Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1883-09-03
Frnnee nnd ner RniIroaa..

the millions with which 10 pay Ter
many 50 easily has been borrowing
ever since, and now can borrow no
longer. The debt Of France is S6.OO0,-
000,0 or IL times that Of Great
Britain and q times that of Americs.
Every Frenchman owes $50 francs,
every Engl shman 759 and every
American 253. The French governs
ment required Of late years substanti-
ally 5000 0 600 every year to meet its
current expenses and interest. Even
then there was an accumulation Of
floating debt so large that the public
refused longer TO subscribe TO the
rentes. Now it makes no difference
how many troops and ships q power
may have it is in no coalition to
take an aggressive attitude when its
own bourse throws back its bonds in
its face. France is really to-day,
therefore, hnsncially crippled The
effort to refund the debt and reduce
the rate of interest has not proceeded
far enough TO relieve the treasury
very much, but something has got to
be done.
Or recent years much debt has been
incurred to carry out the unfortunate
railroad development project in 1873
by Minister Freyoinet. The French
railway system consists Of six great
companies, constituting the old net
work, as it is called, and the lateral
lines, constituting the new network.
On the Let Of January, 1879. the trunk
lines had a mileage of 1906 kilomesi
metres, and the laterals l2.5O7 kilO
metres, or together about 1900 kil6.
metres-say 1900 miles, when Great
Britain at the same time had nearly
$4,000 and the United States 81. 200
miles. The railroads of France, in
fact, failed to develop with hat activ
ity which the opening OF the whole
country demanded, Notwithstanding
the goverument:guaranteed a dividend
on all new lines of four per sent
While the six trunk lines r4diating
out from Paris became rich and pow>
erful companies, they have not been
stimulated to build branches to out Of
the way places. Minister Freyoinet
projected a scheme of petty railway
branches which would cost 81 600,
100000, or more than the bonded debt
OF the United States at this time
The adoption OF this scheme and the
attempts to carry it out explains why
France is much over burdened with
debt and taxes to- Jay.
The French ministry is engaged
during the present session of the A.
sembly in ex~tricating itself from this
fatal enterprise by an agreement with
all the six great trunk lines to build
the six new laterals and take them
partly off the hands Of the govern
ment. The six main lines are the
Paris, Lyons and Mediterranean, the
Paris and Orleans, the Northern,
Western, Southern and Eastern. The
greatest of all is the Paris, Lyons
aud Mediterranean, which control
some $500 miles, and has gross receipts
Of $60,0O0,000 which is more than
that Of the Pennsylvania railroad, and
double that Of the New York Central.
Its net earnings are about $4,000, 600.
THESE great properties have been
somewhat depressed by the apprehen.
sion that the government would exer-
else the right reserved to it
under the charter to foreclOse them
outright, and, 10 fact, parliamentary
opinion leaned that way until it be-
came evident that no government
could stand under such a load Of debt
and administrative labor.
The railroads, therefore, are very
!, glad to observe the healthy change o.
opinion in this respect, and are more
willing to undertake the construction
of new lines. They were at FIRST dis
posed to demand the surrender of the
government right Of purchase, but
when they saw the public we're con-
WINGED of the futility OF ever EXERCISING
that right, they ceased to use the formaI
concessions. The Ferry Ministry
is therefore about concluding con,
ventions' or agreements with all six Of
the trunk lines substantially to take
off the hands OF the government the
self constructed new lines and to com
plete them at a specific mileage per
year. These conventions differ with
different roads, but in general the ex-
, isting trunk lines agree to build new
laterals in its own field at such a rate
per year, furnishing from $4,000 Ia
$4,000 capital, and above this amount
issuing bonds, guaranteed by the gov
; eminent and agreeing to a division Of
net earnings above a certain per cent
The roads are to furnish rolling stock
aud equipment.
OF course there is opposition to the
project, and altogether it is one of the
most delicate, economic questions
f which the republic has had to deaI
with. The people and the graneers
are afraid that the great monopolios,
. as they call the six trunk lines, are
getting the best Of the bargain, and SC
= bright a man as DR.. OlemeDceau, o.
D Paris, we think, takes this view. Thi.
q disposition Of the matter, if it il
Mr.. James j. Brooks, the live edi.
tor of the Jackson Wbig, one oIthe
best papers 10 West Tennessee. is
the city. Mr.. Brooks was recent
appointed by Governor Bate as one o
the Exposition Commissioners frou
Tennessee, and he is here now attend
o ing to bis duties as such To a Cou
s rier journal reporter he said las
night, that perhaps more interest wa
being manifested in the Exposition b!
l. the people OF the Old Volunteer STATE
than 10 any other State, and dsrinl
: the coming month it was his opinion
I that large numbers would attend. II,
said that the people of West Tennes
see regarded Louisville as their chic
comm .rcial center, and accordingll
were showing more interest in tn
Exposition and its success than 10 an,
: previous display of the kind ever hell
: in the country.
l. A Hartford reader of the Herald