Holy Roman Empire

The continuous victories on the African battlefield did not keep the French happy for long. Defeating the rebel army did not mean the end of troubles, as dealing with the aftermath was the real challenge.

Regardless of the soldiers who had fled to the countryside, the Egypt Area was already devastated. The French immigrants who had survived the ordeal all ran to the cities to escape disaster, so there was nothing much to worry about there.

However, the overflowing Nile River could not be ignored. It was the dry season now, so the destructive power was not too astonishing.

If the river channels are not cleared in time, by the time the flood season arrives, including the most fertile Delta Region, the Nile River banks should not expect any crop yield.

Looking at the Egyptian reconstruction plan in his hand, Napoleon IV's face darkened, and even the good news of frontline troops crushing the main forces of the rebels could not bring him any comfort.

"Why do we have to spend so much money?"

Napoleon IV, who had seen major events, would naturally be moved by no small figure.

The post-war reconstruction plan in Egypt was nearing one fifth of the cost of the civil war reconstruction plan in France, requiring an investment of several billion francs.

This is just a colony, not the mainland. Such a huge cost could only restore the social order in Egypt, without speaking of any real significant development.

The newly appointed Prime Minister Terence Burke hurriedly explained, "Your Majesty, the rebels went too far.

The Nile River, Egypt's largest river, had suffered catastrophic damage, with the river channel being blocked in over a hundred places, creating seventy-three large and small barrier lakes.

The severe blockages of the river channels caused continuous flooding on both banks, damaging many farmlands along the Nile River.

Just clearing the river channels would cost hundreds of millions of francs, and even more investment is needed to restore these farmlands.

Due to the war, small towns and plantations in the Egypt Area were all disastrously hit, destroying the local economy.

This impact has put several domestic agricultural insurance companies into crisis, needing government bailout.

The capital owners, plantation owners, and ordinary immigrants in the Egypt Area, who suffered heavy losses, all needed government financial assistance.

Beyond that, the largest expenditure was in providing relief for refugees.

An incomplete statistic indicated that two out of every three people in the Egypt Area were refugees, with the total number possibly exceeding two million.

If these issues are not addressed, the situation in Egypt will be hard to stabilize.

The government included these necessary expenses, along with post-war military expenses to maintain local stability, all into the post-war reconstruction funds."

Hearing this explanation, Napoleon IV still did not feel consoled. No matter the reason, it couldn't change the fact that money still needed to be spent.

Before Napoleon IV could respond, Finance Minister Roy Vernon interjected, "This is impossible!

Egypt is just a colony, no matter its importance; it's not worth such a high cost.

The government's financial resources are limited, and we have more meaningful things to do; we cannot waste precious funds."

This was the harsh truth—the French government indeed had no money. Influenced by the Egyptian rebellion, the French economy suffered huge losses, and fiscal revenues also declined.

Revenues had decreased, but fiscal expenditures had not been reduced, especially when military spending had significantly increased.

Not long ago, the Paris Government had initiated a large farm plan, planning over a hundred farms in areas like French Algeria, Morocco, and Tunisia.

Currently, one-third of the farm projects had started construction, with some farms already having completed land leveling and preparing for spring planting.

These achievements were all funded by money. Without any surprises, all the farm projects were funded by the government.

As for private capital?

Unfortunately, those plantation owners in Egypt, who were the most enthusiastic representatives of agriculture in France, were now busy licking their wounds, none daring to throw money into the bottomless pit of agriculture.

Prime Minister Terence Burke glared angrily, "It has to be done whether we like it or not! Other projects can be deferred, but the Nile River must be cleared as soon as possible.

This year's agriculture in the Egypt Area is less than one-third of a normal year, with the autumn grain harvest along the Nile River almost completely failing.

According to estimates by the colonial government, the population in the Egypt Area has decreased by at least a quarter due to war, famine, and disease.

If the river channels are not cleared before May, next year's grain supply along the Nile River will fail again, prolonging the famine for another year.

Once this happens, the situation in Egypt, which has just begun to stabilize, will fall into chaos again.

By the time this is over, whether even a third of the local population remains is uncertain.

Without enough people, there is no sufficient workforce; what will happen to our cotton plantations?"

Having just suffered from an insufficient supply of cotton, a large group of cotton textile industry capitalists were now urging the government to stabilize the situation quickly to resume production.

You could see from the protesting crowds outside, seven or eight out of ten were workers from the cotton textile industry chain.

Because of insufficient raw material supplies, most factories could not operate normally. If businesses are struggling, the workers' days are even worse.

Terence Burke might not care about the lives of the Egyptian people, but he had to consider the consequences of a labor shortage.

Now, French Egypt also includes half of Sudan, covering an area of two million square kilometers.

However, in such a vast territory, including the native tribes living in deep mountains and dense forests, there are less than five million people.

These numbers were from before the outbreak of the rebellion. If three and a half million people survived once the situation stabilized, that would be considered a blessing from God.

If the famine continued, it wouldn't be a dream to see a thousand miles uninhabited. After all, the fertile land of Egypt was only in the Nile Delta, the rest being mostly desert.

Regrettably, relying on hunting and gathering wild fruits for survival was a misguided scenario, as most North African countries lacked such capabilities.

Whether it was clearing the river channels, helping plantation owners resume production, or repairing damaged towns, a large workforce was needed.

Essentially, these projects were relief efforts meant to prevent local people from starving, ensuring the continuation of cheap labor for exploitation.

After clarifying the severity of the consequences, Napoleon IV could no longer remain passive. With heavy industry struggling to recover, France couldn't afford to be without cotton fields.

"The work of clearing the river channels must begin as soon as possible. Order the troops at the front to speed up. We cannot let the rebel army continue to destroy the upstream channels.

The national bank should provide low-interest loans to plantation owners to help them resume production quickly. The farms initially planned in the Nile Delta region also need to be activated immediately.

Send a telegram to the colonial government to distribute some relief food. We can't let the local people starve to death."

In a way, Napoleon IV was truly struggling. Although he was a second-generation emperor, destined from birth, he inherited a tremendous mess.

Napoleon III enjoyed a smooth and glorious reign, eventually earning the title of "the Great," but he left all the aftermath to Napoleon IV.

The massive debts, complex ethnic conflicts, declining economy, and a ridiculed international relationship were all suddenly exposed.

In such dire conditions, being able to stabilize the situation and prevent France from collapsing, Napoleon IV was already among the top monarchs of his time.

Whether it was the African development plan or the current large farm plan, all were measures taken by Napoleon IV to try and reverse the decline of France.

Unfortunately, time waits for no one, and his competitors continually added to his troubles, never giving France a chance to turn things around.

The African development plan met with a man-made economic crisis and even sparked a civil war, with a predictable end.

This large farm plan was conceived amidst war. Originally, Napoleon IV had high hopes for it, especially since it targeted the vulnerabilities of Russia and Austria.

However, plans do not change as quickly as situations do, and just as the government began implementing it, they ran out of money.

After pausing for a moment, Napoleon IV added, "The Ministry of Finance will issue fifty billion francs in government bonds to raise funds."

Just mentioning fifty billion francs, even though the French Empire is much larger now than in the same period historically, still symbolizes an astronomical figure, equivalent to the French government's total annual revenue.

Upon hearing this news, Finance Minister Roy Vernon was completely stunned; he even doubted whether there was something wrong with his ears.

In recent years, the French government's debt had skyrocketed, fast approaching exceeding two hundred and fifty billion francs. Issuing another fifty billion in bonds would break three hundred billion.

"Your Majesty, even if we disregard the government's financial pressure and do not consider the issue of fund interest, and even ignore the aftermath of monetary tightening, the Ministry of Finance would still not be able to complete this fundraising task.

In recent years, the government has issued a massive amount of bonds, absorbing a large amount of idle capital from the market. In the short term, it is simply not possible to raise so much money from the domestic financial market."

In the era of the gold standard, due to the limitation of gold reserves, the amount of currency issued by each country was extremely limited.

Gold-producing countries like Anglo-Austria were better off. Their substantial gold reserves and the market's confidence in them allowed them to leverage more.

Even if they printed a bit more money, the British Pound and Divine Shield, as international currencies, could be absorbed by international markets, and playing it not too excessively would not affect their value.

However, France as a gold-importing country could not do this. If the ratio of currency issuance to gold reserves wasn't controlled well, it was easy for international hot money to take advantage of.

The French had already personally experienced it once. Before the financial storm, the French government had played high leverage along with Anglo-Austria, and the Franc even played a significant role in the international currency settlement system.

Unfortunately, the French government's gold reserves were insufficient to handle a bank run, and the Franc's international status was knocked down overnight.

Napoleon IV asked, "If domestic options are insufficient, isn't there still the international market?

I remember that Austria once issued bonds across Europe and obtained a large amount of funds.

It was precisely by raising funds from the international market that Austria completed its industrial revolution and revived once again."

Finance Minister Roy Vernon shook his head, "Your Majesty, we are not the same as Austria, and the current international situation is also different from back then.

What the Austrian government could do does not mean we can do the same. At least we can't deal with the political interventions of other countries."

Borrowing money these days is not easy. International loans all come with attached conditions, and issuing international bonds is no exception.

When Austria financed a huge amount of bonds through the European world, besides the Vienna Government providing sufficient collateral, a conducive international environment was even more crucial.

The agreements Austria reached with European nations were mostly made at that time. After a series of secret agreements, their relations with European countries were nearly allies.

With good relations, naturally, nobody would strangle them financially. But for the French government, it wouldn't work. It's likely that before the bonds even went on sale in various countries' markets, political interference would arise.

The issue landed in the Department of Foreign Affairs. Under Napoleon IV's expectant gaze, Foreign Minister Karl Chardlets bowed his head in submission.