An indemnity to the Frenc...
The Times, 1824-10-08T00:00:00

An indemrnity to the French emnigrants forms a favourite topic in the letters from Paris : and it may be interesting, therefore,to state how far the question has been entertained by tbe nrew KING and his Mlinistry, which we are enabled to do on unquestiodable authority. The principle is so far adlmitted, that it will certainly he introduced for discussion, as a principle, earlv in the approachinig scssion of the Chambers ; and wlheln once acceded to by the Legislative Body, the appointinem t of a Committee will be moved, to inquire into the amount of the respective claim-s. These are, however, of so complicated a nature, and involve so many poinlts of difficult decision, tha; it is expecte(d three years or nmore will elapse before their general amonnt can be determnined. Until then, the mode of satisfying them, and( the propriety of assigning to. the emigrants the whole or only part of their claimis, will not come 'undO. considera- tion. Thus they will form no tax Upoin the -filnan1cial resources of France befoie the expiration of at least thrce years. In relation to Frenchl finance, we may further state, that the reduction of thc interest on the debt, as the result of one general plan, to take effect within a limuite(d period, is wholly abandoned. It is in contemplation to substitute another measure for it, which is the creation of a new three per 5lent. stock, whiclh M. deV!T.LELE expects will find pur- chasers at 75, or higher, and with its produce gradually to absorb the rentes or existillg 5 per cent. stock. To what extent this will be practicable, experiment alone will determine ; but as stated, it appears nugatory, inasmuch as the approximation of the two funds to one level, or the same productive rate of interest, will necessarily renler the re- spective sales andi purchases of no profit to the country. There is, however, one mode of explaining the Minister's intention, which may destroy the apparent absurdity of his proposition. It will readily be admittedl that the French rcenfes had a tendency to rise beyond 105, at the time when they actually reached that point-namely, irmmediately before the publication of the project of law for their retluc- tion. It will as readily be allowed, that had the fund- holders no fear of a similar project before their eyes in the next session of the Chambers, the rentes would at this inoment have reache(d a higher point than M02. 60. M. de VILLELE, from various acts of hisadtninistratioR, has conisi- derably losthis credit with the public. Probably, thlerefore, no mere declaration on his part that he had for the present re- nounee(I his plan of conversion would satisfy the public that he had finally abandoned it : but it is very possible that the proposal of a scheme to be accomplished by a species of indi- vidual contract with Government, wlhile it both grants and requires time for its execution, may convince the stock- holdGrs that they will not be precipitately disturbed in the enjoyment of their 5 per c@nt. interest, by the sperations of a European confederacy of speculators, or by the threat of a compulsory repayment of their money. This dead weight of fear being withdrawn from the rentes, the Mlinister mnay expecttthattliey will rise to 11 5 or 120; and theln, certainly, the most avaricious renteir would be in(luceel to convert his stock into a fund ef 3 per cent., receiving 100 of the new stock at 75, according to the above-mentioned pro- posal. lie would thlus obtain 4 per cent. for his money in the new stock, with the chance of that stock rising from 75 to 100 ; while in purchasing or retaininig the old( 5 par cent. at 120, he wouldl not receive mulch more than 4 per cent., with a fear that he mig7ht lose a part of his prTil cipal by a sudden offer of repayment. Thsrc is no imime- diate intentioni, we understand, on the part of the Frencl Government, to raise money by a loan.