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MISUSE OF FRENCH FINANCES IN 1813
AND 1814: BUDGET FOR 1815
CHAMBER OF REPRESENTATIVES
Sitting of the 19th June.
The principal subject brought before the Chamber this day, was
the report presented by M. Dufermont, on the administration of
the finances in 1813 and 1814. The projects of the Budget for
1815, which have not been fully executed, with the project of a
law which is the consequence of this, are annexed to the report.
The reporter states, that there was a great deficiency in 1813,
on account of the invasion, &c. He accuses the late
government of having exaggerated this deficiency beyond all
bounds by stating it first at 1700 millions, and afterwards at
759 millions, though it never exceeded 150 millions, thereby
obtaining a pretext to issue the royal bonds, which, depreciated
from the beginning, would infallibly have led to the introduction
of a paper currency. The minister proposes to inscribe the amount
of these bonds, as well as all the debts of the late government,
in the grand Livre, with interest from the 22nd of March 1816.
The Caisse d'Amortissement, which the late government converted
into a mere bureau of the royal treasury, to receive the funds
necessary for the current expenses, is proposed to be restored to
its original destination of a sinking fund. Adding to the 14
millions which it still possesses, four millions of revenue taken
from the forests belonging to the Royal Family, and a million
from other forests, it will be able to continue its operation of
reducing the debt.
The debt is stated at 303,605,000 francs, which with the
indemnities to be paid to the Communes for the lands, amounts to
316 millions. The funds of the Caisse d'Amortissement may reduce
the annual expense by 24 or 25 millions.
To cover the arrears of 1814, the Minister proposes to apply the
produce of wood to be cut down, observing that the late
government exceeded all due bounds in this measure. The Budget of
1815 is as incorrect as that of 1814 was, promising an overplus
of 70 millions, while there is a deficiency of 110 millions.
There is not fear about the receipts, except in the indirect
contributions. The expenses of the war will occasion an
additional expense of 120 millions. As the means destined to meet
the extraordinary expenses, and pay the arrears, though solid, do
not offer an immediate resource, and the Government consequently
appears to be poor in cash, though in the midst of real wealth;
he proposes a national loan of 150 millions according to the
scale of the direct contributions, and payable in the same manner
from the 1st July. The amount of this loan is charged upon the
produce of the forests to be felled. The equipment of national
guards makes an extraordinary expense of 44 millions. This may be
met by raising all the sureties (cautiounements); one-fifth of
which will produce 30 millions, and by deducting a 20th from all
salaries from 2,000 to 6,000 francs in all France and a 10th from
all salaries above 6,000 francs.
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