The Sun.
London, England, 1848-06-10 00:00:00

have hitherto lavished upon him their acclamations, I
because those acts to the superficial spectator up 1
peared to be undue concessions to the insurgent party.
Precisely in the same manner the conduct of Pio
Norio was scouted as contradictory until the apparent
incongruities were reconciled by the eloquent expla-
nations of GIOBERTI. LAMARTINE wants another
GIOBERTI to restore to him his diminished popularity,
and to prove to the moderate Republicans of Paris
that there is no truer friend to the sacred cause of
their liberties than the very man whose influence
they are paralyzing by ill-timed and unnecessary
suspicions.:
What is the actual cause for the recent diminution
of the popularity of Pio Norio and of LAMARTINE ?
We are bold to say that it is this—that both the
Poet and the Pope have sunk in the estimation
of the people—the one at Rome and the other in
Paris—because neither of them have fluctuated in
policy with the fluctuating passions of the mob, but
have both remained staunch in the maintenance of
moderate principles, while the public mind has
been agitated for the moment by the visions of an
exaggerated democracy. Not only because this, but
because, likewise, the Romans failed on the instant to
atTono
id
aSpb.
pe cr
ea
cuGi saietoepthe
Tei
recognise the embarrassing situation of Pm Norco,
Parisiansbewilderinghas s
hpaoee
spoken to
hitherto
tbohefee ni,
AuhmneaaAbrßlte:
of the Romans, and the PONTIFF has been
restored to all his former
popularity. May
some unanointed GIOBERTI appeal to the rea-
sons of the Parisians, and render the poet-statesman
once more the object of their enthusiasm, for in the
realisation of the policy of Pio Norio and LAaraa-
TINE we can alone recognise a security for the reali-
sation of Italian independence, and a guarantee for
,he stability of the French Republic.

SUN, LONDON, SATURDAY

the several companies, and comes to the conclusion
that, with the exception, perhaps, of two or three,
they can all meet their engagements and carry on
their undertakings successfully. In a special para-
graph, the report declares that railway and other
financial companies are perfectly compatible with the
Republican regime, and that associations which
unite together even the smallest amounts of capi-
tal for a common work are altogether demo-
cratic in their tendencies. The committee, refer-
_

ring to one of the principle motives put
forth by the Minister of Finance for imme-
diately taking possession of the lines, namely, to
be thereby enabled to give to the works all the
activity which the resources of the Treasury would
permit, comes to the conclusion that such motive is
not well founded. It expresses itself thus on the
point :—" Almost all the lines now in course of con-
struction are under the regime of the law of 1842, so
that it is the State which at present executes the
earthworks and works of art. On such lines, that is
to say, on the Strasburg, the Vierzon, the Bordeaux,
the Nantes, and the Western, the State can at once
impart such activity to the works as the want of the
country demand. It can open workyards on as many
points as it pleases ; it has for that no other limits
than the resources of the Treasury. In taking back
from the companies the concessions which had been
made to them—concessions which involve no other
work than that of the iron way and the stock—
the State would no doubt have commands to make
to give to the forges and machine factories ; but these
commands, if they have not yet been made by the com-
panies, would be given just as well by them, whilst on
the other hand the State could not do so itself but by
diminishing so much the sums which otherwise it
could apply to earthworks and mason-work." In
another part of the report the Committee declare that,
being convinced that no sufficient reasons exist to
warrant the expropriation, it will not discuss the in-
demnity offered by the State; still it thinks right to
show that the companies would lose enormously by
the terms offered by the Minister of Finance. This
it does by separately examining what each company
would receive for its line. In conclusion the Com-
mittee declares that, looking at the heavy deficiency
which must arise to the Treasury for the present year,
and taking into consideration the large amount of the
public debt now existing, it thinks it would be unwise
to add to the liabilities of the State the G 23,000,0001.
which the railway concessions place at the charge of
the companies, and in consequence it recommends the
National Assembly not to adopt the Bill.
The Minister of Public Works was on Thursday
occupied with the drawing up of the amendment on
the Railway Bill. The Committee decided that the
indemnity offered by the State shall be according to
the rule laid down in the Bill, but by forming the
average on the year, in place of the six months which
preceded February 24, for the following lines :—St.
Germain, the two Versailles, Bale, Orleans, Rouen,
Havre, Northern, Vierzon, and Bordeaux. The in-
demnity shall be applied on an average of eighteen
months for the Strasburg, Lyons, Nantes, Troyes,
Marseilles, and Boulogne. M. LEFRANC was named
reporter.
The Finance Committee was on Thursday occu-
pied with the question of credit, founded on landed
property, and with the question of mortgage banks.
The majority pronounced against the establishment
of mortgage banks, the notes of which, if issued at
the same time with those of the Bank of France, and
to a large ameunt, would not obtain the credit neces-
sary for their circulation. Notes, it was observed,
in order to be readily taken, ought to have the gua-
rantee of being immediately payable, whereas the
mortgage notes did not present any such facility, and
would not consequently remedy the present position
of the landowners. It was in general agreed that
the position of the landowners could not be amelio-
rated by the creation of mortgage notes, the circula-
tion of which, if forced, would necessarily lead men's
minds to think of the inconveniences of the old as-
signets. The same question of a mortgage bank was
also discussed in the Sub-Committee of Labour, but
no decision was come to.
The Droit announces that M. DUPONT DE L'EunE
has divided in equal portions among the hospitals,
bureaux de bienfaisance, and the poor of his arron-
dissement, the whole of the sums allotted to him for
he three months' Presidency of the Provisional

Government.
BOURSE-PARIS, FRIDAY, JUNE 9.

THREEo'cLocK.--A great deal of anxiety was ap-
parent on the Exchange, both on account of the pro-
posed banquet, as well as the continued tumultuous
assemblages in the streets. The French Funds and the
Bank of France Shares have been principally effected.
Railway Shares, on the contrary, have been well sup-
ported, owing to the favourable amendments brought
forward in the National Assembly to the project of the
re-purchase by the Government. For the account the
French Three per Cents. have fallen 1 per cent.; Five
per Cents. have fallen 85 centimes, For money the
Three per Cents. are 1 por cent. lower; Five per Cents.
have fallen If. 10c.; Bons du Triisor, 22 discount; '3ank
of France Shares, a fall of 45f.; Roman, no alteration;
Rothschild 's Receipts, no variation; Exchange on Lon-
don (30 days), 25 40; ditto (90 days), 25 30.
BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK-EXCHANGE, JUNE 9.
Boulogne and Amicu, 614—Namur and Liege, 3
Northern of France, 4,s Rouen and Havre, 71/2.