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Valdegamas. They left the Palais the law, I declare that His Majesty Elysée under an escort of Cuiras- Napoleon III., Emperor of the siers, and were received at the French, by the grace of God and Pavillon de Flore, in the Tuileries, the national will, and Her Excel. by the Duc de Bassano and a crowd lency Mademoiselle ·Eugénie de of the great functionaries of State, Montijo, Countess of Téba, are by whom they were conducted to united in marriage.” the Salon de Famille, where the Next day the ecclesiastical cereEmperor awaited their arrival in mony was performed in the church the midst of a brilliant assembly of Notre Dame, which was thronged of civil, ecclesiastical, and military to overflowing by those who were dignities. The Countess of Téba fortunate enough to obtain tickets was warmly greeted by the Em- of admission. We need not describe peror, who led her to a chair of the gorgeous ceremonial further honour, and then presented her to than by transcribing the following the chief Officers of State. A contemporary account:procession was next formed to the “ The Archbishop, addressing Salle des Maréchaux, at the end of the Emperor and Empress, said, which were two chairs of State, on • Do you present yourselves here which the Emperor and the future to contract marriage in presence Empress seated themselves. M. of the Church ?' The Imperial Fould then advanced, and pro- pair answered, “Yes, Monsieur.' nounced in a loud voice the words The silence at this moment was “ In the name of the Emperor." so profound that these words might Napoleon III. and the Countess of be heard throughout the spacious Téba immediately rose, when M. edifice. After these words, the Fould, addressing himself to the first almoner of the Emperor, preformer, asked, “ Does your Majesty ceded by a master of ceremonies, declare that you take in marriage advanced 10 deposit the pieces of Her Excellency Mademoiselle Eu- gold, with a ring, in a plate on the génie de Montijo, Countess de altar, and afterwards presented Téba, here present ?" The Em- them to the Archbishop for the peror answered, “I declare that I benediction. The Archbishop then, take in marriage Her Excellency turning towards the Emperor, said Mademoiselle Eugénie de Montijo, --Sire, you declare, acknowledge, Countess de Téba, here present.

and swear, before God and before The Minister of State then, turn- his holy Church, that you now ing to the bride, said, “Mademoi- take Mademoiselle de Montijo, selle Eugénie de Montijo, Countess Comtesse de Téba, here present, of Téba, does your Excellency de- for your wife and legitimate clare that you take in marriage spouse ?' The Emperor answered His Majesty the Emperor Napo. with a firm and sonorous voice, leon III., here present?” The Yes, Monsieur.' The Prelate Countess replied, " I declare that continued — • You promise and I take in marriage His Majesty swear to be faithful in all things the Emperor Napoleon III., here as a faithful husband should be to present." The Minister of State his spouse, according to the comthen pronounced the following mandment of God?' The Emwords: “ In the name of the Emperor again responded, “Yes, peror, of the Constitution, and of Monsieur.' The Archbishop then,

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turning to the Empress, addressed Majesties descended from the the same interrogatories to Her throne.” Majesty, and received like affirma Early in February the Minister tive answers. The Archbishop of Finance, M. Bineau, presented then gave the pieces of gold and his report or budget to the Emthe ring to the Emperor; who peror. After stating that the depresented them to his bride, with ficit bequeathed to the treasury the words, .Receive the signs of by preceding years amounted to the marriage covenant between 651,852,631 francs, he proceeded you and me. The Empress then thus :handed the gold pieces to the “The probable deficit of 1852 Duchesse de Bassano, her maid of will be 28,000,000f., making a total honour; after which the Emperor of 679,852,631f. In order to have placed the ring on the finger of the ensemble of the charges of the Her Majesty, with the usual words. floating debt, we must to this sum The Archbishop then, making the add what has been repaid to the sign of the cross, said, “In nomine holders of rentes, who would not Patris, et Filii, et Spiritus Sancti.' accept the conversion. This opeThe couple then knelt, each hold- ration had the following result. ing the right hand of the other; The five per cent. debt amounted and the Archbishop, extending his in capital to 3,646,363,880f., and hands over them, pronounced the in interest to 182,318,194f: 74 sacramental formula, · Deus Abra- millions (73,711,840f.) of reimham, Deus Isaac,' &c. The Em- bursements, namely two per cent. peror and Empress then rising of the capital, were demanded by were conducted back to the throne. the holders, and immediately efThe Gospel was next read; and fected. The other holders accepted afterwards the sacred book was the conversion. The interest of taken to their Majesties to kiss. the debt was diminished by 18 After the ‘Pater' their Majesties millions, and the annual charges went to the foot of the altar and of the Treasury were reduced to knelt; the first chaplain of the that extent. The capital of the Emperor and another bishop ex debt was reduced to the amount tended above their heads a canopy of 78,515,705f., viz. 73,711,840f. of silver brocade, and kept it so reimbursed to holders who did extended during the oraison. Dur- not accept the conversion, and ing the episcopal benediction and 4,803,865f. reimbursed for porthe reading of the Gospel, the tions which could not be inscribed choir chanted several times the to those who did accept. This Domine salvum.' The Arch- reimbursement of 78 millions, Lishop then presented holy water which is equivalent to a sort of to their Majesties, and commenced sinking fund, as it was effected the · Te Deum,' which was taken without borrowing, was effected up by the orchestra and the singers. with the ordinary resources of the After the .Te Deum,' the great Treasury; it remains at the charge officers of the crown, the princes, of the floating debt, and augments the ministers, and other persons by so much the deficits. This who arrived in the cortège, re- addition brings the ensemble of sumed their places, and their the deficits to the end of 1852 to


758,368,336f. But, in order to signations. According to existing do justice to the past, it is proper laws, the Treasury is obliged to to say that at the same time that receive the funds of this category, the Treasury is charged with this and to pay them a certain amount deficit, it had in hand, on the 1st of interest. In order to have the of January, 1853, 118 millions of employment of this capital, it is bonds, l'epresenting the reimburse- consequently forced to have a conments which the railway compa- siderable découvert. Should the nies have to make to the State for Treasury consolidate or suppress the works that it has executed on it in any way, it would not the the lines which it has conceded less be forced to receive these them. The regulations laid down sums, and to pay interest on them, for the mode of keeping the ac- although it cannot employ them counts require that these bonds in any way. The second category should be imputed to the estimates of the resources of the floating during which they shall be realised, debt comprises the capital which and they form resources for these the Treasury calls for according estimates, but they do not the less to its wants, and these are prin belong morally to former estimates. cipally Treasury bonds. The folIf we wish to appreciate these es- lowing was the amount and the timates according to the deficit composition of that debt on Fethat they have entailed upon us, bruary 1, 1853:we must deduct from it the amount of these bonds. In another point Funds of the Com

Savings banks

190,000,000 of view, although the payment can

munes and Public only be called for within a certain number of years, the Treasury Caisse des Dépôts

Establishments. 157,000,000 could, if necessary, make them an immediate resource. It is right, Advances of Receiv

et Consignations 40,000,000 then, in order to appreciate the actual burden of this deficit, to

ers-General . 69,000,000

Funds from the deduct such of these bonds as are

Lyons Railway

88,000,000 not already applied by the law of

Treasury bonds 122,000,000 finance to the estimate of 1853.


24,000,000 They amount to 91 millions, and a great portion of these bonds are

690,000,000 at short date. Is this deficit too heavy for the Hoating debt? Some "Your Majesty will remark, in explanations will suffice to remove the first place, that the greatest all uncertainty on the subject. part of this debt appertains to the The resources of the floating debt obligatory category, such as the are of two kinds—the funds which funds of the savings banks, of the the Treasury is obliged to receive, communes and public establishand those which it calls for accord- ments, and of the Caisse des Déing to its wants. In the first cate- pôts et Consignations. These funds, gory are principally the funds of which the Treasury is obliged to the savings banks, those of the receive, and which must be use. public establishments, and those fully employed, if possible, and of the Caisse des Dépôts et Con- the deposit of which is in some


measure permanent, enter into the were the 5 per cents. at the mocomposition of the present floating ment of their conversion. debt for the sum of 500 millions, “The privilege of the Bank of or about three-fourths. The abund- France has been extended to 1867, ance of these obligatory resources and the Bank has been authorised is so great that the Treasury, in to lend money on railway shares place of endeavouring to augment and bonds. 'l'he advances which the optional resources of which it it has made on these securities, at disposes, in place of applying for 3 per cent. interest, have powerthe capital which it calls for ac- fully contributed to promote the cording to its wants, is at the pre- activity of business. sent moment forced to restrict its “The duty on potable liquors influx. It was for that purpose has been remodelled, the entrance that it successively lowered the duty being reduced one-half, whilst interest of the Treasury bonds to the retail duty was augmented, 3, 2, and 1& per cent.; it was also and the tenth of the octroi duty with that view that recently it suppressed. These modifications, reduced the interest allowed to which, whilst augmenting the prothe receivers - general for their duce of the tax, had the advantage advances. I may add, that, at of improving the manner in which present, the sum which the Trea- the duty is levied, were favourably sury has in hand is 121 millions ; received, and have had a happy which

proves that the deficits, far result. from being too heavy for the strength The saving arising from the of the floating debt, are, on the union of the customs and the incontrary, insufficient to absorb its direct taxes has been employed in resources.

ameliorating the latter service; “ Before terminating the exa and these ameliorations, which mination of 1852, permit me, Sire, have strengthened the organisato direct your attention to the tion of the personnel, will lead to results of some measures which an increase in the revenue. The belong to the financial history of coinage of the new copper money this year. I have just spoken of has commenced; the perfection of the most important—the conver- its execution is much adınired, sion of the 5 per cents.; that and it is everywhere sought after. measure was effected in the most happy manner. In diminishing “I have now terminated, Sire, the annual charges of the State, the report which you ordered me it, in addition, contributed to the to present to you. reduction of the rate of interest; contains a faithful account of the and these two results were ob- situation of the finances of the tained without any embarrassment empire. This situation, I repeat to the State, since the reimburse- with confidence to your Majesty, ments applied for amounted to is in every respect satisfactory. only a small sum, and without any France will be happy to learn that, injury to the holders of rentes, as thanks to the development of the since the conversion has been public fortune, and to the increase effected—that is, during the last of revenues which arises thereten months—the 44 per cents.

from—thanks also to the economy have been constantly higher than which, in obedience to your orders, ,

This report

your Government will effect in all of the men who were made the the services and all the expenses subject of necessary severity to of the State -- she will not have, return to their homes. The riches notwithstanding the great things of the nation have increased to which have just been accomplished, such a point that that portion of notwithstanding the great public our floating capital, the value of works which you execute, new which can he estimated, amounts charges to submit to, new taxes to to about two milliards.

The acdread. This certitude will increase tivity of labour develops itself in her gratitude for you, Sire, who every branch of industry. The have saved her, and her confi same progress is being realised in dence in the institutions you have Africa, where our army has just established."

distinguished itself by heroic sucOn Sunday, the 6th of February, cesses. The form of the governbefore daybreak, a great number of ment has been changed, without arrests were made in the same any shock, by the free suffrages of sudden and resistless manner the people. Great works have which characterised the Coup been undertaken without the cread'Etat of the 2nd of December, tion of any new tax, and without a 1851. The objects of attack on loan. Peace has been maintained the occasion were certain members without servility. All the Powers of the Legitimist party, and some have recognised the new Governcorrespondents of foreign journals, ment. France has now instituwhose strictures upon the policy tions which can defend themselves, and conduct of the Emperor had and the stability of which do not for some time previously given depend on the life of one man. great offence.

Amongst those * These results have not cost seized was General St. Priest, but great efforts, because they were in he was soon afterwards liberated; the minds and for the interest of and he was told that his arrest was a all. To those who would doubt mistake, as the intention had been their importance, I will reply, that to secure the person of his son. scarcely fourteen months ago

The Senate and the Legislative France was delivered up to the body met in Session on the 14th hazards of anarchy. To those who of February. After assembling in may regret that a wider field has their respective Chambers, the not been given to liberty, I will members proceeded to the Tuile- reply, that liberty has never aided ries, and there, in the Salle des in founding a durable political ediMaréchaux, were received by the fice; it crowns it when it has been Emperor, who read the following consolidated by time. Let us, bespeech :

sides, vot forget that the immense Senators and Deputies -- A majority of the country has contiyear since, I called you together dence in the present and faith in in this place to inaugurate the the future. There still remain inConstitution, promulgated in virtue corrigible individuals, who, forgetof the powers which the people ful of their own experience, of had conferred on me. Since that their past terrors, and of their dis.. period, tranquillity has not been appointments, obstinately persist disturbed. The law, in resuming in paying no attention to the naits sway, has allowed the majority tional will, deny the reality of

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