In 1868 it was already evident that the Bey must compound with his creditors. The clamours of the French, Italian, and English bondholders could not much longer pass unheeded, and very serious remonstrances were addressed to the Tunisian Government by the foreign representatives. The French Chargé d’Affaires at first sought to propound a scheme exclusively under French auspices, but now, as in 1864, neither Italy nor England would consent to be ignored in the arrangement. It is under these circumstances that the International Financial Commission came into existence, in virtue of two proclamations bearing date the 5th July 1869 and 23d March 1870, and made with the concurrence of the three interested Powers, under whose guarantee the Bey’s decrees were to be carried out. The only advantage secured by France was the right of appointing a French employé as “inspector of finance,” whereas the other functionaries of the Executive Council are Tunisians. Although the Tunisian bonds of the Unified Debt of 125,000,000 francs were destined to become an important factor in the Tunisian question, the history of the Financial Commission is neither edifying nor interesting. Everybody who got “into” the Commission upheld it, and everybody who was kept outside in the cold denounced it. Its chief memorial will be a score of unreadable pamphlets in support of both sides of the case. During the past ten years the much-abused Commission has paid a fair proportion of the coupons as they became due, and the various “inspectors of finance” have been eminently honest, if not universally popular. The sources of Tunisian revenue having now become more than ever impaired by recent events, the creditors of the Tunisian Government will not probably object to a fresh financial adjustment, provided always that the present obligations are paid them at par. If this course is not thought expedient, they will certainly prefer to see the joint guarantee of the three Powers remain undisturbed. CHAPTER XII. THE BEGINNING OF THE END.