The French Budget is not to be settled till October,
when the Chambers will recommence sitting. M. Rouvier requires time to consider his exceedingly difficult, and even dangerous, task. It is stated on good authority that the French deficit now amounts to £1,000,000 a year, while the revenue is declining and trade terribly languid. There must therefore be either a great reduction of military expenditure, which in the present condition of opinion is next to impossible, or a heavy addition to taxation. The Radicals almost unanimously, though it is suspected not quite sincerely, plead for a progres- sive Income-tax ; but this M. Bouvier has as yet peremptorily refused. He must therefore either greatly increase the duties on all kinds of alcohol, which will be most unpopular, or put on much heavier Death-duties, which will be evaded, or pro- duce some absolutely original scheme, say of universal and compulsory insurance. In any case the opposition will be most bitter, and we should not wonder if not only the Govern- ment but the Republic reeled under the shock. The French are all in a way accountants.
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