Northern Times.
Liverpool, Merseyside, England, 1859-05-19 00:00:00

strength and
And,

grapher,

compactnes

,ppp.eu

to whatever give

s, money is the sinews of war

strange to say, not one of the three Continental

to be a most 'cosily war, was really possessed of those

sinews, to begin with ; but each has had to borrow
Austria, indeed, has not only to raise the
necessary funds on loan, but she begins the war with

a suspension of cash payments throughout her own
dominions, which comes as near to a confession of
bankruptcy as a great nation can come. Sardinia
has had to borrow before her armaments could be
provided ; and it is expected that more money will
have to be raised immediately, if the war goes on.
And France also has to borrow as much as twenty
millions sterling, which there has been no difliculty
whatever in doing. As we see it remarked, " the

spectacle which the capital of that country has

presented within the

last few days is probably

unexampled in the history of States

The Govern•

ment announced a loan of twenty milliong sterling,
and appealed to the people at large to furnish 'the
same, intimating its willingness to take amounts as
as ten francs. The loan was hardly opened
when the offices were besieged with subscribers ; and
in less than a week we learn that the subscriptions

amounted to three times the sum required." This is
certainly characteristic of France. We very much

question if, at the present moment, anything but a
war could have had the effect of producing so instan-
taneous a practical response to an appeal for so large
a sum of money in that country, pretty well drained
as it was already, for various public purposes.
Then there are neighbouring and neutral Powers,
driven by the force of this war to have recourse also
to the borrowing system. They require to be pre-
pared to stand on the defensive; and to do this, they

must have the sinews of war

The necessary strength

and compactness cannot be given to the precautions
nsable for their protection and defence, with-

indispe

out there are the sinews

Prussia has found. herself

under the nece

ssity of applying to the Chambers for

authority to contract 6. new loan—which has been
readily granted. " The money supplies demanded
by the Government," said the account, " were unani-
mously voted with many expressions -of confidence
and' all the speakers were anti-Napoleonic, and in

favour of German nationalit

—of which German

nationality, more anon. Then there is Russia, too,
driven to the expedient of borrowing, —apply _
a loan of twelve millions sterling, which, however,
she is so far unable to obtain.

Now all this shows ho* much the monied classes
—how much, indeed, the people generc
in their power to put a stop to war, and warlike
preparations, if they would only resolve to withhold
the means. If the belligerent Powers who have
plunged Europe, on this occasion, into all the
horrors of war, had found that they could not raise
the funds that were required for it—that the
sinews of war were not to be obtained they would,
in all probability, have desisted from their criminal
purpose.

-have it

England is a proud exception to this general
borrowing for the purposes of war, and war-like
precautions. There is no idea of our Government
being obliged to come into the market for a
loan. Our regular revenue, augmented, of course,.
to meet the emergency, will be sufficient to answer
all that may be demanded for putting this country
into a complete state of defence,—and nothing more
than this is apprehended." "We cannot hold out to
Our monied men," said a London contemporary, a
day or two since, "the hope that our Government

will descend into the field and compete with their

neighbours on the Continent for a loan. But this is
certain, that the demand for money, which the all-
devouring maw of war creates, will have a corre-
sponding effect upon securities of all kinds whatever.
Our own stocks and railway shares, the market for our
colonial securities, cannot remain tranquil, while all
the money markets on the Continent are in boiling
excitement. There will be plenty of demand for
gold in England, and at remunerative rates. We
put it, therefore, to our men of capital, whether it
would be wise to trust their money in the hands of
those foreign Governments who, tinder the pressure
of war, are making such convulsive efforts to clutch
it, when they can more usefully and safely employ
it at home." One might hope, surely, that a patriotic
feeling would restrain our monied men from lending
their capital for such criminal objects, at so critical
a conjuncture as the present. Self-interest ought
to do it, if public spirit will not, Not only will there,
we are persuaded, be plenty of opportunity ere long
of profitably employing all their money at home, but
their own security in other respects may perchance
depend upon its being forthcoming,
The prospects of Europe are already somewhat
alarming, even in a Aaancial and commercial poi&