The royalist party returned in triumph from Cadiz, having replaced Ferdinand VII. on his throne. In that country, where moderation either in politics or religion is unknown, the power had fallen into the hands of Don Saez, the king's confessor; and the object of Russia being always to exercise a powerful influence in the south of Europe, in order to counterbalance that of England, Count Pozzo received orders to repair to Madrid and use all his endeavours to push M. Hirujo into the ministry, who was a man of moderate views, and consequently inclined to favour the Russian interests. A perfect understanding on this head existed between the Russian minister and M. de Villèle. M. de Hirujo, forerunner of M. Zéa, gained the ascendant at Madrid, and people could reckon upon the government of Ferdinand being conducted with some degree of order and regularity. Pozzo di Borgo then returned to Paris; he was on intimate terms with MM. Pasquier and Molé, friends of the Duc de Richelieu, and disapproved highly of the folly of the royalist party, who tormented France every year with fresh laws, still more remarkable for their silliness and want of importance than for their unpopular tendency; but the ambassador had now hardly any influence upon the government; it was almost entirely confined to the opposition formed in the diplomatic circles and in good society, which before long extended to the conduct of the sovereign. Although he approved of the law regarding the conversion of the _rentes_,[24] he had no hesitation in giving utterance to his opinion concerning the extreme unpopularity the measure would naturally be attended with. "The King of France," said he, "wishes to become the richest sovereign in Europe; but I greatly fear this measure will lead to some unfortunate catastrophe. People do not play with impunity with the _pot-au-feu_ of the citizens." And the event shewed his opinion to have been well founded. [24] On the 5th of April, 1824, the minister of finance brought forward a plan to substitute _rentes_ at three per cent for those already existing at five per cent, reserving to the holders of the five per cent _rentes_ the option between the repayment of their nominal capital and its conversion into three per cents at the rate of seventy-five. Some modifications were suggested, but the plan failed at the time. In the following year it was renewed, and then it was decreed that the proprietors of five per cent _rentes_ should be allowed till the 22d of June (afterwards extended to the 5th of August) the faculty of demanding from the minister of finance their conversion into three per cents at the price of seventy-five, and till the 22d of September the faculty of requiring their conversion into four and a half per cent stock at par, with a guarantee in both cases against being paid off till September 1835. The _rentes_ so converted were to continue to bear interest at five per cent until the 22d December, 1825.--_Editor._