The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-05-21
PRUSSIA.
THE FINANCES OF FRANCE.

Setting aside the unquestionable superiority in
fused into the of the victors of Mnntenotte
Mondovi and Marengo, over the enemies whom they
are going to face in the plains of LOmbardy and
Piedmont, by the remembrance of past victories
the assurance of obtaining new ones the skill of
their leaders, and that fria tratcese of which they
are going to give new proofs it is positive fact
that the financial condition of France will still ia
ciitate their victories and hasten the day of their
deinitive triumph.
The admiral clearness with which all the finan-
cial documents of the French government are re
corded renders the present examination of the
dltlOn OF the treasury very easy.
The foreign nations which may have thought that
the French finances are involved in debt and that
the country is exhausted by the expenses occasion
ed by the improvements in the capital and other
large cities, the admirable state in which all our
roads are kept, the formidable figure to which our
army has been increased, and the large number of
steamers of our fleet, can convince themselves of
the contrary by looking at the French budget
They will see that since the year 1855, when the
budget settled with overplus of 394 900 900, the
budgets voted so as to balance the expenses with
the receipts have not increased the public debt by
n centme, notwithstanding the large expenses of
the Eastern war, which have been paid, and that
they have all resulted in large overplus Of re-
ceptS over expenditure.
In order to acquire Just idea of the financial
state of country it is necessary to take into
sideration the use made Of the money derived from
taxes, and above all, the less facility with
which these taxes paid. Now, examining the
comparative table of the collection Of the direct
taxes for the last period of eleven years. one finds
in taking the two extreme points of that table, that
on the lst of November 1917, the payments where
in arrears nearly Onehalf twelfth or more than six
teen millions, while on the lst of November, lSJS
they were in advance very nearly full twelfth
or thrty-our millions, thus showing fifty millions
OF difference between the two epochs.
But a still more striking indication of the pros
perlty OF the inhabitants country may be ascer-
tanned by the condition of the indirect taxes; the
periods of prosperity the hard times are clearly
revealed e Of > +l,E;,
post, which is somewhat optional to the TAXPAYER
Since 1858 the amount of direct and indirect taxes
has, by tae development of public prosperity alone,
increased to two hundred and twenty millions.
AS to the use made by the government of the mo-
ney arising from the taxes, which is the second
manner which we have pointed out to ascertain
the sound financial condition of a country the best
Judge IN such matters is certainly the taxpayer
himself. The high rates maintained for so lopo a
time by the Three and Four and Half per cent
rentes, and from which they have only gone down
within these last few days, under the impression
OF war rumors, and above all the eagerness and ia
cility with which the whole population has sub
scribed to loans of 100000, necessitated by the
Eastern war, sure proofs not only of the wealth
OF the country, but also of the solid basis on which
public credit stands. They show that the nation
approves of the manner in which the finances of
the country are administered when consenting to
lend to debtor whose sOlvency does not appear
to be doubted.
Finally, the strongest and most convincing proof
of the prosperous condition of the French finances
and of their proper administration is to be found in
the report presented to the legislative body the
occasion of the new loan voted some days ago
Generally, State, even hourishing, has neither
surplus nor reserve to meet extraordinary cases,
which may occur in the existence of nations as well
rs in that Of individuals; it lives from hand to
mouth like prOdigal, without care for the next
day. But when one of these sudden crises, which
should always be put down in the budget of
or a wise government, occurs when they are un-
provided with the means to face the imperious re-
n thn MOI how ir,u,
ately to have recourse to a loan. Money is wanted
at any rate; not in month, week day, but
hec ct nUnc for the situation is tight that each
minute of delay rapidly brings the catastrophe
nearer. Then one goes to the usurer, whose ruin
GUS loans deepen the abyss Of bankruptcy in which
the individual or government soon going to
fall.
Such is not the case with France The govern
ment, far from being taken unawares, has a consi-
derable amount at nand which enables it to act
Immediately, without being obliged to have re-
course to other means of action-to the ruinous
cessitv of a sudden loan
The cash on hand in Paris alone is IS millions.
By the treaty annexed to the law ofthe 9th of june
1857, for the renewal of the privilege of the Bank
of France, the capital of one hundred millions with
which it is to furnish the State, is to be put with
out delay at the disposal of the Treasury in OF
need, and by virtue ofthe same treaty twenty-five
millions may also be asked as advance money
Besides, the total amount Of treasury bonds, which
on the 18th of February 1857, was as high as 345,
900 000 and fell in December last 295 900 900, is
low $50 600, 600, account of the retire
ment which has been enabled to apply to them by
the anticipated payment of the taxes and the sums
paid into the cdisse de dOtdtion of the army. That
amount of $50 900 900 is less by seventy millions
than the legal limit fixed by the law on finances,
and is less by 100 900 600 than the amount attained
scarcely year ago. Thus, by the simple means Of
the treasury, without any trouble, without any sup
preston in the public service, more than 100000
600 may be instantaneousy obtained. Thus Mr..
Baroche is authorized to say in hi" Expose de Nor
of has obl
place at the service of generous cause financial
sources more solidly established"
However, to be prepared for the emergencies OF
the future, prudence demanded that we ought not
to wait till the last moment to procure the neces-
sary means to continue the when once COM
menced. 1t is to obtain that result that the gov
ernment has proposed to the legislative body
bill to realize loan of 100000
The promptness and enthusiasm with which the
two loans made during the Crimean war were sub
scribed are safe guarantees OF the patriotic eager
that France will show for the subscription of
of the loan, and as the President OF the COun-
Gil of State said yesterday, attentive Europe will
see in the intimate union of the sovereigns of the
great public Powers, and of the whole nation the
assured proofs of the force of France and the pre-
sage of her successes"
Holders of Pittsburg Railroad Bonds will be in
terested IN the following, from the Pittsburg
Chronicle:
'The important suit of Oelyicks Il Co.. citizens of
Hamburgh, Germany, The City of Pittsburr
to recover the interest due bonds issued bv this
municipality to several of our railroads. was decid-
ed this morning, in the U. S. Circuit Court, Judge
Grler presiding Judge Grier decides that city
or county Is bound by the majority of those delega
ted to represent it Councillors or Commissioners
provided their action be according to law; that the
people have no right to repudate these municipal
subscriptions because all did not directly, by vote
authorize them, but that the city subscriptions, in
point, are invalid because they were not made ac-
cording to law.
The result of the trial may be summed up thus:
The plaintiffs have taken non-sut in the matter OF
the Allegheny Valley bonds, and those of the hrst
issue to the Pittsburg and Steubenville, they WIN
have to institute proceedings anew, before they can
recover, the case be taken to the Supreme Court
With regard to the Charters Valley bonds, and
those of the second issue TO the SteubenVlhe roau'
verdict been had against the % cH H. tne iass
States for review on exceptions taken by Mr.. Will
liams to the ruling of Judge GEier. The entire mat
tribunal, and the constitutionality unconstitu-
tionaty of the law authorizing those subscriptions
be finally determined"