The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-07-06
THE CONTINENT.
The New French LOan-SerionS DBfcien-
cies Ina tho Budset-OOst and Objects Of
the Vast ArmamenLs

Paris tune y correspondence Of London Times
The long expected report on the loan has at
Aast been distributed to the members OF the
Legislative body. As it is somewhat lengthy
few principal points will be sufficient. with
respect to the first question, whether loan Is
necessary, NJ. Gressier, the reporter, observes
that the deficits previous TO 1868 amounted to
no less q sum than 727OJO, ,O00t. That OF 1867 is
lS3, 6O6, 0O0l. The cost>sf Transforming the
muskets OF the army, for which the Minister of
War had pald out OF the credits OF 1867 only
81 900 000f, is estimated at 49, 800 0OOf, leaving
a remainder due of 81 800, ,O0Jf.; and the cost OF
putting in proper condition the fortified places,
comprising only what Is most urgent, Is e5ti-
mated by the Minister of War at 36,0OO O0Ot.
Finally, the transi ormatlon OF the artillery
and the portable arms Tor the navy, being esti-
mated at 26, 400, ,O00t, OF which only 400, 0OOt.
was paid last year, there remains sum OF
q 500 900 TO be provided. Tue necessity Of
that expenditure cannot be called IN question.
1t is calculated with the addition of some
accessolies at more than 337, ,QO0, ,OOOf., includ-
ing the dehcit OF 1861. s1ch as II is it cannot
be charged on the budget, and stiil less can it
be carried TO the floating debt (Which, :" the
Reporter adds. "ls already too large in COnse-
quence of previous dedClts." The loan, then, Is
not merely necessary, but is positively lndls-
pensable.
The next question is as to how the proceeds
of the loan are to be applied and in what mode.
The Minister OF Finance, IN his report to the
Emperor, stated that the extraordinary
sources should be applied to the deficit OF 1867,
which is lS9 600, 000t., and the transformation Of
the war material 1877, 900, ,OOOE and to the pubic
works for 1868 and 1869, $4,000, ,0O0f., iu all,
ass, ,OO0, ,000i, and TO provide for this the Gov
erpment proposed the loan OF 440, ,9O0,O ,OOOf. Az
the same time the eXpOsitlonS or exposes deS
MOTIFS, emaDating from the Council Of State, Of
the amended budget Of 1868, and the primitive
budgets oil 1869, which are still under consllera.
tiOn, include the exceptional credits OF the army
and navy in the estimates of expenditure
adopted for those services
rs regards the Department of Public Works, the
Minister has not set apart any special and
distinct credit ior the ,agsrega,e OF works when
are to be provided for from the loan. This
mode of proceeding makes the sum suppose |
necessary to balance the budgets of 1868 and
1869 404 SIC, S97., VIII
Francs
DeAclt of 1856 GJ0 100
Applied to the budget Of 1863 ....... 1870 8}2 56i
Applied TO the budget of 1863 80 6}S 33S
576 Ss7
This would lie ave u remainder of 35, ,423, 1885,,
which might be reserved to pay IN 1870 ior
muskets, or for arms Tor the navy, or Tor the
repairs OF fortified places.
This first point established the committee
next determine the amount OF expenditure
which the loan is to meet As to the deficit oil
1867 there is no difficulty. Neither is any 90.
lection raised to the greater part OF the sum
Tor armaments required by the Minister of War
win the exception OF those concerning the
transformation of fortified places. Tney dis
pnte, however, two sums demanded by the
minister or Marine, which are not so exception
ably urgent as to be furnished by the loan.
FINALLY, the sums to be furnished by the loan
comprising the deficit of 1867 and the sums
demanded by the Ministers OF War and Marine
Are:--
, v,a-,. l., ,oo- Francs
u men DenciC dn iool 1873 500
lNONO new muskets nIus
30 600 muskets tTanHiormed
with their cartridges, etc' al aoo M
J. Complement OF material for artii. ''0'V'O
isry $500 OO
- muitary Ielegraphs""''''....','.,,. 200 90
o. EoLllhsu place 2i0OOO 90
y. Cloth, spare clothin ing............... bG22'5 so
2. Sum to complete the new artillery
and portable arms for the marine
service ...;..,.........".,,....... 2l 500 90
somprlsed In the programme OF
l657.".".........,.,....... 5000 90
o. Expedition To Italy.".",............... 1862 90
U WOfkLlen, extra........,.,............. $500 90
IOlal.., 337 $50 63
Now that these sums arc carried 10 the specla