, 1865-02-04
The Pope,s Encyclical Letter.
Growing Rupture betTeen
France and Rome.
Interesting Resume Of tho
French Finances,
The Effect of Shcrn1an's Opera.
tious In Frnncc-.1Iovc1ne
o1 the Emperor-Esis Life
of CuAkar

! u1oH oIIcCAcu fttd41sI Lue lQuuence and Autho
rity Of Rome. It is even said now that tn
Prince Napoleon will be called upon to p,e
side at the Council Of Ministers during tn
absence Of the Emperor In Algiers-an eYcn1
! which Is now talked Of asdeanitely decided
uron. Whether the Empress Ei1l also,
as has been asserted, absent herself from th'
capital, and proceed, rs stated, to Nice, is
point on which I am less certain. II sht
shonld rcmsin, and the Prince should never
theless take the place she has hitherto occu
pied at the Council Board, Of course tht
the Emperor viii be yet more tlagrant md
notorious. But whether the Empress 20 o,
stay, the closer association of the Prince M
pnleon'c thoronghly liberal and anfi-papist:
cal opinions in ihs counsel Of the Empire,
will be fact Of immense Importance and
alfEhly significant Of the policy likely to be
tue present year. In one respect this change,
which is mainly important In European
| point of rIew-as regards the internal policy
Of this country-is one also By no means de-
xold OF interest even to Americans. The sen
| timents of Prince Napoleon respecting the
| great struggle at present pending (may one
| not almost say, since the last news: drawing
| to close0 In the United States, are we'll
| known. They have always been Of tho most
| friendly character towards the American peo-
pie and he Government Of Washington, and
l
to lea1n that rnau so disposed, and stand
ing, as It we're, on the steps Of the throne,
should be thus gaining fresh influence over
the. mind and policy Of the most powerful
sovereign in the world.
1must complete my narrative Of the events
tionlng that the Monitor Of this morning con
tains another decree on the subject, OF s force
and character likely to be even more disa.
grecahle to Rome than the acts which have
| preceded It. This is the decree published
after and In consequence Of the ttdelibera-
| the ministerial circular as pending upon
the Pope's manifesto. If you could be aware
of the detestation with which the papa1 party
| In France and Rome regard any Interference
Of the civil, power IN their concerns, you
would understand what gull and wormwood
these " deliberations Of the Council Of State
tnalct upon Them The decree announces
that, by advice Of the Council" The first
land most tnsigniiicant) portion Of the papal
Encyc1ic, that relating to a jubilee, is
authorized" {odious word } to be published.
But not even this CONCESSIONS granted without
being followed by clause Of a nature and form
etiu more Calling to those whom Il may con
clause sets forth that such limited publication
! is only "a1lowed" after express reservation
| Is made OF whatever the portion in question
| Of the papa1 document may contain contrary
| to the - laws Of the Empire and the iibcr-
| ties, franchises and ua1ims Of the Gallican
Church.'' It Ia scarcely possible to and
words more unpalatable 10 the Roman Curia
| than the above, nor less qualified to heal our
existing aspesltics Of feeling. The breach, in
iAct, is complete, and should not wonder If
the next step taken by the Emperor was 10
make large reduction In the French garrl-
way OF preparation and warning Ct the I'M
pending desertion. hare dWelt long on
this subject but religions questions arc Of
paramount importance Just now In European
politics.
PARIS, Tuesday, jan 10.
The -Nonttsur publishes this morning two
important documents. First, the annual re-
port Of II. Achillc Fould, Minister Of Finance,
addressed to the Emperor on the financial
condition OF the country. And secondly,
another report to His Majesty, by the same
Minister, recommending the appointment Of
| 3 commission to inquire into the causes Of the
monetary crises which have been SO frequent
Of late, and Of the consequent elevation Of
the rate Of discount. The report on the dnan-
! ces OF the Empire embraces as usual in such
French documents, view over no less than
four budgets, past, present and to come; yiz !:
1865. '65, '65 and even 1866: Amidst all these
statements it becomes really difficult to de-
eide which is the budget upon which it be-
h@oyes the public to Keep Its eyes flied for the
moment, or what Is the actual condition Of
the pulic finances Ut this pres
ent precise period Of time. The Min
istry y 50 thoroushly. confused between
The realization and failure Of past calcula-
tions, md the prospect drawn OF future eI-
pectations, both OF which arc reported as
bearjng and intended to bear upon present
circumstances-thatit It cau find no fixed point
upon which to base its estimation Of what is
niaual1y the case: We must take N. Fould's
figures, however, as they arc, and make out
TO suy that his language Is marked BY great
sobricty, and that he draws only very mod
crate picture Of the prosperity Of this import
ant department Of the State over which he
prcsides. To finish of with 1855, he announ-
ces thut the deficit for that year will be
ted. What the balance Of 1864 will be lean.
not yet be foreseen y but it does not speak
remarkably well for the final issue that n.
Fould relics, in lis balance sheet, upon =
sum Of 81 millions to be received out Of Mex
san p5opssty 1dsF S BIZ e15sqM seq,
to present themselves" When We get to the
next budget, that Of 1865, voted two years ago,
We find that the first 'rectidcatlon' required In
1t consists In an augmentation OF the credits
already opened, to the extent Of etghtJ-two
millions a strong reason, one would cup
inditfei entity 20 long beforehand. This large
increase Of expenditure consists chiefly Of
thirty-si1 millions for military expenses In
Mexico, Rome and Algeria ; in tWenty-nine
millions expended in Cochin China; in four
and cne-llalf extra millions devoted to Pub
lie Works, and nine milltoha expended BY the
Minister OF Finance, Of which six millions are
devoted to bt1ilding new general post Office.
Finally, The budget Of 1865 is calculated to
leave balance il favor of the Treasury Of
eighteen millions mouthfal which Is in
spontaneously swallowed up By. the greedy
nav Of the extraordinary budget Of 1865:
But shall not follow II. FonM
into his almost purely speculative financial
operations for the last mentioned year. Suf-
fec 1t to say that he only ventures to antici-
nate surplus OF one million on the ordinary,
and Of half million on the extraordinary
expenditure Of that still distant per.o1. The
floating debt Of France on the lst of Janu;
the loan Of 800, ,000, 900 borrowed to reduce 1t.
II. Fol1ld concludes By thinking that, s. on
the whole the financial aspect IS favorable y
a result mainly due to "thc pacific senti-
mcnts with which Europe knows his Majesty
to be animated"
alluded owes It's origin to the recent attacks
made against the Bank Of France bg IL:
Ptreire and other capitalists Of the new school
Of credit and finance. n. PeTctre has writ
ten a pamphlet, which has made quite a
noise, to prove that the Bank Of France is an.
Injurious monopoly, that the commissions In
the money mar ket are mainly owing to 1t,
and that it ought always to be ready to sup.
Ply The public with any amount Of aecommo-
dation At q. fi1ed rate Of 4 per cent. .Emboid-
encd by these statements three hundred mer-
chanis aud dcalers in Paris hare presented
petition. praying for :" inquiry' INTO tho con
duct OF the Bank. The Bank directors in
dignantly demand on inquiry with the sams
eage.ness and confidence, only requesting
That It he " full and searching" Accordingly
the Emperor grants these petitions, and
Commission OF INQUIRY is appointed to ku,w
sometimes dear. The Bank says It IS 50 - M bv
the laws Of supply and demand" and most
old.iaslioued 1nancic1s arc Inclined to agree
with that opinion.
PANS, TueBday, Jan. Is, 1866.
II is almost impossible, ct moment like
The present, to begin letter from Eufope
otherwise than by reference to the recent
intelligence from America, and the effect pro-
duced by it upon the public mind Of this
sides, sou hear expressed the conviction that
the "Ear," as war, is well-nigh over, and
that although the struggle mag and undoubt-
cdly will be protracted by obstinacy aud des-
pcration, yet 1t canno longer be carried on by
ibe South with any definite hope Of 8 sue
cessful Issue. The wonderful march o. sher.
man, and the further successes which have
crowned its close, are the theme Of universal
praise, Hear the language in which his ex-
nloits arc narrated In the columns Of the
| -Honiteur Itself: The Federal army" 1t says,
"arriyed at the end of it's long march better
proytsioncd and supplied than at the begin
ming. The resistance It encountered on the
rca3 was nj. In march of twenty y-eeTen
| days over three hundred miles, they scarcely
lost one thousand men. Cotton Was. de-
troyed and railways made unserstceablc on
every side. The black population looked on