French Republic

Rrport made to the Government of the Financial situation of the RcjiuHic., by the Minister of Finante, a Member ofthej'rovisional Government. The country wishes to know the truth as to the real state of lts finances. The Provisional Government of the Republic is desirous to state the truth. It is its duty, interest, its right. The Gevernment will teil the entire truth, without hatred, without fear, but likewise without reservation. I enter on the f'acts: Public Debt. On the lst of January, 1841, the capital of the public debt, the Government stock beloncing to the sinking f'und being deducted, was 4, 267,315,402 francs. On the first of Januavy, 1848, amounted lo 7,179,644,730 fancs. Far from taking advantage 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 vears. Public Works. The public works so heeulessly undertaken simukaneously, at ai! points of the territory, to satisfy or to encourage electoral corporatien, and not with that reserve whieh prudence so imperiously commanded, have raised the credits to 1.0S1, 000,000 francs. From this sum are to be deducted the sums reimbursed by the companies, amounting ta 160,000,000f. the last loan, Sá,000,000f. Out of thi sum 435,000,000f, have been expended out of the resources ef the iloating debt, and 404,000,000f still remain to be expended on the completion of the works. Flonlíiig ltll. The floating debt increased in proportions not less considrable. At the commencement of 1831 it reached an amount of about 250, OOO.OCOf. At the date of the 20th of February last it exceeded 670,000,000f. to which is to bo added to the Government stock be longing to the savings-banks, 202,000, OOOf. making altogether 872,000,000f. Uuder such a system, the position of the central office of tlie Treasury could not often be brilliant.- . During tlie 26S last days of its existence, the fallen Government expended more than 294, 800,000f. boyond its ordinary resources, or 1, 100,000f. per day. In order to def'ray these expenses, the Governmentof the ex-Kingdrew from three sources, produced by Royal Bonds, a loan, and the savings-banks. From the 12th of april, 1847, to the 25th of February, 1S4S, the Treasury bonds issuad increased trom 85, 000, OOOf. to 325,000, OOOf. The installments of the loan contracted on the lOth November, 1847, paid into the Treasury, amount to 82000 OOOf. It is not yet known whether the remainder of the loan will be realized. What is tertain is that the Treasury bonds must be paid. As to the savings-bunks, overybody knows their deplorable history. Of the 355, 000,000f. paid into the hands of the late Government I can only find 70,000,000f. paid into the Treasury. The remainder was disposed of in the purchase of Government stock or shares. Whence it follows that the fallen jovernment renders it impossibla that it could reimburse the deposits if called on. Such. citizens, is the real financial situation which he Monarchy bequeathed to the Rspublic. - The Repnblic aceepts it ; but it is urgent that a remedy should be app4ied to the evil. But n what manner? What raust be dono to ensure the working of the different branches of he public service - to establish public credit om a really solid basis - próvida for the connuation of the public works undertaken, and amelorale thu condition of the peopla ? Wige energetic, and prompt measures must be adopted. The following are those I have already practised, or that I have the honor to ubmit to the decisión of the Provisional Gov-' ernment. ' We regret not room to publish at full langth, the measures reccommended by this member of the Provisional Government, the following are but a few items of tliem. Rcductio filie iiiiiIiit ot ICinploymcnts. Tlie gratuity of public functions is an aristocratie institution. The admissibility of all citizens to all employnients implies the idea of a j sist remuneration. ïhe Republic wishes to bo well 9erted, and it will remunérale suitably those who will devote to it iheir intelligence and their time. Public functions shall hencef'orth be a real career, vvhere the intelligent, the zealous and the honest will not have to yield the precedence to thosa most higlily patronized. Let there be no longerany sinecure but a few public servants well paid - such shall henceforward be the principie and the ruis of the Repubhcan Government. I propose, therefbre to the Provisional Government to decide in principie that the number of emploed shall be reduced in a large portion, and that their salaries shall be fixed on a new basis. Such, citizens, is the ensemble of the measures which appear to me the most advisable and efficacious to prevent the cash from being withdrawn from the Treasury with dangerous rapidity, I shall now submit to you another series of propositions calculated to draw cash into the cofFers of the 'State, and to give greater life to the circulation of tnoney. ]inuioHdn ol the Crown. Theso valuables, of wliich Royality had merely the use, belong to the State. The silvor plate found in the Tuileries and in the other Royal residetices also belongs to it. It ha a right to dispose of it, and the charges which the lallen dynasly imposed on ihe future prospects of the Republic gives this political measure tlie character of an expiation ! I propose to you to decree that the Minister of Finance be authorized - 1. To dispose of the Crown diamonds at the price fixed on them by svvorn valuers. 2. To convert immediately into coin bearing the effigy of the Republic, the silver plate and ingots found at the Tuileries, and in the other residences appropriated to the fallen dynasty by the law of 1832 regulating the civil list. It is to be understood that all objects of art are excepted from th's measure. Damaiu mi Ihc Ancient Civil I.inl. By the terms of the decree you haveissued, the property of the ancient civil list lias re turned to the dornain of the State. This prop erty, which has been strictly estimated, has successively passcd frorn the ancient Kings to the Emperor, from the Emperor to Louis XVIII, and Charles X, and from these to the ex-Kïng Louis Phillippe. By its origin, its tradilion, and by the manner of its administration, it appears ahvnys to await a new m aster. In a doublé point ol' view, (of policy and of' finance) io broak completely this long and strong chain ol' public possession and to secure the State of the resources which the fallen dynasty has rendered indispensable, I propose to you to decide that the Minister of Finance shall be authorized to aliénate if he judges it neccessary so to do in the form stipulated by the decree which follows, the woods, lands, &c , which compose the property of the ancient civil hst. Jt is understood "that the domain called private,' is not comprised in this measure, and that remains provisionallv under sequestration, for the disposal of the National Asseinbly. Htalc Foresta. In a Financial point of view the administration of the State Forosts has hitherto leftmuch to be desired. These magnificent prperties produce to the Treasury, altogether, not more than 2 per cent. I am about to consider the mear.s that part of the service. - But in] the tnean tima it is certain that several portions of those forests may be sold with equal advantage for the Treasury, and for the general wealth, which would increase by a moro enorgetic and skilful management. I propose to you in consequence, to decide that the Minister of Finance be authorized to examine what portion of the State iorests may be sold with advantage, and to decide such an alienation, if he think it indispensable so far as 100,000,000f., conform ably to the provisions of the decree which accompanies my report.