Nobody in this country cares much whether the ruck of
Directors in the Credit Mobilier are ruined or not ; they have eaten their cake, and must suffer the consequent indigestion. But the reputa- tion of M. Michel Chevalier as the first of French Free Traders is of importance even to Englishmen, and we therefore welcome his letter of explanation to the De:bats. Ile joined the Credit Mobilier, he says, ten years after its foundation, believing it to be well administered, and left it the moment he changed his opinion of its guidance. He purchased 840 shares of different denominations in the concern, most of which art now worthless, and he is, there- fore, a considerable loser by his connection with the Credit Mobilier. All that is very satisfactory, but M. Michel Chevalier ought to explain also why, when he changed his first opinion—that the society " was well directed and well administered "—he did not, in the general interest of intending purchasers, make that opinion public. We may remark en passant that from the tone of this letter M. Chevalier is evidently confident that the decision ren- dering the Directors liable for the shares illegally issued will be upset by the Cone Imperiale.
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