The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-02-14

presently
terminate under very favorable conditions. 1t 10, there
fore fully established that the would still be the
came at the end Of l864viz $50 600 O0Of neither
more less, but for the which have been
taken 10 reduce them.
What has been the effect Of these measures,
LAWS voted in the session Of 1857 appropri
ated TO the extinction Of the deficits, special Francs
resources, amounting to............... N6,00O,O00
There were also repaid out Of the funds Of
The budget two annual payments Of
5,000,O Oof each on the old debt due TO
the Bank of France ................... 10000 900
Total. ....................... 22o 900 900
Those ZIG 0O0 entirely appropriated to the de-
hcts reduced them TO the sum Of 600 900 OO0f which
alone now figures In the general accounts That 10
very nearly equal the amount Of the arrears anterior
the present government.
FLOATING DEBT.
At the Of 1855 the situation or the Tea
sury was becoming delicate q was obliged TO provide
for The deficit Of the budgets, which amounted, as have
had to pay in 1852 70 the holders Of rente who re-
fused the conversion, sum Of 70 900 ,ooof.
was besides under the obligation Of supplying,
average about 00 70 complete the cash In hand
(tonds de rosdemenD OF the public financial offices.
means Of The budgets sum q about msrS "a thou
sand mlions which the treasury without the temporary
assistance Of loans. would have had 70 draw from the
ordinary sources Of the floating debt That debt being
part payable at sight, at short dates such situation
could not have been prolonged and still less aggravated
But not only 1856 have the charges Of the public
debt not increased but different have arisen which
one hand the $4,000 oO removed from the Genciss
have reduced by an equal amount the which had 70
be provided for On the other according the terms Of
the agreement which concluded with the Bank that es
tabshment undertook during all the duration OF It's priv
lego 10 supply the treasury with advance of 60000-
to bear interest," besides the sum Of 40 0OO
000f still due to the Bank Of France on the loan which
nad consented to make in lS4s 70 the Of the
republic having been converted into expense Of the
budget payable by annuties Of 000 has longer
the character Of floating debt properly 50 called
s wants by taking from the ordinary sources OF the float
ing debt sum Of about eoO, OOo, O00f
Of the elements Of that debt such as the advances Of the
Receivers General and the funds Of communes which
pose ns so 70 only partial ~ zen and re-
nues OF the State and especially to the large in hasd
coming from the payment by anticipation (Which is more
service Of the Treasury now replaced in the most salts
The current budgets are three in number
That Of 1858 which being definitely wound up; that
that Of 1850, which is only just beginning
o The budget sSS has pa sa G the aen
awaited with very legitimate impotence.
That budget is IN foot Free at least 30 far regards
tho ways and means, from all foreign elements and il
can consequently, give an exact idea Of what is possible
The receipts composed solely Of the taxes and public
revenues, have amounted to 1857 0OOf
The expenses, including nearly 40 0o0f for the war
in China and for great public works, have amounted
There is consequently, Of receipts which will
not be less than ~ 900 060f and would assuredy be
necessary to 60 back many yearsn order 10 find budget
The year 1859 marked by grave events which,
particularly at the beginning affected thu public revenue,
The first nine months Of the year compared with the
corresponding period Of the preceding presented in
but in the last quarter enterprise and general
consumption resumed activity in very remarkable
ner, and the effect was Immediately manifested in the
venue.
We had for example, for the month Of October an aug
mentaon Of $3.50 oo0E for November 7le3 ooof, and
for December The registration and those
levied the importation merchandise which ordinarily
follow the movements Of commerce, figured notably in
this Improvement On the WHOLE the total Of the
paid has for the loss Of the first months and
has produced tentatively . surplus Of 1000 ooof
ductve force Of country is that notwithstanding the
check caused BY events the increase Ia nearly AZ oo
The receipts Of the budget Of 1859 were estimated with
prudent moderation go as to leave certain margin for
unforeseen wants Thus the augmentation Of 1900 ooof
an increase Of 2o,5ss,ooof on the estimate in the
THIS sum united TO the surp,us Of recelos of 1877 and
1855 by which 1859 will profit, gives me the Arm hope
that, Notwithstanding it's supplementary charges that
budget will terminate in satisfactory conditions.
The budget Of 1850 was voted with surplus of receipt
Of 500 O00f
The year having scarcely commenced, would be i'm
possible to indicate at present, even approximately the
changes which events may occasion In that budget Ali
that can to your Majesty that Information which
has reached the government relative TO the yield OF the
Customs in the frat two periods Of ten days each Of Janu
airy indicate that the Improvement was far from having
become sackened. Coy.
According TO your Aajesy's orders, sent some time
since to the Council Of State the documents necessary
the preparation of the budget Of 1851
These documents allowed an excess Of receipts Of abou
5000, 000f TO be foreseen.
and 10 place manufactures on more advantageous cond
tons OF competition, has conceived vast programme Of
internal improvements among which stands the reduction
OF duties materials and articles OF great
consumption That reduction might have for consequence
TO disturb the equilibrium Of the budget but your Majes
", who with 80 much reason, wishes to preserve
finances from any disastrous arrangement, and TO main
tain order in the budgets proposes to make up for the
temporary loss which the Treasury will experience by
having recourse to the sinking fund As informed your
Majesty in my report Of 1857 the sinking fund, In order
TO have all its effect ought 10 be the result Of positive
surplus in the receipts II it s otherwise the funds
which it absorbs produce deficit in the budget That
deficit increases the floating debt which sooner later
case in place Of wping Off the public debt the sinking
fund tends TO increase IT, With loss to the Treasury
and wise the sinking fund may be, particularly as
measure OF foresight. and AZ curb and an obstacle
70 ns s be sS
sence Of an inevitable deficit. But, the sinking fund
being in itself guarantee Of order your Majesty,
who has had the merit Of re-esabEshing II, would
not resign yourself TO that sacrifice temporary ex
cep in case of absolute necessity you viii be pleased
persuaded to maintain IL in operation IL the loss Of
the Treasury can be made up, wholly in part either
by the progressive Improvement Of the receipts by
Nothing, in fact, mpossble With the durable peace
Of which your Majesty gives hopes your programme
The suns put aside by the nation hold in album
dant resources, and in country such France pre-.
pared is, It would be difficult 10 calculate all
that confidence In the future may produce
LOAN 10000, 000f. AND GREAT PUB1JC WORKS.
win not dwell upon the immense success Of the last
loan Of 300 600 ,00 In the circumstances under which
negotiated coming after three other loans scarcely
paid up and in the midst Of the most serious apprehen
sons the eagerness of the public had the double gnnca
ton Of political demonstration and great financial
fact. a.
The punctualty with which an the payments have been
made Is not lees remarkable The capital Of the loan,
including the expenses OF negotiation, amounted 10
5l9 662 esq., of which 307 900 DOOR 1907 S33f)
paid in advance, and entitled to discount and 2,000
00Ofd (2l206 ,7 To be paid at the periods Axe by
the government, the whole To be closed up eighteen in
stalments TO December next
On the LIST Of January Of this year. that 10 say the
space Of six months, than 270, 800 00N pail
the dscounsble ren, and nearly IS 900 that
not dscountable the remainder due the two kinds Of
subscriptions at that time amounted only 10 the relatively
email sum Of 1885, 900 Oof (l65 lo2 oSof), payable in
eleven months.