20 MARCH 1852, Page 1

M. Bonaparte, true to his autocratic principles, has promulgated his

budget before the assembling of his Legislature. The state ex- penditure for 1852 is estimated at 1,430,363,244 francs; the re- ceipts at 1,449,413,604. He is to save nine millions by the con- version of the 5 per cent rentes into 41 per cents ; but the war es- timates are increased by seven millions, for transport expenses ; the navy, by twelve, for penal settlement expenses; extraordinary works by fourteen ; "and the servants demanded their fees "—the Usurper has a host of new salaries to pay.

The Bonaparte budget autocratically begins with increase of ex- penditure; but here the strength in audacity is more hazardous than in other affairs. At first rather favoured, the project is now viewed with increasing disfavour : it is an expedient to make. both ends Meet.; the simultaneous lowering of the Bank rate of in- terest is regarded as a trick ; faith is broken with savings-bank depositors who have been compelled to accept payment of the de- , posits in the form of 5 per cents, and who are now helplessly mulcted. The project seizes means at the cost of credit.

Carnet is returned to the Legislative Body by the resolute de- Partment of the Seine, in a second election;, and the journals are

grOwing bolder in their tone ; La Presse enforcing the moral that ranee will not permanently submit to everything done in her name by the Executive.