Make France Great Again-Chapter 939 - 930: Ossman’s Resignation

After Isaac Pereire left the study, Jerome Bonaparte once again picked up the report written by Achille Fuld and continued reading.

Ranking right below Isaac Pereire was the use of the City Government’s meager fifty million francs by the Governor of Seine Province to create the Paris City Bank and the Seine Province Construction Bank.

At present, both banks are shouldering debts of a hundred million francs each.

If the two banks were to merge, their liabilities would undoubtedly make them rank first.

According to Achille Fuld’s report, the debts of the City Bank and Construction Bank are continuously expanding, expected to reach three hundred million francs by 1858.

Such enormous liabilities are equivalent to almost two years’ fiscal revenue of the entire Seine Province (excluding expenditures, it’s equivalent to nearly 10 years’ fiscal surplus of the entire Province).

The reason these two banks are burdened with massive debts is entirely due to George Ossman’s Paris renewal plan.

Among the already existing 200 million franc debts, the majority has been used in the acquisition of houses in the old districts.

The acquisition process is carried out by the City Bank and Construction Bank representing the Seine Province Government, negotiating with Parisians for reasonable purchase or exchange of their land, and then reselling it to those in need.

If planned properly, such land transactions would not only free the government from foreign debt but would also earn a tidy profit.

However, to swiftly complete his grand blueprint, George Ossman chose to widely acquire land in Paris and its nearby suburbs, and then sell the land at a price 30% higher than the acquisition cost, while lending the proceeds to a seasoned developer, thereby creating massive debts for the City Bank.

At present, the City Bank and Construction Bank hold only land and developer debts.

If the land cannot be liquidated or the developer goes bankrupt, then these two banks have only one route: bankruptcy.

At worst, the entire fiscal situation of Seine Province might be implicated by George Ossman.

After reviewing the liabilities of these two banks, Jerome Bonaparte instantly felt a wave of headache.

On the issue of Paris’s urban renewal costs, although Jerome Bonaparte already had a psychological expectation, upon seeing the enormous debts, he inevitably thought about slowing down slightly.

Huge debts are never a good thing for a city; he fears Paris might not become an international metropolis but instead become infamous as a city with significant debts.

According to the current situation Jerome Bonaparte knows (excluding similar cases like the Paris City Bank hiding debts), the overall spending on Paris’s urban renewal has reached nearly one billion francs.

Despite the urban renewal’s obvious effects, where the main thoroughfares of Paris’s main districts have been completely refurbished, and department stores, hotels, lodging facilities have updated enticingly attracting a considerable number of people to visit and spend, thereby boosting Paris’s fiscal income, yet the nearly billion franc investment seems a bit excessive.

This equivalence to almost one-third of France’s annual revenue has been invested, which is quite terrifying.

Despite that, the renovation of Paris is only halfway complete.

To truly achieve successful transformation, at least another billion will have to be invested.

Not to mention, post-completion maintenance which also involves a significant figure.

However, in all fairness, George Ossman is indeed a remarkably capable Governor for Seine Province.

Using less than two hundred million in startup funds to accomplish construction requiring ten billion francs, at this point in time, Seine Province can still operate smoothly. It’s not an exaggeration to say Baron Ossman would be fully capable of serving as the Empire’s Minister of Finance.

Although Jerome Bonaparte continues to appreciate George Ossman, this does not mean he agrees with all of George Ossman’s approaches.

Particularly with an impending economic crisis, Jerome Bonaparte must make George Ossman slow down appropriately.

Firstly, it’s to grant George Ossman a leave. Since becoming Governor, George Ossman has seldom taken a holiday. Secondly, it’s to provide Achille Fuld with an explanation.

After all, he is still preparing to have the Bank of France appropriately relieve the Seine Province Government.

If Achille Fuld is unwilling to cooperate, then Jerome Bonaparte might have to make quite an effort.

Thus, Jerome Bonaparte once more summoned Bashirio, instructing him to swiftly go to the Seine Province City Hall and fetch George Ossman.

Complying with Jerome Bonaparte’s order, Bashirio left, and twenty minutes later, George Ossman appeared before Jerome Bonaparte, slightly anxious, and responded with, "Your Majesty!"

He likewise understood the reason Jerome Bonaparte had summoned him.

"Baron George Ossman!" Jerome Bonaparte did not address him by his official position but signaled closeness by using his noble title, "How long have you been in the position of Governor of Seine Province!"

"Your Majesty, it’s almost 7 years!" George Ossman replied respectfully.

"7 years! How quickly time flies!" Jerome Bonaparte placed his hand on his thigh and said with emotion, "One can only have a dozen or so seven-year periods in life.

These seven years, you have devoted all of your energy to Seine Province, it’s truly commendable!"

Baron George Ossman listened, and the more he heard, the more flustered he became.

The Emperor’s tone seemed like a farewell message, could it be that the Emperor was going to dismiss him?

"Your Majesty, it is my utmost honor to serve the Empire and you!" George Ossman hurriedly expressed his loyalty, hoping not to be moved from his position as Governor of Seine Province.

"George, right now there’s only the two of us here, you don’t need to make flattering remarks!" Jerome Bonaparte said with a slight smile, and then his expression became particularly serious as he asked George Ossman, "I just want to ask you now, how much debt has your Seine Province City Hall concealed!"

George Ossman told Jerome Bonaparte truthfully that they had only concealed the debts of the City and Construction Bank.

"Really?" Jerome Bonaparte questioned George Ossman.

"Your Majesty, I can assure you on my family’s honor! Besides the debts of the Paris City Bank and Construction Bank, I haven’t concealed any other debts!" George Ossman responded to Jerome Bonaparte.

"Tell me, how does your Seine Province City Government plan to repay those debts?" Jerome Bonaparte continued to ask George Ossman.

George Ossman told Jerome Bonaparte that all of Seine Province City Government’s debts would be slowly repaid by the government.

"Slowly repaid?" Jerome Bonaparte said leisurely to George Ossman: "Even if your city hall takes out all its finances every year, it would take several years to repay.

Tell me how to repay! Are you planning to have all the Paris City Hall officials live frugally to repay the debts?"

"Your Majesty, we can appropriately increase some taxes..." George Ossman proposed his idea.

He wanted to increase the tax revenues of the city hall by raising taxes.

Jerome Bonaparte widened his eyes, staring at George Ossman, for a moment he suspected that George Ossman before him was a hidden traitor within the depths of the Second Empire.

However, Jerome Bonaparte quickly dismissed the idea himself.

After all, a clever traitor would never suggest such a suicidal proposal as taxing the Parisians.

"George, are you dissatisfied with the Empire being too stable, so that it doesn’t fit your aspirations?" Jerome Bonaparte coldly said to George Ossman.

George Ossman’s face showed a hint of panic, he shook his head and replied to Jerome Bonaparte: "Your Majesty, I’m not..."

"Yet you were just talking about raising taxes!" Jerome Bonaparte said to George Ossman, "Don’t you know what it means to raise taxes in Paris?"

Jerome Bonaparte paused, and continued speaking to himself: "It means a revolt might break out in Seine Province!

At that time, you, I, and most of the ministers in the cabinet will be doomed!

Back then, my uncle, Emperor Napoleon, once said he would rather face an army of enemies than impose taxes on the Parisians!

Do you think you are more courageous than my uncle, or do you understand Paris better than those predecessors of the Great Revolution!"

"I wouldn’t dare!" George Ossman lowered his head and replied to Jerome Bonaparte, he dared not compare himself to Emperor Napoleon.

"Humph!" Jerome Bonaparte snorted again, and then spoke to George Ossman: "George, you’ve worked too long and your mind is somewhat unclear! I think you should take a break during this period and how about serving in the Senate!"

George Ossman’s mind instantly felt like it was hit by an iron hammer, at this moment his mind was blank, and he nearly couldn’t stand firm.

Afterwards, George Ossman showed a bitter smile at the corner of his mouth, still respectfully speaking to Jerome Bonaparte: "As long as Your Majesty orders, I will execute it immediately!"

Seeing the George Ossman who had diligently worked to transform Paris, Jerome Bonaparte couldn’t help but feel sympathy, he spoke again in a kind tone to George Ossman: "George, you are just taking a temporary rest!

When the time is ripe, the position of Governor of Seine Province still belongs to you.

While you are serving in the Senate, the position of substitute Minister of Public Transport and committee membership in the Seine Province City Hall will still be retained for you.

You still have the authority to guide Seine Province!"

Upon hearing Jerome Bonaparte’s arrangements, George Ossman’s heart felt a bit better.

Soon after, George Ossman left Jerome Bonaparte’s study.

Out of remorse, Jerome Bonaparte personally escorted George Ossman to the Tuileries Palace.

After seeing off George Ossman, Jerome Bonaparte ordered Bashirio to call Achille Fuld.

After Achille Fuld arrived, Jerome Bonaparte told Achille Fuld that he hoped the Ministry of Finance and the Bank of France could underwrite the debts of the Seine Province City Hall.

Achille Fuld indicated that Seine Province must first suspend some planned projects, then the Ministry of Finance would be willing to underwrite.