"Your Majesty, my colleagues are all very willing to serve the government!" Bemini responded reservedly to Jerome Bonaparte, "If the price at which the government sells could be a bit lower, I think more enthusiastic bankers would be willing to undertake this great mission."

Although Jerome Bonaparte was still unclear about what method Bemini used to sell the already bankrupt railway at a value higher than the railway itself, he could be sure that those bankers were full of devious schemes.

However, all of this had nothing to do with Jerome Bonaparte.

"I am delighted that you have a heart to serve the Empire! The Empire will not forget this precious friendship!" Jerome Bonaparte first praised Bemini and other bankers for stepping in for the nation.

Then, he deliberately paused, shifted his tone, and admonished, "But I hope you do not forget! You are not only an excellent banker, but also a capable government official!

Maintaining the stability of the government is not only my responsibility but also yours.

I can allow certain companies/firms, or even some enterprises to go bankrupt due to debt disputes or poor management.

But I will absolutely not allow nationwide economic turmoil to occur.

Once such a crisis happens, the government is bound to take the strictest measures!

Do you understand!"

Jerome Bonaparte’s stark warning extinguished the last bit of luck in Bemini’s heart, and he hurriedly assured Jerome Bonaparte that he would not let such a thing happen.

"Please convey my words to the board of directors!

If something goes wrong, don’t say I didn’t warn you beforehand!" Jerome Bonaparte warned again.

"Understood! I will certainly convey your words to the board members!" Bemini assured Jerome Bonaparte once more.

Then, Jerome Bonaparte turned his gaze again to Achille Fuld, smiling as he said, "Mr. Fuld, you may continue!"

Having finished discussing the destination of public bonds, Achille Fuld went on to explain the major expenditures of the Empire to Jerome Bonaparte.

Apart from the salaries of officials, annuities, national debt annuities, and the costs of updating army and navy equipment, the biggest expenditure in 1858 was the enormous public infrastructure debt owed by the Paris City Hall during the Paris city renovation period.

After listening to Achille Fuld’s report, Jerome Bonaparte understood that Achille Fuld was once again trying to trouble Georges Ossman.

When Jerome Bonaparte heard from Achille Fuld that the government had repaid nearly 60 million francs in principal and interest for the Paris City Hall last year (of which 15 million francs was interest), a pained expression appeared on his face.

"How could it be so much?" Jerome Bonaparte said to Achille Fuld, "I remember the debt of Paris should only be around 1 billion, right!"

"Your Majesty, these are just the overt debts!" Hill Fuld said to Jerome Bonaparte, "According to the recent investigation by the Ministry of Finance into the City Hall, we found that Paris has nearly 500 million francs of debt concealed by the former governor, Baron Georges-Eugène Haussmann. The bonds issued through certain bank financings have interest rates as high as 6%!"

"6%!" Jerome Bonaparte’s face twitched slightly.

Apart from Austria (7%) and the United States (6%), currently, no other country’s bonds exceed 5%, and France’s national debt is as low as 4%.

Even with such a low national debt rate in France, there are countless people rushing to buy.

An interest rate of 6% is enough to make a large number of people lose their reason.

Historically, the Russian Empire frequently defaulted on its national debt, and its credit was at rock bottom.

Nevertheless, there are still countless people willing to buy Russian national debt.

The reason is none other than the 8% interest rate on Russian Empire’s national debt.

Higher than Russia’s rate are those small Balkan countries in later times, with national debt rates of 10-12% attracting a significant number of short-term investors.

"So... what should we do now? Continue paying the 6% interest rate, or..." Jerome Bonaparte asked Achille Fuld.

"My suggestion is to lower the interest rate on these bonds at an appropriate time!" Achille Fuld proposed his solution.

"Wouldn’t that cause economic turmoil?" Jerome Bonaparte was a bit worried.

"Arbitrarily lowering interest rates would indeed cause some disturbance, but we can proceed slowly!" Achille Fuld said to Jerome Bonaparte, "The government can first spread unfavorable news about these banks, and the retail investors holding those bank bonds will inevitably rush to redeem them."

"That would lead them all to bankruptcy!"

Remembering those crazy years of 1848, Jerome Bonaparte felt a lingering fear.

"When the banks are about to collapse, the government will announce aid to them!" Achille Fuld continued, "This way, the government can gain the gratitude of the people and also lower the interest rates on their held bonds.

After all, compared to all the bonds in hand turning into worthless paper, lowering the interest rate is acceptable!"

"This..." Jerome Bonaparte hesitated for a moment, then spoke again, "Can you guarantee it won’t cause large-scale upheaval!"

"Of course!" Achille Fuld assuredly replied to Jerome Bonaparte.

"Alright! Do as you say!" Jerome Bonaparte decided to let Achille Fuld proceed.

"However, do not let those rats in the sewer (referring to the Republican Party) know the truth!

Otherwise, they won’t be able to hold themselves back."

"Understood, Your Majesty!" Achille Fuld answered.

Afterwards, Achille Fuld reported to Jerome Bonaparte on the expenditures related to education, healthcare, and the infrastructure of each Province and the construction of the colonies.

The other expenditures were relatively unsurprising compared to the previous ones. 𝐟𝚛𝕖𝚎𝕨𝗲𝐛𝚗𝐨𝐯𝐞𝕝.𝐜𝗼𝗺

However, there were still a few items that made Jerome Bonaparte feel somewhat overspent.

Once Achille Fuld finished speaking, Jerome Bonaparte spoke again, "What’s going on with Algeria?

Their expenditure (nearly 40 million francs annually) is larger than the civil expenditures of two Provinces. Our government established in Algeria doesn’t seem to need to bear military expenditures!"

Achille Fuld tactfully informed Jerome Bonaparte that the increase in Algeria’s spending was largely due to two reasons.

One aspect is the increased number of immigrants residing in Algeria, with the government alone relocating around 100,000 people from Russia, Croatia, and the Italian Region.

Not to mention those who voluntarily want to try their luck in Algeria.

By the end of 1858, the entire number of immigrants in Algeria had reached 400,000,

If adding the originally stationed over 80,000 troops in Algeria, the number of immigrants in Algeria neared half a million.

According to the population census conducted by France in 1857 (mainly surveying the coastal regions), Algeria’s total population was only about 2.5 to 3 million, meaning the number of immigrants was equivalent to one-sixth of Algeria’s native residents.

Excessive immigration inevitably leads to conflicts, and such conflicts increase the cost of maintaining stability.

The other aspect is related to the military, as the Governor of Algeria is not only the highest military official but also the highest civil official in Algeria.

The money allocated by the Ministry of Finance to the government of Algeria is only partly used for civil matters, and the rest is entirely spent on the military.

Jerome Bonaparte remained silent for a moment before responding, "I will handle it with the Governor of Montauban!"

After Achille Fuld reported all expenditures, Jerome Bonaparte shifted his focus to the trade of imports and exports in the Empire.

"Is the Empire’s iron ore still imported from Sweden?" Jerome Bonaparte pointed to the tariffs on iron ore in the documents, asking Achille Fuld.

"Yes, Your Majesty!" Achille Fuld replied to Jerome Bonaparte, "The iron ore in our coastal regions is all imported high-quality iron ore from the Kingdom of Sweden, and the coal is transported from the Kingdom of Britain!"

"What about the coal from Alsace and Lorraine Region? Is it also transported from Britain?" Jerome Bonaparte inquired again.

"No! Most of the coal used in the Alsace Region is mined in Saar and then transported to Alsace via railway!" Achille Fuld explained to Jerome Bonaparte.

"I see!" Jerome Bonaparte nodded, browsing through the materials again.

Awhile later, Jerome Bonaparte discovered in the export trade section that the quantity of textile exports from the French Empire in 1858 was unusually less than in 1857.

To know, 1857 was the year of the economic crisis, reasoning that 1858’s export volume should be higher than 1857.

"Why has our textile export seen a decline?" Jerome Bonaparte asked Achille Fuld.

Achille Fuld respectfully told Jerome Bonaparte that the slip in textile exports was due to the increased price of cotton in the international market, not the Empire’s problem.

The rise in cotton prices naturally ties to the economic crisis in the United States.

Achille Fuld further informed Jerome Bonaparte that the French Empire needed to consume nearly 200 million pounds of cotton, 90% of which was imported from the United States of America.

"In other words, should the United States of America undergo significant changes, our textile industry would face a shortage of cotton!!"

Jerome Bonaparte knit his brows tightly, his tone revealing a hint of agitation.