[2] M. Clemenceau.—Note of the Translator.
[3] In its issue of April 6, 1895, the Economiste published a curious review of the figures that may be reached by expenditure caused solely by electoral considerations, and notably of the outlay on railways. To put Langayes (a town of 3,000 inhabitants, situated on a mountain) in communication with Puy, a railway is voted that will cost 15 millions of francs. Seven millions are to be spent to put Beaumont(3,500 inhabitants) in communication with Castel-Sarrazin;7 millions to put Oust (a village of 523 inhabitants) in communication with Seix (1,200 inhabitants); 6 millions to put Prade in communication with the hamlet of Olette (747 inhabitants), &c. In 1895 alone 90 millions of francs were voted for railways of only local utility. There is other no less important expenditure necessitated also by electioneering considerations. The law instituting workingmen＇s pensions will soon involve a minimum annual outlay of 165 millions,according to the Minister of Finance, and of 800 millions according to the academician M. Leroy-Beaulieu. It is evident that the continued growth of expenditure of this kind must end in bankruptcy. Many European countries—Portugal, Greece,Spain, Turkey—have reached this stage, and others, such as Italy, will soon be reduced to the same extremity. Still too much alarm need not be felt at this state of things, since the public has successively consented to put up with the reduction of four-fifths in the payment of their coupons by these different countries. Bankruptcy under these ingenious conditions allows the equilibrium of Budgets difficult to balance to be instantly restored. Moreover, wars, socialism, and economic conflicts hold in store for us a profusion of other catastrophes in the period of universal disintegration we are traversing, and it is necessary to be resigned to living from hand to mouth without too much concern for a future we cannot control.