The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-01
FRANCE.
Tho Suez Canal Fund Lottery-Oabinet Plan
Of Mexican Bonds Payment-Imperial Fl.
nance and the Budget.


Of Mexican Bonds Payment-ImperiaI Fl.
nance and the Budget.
[Pars June 1917 correspondence of London Times.]
The Legislative Body has voted not unanimously,
8, the bl which authorizes the Suez Canal Company
TO raise money by Lottery Inc minority who voted
jIinas, Magnin, Marie, the Duke de Mariner, the
ViscOunt de RichemOnt and Ernest Picard. Forty.
eight deputies, among them NM Berger and Theirs,
abstained from voting forty-hve were 'absent on
leave" Those who rejected the law did 80, not be-
cause they were opposed to the Suez Canal but be-
cause they disapproved what they think is most
unusual mode OF raising money. In abiding to
the fact of capitalists declining to come forward,
NJ Jules Favre Observed:-'Captal ia free, and
whatever be the motive that actuates those who
withdraw 1t, may be certain that there Is every
chance OF the enterprise being bad one." He con-
tinued:-How, them are you trying to get capitalists
to aid your BY combinations which you feel require
be legalized and which you admit to be at least
sembe a lottery. have not forgotten an express
sion used by the government commission, to the
taIIsts, and this temptation is nothing more or less
than gambling operation appealing TO their Gu
pidityto that Unsuitable desire which takes posses
sion of certain imagnati0ns to make fortunes with
out labor industry This Is your new allurement;
1t is precisely the immoral practice which was con.
demned by the law Of 1889. The capital You want IL
thus obtained; but intelligent and free capitalists
have withdrawn, and you make an appeal TO stupid
It is only now that the Bill for the dennitve SET
Element OF the budget OF 1888, with It's preamble 10
70 ns 4 s., what sss
estimated at 1892 OOOf, and the ordinary expen.
niture for the same period at 1851 s2l oOo showing
owing 70 the augmentation Of the indirect taxes,
amounted to 81, 22o, 0O0f. over and above the
$685., OOoi than the amount allotted for the years
service, both together making 9 surplus Of more
one budget, would have been most cheering. but
there Is such thing as an extraordinary budget
though why II should DO called extraordinary"
one cannot conceive, for the expenditure 1t pro.
vides for IL Indispensable. Now the expenses OF
the .extrsordinary" budget exceeded the estimates
ose a. ioS ooc Is clear, then that the ex
penditure on the extraordinary budgets calculated
and that the increase in the ordinary income 70 at
once absorbed by the extraordinary expenditure.
Ge eas SS9n az Of the
and OF the Department Of Public Works at 10000 ooo
The report Of the commission on the present years
The denntys surplus would he thus reduced 70 about
1000 900; 'hat is to say" observes the Deoots "for
budget 80 considerable e. that Of France TO zero
The report on the bulge. Of 1859 and the oths,
e8penaitnrs Of the two preceding years has Just been
distributed to the members Of the two Chambers. M
the rspS,ssr gives the ,Ss oSa rs
budget for 1907 ~
The ordinary receipts set down at sss, q!
The expenses. 'ioH]'*o~'ooA
surp,us. ,s,4e3, $50
which snm Is TO be imputed as assets for the extra
ordinary budget II 20 this last amount we add the
indemnity from Cochin China, sums paid In ~ the
get total of 90 $50, ao2f forming total dotaton OF
| the extraordinary expenses. The ensemble Of the
budget, therefore, appears to he as follows:-
NeN' FT.
Ordinary receipts. 100 GAS 2s.
Extraordinary. ......................'.. sso ovo
Special resources. Tz,soSioo
Total 4, 9s5 ao4 500
Ordinary expenses N u.s. 90,
Extraordinary .........,.......s'''.'. w'soV zoa
Outlay aud special resources. ........ Nasos''oa
Total. 1926, 404, 900
Leaving the sums exactly balanced.
| The AFFAIR of the Mexican bonds Ia thus stated
| The unanimous conviction Of your committee was
that the state has not guaranteed tho loans. as,
moreover Its Official representatives have more tnan
once declared before and during the operation such
could not for instant have been the idea OF the
lenders. who, without speaking OF the prizes and
drawings representing about two per cent received
an interest OF per cent for their money. We can
not admit for single moment that tney Deevea .ne,
had France as security for an engagement so advan
tageous, when the French funds represented reve
nue. Of from az. soc. to A. &0c. The precaution pru
IDENTITY taken OF depositng In the Caisse des Consig
nations the necessary to repay the capita In
years also another and decisive proof that the IN
vesters had other debtor than the Mexican govern
ment But II there Ia neither right nor obligation
there IL a condition worthy OF legitimate interest
aud TO which France may come In aid without I'm
posing too heavy charge on the taxpayers. I'M
government has taken the initiative In the matter
fhe majority OF the committee, without forgetting
the interests Of the Treasury and Of the taxpayers
has Thought that there Is reason to take into accoun
the sympathes manifested on 80 many Sides and
condition really deserving OF succor. mas con
siiered "a equitable and polite TO raise 70 four mil
lions OF rente the indemnity 20 be allotted TO th
Mexican bondholders; but on express condition tina
prong by the saorass made 9y sne r. syo
new demands, which you'd I've made none the ies
. Tor not being lawful. The amendment presented b