New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-26

The ordinary revenue in the twelve years,
from the establishment of the empire till
the end Of 1863, increased from 1927 400 900
to $452, 8OO, 600, while the expenditure aug
mented in the same twelve years from $780,
100000 to $457, 400,0O With the exception
Of 1855, when the revenue was raised high
above the average by special means, there
was not a year without q large deficit. To
cover the overcoming financial deficits,
the government between the years 1854 and
1868 procured q series of loans, six in num-
Der, in sums as to nominal capital, varying
between $50, 600, 900 and $50, 00O, 900. These
loans were raised on q new principle, that
Of borrowing not from few large banking
houses acting as agents, but directly from
both in France and other countries. This
course, which Will be very generally resOrted
to should the exigencies Of the present war
require heavy loans, was highly successful.
The NTH loan, for instance, which was Of
ferred in 1859 and issued at 66 francs 3Oc..
bearing three per cent interest, was received
with the offer on the part Of half a million
persons of 4,4S7 ,OOO, 900 francs. or SIXTEEN
times the amount required.
The following shows the cost of the three
principal wars of the Empire, and the drain
upon the population which they caused:
Crimean war .........-... 81, 700, 900 600 8O,OO0
Cheese and %n5 Mexican wars 200 SsSSS
Total. 400 600 2O5,OOo
In connection with the increased expendi-
ture referred to, it should be borne in mind
that the material wealth of France has
rapidly increased, mainly owing to the in
tervals of peace which she enjoyed. Her
home industries have suffered from the
operation Of the commercial treaty with
England, but despite that, their expansion
has been great and general, if we except
ship-building. The imports and exports in
1860 and 1868 contrast rs follows:
1860 IL. !%pssts sss sssgss'ss as5s
One legacy which Napoleon III will leave
France is an enormous increase in her ma
tional debt. 1t was, in 1853, 81, 103, 23S, $40.
In 1868 it was $2,766, 344, go, or two and
half times greater. This is exclusive OF a
floating debt amounting to about $780,
OO0, consisting of treasury bills, funds from
savings banks, the army dOtation fund and
other liabilities:
This debt. as stated in the revenue re-
turns, entails an annual interest of $74,449,-
l53, which is, however, much below the
United States appropriation for the same
purpose last year, which was $3.50, 694 ,242.
Despite the increase in the national debt,
French credit has improved. On June %,
before fears OF war awakened, the tremu-
lous capitalists, rentes bearing Az per cent
interest sold for 104, and 3 per cents for
1866.
The computed value of the real property
in France is S1600O,0oO,0O The rural
prcperties are valued at SIC, 00O, O0O, 900, and
the town properties and buildings at
Sc, 1000, 900, 900.
uNsrth German Confederation.
The revenue and expenditure Of the North
German Confederation for Federal purposes
il not large. The Federal budget for the
near 1870, passed by the Diet April "a, 1869,
Was based upon estimate of expenditure, in
ronnd numbers. of $56, 600, 900, to be covered
to the extent Of $39, OOO, 900 by Prussia, and
the remainder by the other States OF the