The Sun.
London, England, 1848-03-13 00:00:00

THE SUN, LONDON, MONDAY EVENING, MARCH 13, XB4B.

THE FRENCH REPUBLIC.

PROCEEDINGS AT PARIS.

We have received the Paris papers of Saturday
and yesterday, together with a letter from our cor-
respondent. _ _

These papers announce another failure, that of the
house of Messrs. LAFITTE, BLOUNT, and Co., whose
connexion with railway affairs was more extensive
than that of any other banking house in France.
They were bankers for four lines of railway, namely,
the Rouen, Havre, the Dieppe, and the Boulogne
lines. Besides this, they were extensively connected
with England, and their failure will probably entail
loss on many of our countrymen resident in Paris.
The reasons given for the failure of Messrs. LAFITTE,
BLOUNT, and Company are, in the first place, the
losses they have suffered by the failure of Messrs.
Gounq and Company; secondly, the losses (only just
discovered) in consequence of the dishonesty of a
cashier, who has embezzled a large sum of money ;
and thirdly, the necessity of reimbursing the Paris
and Rouen and Rouen and Havre Railway bonds, and
the impossibility of doing so in the present state of
the Money Market.
In their circular to the creditors they say, "there
is nothing in the state of our affairs which should
create alarm. The realisation of our resources has
only been momentarily suspended, and we only re-
quire a short delay to fulfil all our engagements.
The meeting of our creditors will take place shortly ;
it will have to examine the measures which we shall
have to propose for a prompt and complete settle-
ment."

The creditors of M. Gouts; and Co. held a meeting
on Friday evening, at which it was resolved that they
should snake no opposition to the amicable winding
up of the affairs of the company. A committee of
five of the principal creditors was appointed to watch
the proceedings. A considerable number of the share-
holders expressed a hope that the affairs of the com-
pany should be resumed ; and it was suggested that a
capital of 20 or 25 millions of francs might be raised
for that purpose on bonds of 1,000 francs each, bear-
ing interest at the rate of 5 per cent., reimhurseable
at the end of three years. The proposition :was
favourably received, and it was thought to be practi-
cable, but the further consideration of it was post-
poned for ten days. In the meantime lists were
opened for subscribers. Should this plan not succeed
the affairs of the company will be wound up.
Our correspondent announces the publication of
several important decrees. He says—
" The Moniteur of this day publishes a decree
abandoning provisionally imprisonment for debt. A
final decree will be proposed to the National Assembly.
There is not the slightest probability that this humane
act of the Provisional Government will not be adopted
by the Legislature. Up to that time all arrests for
debt are prohibited.
" The Government will publish speedily a decree
fixing the salaries of the different Ministers. It is
understood that each Minister will receive only
25,000 f. a year, instead of 80,000, as hitherto, and
that all privileges of patronage will be abolished.
"Economy is to be the principle of the Republic.
All useless expenditure is to cease. Accountants and
financiers are already engaged in analyzing the
budgets of the different departments. In the Ministry
of War it has been ascertained that more than ten
millions of francs annually were expended by the
Government for camps de plaisance, camps for exer-
cise and sham fights, in order to please the princes
and make them popular if possible with the army, or
rather with its chiefs.
"Amongst the papers left behind by Louis PHILITPH
and his Ministers in their hasty flight are some which
afford the most positive proofs that they had prepared
everything for a coup detat on the 22d ult., and
that it was to have been followed, if successful, of
which they had no doubt, by a law against all public
meetings, and new and severe restrictions on the pub-
lic press. The execution of the coup d'etat was as bad
as the conception of it was wicked. There never
was a greater jumble of wickedness and despotism.
" Confidence in money matters revives, but very
slowly, and we expect new disasters. The rich, in
the hope of embarrassing the Government, are closing
their houses in Paris, and emigrating to the pro-
vinces or to foreign countries.
" If this should go on, a decree against such unpa-
triotic conduct will be passed.
"M. DE LAMARTINE has just given new and positive
assurances to the Belgian Ambassador that the inde-
pendence of Belgium will be respected by the present
Republic.

" A new army of 100,000 men is organizing for the
frontiers, as a precaution against Austria.
" PARIS, FRIDAY EVENING.
" Some very important decrees were published after
my letter of this morning was sent off. They are as
follows :—For the emission of the remaining 100
millions of the loan voted by the late Chamber of
Deputies ; for prohibiting the payment of more than
100 f. in specie to each holder of stock in the savings'
bank, the rest of the deposit of which reimbursement
may be demanded to be paid in Treasury bonds at four
months, bearing an interest of 5 per cent. ; for the
sale of the lands, woods and forests, of what is called
the dormaine privi, which is again become national
property ; for the sale of the crown diamonds ; and
another appoints M. MARRAST Mayor of Paris, in
place of M. GARNIER PAGES, who has become Minis-
ter of Finance. The first two decrees caused great
sensation and some alarm, but it subsided, and, to the
astonishment of many persons, the funds maintained
their ground. The Five per Cents. rose 7 per cent.,
and the shares fell only 3 per cent., so that upon the
average there was a rise.
" The decree relative to the savings' banks was im-
perative, for the old Government owed no less than
235 millions of francs to depositors, and had no fund
to meet a demand of reimbursement. It could not
be expected that a new Government, in the midst of
a revolution, could raise at a moment this large
amount, which would probably have been applied for
at a crisis when everybody wants money, and has
little confidence in Government stock.

" The 100 millions of the loan are put forward at a
bad moment, for it is not probable that it will be ef-
fected without a heavy loss, but money must be found
to meet the expenditure, and to place the Bank of
France in a safe position. The sale of the national
domains must produce a large sum, for even in the
worst of times people in France will buy land."
The financial expose of M. GARNISH PAGES, a
resume of which we gave in The Sun of Saturday,
together with the decrees alluded to by our corre-
spondent, are commented on in all the papers of Sa-
turday. The National says—
" In the remarkable report which the Minister of
Finance has just published, we direct the attention
of our readers to the expose made of the evil and of
the remedies to remove it. The statement of the evil
is made with an austere frankness. The grave perils
of the situation are not concealed from France. The
monarchy which, by its blind obstinacy, brought
about the insurrection of February, was preparing a
financial catastrophe, as it
prepared a political revo-
lution. Time alone failed it. A few years more of
the system which has so justly fallen, and bankruptcy
was inevitable. Never did a more disastrous adminis-
tration preside over our finances. For such menacing
evils prompt remedies were required. The most im-
minent danger was the withdrawal of the funds of the
savings' banks ; that withdrawal would have been the
services, and bringing on
stopping of the various
forcibly a suspension of payments. The Minister of
energetic it is true, but
Finance, by a measure,
equitable, and which safeguards all interests, keeps
the public treasury to the level of its expenses. How-
ever painful may be the crisis, it is subject of con-
gratulation that it has fallen into the hands of the Re-
public, that is to say, of an honest, enlightened, and
bold Administration, which
„fears neither to probe the
sore nor apply the remedy.
The Courrier Francais says :
" The report on the state of our finances has
sensibly strengthened public confidence, and put an
end to the panic. 'We congratulate M. Gamier
Pagis on his clear and lucid exposition, drawn up
without the artifice of groups of figures, as having
done a good action. An upright mind, a courage
relying upon itself, a spirit confident in its own sin-
cerity, have dictated these lines, every word of which
is an accusation against the past, a hope for the
future."

The Debats, speaking of the decrees founded upon
the report of M. GARNIER PAGES, says :
" It is to be feared that these different measures
will not procure to the Treasury all the sums which
are expected. The forests of the state and the do-
mains of the civil list will find purchasers ; for the
Government only demands one-fourth of the value
paid immediately. The other three-quarters must

be paid within a year. In this way it is
certain that the state will not receive a very
large sum immediately ; but the bills given by
the purchasers may, by the terms of the de-
cree, receive the stamp cf the state, and be
negotiated with that guarantee. As for the loan it
appears less easy to place. Some persons will sub-
scribe patriotically, we believe. The Provisional Go-
vernment announces, in fact, that a great number of
citizens have offered it the voluntary and gratuitous
grant of considerable sums.' But at no period have
patriotic gifts supplied great resources. In 1831, the
national loan—it was the same name as at present—
only yielded about 20,000,000. It would have been
more efficacious, whilst giving a grateful reception
to the private individuals who might have offered to
take five per cents. at par, to accord interest propor-
tioned to the value of money at present. Indisputabl3
money is worth considerably more than five per cebt.,
the proof of it is that the Five per Cents. are greatly
below par. There is no dishonour in borrowing at
more than five per cent. when lenders cannot be found
who would content themselves with it. The Republic
of the United States is strong, prosperous, respected.
It has been established for three-quarters of a century,
and no one doubts of it's future. It has seen its Fire
per Cents. greatly above par, at 120 ; but it is not
less true that it borrows at this moment at 6, and
even at more than 6 ; for the Six per Cents. of the
Federation are at present a little below par. It is
therefore, we believe, a false shame which has re-
strained the Provisional Government. What is im-
portant to it—what is important to us all—is that
funds shall not fail it. It should, therefore, do what
is necessary to obtain them. In the same point of
view there are some phrases which we regret to read
in the report of M. Garnier Pages. What is the use
of saying of England that her debt of 20 milliards re-
poses on the industrial and commercial subjection of
the universe, and that it is a variable and fragile
basis? The basis of British credit is considered by
all the capitalists of the universe as the most solid of
all, for the English funds are quoted higher than all
other public funds. But especially let us not encou-
rage ideas hostile to England in this country ; let us,
on the contrary, encourage ideas of peace: they are
necessary to liberty. M. de Lamartine said that
with great a propos in his circular, and the Minister
of Finance kno 2. better than any one that it is the
military charges especially that disturb the equilli-
brium of our finances. And besides, with this lan-
guage we shall not facilitate placing the loan. If the
French Republic in its official documents expresses
itself with such little friendship towards Great.
Britain, English capital, which it would be so useful
to draw into our loans, will not conic to us."
The Reforme has thelfollowing as to.the attempts
making by the monied supporters of the fallen dynasty
to create a panic, in order to injure the credit of the
young Republic :

" 'We do not wish to irritate the Revolution
against the perverse influence of the fallen dynasties,
but we do not wish to be dupes. What signify all
the fears manifested by the capital, and how can the
value of public securities and the state of credit jus-
tify_this dishonourable panic which is deranging so
profoundly the march of civilisation, and which is
paralysing industry and commerce ? Is this a new
conspiracy like that of 1792 ? Does cash wish to
emigrate as title deeds formerly fled ? and are we
menaced with a pact of bankruptcy after a pact of
famine and of disgrace ? Must we renew the
terrible lesson given by our ancestors to the territo-
rial aristocracy which was emigrating at the period
of our first revolution to collect in foreign countries
hatred and an armed force against the nation, and
is it wished to condemn the young Republic to
the necessities of its parent. Since their last victory
the people are tranquil. They guard, though in rags,
the city of the opulent. They have suffered their
anger to subside when they dropped the pavement of
the streets. They merely demand bread and remu-
neration for their labour, waiting calmly and mag-
nanimously that distributive ju,tice should be ad-
ministered or consecrated by a law. The shops are
again opened. As if there was a general purification
of consequences fewer crimes are committed than
during the patrols of the monarchy. Popular anar-
chy' puts to the blush that order which costs us so
dear, and the moral attitude of the labourers is of
more avail against the evil than all the legions
of justice and of the army which kept guard round the
throne and the shops. The interests which
complain and which sound the alarm, have therefore
not the excuse of danger ; and if social war should
ever arise, in consequence of despair caused by hun
ger, they themselves would be the cause of this ter-
rible jacquerie, for by destroying credit they them-
selves caused a famine. Does their anxiety arise
from the apprehension of some national calamity such
as that from which we suffered so much last year ?
That would be again a false pretext and a lie, for the
land is as fertile as ever, the elements of production
abound, the sun shines on us as if it wished to favour
our cause. Science, in place of being confined to a
coterie as it was during the late reign, will, under a
Government of liberty, take a lofty flight, and here we
have all force and all energy at our service. Is it a fo-
reign war which causes the bankers and princes of credit
to fear ? But we have on our side all nations, and
the hostile Governments surrounded by states in in
surrection would be happy to be suffered to exist. Has
English gold ever been .wanting for the necessities of
the empire or of the nation during any great contest,
and, whilst the people are exhausting themselves for
liberty and their country, are the rich alone in France
to refuse to afford assistance ? Thus, the people, the
land, science, and the weather are for us. The revolution
has not to dread the 'impotent hatred of crouching
monarchies through fear. All the animated force of
the country invites ,us to execute great works, and
foreigners command us to do so by illustrious exam-
ples. It is therefore impossible that capital should
longer desert the duty common to all. To conceal
oneself during a crisis is to betray and to emigrate ;
and emigrations sometimes cost dear I Let every-
body recollect that the revolution will not recede 1"
All the papers of Saturday contain the following
paragraph, which has evidently been communicated
to them from an-official source :--
"The English Ambassador communicated yester-
day to M. de Lamartine two dispatches from Lord
Palmerston.. In ene of these allusion is made to the
ex-King Louis Philippe and his family and the
Ministers who have taken refuge in England. Lord
Palmerston protests against the idea of the hospi.
tality granted by England to the family which has
fallen from the throne being taken as a mark of poli-
tical sympathy of a nature to render France appre-
hensive of a. disturbance of the good understanding
between the two nations. He engages Lord Nor-
manby to do all in his power to convince the Pro-
visional Government of the Republic that this grant
of an asylum, and the attentions paid to exiles under
such misfortune,.bear no other signification than the
exercise of hospitality."
On Friday a deputation of from 100 to 150 English
residents in Paris proceeded to the Hotel de Ville for
the purpose of presenting an address to the Provi-
sional Government.. The address, which was read by
Colonel FLETCHER, expressed the gratitude of the
English residents in Paris for the protection extended
to persons and property during the recent Revolution,
and their fervent admiration of the noble forbearance
displayed by the people of Paris in the terrible ex-
citement of their combat for liberty. All the mem-
bers of the • Provisional Government were present,
and M. De LAMARTINE replied on their behalf.
M. DE LAMARTINE speke.as follows :

" Residents in Paris,—The Provisional Govern-
ment of the Republic is deeply touched with the
proceedings, so honourable to France, which you
r have just engaged in. It is glorious for France, and
I allow me to say for the English nation also, which
r you at this moment represent, to thus spontaneously
come forward and express its admiration for the con-
duct of the people, for its force and its moderation.—
(Applause.) The spectacle which you have wit-
nessed itself bears testimony to the virtues which the
use of fifty years of liberty has given to England.—
, (Renewed applause, and cries of 'Vive la Repub-
lique.') If we had not, both yen and we, long
employed that liberty, if the idea of it had
not been multiplied in every possible form
amongst the two nations, and, so to speak,
been nationalised amongst them, notwithstand-
ing our frontiers if the people had not
been extricated by the very energy of the liberty
which it had achieved in 1789 from that oppression
of intelligence—the very worst of all oppressions—
if it had not emancipated itself in the light at the
same time that it had emancipated itself in right—be
certain that it could not have shown to the sun and to
the world the magnificent spectacle which you have
witnessed.—(Bravo, bravo.) Permit me to conse-
crate this testimony of yours as one of the glories of
the French Revolution. Permit us to preserve your
address in the archives of the Republic, that it may
be shown to the people if ever we should be traitors,
should be so unworthy of our destiny as to merit a
new revolution. If it had liberties to defend or re-
conquer, this address would say to it, ' Behold how
your fathers won : how intrepid in combat : how
patient, moderate, and humane after victory !'—
(Loud applause, cries_, of Vive la Republique !•
Vive la Belle France !') It will remind the
people of that patience, more heroic even
than its courage, of which it gave the example.
It shows to the world, in fact, that the achievement of
its liberty was not personal; it shows that it was not
a vulgar excitement which caused it to have recourse
toen'arins ; that it was well aware for what a glorious
and immortal conquest it was pouring forth its blood
in the streets ; that it knew that the fruits of such
a conquest could not be gathered the day after the
victory; that it was necessary to give time to the
magistrates, who had issued from its ranks, a certain
space of time to accord to its public representatives,