2 JANUARY 1864, Page 8

The debate in the French Legislative Body on the new

loan ended on December 24th in partial victory for the Govern- ment. M. Fould had asked for power to fund 12,000,0001. of the floating debt, and wished to issue 12,000,0001. more of exchequer bills within the year. M. Thiers resisted, and advised that the vote should be reduced to 6,000,0001., arguing with great skill that the reduction would put a stop to little expe- ditions, while it would not stop any great European enterprise, for which the Emperor must apply specially for funds. Six millions would go but a little way towards a Continental war. The Government carried their vote by an immense majority, but not until the talking Minister had uttered expressions which, if he were a responsible Minister, would amount to a pledge that peace should be maintained.