The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-01-08
TILE All MILO rr1rcpApu


Electric communication with the World is an OBJ
ject not likely to be abandoned. year or two
since it was Joined with aerial travelling and self
supporting combustion in the sneers of the practi
cal; now 1t is at least possibility. message has
been sent to the New World and an answer received
within two hours and a-half. Although for the
moment disappointment has produced kind of
stupor, yet it cannot be doubted that shall soon
have an attempt to renew the enterprise.
After stating the advantages of the Trinity Bay
and Valentia line, and the route, advantages, and
disadvantages of the proposed line, by way of the
African coast, the Canares Cape de Verdes and
Brazil the article continues:
1t is for the government to decide how far it will
assist these schemes. Our own opinion is soon
stated. We wish Geographic communication all
success and shall be glad to see the earth encirced
by wires, and the furthest lands united by univer-
sal scheme of instantaneous correspondence. But
the Inauguration of this era we would leave
entirely to the action of private enterprise based
on the principles of free trade If cable is want
ed across sea or strait, let any company-Eng-
sh, French or American-have full liberty to lay
it, and to receive the profits that arise. No ma
tonal mistrust should impede the action of capital
invested in such schemes of cosmopolitan useful
ness. But to great system of guarantees and
subsidies we decidedly object. There is, indeed,
one exception. The telegraph to India is a matter
OF imperial policy. That vast and distant province
is inhabited by millions of suspicious and suspected
Asatics, and at any moment political disturbances
may demand the attention of the home government.
Not far from 100000 European troops are now en-
poyed within its limits, host of civil servants are
continually requiring advice orders, there are
continually Governors and Generals in doubt or
danger. In such case, and grounds merely of
public policy the government NAV without passing
beyond its proper functions guarantee system of
communication. But telegraphs to and from every
where ought not to be made at the responsibility of
government. If sub-oceanic communication be fea-
sibe, companies for the construction of lines will
find shareholders without the assistance of the
State. If the communities interested not con-
hdent enough in the success of scheme to take up
the shares, it had better be abandoned. Govern
ment interference will only create monopolies and
hinder the development of the science. Once give
company an exclusive right to telegraph the news
between two countries, guarantying them a good
per centage, and we may bid farewell to progress
In rapidity, accuracy and cheapness We trust
that neither of the two schemes for communicating
with the New World will receive further help from
government. The Atlantic Company has already
had State assistance in the of several ships Of
war; to the value Of perhaps. f100 000 it has also
large guaranteed income from the governments
on both sides of the Atlantic long its line is in
working order This may be defended on the
ground of the originality and risk of the undertake
ing; but guarantee upon the capital of the COM
pany should be granted. The best kind of cable,
the best paying out machinery, and the proper
method of using it, will soon be determined, and
then the construction of line will be merely
matter of ordinary calculation. There will be no
more for the State to guarantee its capital
than when Lancashire cotton spinner builds new
mill: BY the policy of subsidies and guarantees we
shall only raise the public expenditure, while we
CIdHSe CROWN OF Geographic enterprise from
health and vigor into state of dollhouse feeble
ness
THE FRENCH BUDGET-M Magne, the Minister
of Finance, in his report says it may not be useless
to meet any doubts which might exist, to prove by
official figures, by interchangeable proofs that the
Emperor has given the. rare example of a resolu-
ton which overcomes all obstacles, and of pru-
dence which avoids excuses and knows where to
stop at the right moment; that for long time no
government has so strictly confined itself within the
IfS n thn Oh &IoA4
vorable results indicated in my former report have
| been fully confirmed by facts.
He then states the surplus for the years 1885, 1856
and 1857, the expenses which is for 1885, 394,-
100000; for 1856, 1000 OOOf; for 1857 in which
year were settled the expenses of the war, sc 000,
| 0OOf He then says:
! The budget of 1858 is worthy the particular at
tention of your Majesty. 1t is the first budget of
peace which can give just idea of normal sit
| uaton. 1t was voted with an excess of receipts of
20,OOO0OOf, and up to the present the produce re-
realized exceeds by 75,OOO0O0f. the anticipated
returns.
The accounts of the budget of 1859 have not vet
been made up. 1t is started with a surplus of re-
ceipts of S,OOO,6OO The returns of 1858 already
exceed the estimate by % 000, 000f
The draft of the budget of 1861 cannot fail to i'm
prove under the control of the Council of State and
ofthe Legislative body, indicates sufficient resources
Tor the development of various important branches
OF the public service, for improvement in the
salaries OF the under officials and of the magistra-
ture and to add 10000 OOOf to the dotation of the
sinking fund.
The first sums received from the dotation of the
army were applied to pay off the treasury bonds.
That fund added to the increased revenue. and the
anticipation of the increased return from taxes
abled us to liquidate more than one hundred and
forty millions of treasury bonds since February
last Thanks to the reduction of interest establish
ed with that view the decrease continues gradually
and easily.
The funds ofsavings banks pushed beyond certain
limit would not leave that security to the treasury
which is a necessity to q good financial
They amount at the present moment to 293 000 000f
of which 1877 900 000f have been placed in the gov
eminent chest. | am happy to inform your Ma
jesty that the State will be enabled to pay off
great portion without difficulty and without hav-
ing recourse to a loan.
The means at the disposal of the treasury, espe-
cially what we have to receive from the Bank of
France, and which have carefully abstained from
touching with that object in view and those which
the dotation of the army will give us, will place
nearly zoo, 600, 0OOf. disposal for that pur-
pose. But in this question it is not only the
sury which Is concerned, and its interest must be
made to agree with that of the depositors
In the first nine months of 1858, Che says) the
imports of gold exceeded the exports by the amount
of 376, 900 000f and, what is worthy of observation
the imports and exports of silver nearly bal
anced. In that short period the total amount in
circulation increased to the amount of 374 OOO
OOof. The Bank of France, the reserve of which
had fallen to 100000 OOf, has a reserve of
554, 900, 000f.
In general point of view it must be admitted
that some excuses caused certain stagnation in
business, but quiet restores activity; such is
the common law. We already feel its happy in
uence, and the situation of the country, avora-
BILE in every respect is guarantee that the revival
WI be energetic and permanent.
THE IsTHMUs OF TEHUANrEpEc.-The following
statements are taken from letters to the New Or
leans Picayune:
The area of the old Territory of Tehuantepec-
now Incorporated in the States of Vera Cruz Gaia