FINANCE
521
ordinary budgets from the period anterior to 1814 down to the end of 1897, as follows : —
Period
Government
Deficit
Before 1814 1815 to 1829 1830,, 1847 1848 „ 1851 1852,, 1869
1870,, 1897
Napoleon I. and previously Louis XVIII. and Charles X. . Louis Philippe .... The Second Republic Napoleon III
Total .... The Third Republic, surplus
Total deficits
Francs
99,678,480 269,801,915 1 519,067,077
29,399,140
93,921,998
1,011,868,611 32,776,715
979,091,896
These figures, however, do not represent the actual deficits arising from the difference between the ordinary revenue and the total expenditure, nor even those arising from the differences between the total revenue and total expenditiire. Moreover, almost uninterniptedly, so as to make it the rule and not the exception, the budgets voted by the representatives of the nation have shown a small surplus, while the ' compte definitif,' published a number of years afterwards, has exhibited a large deficit.
The following table shows the progress during the century of the French national debt and its yearly charge : —
Date
Period
Nominal Capital
Interest
Millions of
Millions of
Francs
Fi-ancs
Sept. 23, 1800
First Republic
714
36
Jan. 1, 1815
Napoleon I. .
1,272
64
Aug. 1, 1830
Louis XVIII, and Charles X.
4,426
199
Feb. 24, 1848
Louis Philippe
5,913
244
Jan. 1, 1852
Second Republic .
5,516
239
Jan. 1, 1871
Napoleon III.
12,454
386
Jan. 1, 1889
Third Republic .
21,251
739
On January 1, 1896, the debt of France stood
as follows : —
Franr-s
Consolidated debt .....
. 22,005,373,951
Morgan loan ......
227,450.532
Redeemable debt .....
. 3,936,491,000
Annuitv, kc, debt ....
3,371,429,015
Floating debt
1,143,607,551
Guarantee de
ibt
310,004,695
Total 31,094,356,744
The following table shows the interest and annuities to be paid under the various heads of the public debt, according to the budget estimates of 1899 : —
Francs
Consolidated debt 693;680,314
Redeemable debt : interest and amortisation . . 326J332,926 Floating debt 235,735,644
Total
1,255,748,884
