Note 8 — FALL OF THE THRONE OF THE BARRICADES.

The present state of the finances of France is thus explained by the Finance Minister:—

“On the 1st of January 1841, the capital of the public debt, the government stock belonging to the sinking fund being deducted, was 4,267,315,402 francs. On the 1st of January 1848, it amounted to 5,179,644,730 francs. Far from taking advantage of so long a peace to reduce the amount of the debt, the last administration augmented it in those enormous proportions,—912,329,328 francs in seven years.

“BUDGETS.

“The budgets followed the progression of the debt.

“Those of 1829 to 1830 amount to 1,014,914,000 francs. The entire of the credits placed at the disposal of the fallen government to the year 1847 amounts to 1,712,979,639f. 62c. Notwithstanding the successive increase of the receipts, the budgets presented each year a considerable deficit. The expenses from 1840 to 1847 inclusively, exceeded the receipts by 604,525,000 francs. The deficit calculated for the year 1848 is 48,000,000 francs, without counting the additional chapter of supplementary and extraordinary credits, which will raise the total amount of the budgets to the charge of the last administration to 652,525,000 francs.

“PUBLIC WORKS.

“The public works heedlessly undertaken simultaneously, at all points of the territory, to satisfy or to encourage electoral corruption, and not with that reserve which prudence so imperiously commanded, have raised the credits to 1,081,000,000 francs. From this sum are to be deducted the sums reimbursed by the companies, amounting to 160,000,000 francs; the last loan, 82,000,000 francs, making together 242,000,000 francs, and leaving a balance of 839,000,000 francs. Out of this sum, 435,000,000 francs has been expended out of the resources of the floating debt, and 404,000,000 francs still remain to be expended on the completion of the works.

“FLOATING DEBT.

“The floating debt increased in proportions not less considerable. At the commencement of 1831 it reached an amount of about 250,000,000 francs. At the date of the 26th of February last it exceeded 670,000,000 francs, to which is to be added the government stock belonging to the savings’ banks, 202,000,000 francs, making altogether 972,000,000 francs. Under such a system the position of the central office of the Treasury could not often be brilliant. During the two hundred and sixty-eight last days of its existence, the fallen government expended more than 294,800,000 francs beyond its ordinary resources, or 1,100,000 francs per day.”—Report of Finance Minister, March 9, 1848.