He did not rest there, however. He was determined to get to the _fin
fond_ of these singular negotiations. Ouvrard, kept in prison, was
constantly examined, and Labouchère was summoned to Paris and ordered
to bring all the papers {12} still in his hands. It appeared, from a
comparison of these with those already seized, that Labouchère had
acted in perfectly good faith, and the whole responsibility rested
with Fouché and Ouvrard. Fouché's disgrace was complete. As soon as
the Emperor discovered the episode of the Fagan mission he turned
once more on the luckless minister and demanded all the papers
relative to that affair. Fouché replied that they were of no
importance and that he had burned them. Napoleon, on hearing this,
gave way to one of his appalling exhibitions of rage, took away from
Fouché the governorship of Rome, and exiled him to Aix in Provence.
So ended this curious affair in which Pierre-César Labouchère had
served his country faithfully and intelligently to the extent which
circumstances permitted. Some years later he was to serve his
country perhaps more signally, and certainly more effectively.
When in 1817 France was beginning the task of reconstruction, the
principal difficulty in the way of the ministers of Louis XVIII. was
the very serious financial situation. By the treaty of November 20
of the preceding year, the country was pledged to pay to foreigners
no less than seven hundred million francs in money in the course of
five years, with an additional sum of a hundred and thirty million
for the pay of the 150,000 foreign troops which occupied the country.
There were also numerous debts, both at home and abroad, the payment
of which had been guaranteed by the treaties of 1814 and 1815. The
ordinary revenue was useless to meet such heavy charges, and
extraordinary taxation, in the state of the country, would have spelt
ruin. It was necessary to have recourse to credit. But how to
obtain a loan? France was not in a state which could inspire
financiers with much confidence. In these circumstances Messrs.
Labouchère and Baring once more placed themselves at the service of
the French Government. They purchased nearly twenty-seven million
francs' worth of government five per cent. _rente_, and thus restored
French {13} credit. Their action was, no doubt, not purely
disinterested, as they bought the _rente_ at an average price of
56.50 and obtained an interest of nine per cent. on their money.
Still, the difficulty of the moment was to find anybody to do it at
any price.[6] A private journal of the period, kept by the husband
of a niece of Sir Francis Baring, consequently a first cousin by
marriage of Mme. Pierre-César Labouchère, gives the following account
of the transaction:[7] "The 'Alliance Loan' of the Barings at Paris
in 1816 probably doubled his (Pierre-César's) fortune, and he soon
after quitted business, and settled altogether in England, living at
Public-domain text, read in full here on John Shaqi.
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