The Sun.
London, England, 1856-09-03 00:00:00

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fd‘„- • „,-.01.471.. Am.

LONDON, WEDNESDAY, SEPTEMBER 3, 1856

Russian Finance is a truly interesting subject
in the ♦icinity of Capel Court. Even while we
were engaged in war with the existing Govern-
ment of the country its obligations were kept at
a high price on the Stock Exchange, and it was
obvious that the magnates of the Stock Exchange
—the leading members of the moneyocracy—had
a deep interest in preventing any depreciation in
Muscovite securities. Of course, during the
existence of hostilities, the returns could not be
closely scrutinised. There was a State necessity
that rendered a cooking of accounts venial, if not
justifiable. It was the object of the Autocrat to
show that his resources were not utterly ex-
hausted, and that he could still maintain tha
contest, if driven to sad extremities, and that
safe and honourable terms could not be ob-
tained from the Allied Powers. This un-
toward state of affairs has, however, termi-
nated. Through the combined influence of
Germanism and Imperialism the Autocratic
Buccaneer has been permitted to escape with com-
parative impunity, and still to hold his head erect
amongst the Comity of Nations. We might there •
fore have anticipated that, even at the eleventh
hour, there would have been some appearance of
candour, soma authentic information that might
have satisfied the parties interested in the value
of these securities.

We regret, however, to say that mystification
appears to be the chief object aimed at in the re-
turns which have been so tardily published. We
defy the most experienced actuary to make
" head or tail" of the Russian national balance-
sheet. A mass of figures are put forward, but so
involved, and containing so many contradictions,
that it is impossible to place the slightest reliance
on the results. The report of the Tipperary
B talc, published but a few days before
its bankruptcy, seems to have formed the
model on. which the Russian Ministry
have acted. The moral which the Financial Mi-
nister endeavours to enforce is, that their credit
establishments, notwithstanding the state of the
War, have carried on their operations successfully,
and that public confidence in them remains un-
shaken. It may be so, for while Siberian exile
is recognised but few Russian subjects would dare
to impugn any statement put forward on official
authority, or to hazard inconvenient interrogatories
to the paternal Government.
But it is not merely a paternal Government—
it also assumes an "auricular" character. There
is, it appears, an Imperial Loan Bank, a sort of
Leviathan „ mow, de piete," or pawnbroking
establishment. The notion may be agood, although
not a very dignified one, in a pecuniary point of
view. But, unfortunately, we can form but
very doubtful estimate of the stability of the in-
stitution. The only element in the calculation
that can be relied on is the fearfully-involved
state of the Muscovite owners of land and serf
property—a state that far exceeds in embarrass-
ment that which affected our Irish brethren be-
fore the operations of the Encumbered Estate
Court, changed the condition of the sister king-
dom.

We shall not at present enter into details.
The figures are ioo deeply,
and, we fear, too
designedly, complicated to allow of a correct
judgment being formed on a merely superficial
view. When, however, we find that concealment
is the chief object, that clouds are studiously
raised in order to obscure the result, we may at
least feel doubtful as to the real state of affairs.
In this country, the profits of the pawn,
broking interest 'would scarcely be received as the