New-York tribune., 1871-07-03
THEIRS on THE FINANCES OF FRANCE.


In the sitting of the National Assembly on
June 20 NJ Thers made a financial statement, in which
he pointed out that France despite unparalleled msfor-
tunes could bear the burdens pressing upon her, ana
added that the Empire was only deCeivng the country
in presenting two distinct budgets NJ Thiers criticised
the EmperOrs policy in not preventing he war between
prussia and Austria in 1896 and said Napoleon policy
was simply absurd. After the blunder OF sadoWa ne
made su greater mistake in wishing 10 inehu H. Nlen
he was not ready, militaily or politically ana wheh
Austria, only possible ally had informed NnPoeon
thai he could not rely upon her. The result OF the ate
war has been France loss of 600 francs but
having paid for her error, he VIII IN iutufe
which is trust near hand, establish her immortal
greatness The Chief of the Executive added tha Lu
rope had been deeply moved by the spectacle OF the
union and resistance OF Paris to foreign zoe, but ne
was OF opinion that great mistake had peeh com
mited bv NJ Gambetta IN icontnuing the resistance ON
the Loire without any hopes of success. lie said that
peace had been made at that time the burdens sustained
by France would have only l5jj0JJ0oD francs for the
wr expenses and Indemnity Of 300 O)JOO) francs and
probably loss OF territory not ~ considerable, While
the expenses for carrying on the war subsequently
amounted 20 three nmlhaIdS. u. Ihers Thought that
the spirited patriotism uf w. GaInhettd was cNcu,1hc
p4t 0eil"ird th!t Questions o party sho9d nave net
allowed TO exercise influence. lie stated however that
the responsibility of an these mi,iOrtuncs must fan on
lhe LMlIe, W'h aOhr Wd7 hc tlu-e ol our uS5strIs.
The tAief OF the Executive then presented the Budget
iOr 1870 He estimated the expense, al 81 DOO10Ol
iauc, ana the receipts at 2io4p"" iiauc', ihcluolhg
the Loan but deductug the deficit IN the taxes thus
showing deficiency OF H5QDr1 francs.
NJ Thcr estimated the deficit IN the Budget OF lSll at
9sjOJOOJO francs which would give Total deficit for the
two years OF lC 0O francs ana a. the Bank has lent
OF about 3OlOJJ0OO francs. NJ. Theirs stated that the
floating debt only 6j0OOuOJ and that France would
gladly submit 70 Iresh taxation he inrther Sad III Is
necessary that should repair the ruins OF Paris and
show 10 Europe That nation rise again 80 quickly
France. We have also to pay to Prussia 2DOO0DlOOO
francs less l2jOgJ francs already advanced nnd a25
100000 francs paid Or tine ccs,iOn O the Eastern Railway
The Bank OF France is still able 20 lend us 2J0OOGDO
francs for unforeseen expenses. The first instamen OF
the National Loan viii he OF Is per cent, hut
earnestly hope that subscribers will pay In
the fuli amount az once, 50 mat we may De
able speedily to pay the Prusslan indemnity The Bank
has stl j2OOOoO0 francs IN gold, and could lend them
10 the Government II wanted, without increasing ln
circulation OF nOtcs, which amounts 10 2,4O.0O00OO
france" The Chief Of tho Executive said that France
would not be compelled 10 contract another loan before
three years hence and that the financial position of the
country though necessiating great Efforts could not he
considered disa strous We paying three per cent
interest % the Bank OF France but next year shall
pay only per cent. the loan Will be Issued IL i've
per cent stock, because there viii thus be q smaller
margin between the issue price and par, IN the evenu
aty Of redemption. The loan issued at 50 or 80 Will
yield six per cent II the subscribers II France acted
tlactcd pay five and five and One-laf per cent only
NJ Theirs then announced the fresh burdens contained
in the Budget-namely the interest on the sO9lOODOOJ
Idncs Iof Tue war expenses ana tle IIISsian
indemnity, which amounts to 355,OOlOOJ francs,
apart for the Redemption Fund The iOtal expense
would then bc $50 OO0O francs bat night he reduced to
francs III cutting down the expenses for there
could not be any thoght OI reducing the war OF Marine
Budgets He pointed ont that the taxes proposed
would enable the Minister Of Finance easily to meet the
requirements OF the country single tax has been
textile fabrics The CHEF of the Executive declared that
t6e coumrrcn system adOptcd did moi consist i'm the re-
establishment Of prOllstOry measures. but merely In
that Of a few taxes. He believed that the value Of the
productions OF France could reach from 16,0OOCOon 70
easily found without juring the productive powers
Of the country In conclusion NJ Thlers Of opinion
that the actual situation was IealeH good anu Ih'
France ought TO derive some pr5ht FROM her misiortnn
NJ Thers's speech was loudly chcered In reply 10 NJ
German. the Chef OF The Executive declared that he
would associate his name Win the cslaDhshutht
OF an Income Tax In France.