The French Rentes.
Everybody here is in a state of astonisimentt; the project-of laW,- on the reduction of the rcntes has been rejected. The Ministiy have encountered on this occasion an opposition which they did ndt: expect, and wvhich is almost without examplc in the Chamber of..-- Pers. The Ministers supposed that they had reduced the opposi.. - tion.to 17 or 10 votes in the Chamber of Deputies, and the number,.: of their opponents is found to amount to 177. In the Chamber of Peers, where the opposition in ordinary cases amounta only to l8 votes, and where it is rare to see it exceed 30, it has become so pow. erful as to defeat the project of the linisters, and has finaUv re- jected it by a majority of 32 votes. How could Alinistera who have conducted the elections as they wished, and who have shown themselves so conrplaisant to the party which domineers in both cambers.how could they, it may be asked, excite against them so many adversaries ? Two causes have chiefly coTtributed to multiply the forces of opposition on this oc. casion-first, the desire of overturning1the Ministry; and secondly, the vices of the project of law itself. For some years past, almost all the places of any consideration ic the state have faUen into the hands of the emigrants; but the chief places-namely, these of the Ministers~-.are still in the hands of individuals whose births had notning ilUnstrious connected with thern. The pride of the ancient aristocracy is hurt at seeing a little advocate of Brittany at the head of the administration of ihe Interior --a still more contemptible barrister at the head of the admi. nistration of justice, and two or three gentilhommes of the second order directing the departments of diplomacy, finances, and marine whilst the -nen who belonged to the aneient Court fiUed subordinate employments, and received orders from those to whom they had been accustomed to give thern. Such is one of the princi. pal causes of the opposition which has broken out against Minis^ ters, particularly in the Chamber of Peers-an opposition which wilt show itself against an measures which have n6t for their evident obh ject the advantage of the classes which are already privileged. It cannot, however, be doubted, that the injustice of the measure proposed by the Ministry determined several of the members of the two Chambers who belong to the dominant faction to oppose it. The men even who have the least delicacy where their personsl interests are concerned, often exhibit an appearance of the greatest zeal for justice when they have no interest against it; and it is very evident that the reduction of the r-cttes could produce but a very trifling ad- vantage to the aristocratic class. I showed you in my last letter, that the ministerial project could hate no durable influence on the rate of interest. That which at present takes place in many parts of Fiance, proves the truth of what I stated with respect to Paris. Capitalists in the depertments know not bow to apply their capital. At the same time, money cannot be obtained without paying a high interest for it, and the Government thit.1s it its duty to prosecute the lenders as usurers. The defect of commercial communications causes industry to be spread in France like Oases in the desert. It is de- veloped in some great cities, and no trace of it appears in the rest of the countrv. It follows from this that capitals abound in the com- mercial cities, and that in the country agriculture can make noprd- gress in fertilizing the fields. The-agriculturists do not, besides, consider themselves interested in it; because if tleir lands weremore productive, they would not possess the means of transporting their produce to the places where it might be consumed. It was, there- fore, difficult to see how the reduction of the rentes, or their conver- sion,couldhave any influence on the consequences which result from such a state of tlings; but it was such consequences which the Ali- nisters pretended to obviate by their project. The repayment was to havein the trading towns an effect of whiclh nobody had thought, and which was sudkitnc to impress on the pro- ject of the lUintstrv the true character of a bankruptcy. To make the offer of repaymient a real one, it wvas necessary that the bankers who had contracted with the Frencb Government should cause to be transported to theplace where the French creditors were to be paid an immnense quantity of money. But what would have hvppened had the annuitants demanded the repayment of their capi- tals ? It would have happened that the quantity of money thiown on tbe market would have exceeded, in an immense proportion, thenecessity for this speces of commodity; it would have happened that the supplyexceeding much the demand the value of the gold would have diminished in compari- son with the value of au other articles. What happens in the case of corn, or any other commodity that is too abuntant, would have happened in the case of money: and it would have been necessary to giveagreater quantity of it to obtain the objects of trade, whiclh would not have been multiplied in tie same proportion. In one word, it would have been impossible to purchase at Paris the same quantitv of goods for 100 francs, vhich we could have purchased two ycars before with 88 francs. The annuitant vould then have received a value less than that which he demanded; he would have received a value which would have become consider- ablylessby the arrangementsofGovemnment, he would havetunder- gone the consequences of a real frau dulent bankruptcy, since he would have been placed in the alternative either of losing the fourth of his rente, or receiving a capital which would'have been equivalent to only three-fourths of that which he had given. Though the French Itinisters are ignoranit of the most elementary principles of political economv, these considerations appear not to have escaped them. Al. de Villele being asked- i, in case the annuirants shouldt prefer the repayment of their capital to a reduction of theirinterests, he hacd the means of satisfying their demands, answered, that hoe was; sure that the demands which would be made would not exceed his means of satisfying them. The M4inister very wvell perceived that in throwing into circulation three or fourhundred millions of francs, the value of moneY would fall to such an extent that the crediters of the state wouldMather consent to the reduction than lose a fourth of their revenue. But on accotnt of the very circumstance of his perceiving this result, he could not conceal from himself that the measure which lie was following was only a bankruptcy disguised under the title of a repayment. The measure adopted by the M inistry being impossible to be executed till it had caused such a fall in the value of money, as that the reduction of the rente would be preferable to t'ne re-pav. ment of the capital, there would have been experienced in the prin- cipal cities of France, for some time to come, all the effects resulting from the depreciation of nioney; inexpected paymatits at depreciat_ ed values, bold speculations, expeiises ill. calculated and little neces- sary, jobbing,variations in the price of commodities,_in a word, all the nsadncss and vice, and what proceed from the instability of fortunes. These effects have been felt in -a lively manner. and all honest men, to whatever party they belong, have made the most just com- plaints. The Minister of Finance wasirritated at the obstacles which he encountered, and at consequences whicl he did not expect; and he at last defended, out of ob stinac, a project wbich he at first conceived to be the frit of wisdom. In rejecting it, tbe Chamber of Peers have done a real service to the public It is now a question, whether the rejection of the ministerial project wvill occasion the downfall of th .Ministry. Such an event is not impossible; but it is probable that it will not now take place. As I formerly mentioned to you, the Members of the Clhamber of Peers who have rejected the project of Ministers have done so on different grounds. In some cases thev have been guided by personal considerations: in others, by a-'real re- gard to the public. But neither of these causes is powrerful enough of itself to overtum the Mlinistry, and to create a new one. United for one single object, they wil separate as soon as any new mneasure is proposed. There is a consideration, however, which might lead one to the belief that the Ministry may be over- thrown: they are aU men without personal influence-they have aIl evinced separately so much bad faith, partiality, and contempt for public opinion, such insolence on one side, and such base comupliances on the otlier, that it is not impossible all parties may join to throw them out, convinced that any change must be ass improvement. A project of law which has been already adopted by the Cham- ber of Peers, is now under discussion in the Chamber of lVeputies, and if by modifications it is rendered such as the clergy requires, it will be the most important measure of thesession. In the intentions of the Government, this project appears to.have for is only object to reader more secure the punishment attached by the penal code to certain offieces committed in churches, and to assure the free exer- cise oftthe Catholic worship in the streets and public places. Butin the view ofthe clergy, at whose desire this project has been intro- duced, the law must not only repress off ences against the citizen en- gaged in- the exercise of public worship, -but repress likewisc sins against faithi, and particularly sacrilege. Long and violent debates took place on this subject in the Cham- ber of Peers. The Bishops who represent the Catholic priests first attacke;l the Mlinistry, because they made no distinction betiveen the Catholic worship and other modes of worship, Christian or Jew- ish; and, secondly, because aU the outrages committed against the Catholic religion had been foreseen and provided against. It appears that it was against sacrilege chiefly that they wished to establish pe- nalties. The consequences of this pretension have escaped nobodvy. It is se.nthat if sacrilege is placed among the crimes punishable by the laws, ecclesiastical tribunals must be ettablished to decide when crimes of this nature have been committed. It is particularly remembered, that the church of Rome placed in the class of sacr- egeho appropriation andretention oF ecclesiastical property. The pretensions of the Bislops were, therefore, resisted in the Chamber of Peers; but they will be renewed in the Chamber ofDeputies, - and it is not certain that they will experience the same fate. As this subject is oe of great inmportanee, I shall probably detail t you, in anotler letter the pretensions of the Catholic clergyin France. THB PRBNCH RP2NT.S. PARIS. Ju1NE 5.