I have already indicated that, since the entry of Fould in the Ministry, that portion of the commercial bourgeoisie that had enjoyed the lion's share in Louis Philippe's reign, to-wit, the aristocracy of finance, had become Bonapartist. Fould not only represented Bonaparte's interests at the Bourse, he represented also the interests of the Bourse with Bonaparte. A passage from the London "Economist," the European organ of the aristocracy of finance, described most strikingly the attitude of this class. In its issue of February 1, 1851, its Paris correspondent writes: "Now we have it stated from numerous quarters that France wishes above all things for repose. The President declares it in his message to the Legislative Assembly; it is echoed from the tribune; it is asserted in the journals; it is announced from the pulpit; it is demonstrated by the sensitiveness of the public funds at the least prospect of disturbance, and their firmness the instant it is made manifest that the Executive is far superior in wisdom and power to the factious ex-officials of all former governments."
In its issue of November 29, 1851, the "Economist" declares editorially:
"The President is now recognized as the guardian of order on every Stock Exchange of Europe." Accordingly, the Aristocracy of Finance condemned the parliamentary strife of the party of Order with the Executive as a "disturbance of order," and hailed every victory of the President over its reputed representatives as a "victory of order." Under "aristocracy of finance" must not, however, be understood merely the large bond negotiators and speculators in government securities, of whom it may be readily understood that their interests and the interests of the Government coincide. The whole modern money trade, the whole banking industry, is most intimately interwoven with the public credit. Part of their business capital requires to be invested in interest-bearing government securities that are promptly convertible into money; their deposits, i. e., the capital placed at their disposal and by them distributed among merchants and industrial establishments, flow partly out of the dividends on government securities. The whole money market, together with the priests of this market, is part and parcel of this "aristocracy of finance" at every epoch when the stability of the government is to them synonymous with "Moses and his prophets." This is so even before things have reached the present stage when every deluge threatens to carry away the old governments themselves.
But the industrial Bourgeoisie also, in its fanaticism for order, was annoyed at the quarrels of the Parliamentary party of Order with the Executive. Thiers, Anglas, Sainte Beuve, etc., received, after their vote of January 18, on the occasion of the discharge of Changarnier, public reprimands from their constituencies, located in the industrial districts, branding their coalition with the Mountain as an act of high treason to the cause of order. Although, true enough, the boastful, vexatious and petty intrigues, through which the struggle of the party of Order with the President manifested itself, deserved no better reception, yet notwithstanding, this bourgeois party, that expects of its representatives to allow the military power to pass without resistance out of the hands of their own Parliament into those of an adventurous Pretender, is not worth even the intrigues that were wasted in its behalf. It showed that the struggle for the maintenance of their public interests, of their class interests, of their political power only incommoded and displeased them, as a disturbance of their private business.
The bourgeois dignitaries of the provincial towns, the magistrates, commercial judges, etc., with hardly any exception, received Bonaparte everywhere on his excursions in the most servile manner, even when, as in Dijon, he attacked the National Assembly and especially the party of Order without reserve.
Business being brisk, as still at the beginning of 1851, the commercial bourgeoisie stormed against every Parliamentary strife, lest business be put out of temper. Business being dull, as from the end of February, 1851, on, the bourgeoisie accused the Parliamentary strifes as the cause of the stand-still, and clamored for quiet in order that business may revive. The debates on revision fell just in the bad times. Seeing the question now was the to be or not to be of the existing form of government, the bourgeoisie felt itself all the more justified in demanding of its Representatives that they put an end to this tormenting provisional status, and preserve the "status quo." This was no contradiction. By putting an end to the provisional status, it understood its continuance, the indefinite putting off of the moment when a final decision had to be arrived at. The "status quo" could be preserved in only one of two ways: either by the prolongation of Bonaparte's term of office or by his constitutional withdrawal and the election of Cavaignac. A part of the bourgeoisie preferred the latter solution, and knew no better advice to give their Representatives than to be silent, to avoid the burning point. If their Representatives did not speak, so argued they, Bonaparte would not act. They desired an ostrich Parliament that would hide its head, in order not to be seen.
