, 1864-12-08
Chicago Qribune.
THURSDAY. DECEMBER 8. 1861.


New 1oan-A Now scheme OF Fl
nnncc-CharRcfcr Of the Embellisa'
menta Of Paris.
(From our Special Correspondent
PANS, Friday, Nov. 1s, 1864.
The extension Of public works in Paris Ia.
been 30 prodigions Of late as to give rise to 8
report that the Government was about to
contract loan, to be called "peace-lo2n, u
IN order tocsr1J them out. Tho alleged plan
was said to consist Of the foundation Of a
ne" Bank of Public Works, with capital ol
$4,000, ,oo, to be raised by loan. Or, rather,
to speak more correctly, this Bank was to be
empowered to Issue Its Obligations, or bond,
for the above amount, re-imbnrsable at the
end Of fifty years. The liquidation Of princi-
pal and interest was to - - The in
term by the Bank By 44t4us Of an annual
payment, or dotation as 1t is called here, to
be made to 1t out Of the funds Of the extraor-
dinary budget, to the amount Of twenty-five
millions. And thus It was argued By the
chief promoters Of the scheme, among whom
Vas II. dc Persfgny, that instead Of being
tied down to the palt1y expenditures. Of
the twenty-five millions per annuu, which
the government might spend the capital ut
| once, 6 i've the public the benefit and adyan-
tagc Of a1l the> contemplated impro7emeut,
and throw the liquidation Of them over the
| next fly years in the manner &C contemplated.
Ths plan is no doubt specious and tempting,
| and quite In accordance with the fnanciai
policy Of the Second Empire, which is decld-
edly Of - go~ahead" character aud always
ready to spend sscapital" profusciy,
whether monetary or poli..-al. There was to
be sure one "lfttle'' objec ion in the way Of
this scheme of amateur fnanc{ors (for what
can N. 1e Due de Persigny know really and
practically nbout 1nanco!}; and that was the
consides alton, whether the present moment,
when tile rates Of discount at the banks Of
France and England had just been at s aud
per cent, aud while severe financial crisis
was making itself felt in the latter country
whether that were precisely the best moment
for sinking 500, OK, 600 Of hard cash in Inc
comparatively unproductire Investment Of
public works and cmbellishmenter The
imperial government seems to have been wise
least In opposition and consequently IN of1i-
cinl note was inserted the other day in the
,aontteur to the effect TINT tho plan 50 much
not been "adopted.' The Use of W tie
word adopted" clearly intimatcs, however,
That the design has not been definitely
abandoned. And indeed the extension given
to public works and cmbellishmrnts {n ali
directions is such that it il clearly impossible
that the government can hope to liquidate
everything By the budget, either ordinary or
extraordinary. There are at this moment
several acres Of ground completely deserted
Of houses In one Of the most densely inhabit-
station, in the heart Of the town. Every
thing has been pulled down to make way for
the new Boulevard Haussmann, 60 called at.
ter the Prefcct Of Paris, and other new and
splendid lines Of thoroughfare. To look 1t
the huge gap left and the havoc made, one
r4y.jT %1,nk t,,i
been playmg1Pon The spot, for twenty-four
hours. On the North side Of Paris a small noun
tain Is being 1evellad down and carted away
to I'LL up valley on the south side, where
space OF more than mile square is preparing
for new building sites and will form an en-
tirely new quarter Of the capital. Besides the
stupendous repairs, or rather restorations Of
the Cathedral Of Notre Dame, and Of almost
every other religious ediace in Paris, half
dozen new churches some of them of gIsun-
tic size, arc rising aL different points. The
new grand opera is costing millions and Is
rapidly urged forward. Then there is the
predictions taA Of rebuilding the Immense
perhaps in the world. and again, in the
northeast Of the town, in the midst of the
great manufacturing and iron-forge district,
= new Peoples Park Is being laid ont,
formed Of what are called the 6utts
Or f,;uh snoils ;; Of Saint Saint ch.amont, !ery
A11a 44sAS 6touuut III louTQ SL8te
md worked as chalk and gravel pits.
More than twelve miles Of !:rail and tram
roads haye teen laid down uPsn this to bring
it into order, and five hundted wagons drawn
hy Steam engines and horses, with an im-
mense corps OF laboscrs, arc at work upon it.
AL this. of course, involves indefinite outlay.
There are parts Of the town where the 81 old
est inhabitant'' quite loses himself, 50 wholly
are they transformed. passed through one
Of these the other day, and found police Sta
TONED SO show people the way, Which was
acquaintance! Ali this is very wonderful and
beautiful, but at the GAME time very costly.
European news is complete biank for the
last few days. We await an1iously the result
of the election in America, On which public
attention is now exclusively fixed. Indeed,
American ncws alone presents at this moment
any decisive interest,