produce

1.161,838,142
It now remains to consider the extraordinary ways and
means which circumstances call for, and which form, with
the dispositions habitually destined to facilitate the service,
the eijost of the last chapter of the law of receipts. We
ask of you then to authorise us to inscribe on the great
book of the public debt, and to negotiate with publicity
and competition the sum of mites necessary to bring to the
treasury, as the result of the operation, a capital of
450,000,000 f. It will be shown to you immediately that the
450,000,000 f. will be absorbed by the works for which it
is required. In all cases the realisation of a loan will not
be immediate. The Treasury has a reserve which is still
120,000,000 f., and it is at a good administration to in-
crease the balance in chest beyond measure, and cause the
loss of interest for which inadequate compensation can be
received. Therefore, we have not demanded any credit
for the_service of rentes to be negotiated—we only claim
the facility of creating them, if there bo a necessity by
Royal ordinance without waiting to submit them for legis-
lative sanction at the opening of the Chambers as to the
choice of mites to be created, with regard to the price or
the periods at which the payments of the loan are to be
made. We also demand of you a credit of 250 millions in
Treasury Bonds. If the peace be confirmed, as it promises
to be, the resource will permit us to wait to realize or com-
plete the loan when our public funds have attained the price
which we consider belong to them. Gentlemen, you now'
know the whole of our financial situation. You have
under your eyes a complete picture of our wants, and the
resources we have prepared to meet them. The views which
we now submit may be summed up in a few words. The Go.
vernment believes in peace, and because it so believes it
does not ask of you to step the progress given, for some
years, to the works of peace. In this view we make an ap-
peal to credit—the resources which we ask, in waiting till
their nominal datination is accomplished, will yield to the
treasury a temporary assistance, and aid in bearing the
weight of our deficits, which will be converted by degrees
by the consolidation of the successive resources of the
Sinking Fund. The budget, which we present to you,
has been conceived in the spirit of peace and the preserva-
tion of peace, which I and my colleagues inhavo accepted
in taking upon us the responsibility of affairs. This task,
Gentlemen, we would have declined, if we had not the
estimate of connection that a good understanding between
the Great Powers of Europe might be confirmed and
maintained on conditions honourable and sure to our coun-
try. If our confidence is not ill-founded, a little time
arid a few efforts will suffice to replace in our budgets a
durable equilibrium, and restore the prosperity of our
finances. That, Gentlemen, is necessary to enable France
to maintain its elevated rank among nations.
B 0 UR SE.--PAats, WEDNESDAY, DEC. 30.
first Highest lowest Last
Price Price. Price. Price
French !, per Cints
4 uer Cents 96 75 96 75 ... 96 75 96 75
3 per Cents 7C 60 76 75 ... 76 60 ... 76 75
Malik of trance
cyan rank
5 per Cent, 97% 9734 ... 97%
3 per Cents
New Loan
Sisznish Active 55 ... 95 ... 24% .2.4%
Passive
Portuguese 3 per Cents 20% 20% ~. 20%
Neapolitan
Homan .... 99% ... 99% ... 1/.1% 99%

Dreadful has bee❑ the loss of life and property,
occasioned by the late tremendous gales in the
Black Sea. In addition to the sad accounts al-
ready published, we find the following in the
French and German journals received this morn-

Lng :
Extract :of a letter from Constantinople of the Bth

instant :

"We had a dreadful gale here on the Ist inst. Among
the known losses are the barque Emma, Captain Hudson,
Icaded at Odessa with linseed and tallow, captain and all
hands perished; the schooner Robert Symms, of Plymouth,'