M. Grevy's Message, read to the French Chambers on Thurs-
day, is nothing. The President acknowledges the honour done to him in his re-election, which "especially marks the value France attaches to stability in the Government of the Republic," and declares that France, taught by long and bitter experience, regards the Republic as more than ever necessary, and will shrink from the propo.sal of a new revolution. " Ministerial
stability is," however, "necessary to the good management of public affairs, and to the dignity of the Republican Government," and this stability depends on a "Governmental majority, which is the imperative necessity of the present moment. It is assured if the friends of the Republic resolve on it." The Message is, in fact, a collection of truisms not very well put together, and indicates nothing, except M. Grevy's willingness that M. de Freycinet should be Prime Minister. It is to be noted that the President says nothing of the financial reforms which will shortly be the most pressing preoccupation of the Ministry. The Treasury is at this moment sustained by bor- rowings at call from the savings-banks; and if any event caused a panic, it would be unable to pay its way.
