conversion of the five per cent. annuities into three per cents;
that is to say, a reimbursement, to the holders of stock, of their
capital at par, or the reduction of interest. To this great financial
scheme was joined a political measure of equal importance,--indemnity to
the Emigrants, with preparations for carrying it into effect. The two
bills had been discussed and approved in council. On the question of the
septennial renewal of the Chamber of Deputies, M. de Chateaubriand
proposed the reduction of age necessary for electors; he failed in this
object, but still supported the bill. With respect to the conversion
of the funds, the friends of M. de Villele asserted that
M. de Chateaubriand warmly expressed his approbation of the measure, and
was even anxious that, by a previous arrangement with the bankers,
M. de Villele should secure the means of carrying it, as a preface to
that which was intended to heal the most festering wound of the
Revolution.

But the debate in the Chambers soon destroyed the precarious harmony of
the Cabinet. The conversion of the funds was vigorously opposed, not
only by the numerous interests thereby injured, but by the unsatisfied
feeling of the public on a new measure extremely complicated and
ill understood. In both Chambers, the greater portion of
M. de Chateaubriand's friends spoke against the bill; it was said that
he was even hostile to it himself. Some observations were attributed to
him on the imprudence of a measure which no one desired, no public
necessity called for, and was merely an invention of the bankers,
adopted by a Minister of Finance, who hoped to extract reputation from
what might lead to his ruin. "I have often seen," he was accused of
saying, "people break their heads against a wall; but I have never,
until now, seen people build a wall for the express purpose of running
their heads against it." M. de Villele listened to these reports, and
expressed his surprise at them; his supporters inquired into the cause.
Hints were uttered of jealousy, of ambition, of intrigues to depose the
President of the Council, and to occupy his place. When the bill had
passed the Chamber of Deputies, the debate in the Chamber of Peers, and
the part that M. de Chateaubriand would take in it, were looked forward
to with considerable misgivings. He maintained profound silence, not
affording the slightest support; and when the bill was thrown out,
approaching M. de Villele, he said to him,