Make France Great Again-Chapter 101: The Joint Public-Private Railway Policy

"Next, we’ll quietly wait for the struggle between Prime Minister Barro and the Constitutional Assembly. This struggle is bound to be very exciting!!"

Internally wishing for the Order Party and the Republican Faction of the Mountain Party to be both heavily damaged, Jerome Bonaparte revealed a gloating expression. When two tigers fight, one must die. Once the sick old tiger of the Order Party drives away the two little tigers of the Republican Faction and Mountain Party, Jerome Bonaparte would transform into a tiger-slaying hero and finish off the sick old tiger of the Order Party.

At that time, he would tear some "flesh" from the Order Party and part of the Republican Faction to feed the young tiger of the Bonaparte Faction, which would grow robust and turn into a sharp blade in his hands.

Despite enjoying the show, Jerome Bonaparte did not forget the series of issues he would face in the future. Launching a coup d’état did not signify the end, but rather a new beginning.

Now, he must make some preparations for this new beginning, such as...

Jerome Bonaparte turned his gaze to Mornay and said, "Mr. Mornay, what are your thoughts on railways?"

"Railways?" Mornay was initially taken aback by Jerome Bonaparte’s sudden inquiry. After a long wait, he responded, speaking methodically, "I believe railways are a massive project requiring a significant investment of funds to be constructed! The maintenance costs after construction will be astronomical..."

Mornay continued to discuss his pessimistic view on railways at length, and a trace of disappointment flashed in Jerome Bonaparte’s eyes.

Of course, Jerome Bonaparte did not intend to criticize Mornay’s pessimistic railway policy. From the perspective of future railway experience, railways were undoubtedly a sharp tool to promote a beneficial cycle between rural and urban areas in France; put simply, it expanded France’s domestic circulation.

It must be known that 19th-century France was still an environment with a dual urban-rural divide. Industrial products from cities could not be transported to the countryside for use by rural farmers, and likewise, rural farmers could not transport grain to the big cities. This led to astonishing variances in grain prices across different regions in France.

Particularly in 1847, while Paris was already experiencing a severe bread shortage, flour in regions distant from the Seine Province remained below the French price level line.

Unable to allocate substantial amounts of flour from other provinces to Paris, Guizot attempted to purchase bread from the Tsar. High tariff bread further demoralized Parisian workers, leading to the emergence of the February Revolution.

If one sets aside future railway experience and focuses on the present, Mornay’s pessimistic railway policy is not difficult to understand.

Starting from 1845, Britain’s speculative frenzy spread like a plague over the European Continent. Stock exchanges in London, Paris, Frankfurt, and Brussels saw railway bonds reach new heights. As soon as a new main line was planned, it was introduced as stock in the exchanges. Many people rushed in, buying up securities bonds, inflating the railway bubble amidst frenzied speculation. Finally, in 1847, the Irish Potato Famine broke out, serving as the fuse to detonate the railway bubble. Railway-related bonds fell by about 40% overnight, and the Great Western Bank, holding the most railway bonds, nearly faced bankruptcy.

The explosion of the British railway bubble was like the collapse of the first domino, causing Prussian, Austrian, and French railway companies to go bankrupt in succession, forcing many planned routes to cease operation.

If it weren’t for the long-standing practice of governmental bailouts in France, the entire French railway company would have been wailing.

The railway companies that barely survived last year were still facing a threat of nationalization, and if not for the sudden outbreak of the June Revolution, the railway companies might have needed further government bailouts.

Given the pessimistic outlook on the entire railway industry, Mornay’s pessimistic remarks became understandable.

Understandable as it may be, Jerome Bonaparte still needed to continue implementing the planned content.

When Mornay recounted all the pessimistic railway policies he could muster, Jerome Bonaparte finally spoke: "Mr. Mornay, what you just mentioned is entirely from an economic perspective! From an economic standpoint, building railways is indeed thankless! What if we look at it from a political science perspective?"

"From a political perspective?" Mornay widened his eyes, seemingly not understanding Jerome Bonaparte’s intent.

"Let me put it this way!" Jerome Bonaparte took up the green crystal dip pen placed on the peachwood table and drew a coordinate system on paper; the x-axis marked stability, the y-axis marked employment rate, starting from 0, he drew a 45-degree line. "The stability of Paris depends on its employment rate. Our government, having just undergone two civil wars, is in an extremely unstable phase! If we wish for stability in Paris, we must ensure that the workers in Paris have work to do! Railways happen to be a project that can both boost employment rates and drive upstream and downstream industries to work in concert while being profitable!"

"But we..." Mornay still had his concerns; the crisis in ’47 left a lingering fear in him.

Jerome Bonaparte saw Mornay’s concern, patted his shoulder, and said, "What happened in Britain ultimately resulted from all companies rushing into railways, followed by reckless route planning! As long as we regulate the railway routes and carefully select each company, these difficulties can be eliminated! Don’t forget, our Ministry of Public Works also has a secret force!"

Mornay suddenly recalled that the Ministry of Public Works had a unit known as the Vassal Emperor of Railways—the Road Bridge Unit. These state engineers mainly responsible for railway approvals were not only excellent railway planners but also a bold and aggressive interest group.

Since the first French railway was completed in 1823, the Road Bridge Unit had been at odds with private operators on the issue of railway nationalization in France.

Although they were defeated in 1845, their power had not suffered any loss.

"We can establish a Railway Commission in the Ministry of Public Works to designate qualified companies for stock issuance. Concerning railway freight rates, we can negotiate with the Ministry of Finance..." Jerome Bonaparte introduced the French railway plan from forty years later: "We can also announce that all railways will be presented in the form of public-private partnerships, thus giving citizens peace of mind!"

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