NEWS OF THE WEEK,
THE Moniteur published on Thursday a document which is called in England M. Fould's budget. It is nothing of the kind, being only M. Fould's report upon the general financial position of the Empire and the state of the floating debt. As such, it is unfavourable. There was in 1862 a deficit of 1,280,0001., and in 1863 there will be one of 1,720,0001. Adding these deficits to those of previous years, we have a floating debt of 38,880,0001., or rather more than five months' expenditure of France. M. Fould considers this too much, and proposes to fund 12,000,0001. of this debt, raising a loan of that amount in Consols to pay off the treasury notes. The statement, though not pleasant, is not very alarming, France keeping her floating debts always at a very high figure, and the twelve millions raised will be almost immediately returned on the capitalists' hands in the shape of bonds paid off. The idea popular in England that the loan will prevent intervention for Poland seems unfounded. Napoleon, the day the bonds are paid off, can issue them again, and so obtain twelve millions for war without the necessity of asking for money till he has won a battle, when any sum will be cheerfully given.
