12 MAY 1866, Page 1

The panic on the French Bourse preceded ours by some

days. It commenced with the Emperor's announcement,—or reported announcement, for it is said that he invented his own speech after- wards for the benefit of the Moniteur and the world,—to the Mayor of Auxerre, on Sunday, that he breathed more freely among the working population of France than in any other class, because he knew that they, like himself, detested the treaties of 18153 on which it was now proposed "to base all our foreign policy," and because in them, in short, he recognized "the true genius of France." When this was known in Paris, the moneyed class, instead of breathing more freely like the Emperor, lost their breath altogether, and every one knew that the Emperor's vote was for war.