XXXIV. 1837. the middle class, to supersede the passion for power, yet CHAP. the revolutionary principle was far from being extinct, and that nothing was wanting but general distress or extraneous circumstances to fan the embers, and cause the fire to blaze up again with fresh fury, and embrace the v. 272, 273. whole monarchy in its flames.1, 66 1 L. Blanc, the Cham Jan. 18, The session of 1838 met on the 18th December 1837, 6. and the King, with reason, congratulated the Deputies on Opening of the improved internal condition of the country, and the bers. glorious event which, externally, had added so much lustre 1837. to the French arms. France," said he, "is free and tranquil; its prosperity rapidly increases, its institutions are consolidated, it has daily more confidence in their stability. The supremacy of the laws has permitted me to realise the dearest wish of my heart-a great act, the memory of which will always be pleasing to me; the amnesty has demonstrated the force of my government. That act has calmed men's minds, weakened the influence of the bad passions, isolated more and more the projects of disorder. I have, in these auspicious circumstances, desired that the electoral colleges should be called together. My confidence in the country has not been misplaced. I feel assured that I shall find in you the firm support which I have received from the Chambers for seven years past, to secure to France the benefits of order and peace." These words were, in the circumstances, undoubtedly well founded; but the first division in the Chamber proved how strong, despite the general prosperity, the democratic feeling was in the bourgeois class, of which the majority of the constituencies was composed. The address, in answer to the speech from the throne, was indeed carried, after a stormy debate of three Jan. 12, weeks' duration, by a majority of 100-the numbers being 216 to 116; a victory which exceeded the most sanguine hopes of the Ministerialists. And on the question of the secret-service money, which was a still truer touchstone of Government influence, the majority was March 21. 1838. XXXIV. 1838. June 26. Dec. 19, CHAP. even more considerable-the numbers being 249 to 133. But on other occasions the state of parties was very different, and on one vital question the Government under1 Moniteur, went a signal defeat. The vexed matter of a reduction 1837, of the interest of the public funds having been again and June 27, brought forward, the majority for the Government pro1838; Ann. posal was carried in the Deputies by 251 to 145; but so great was the public clamour on the subject, that it was rejected in the Peers, notwithstanding the recent creation, by a majority of 124 to 34.1 March 22 Hist. xxi. 3, 14,107, 160; Cap. ix. 382. A matter of vast social importance, and far more momentous ultimate consequence than any of these party railway divisions, was brought forward by the Government in this companies. session, and occupied the Chambers several months. This 7. Rapid growth of was the question of RAILWAYS, and whether they should to ia to com Stock ings, increased the favour with which they were regarded by of speculation, the shares were sought after by th £ public. 838, no were set up, with the requisite legal formalities, in France, with a subscribed capital of 118,222,000 francs (4,730,000), divided into 219,212 shares; and in March the fever of It XXXIV. 1838. speculation had increased to such a degree, that companies CHAP. with a capital of 274,572,000 francs (£11,000,000) were established in addition, divided into 399,635 shares. may be readily conceived what important interests were at stake when undertakings so vast were suddenly brought forward, and how great must have been the public interest excited in their success, when numbers so immense had embarked their credit or their capital in their pro- 380, 381. secution.1 * 1 Cap. ix. Report on lines. M. Arago presented the report of the committee to 8. whom the matter had been referred on the subject, which M. Arago's was drawn by himself, and, as might have been expected the railway from such a hand, was a very able and luminous document. It proposed to establish a network of nine trunklines, whereof seven were to terminate in Paris, and to run from that capital to Belgium, to Havre, to Nantes, to Bayonne, to Toulouse, to Marseilles by Lyons, and to Strasbourg by Nancy. Two other lines were to unite Marseilles on the one side with Bordeaux by Toulouse, and on the other Bâle by Lyons and Besançon. In the mean time, however, only four lines were to be begunviz. from Paris to Belgium, from Paris to Rouen, from Paris to Bordeaux by Orleans and Tours, and from Marseilles to Avignon, which were to embrace in all 373 leagues of railway. It was wisely proposed not to go *The number of companies having movable and saleable shares in France was very large. From 1816 to 1838, the number was 1103, divided in the following manner : XXXIV. 1838. CHAP. farther in the mean time, both in order to test by experience, before going too deep, the probable success of the undertakings, and in order to be enabled to take advantage, in any future lines that might be constructed, of the improvements that might be adopted in the neighbouring states, and especially in England. It was not deemed expedient to undertake the formation of these lines on the part of Government, especially at a period when the budget was to be charged with 49,000,000 francs (£1,960,000) for canals, roads, and other improvements, and therefore they were to be left to private companies. Government, however, reserved to itself the right of requiring adequate security from the subscribers for the completion of the undertaking, and of preventing com1 M.Arago's peting lines from interfering with the fair profits that Report, May might be expected from them. This report was adopted, Ann. Hist. with certain modifications, by the Chamber, and formed 162; Moni- the foundation of the railway system in France. It were to be wished that an equally wise one had been simultaneously adopted in Great Britain.1 7, 1838; xxi. 161, teur, May 9, 1838. 9. upon France. T It must be confessed that a more favourable time General could not have been found for these undertakings, for a prosperity extraordinary flood of prosperity had set in country. The exports, imports, and revenue increased steadily d ing the three years subsequent to 1835; the public fun. rapidly rose; and the national industry, sustained by a pl tiful supply of the precious metals, and a liberal issu paper by the Bank of France, diffused general ease happiness over the community. The same effect took then which had ensued in England upon the subsid the Reform agitation, though, from tranquillity en of and place Ang of being longer of being restored to the south than to the north of the Channel, the prosperity of France was tw h years 2 Ann. Hist. later of becoming decided than that of England d been.2 But when it did arrive, it was equally signal an xxi. 168. 171; L. Blanc, v. 328-331. progres sive, and in like manner led to undertakings of the most extravagant kind, and a fever of speculation which re called the days of Law and the Mississippi Scheme, a century before. A change in society, and the objects of general interest, came over France, so extraordinary that it could not be credited, were it not attested, as the former had been, by contemporary evidence of the most unquestionable description.* It was CHAP. XXXIV. 1838. speculation The thirst for gain, fed by the immense rise of the 10. shares of some fortunate companies, and the colossal for- Fever of tunes made by a few speculators, often without capital or in France. apparent risk, led to a universal mania, seizing all classes of society. It swept away all heads, pervaded all ranks, and for a season almost absorbed all interests. difficult to say whether the sober shopkeeper, whose life had been spent in counting small gains, and pursuing a sober steadfast line of conduct the zealous scholar, whose thoughts had been set on the contemplation of the ideal world the intrepid soldier, who had hitherto dreamed only of visions of glory-or the volatile woman of fashion, who had hitherto glittered in the sunshine of rank and opulence, were most carried away by the torrent. All that was recounted in the memoirs of that former time, but hitherto hardly believed, of the prostration of all celebrities, the destruction of all feelings of pride, the oblivion of all the privileges of rank or sex, before the altar of Mammon, was now more than realised. Morning, noon, and night the offices of the bankers, merchants, or companies who had the shares of the undertakings most in request for sale, were besieged by files of carriages and * INCOME, EXPENDITURE, EXPORTS, IMPORTS, AND TONNAGE OF FRANCE FROM 1837 TO 1841, BOTH INCLUSIVE. 1837 1,027,572,203 1,027,059,018 758,097,450 807,792,965 1,494,580 1838 1,056,302,461 1,039,318,931 955,907,656| 937,054,479 1,671,804 1839 1,051,880,917 1,021,082,404 1,003,331,788 946,971,426 1,244,092 1840 1,115,765,222 1,099,913,487 1,010,922,514 1,052,286,026 1,741,915 1841 1,211,885,666 1,187,842,234 1,065,375,603 1,121,424,216 1,823,360 -Ann. Hist. xix. 69; xx. 71, 75; xxi. 92; xxii. 59-61; xxiii. 94; xxiv. 60-61. |