Morning journal and courier., 1883-06-09
THE FINANCES OF FRANCE.

The finances of France are not, according
tol M. Leroy Beaulieu, in good condition.
Indeed, their condition is apparently very
bad. The Chambers have just voted appro-
priations for 1883 amounting to the enor-
nors spm OF $eos, ,aae, 600. And this will
not be enough, fer in France, as in this coun-
try, supplementary appropriations have to
be made. These will, M. Beaulieu thinks,
bring the amount up to 1925, 900, 600. The re-
ceipts will, he estimates, leave deficit OF
$29, 600, 600 in the accounts of the current
year. The appropriations for 1882 were
$500, 900, 900, but there was deficit in that
year of $40 900, 900. For 1884 the outlook
is nos hopeful M. Beaulieu puts the deficit
of that year at $50, 100000. The only favor
able feature in the situation which he thinks
can be counted on with certainty is the con-
version of the fives iHto four which
will reduce this amount by about $8, 600, 900.
The elasticity has apparently gone out of the
taxes since 1881. Every year since 1875 the
yield has shown an increase, and generally
a considerable one, over that of the previous
year. In 1881 this increase amounted to
1924, 100000. But the year 1882 showed an
increase of only 5000, 900 over 1873 1,and 1883
only $5, 100000 over 1882.
How does it happen that beautiful France
has got into this unpleasant predicamentG
M. Theirs managed well, but after he was
dead and the Republicans were in full con-
troll extravaganza in spending the public
funds became popular. NJ. Beaulieu says
''No matter who the ministers were who too
Ia
real influence, the pledging of the public
credit, and the laying of the taxes was in the
hands of the ardent and inexperienced ma
jority of the Chambers. These had neither
rule, nor measure, nor knowledge, nor con-
ception of the real needs and duties of the
State. They dreamed of policy of ostenta-
tion which should pour out blessings of
every description on the country. They had
a truly naive generosity and a systematic
prodigality. They were animated by ali
sorts of ambitions and cspriees. They want
ed an army and fortresses better than those
of Germany, navy and colonies better than
those of England, school houses better than
those of Switzerland, and as big
railroads as the United States" !"
The demand for Office has led the
government to pension the old civil servants
faster than was necessary SO as to make
places for new appointees, and thus the
charges on the pension list were much il
creased. The public debt was not refunded
because it was thought that reduction of
the rate of interest on 1t would not be pop
ular and the treasury, which takes charge
of the savings bank funds, has persisted in
paying the depositors higher rate of inter-
est than it paid to its other creditors, or than
it could borrow at in the market.
Under these circumstances it is not sur
prising that some of the thoughtful French
men are disturbed and afraid that there is
going to be "smash" which viii bring pow
erty and ruin in its train and make the young
republic unpopular. 1t certainly looks as if
they had good reason for their fears. But,
as we have often been told, France is won-
derful country, and may escape wreck this
time.