The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-06-24

swelling the amount of the floating debt OF the country
which has now reached ooo The increase Jan
is 1913 OOOl AID the amount OF treasury bills afoat
April exceeded TO- S53, 0O0 This item matte
for serious consideration when reflect that an
present and prospective absorption OF floating CAPT
tai in new companies has until recently been suffered
go on not only unchecked, but to great extent en-
couraged by the government and the credit establish
ments under its influence The railway companies th1
Bakers Bank the Credit Foncier, and numerous othe
associations, are constantly bringing an increasin'
Of bonds competition with those OF the State
and Offering terms which afford temptation TO capitalist
detrimental TO the power of issuing treasury securities
moderate rate of interest. We're these various bonds
and those of the different municipalities difficult
negotiation the evil would be tO extent diminished
but by encouraging the Bank France and similar inst
tutions to make loans those securities much wider
field is opened for their circulation than could otherwise
be commanded and the treasury bonds must necessarily
encounter more severe competition.
The result of the war is partially demonstrated In the
increase of the charges for the public debt the ddona
burden arising from the late loans amounting 70 r. ~
per anpum irrespective Of the increased charge for the
floating debt. On April there still remained 12 600 00
to receive the two loans of 1885, and the budget -
sumes that this will suffice TO meet the balance
the war charges, an anticipation which W thought 10
many quarters to be very questionable The calculations
of the budget regards the future mainly founded
upon the superstition that the naval and military expendi
urc will at be reduced to its former limits and thai
long period Of peace is certain It is surely unsafe
calculations. Italy is Is slumberng volcano, which
may at any moment burst forth, and the relations o.
Austria with the rest of Europe are ny no means of
haracer to render such political complications iapossibe
may render necessary for France to be in postion|
self position where his may be looked upon|
empty words deducc from the general character oil
threat to Belgium he betrayed an intention Of keepng
France in condition TO be feared and listened 10 byI
other States.
The committee appear TO have been strongly impressed
with the necessity Of relieving real property from the
ira burden imposed upon by the tax, which expres
in 1868. The raised by this newimpost " e., $50
0O0 and various projects brought forward cese
substitute for it, That most avorably received was FL
tax of per 1000 on all purchases and sales on the
lint imnt nf tna tyyh mna
sure would produce is before us and the data arc pro-
badly wanting, except from the transactions passing
through the books Of the regular agents de change
Another to which the necessities OF the State
compelled to have recourse and which is very proper
y aumadverted Oh by the committee is the alienation OF
the forests OF the crown species OF property which has
always been looked upon not to bedminshed except
necessity of increasing its purchases Of timber already
very large. With another recommendation contained in
the report fully coincide The propreiy Of complet-
ing the restoration of existing historical monuments be-
fore undertaking any new ones may be suggestion
directed against the courters who have recently
mooted the erection of column TO Napoleon
that the Place Vendome, o. it may be q
hint to the Emperor to confine his attention to
the completion Of the Louvre before commencing works
of similar, though less costly character in other parts
of France intention popularity attributed to him. The
hungry and costly crowd OF hangers of the court m
ing places Of every kind, with duties often nominal bra
with salaries excessively real, are not spared it is re-
retained do their work. and to remuncratc them su
GENTLY according to their merits It Is to the old para
mentary system that France is, in great measure in
debted for the of i'll paid employees with equally
i'll defined duties They were animated voting ma
chimes worked by the minister for the time being and
the system has doubtless been retained until the pre-
sent day in toerabc working order Now however, that
Parliamentary majoritcs less important or rvther
less likely to be adverse to the ruling powers, and,
while universal suffrage is at least nomnay the rule the
utility and necessity Of this stan are diminished, so is
possible that merit may be made of sacrificing mass
of the smaller fry leaving the more exalted donothings
possession of their great court Offices and great
The budget usual exhibits surplus Of f43S 00O from
which, judging by precedent we are inclined TO argue
portion Of the floating debt issue fresh loan. The
probable dmnuton Of receipts consequent the recena
nundatons and the duty and necessity Of prompt and
large aid to the suffering districts rendor Of those
extremely probable and the recent panic the
Paris Bourse may in some degree be attributed TO tho
anticipation that the announcement Of financial
operation will not be long delayed.