The Sun.
London, England, 1848-06-24 00:00:00

1. LOAN FROM THE BANK.

_ .
r The committee approves of this operation; it is to the
Bank alone that, in the present state of credit, it was
possible to apply, and the Minister has done it to a wise
extent. The guarantees given are good. This resource
will be easily realised. We hope therefore that the As-
sembly will, with its committee, agree to this operation.
The contract has not been submitted to us; neverthe-
less, there is in the exposé of the Minister of Finance a
passage which has excited our utmost attention. He
says there, page 6, " The issue of the Bank notes will be
limited by agreement between the Minister of Finance
and the Bank."

The committee hopes that the Bank will be able to
make this advance without having recourse to a fresh
emission of notes; but should such be necessary, it ex-
presses the unanimous opinion that it should be autho•
rized only by a law.

2. NEW STOCK DELIVERED TO THE PURCHASERS IN THE

DEPARTMENTS. ---
The committee does not deny there is in this opera-
tion a resource for the Treasury, but it regrets that re-
course has been had to it, since it considers it a dan-
gerous step for credit. For, in critical times, when the
funds are depreciated, experience has shown that the
bona fide purchasers are the inhabitants of the provinces.
It is the provinces who, through the receivers-general,
come forward, induced by the low prices, and purchase
into the funds. If the cash, instead of going to the Ex-
change, should be stopped at the Treasury, to be there
converted into stock, the only buyer that remained in
.the market will disappear, and prices will fall.
This year, even the purchases by the provinces have
alone raised and sustained the rates, and if the measure
which the Minister proposes had been in execution, very
probably the credit of France would have been ruined.
Therefore, in the interest of the Treasury, the funds
from the departments ought to be allowed to pass through
the Exchange.
Besides, should the Assembly be disposed to sanc-
tion this measure, it would be under the necessity of
fixing a minimum. It would not be possible, without
opening the door to the most deplorable speculations, to
permit the conversion of such large sums into Renton at
the price of the day, whatever they might be. If, there-
fore, you allow the Minister the right he demands, you
must necessarily limit it.

3.-CIITTINGS IN THE FORESTS.
The extraordinary cuttings in the forests figure in the
calc❑lations of the Minister for a sum of 25 millions.
We are of opinion that the state of trade does not allow
this resource to be relied upon.
4. SALE OF REAL PROPERTY.
Your committee has readily acknowledged that the
domains of the state offer a valuable resource, which has
not escaped the attentive eye of the Minister, but it is
doubtful if in the present state of the market so con-
siderable a sum can be reckoned upon. We do not
think it can, and we are of opinion that after the alien-
ation of 75 millions of forests pledged to the bank, the
largest amount that the Minister can expect would be a
total of 50 millions.

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