Spanish and French Relations
From Libertarian Labyrinth
Gustave de Molinari. "Spanish and French Relations. The Independent. October 6. 1898. 949-951
SPANISH AND FRENCH RELATIONS.
BY M. GUSTAVE DE MOLINARI,
EDITOR-IN-CHIEF OF THE "JOURNAL DES ÉCONOMISTES," PARIS.
Is it necessary to state that commercial interests exercise much more influence over the relations of nations with one another than do sentiments of sympathy springing from oneness of race and common Historic souvenirs? And what is true of sympathies is still more true of antipathies between peoples.
The business and financial interests which united France and Spain are, especially as regards the latter country, of considerable importance. The exports of Spain per year amount to from 1,400 to 1,500 millions of francs. Of this sum 350 millions, or nearly a quarter, must be set down to France. On the other hand, France exported last year merchandise to the value of 7,544 millions of francs. The portion of this going to Spain is, of course, much less--but one twenty-second of the total sum. And, I may say in passing, if attention was paid to the demands of our protectionists it would be still less.
Wines are the chief article of export from Spain into France. They amounted last year to ninety-eight millions of francs, to the great displeasure of our viticulturists who keep up a continual cry for the raising of the duty, notwithstanding the fact that these Spanish wines, containing so much alcohol, can be used for purposes of dilution, thus greatly improving native French wines which are by this means more easily exported. But protectionists, at least in France, are not always famous for a knowledge of what is to their advantage.
The financial bonds which unite the two countries are even still stronger than the commercial ones. It is in France that Spain has found most of the capital for which she has had need. This is due, in the first place, to the provident spirit and to the habits of economy which characterize French men, and especially French women, and which make them great producers of capital. Our more prudent Investors prefer to put their savings in French Government securities, and our debt of thirty-six milliards, the largest in the world, affords them ample facility to gratify this preference. But the State debt, the French railway shares, those of the crédit foncier, etc., pay but a low interest, scarcely three per cent. So those of us ready to take more risks are tempted to go in for foreign Investments, and the consequence is that it is estimated that twenty-five milliards of French capital have been consumed in the purchase of the State and railway bonds of Russia, Austria-Hungary, Italy, Spain, Turkey, Egypt, etc.
In what proportion does Spain enter into this total? Our financial statisticians do not agree on this point, as on many others. While M. Raphaël Georges Lévy estimates at five milliards of francs French capital invested in Spain, the editor of the Rentier, M. Alfred Neymarck, places the figures at not more than from two and one-half to three milliards; and I am inclined to think the last statement is nearer right. According to the same authority, these investments are distributed as follows: One to one and a half milliards in Spanish Government bonds, and from one and a half to two milliards in various kinds of investments, almost all the Spanish railroads having been built with French money. These different investments return on an average five per cent., so that French investors draw annually from Spain about 125 to 150 millions of francs.
French capitalists are, therefore, deeply concerned in the re-establishment on a solid [950] basis of the financial and economic life of Spain, At this very moment the question is being agitated of organizing a syndicate for the defense of the interests of the French holders of Spanish securities. The question may be asked whether these bondholders, organized or not, can exert enough influence to decide the French Government to come to the aid of Spain otherwise than by offering her its diplomatic good offices. I very much doubt it even if supported by the popular sympathies for a nation of Latin race.
It is a common thing to exaggerate singularly the political influence of sympathies or antipathies. In the first place, it should be noted that both of these sentiments are essentially fickle and changeable, at least so far as France is concerned. Thus, under the Restoration, we were seized with an extraordinary sympathy for the Greeks. Canaris, Bozzaris and the other heroes of the Grecian War for Independence were exceedingly popular in France and inspired Victor Hugo's "Les Orientales." To-day we are perfectly indifferent to the Greeks, and a short time ago we allowed them to be crushed by the Turks without scruple or remorse. At the time of the July Monarchy the Poles took the place of the Greeks in public favor. After the suppression of the Polish insurrection of 1831 the refugees were received in Paris with open arms. The Government, urged on by popular feeling, even voted them a subsidy; and you can find in the annals of Parliament the petition of a well-meaning individual who asked for office because he was an unfortunate Polish patriot. But when the insurrection of 1863 broke out, the popularity of Poland had considerably diminished, and since the Franco-Russian alliance it has sunk to zero.
It was next the turn of Italian sympathies. The Italian War of 1859 was popular in France. Garibaldi was the hero of the hour, and the return of the victorious army of Solferino called forth an indescribable enthusiasm. But the favor enjoyed by Italy was of short duration. It did not survive the War of 1870; and since the formation of the Triple Alliance it has given place to a spirit of ill-concealed hostility.
It should further be said that since that unfortunate war, the altruistic sentiments of our people have grown considerably weaker. Before that time foreigners were readily looked upon as friends-inferior friends, probably, but friends, nevertheless. About the only exception to this rule was the English nation, with whom was still associated the recollection of Waterloo, not to speak of earlier struggles, and whose pride is naturally antipathetic to French vanity. Since the War of 1870 the Germans have been placed in the same category; but this French hatred of Germany is superficial and accidental, not deeply rooted. There would be a sincere reconciliation between the two nations if the Alsace-Lorraine problem could be solved in a way compatible with French national feeling.
But what is the political value of these sympathies and of these antipathies, and what influence do they exercise on the relations of France with foreign nations? Their value and influence are, if not absolutely null, at least almost infinitesimal. The grand mass of the people of France entertains no friendly feeling for the English--quite the contrary. But a war with England would, nevertheless, be unpopular. Why? Because even if there exist no sentimental bonds between us, we are attached to England by enormous and multiple material interests; because in a total of 3,598 millions of French exportations in 1897, England figured for 1,135 millions--that is far more than a quarter, so that an armed conflict with "Perfidious Albion" would throw out of work more than a million laborers. Such being the real situation, the newspapers, which echo public sentiment, may indulge in very uncomplimentary reflections on the United Kingdom without succeeding in provoking a rupture between the two countries, because trade considerations far outweigh national dislikes, even when of the most inveterate nature, in international relations. And what is true of antipathies holds quite as good in the case of sympathies.
At the beginning of the Spanish-American War the beam of French sympathies tipped decidedly in the direction of Spain. But the weight of material interests certainly did much to right it. The French Government, [951]having a regard, as it was bound to do, for the demands of trade, observed the strictest neutrality throughout the conflict.
Without wishing to say anything displeasing to sentimental minds, should we not rejoice at this predominance of interests over sympathies and antipathies? Commercial ties bind nations together more closely every day, and the hour is not far off when the development of this international bond will assure peace throughout the world.
Paris, France.
