The republic., 1851-10-27
FINANCIAL EMBARRAssMENTs OF Euro.
PEAN POWERS.
[Abridgedfr he London Times, Oci. 7M.l


There can be no stronger proof of the exceptional
and precarious state OF Europe than the almost uni
versal financial eubarrassments of the continen tai
powers. With the exception Of Holland, whose
budget for 1852 displays surplus of upwards OF
three million horins over the actual expenditure,
and this country, where the public revenue has un-
dergone the largest amount of reductions without
diminishing The resources of the State, il may be
doubted whether there be any government In Eu-
rope not living beyond ts means; and although the
world is at peace, with extraordinary catses to
exhaust the public purse except the dread of revo-
luton the passion for vast industrial specula-
tons, the revenues of foreign nations every
where strained TO the highest pitch OF taxation,
and continual appeals made to credit to sup
port structure which rests upon this unsound
foundation. If we remember rightly, it was
the French republic that began the series Of
loans which have followed each other with ra
pidity only known before in the height of war,
and then only known TO the people of this country.
who backed the bills of every class OF their allies
The revolution Of 1913 found France in position
of financial tension, relying on the continuance oil
the prosperity she had enjoyed for the preceding
ten years. When that prosperity was abruptly
interrupted, the liquidation of her outstanding en-
gagements could only be met, and was met only
in part, by an enormous extraordinary contrlDu-
tion loan the credit OF the repuohc
was somewhat restored, and a constant augmenta
ton OF the floating debt, which IS still going on
France was followed by Russia, and the Russian
loan has proved the only OF these recent specu-
lations which found much favor with the capital
lists OF this country because It's OBJECT
and its amount small in comparison to the resour-
ces of the empire. The lesser States, which had
been actively engaged in war-Sardinia by her own
folly, and Denmark by the folly of her assailants-
were the candidates for relief, and their wants
were likewise supplied on not unfavorable terms
The Pope compelled, on his return to Rome, to
throw himself on the mercy of the Jews and Oh
tanned with difficulty sum sufficient to buy up
the spurious notes of the Roman republic, and to
put few bajoccii in circulation in the Holy CITY
Prussia had flung away thirty millions OF dollars
on absurd bravado; and though her finances at e
| still in better condition than those OF many OF
her neghbors, from the care with which they had
been administered in former years, the efnclency
of her army, the value of her paper currency, and
the continuance of her public works, depend main
ly on the credit ehe may hnd either OF nome or
abroad. Austria had been laboring throughout
the present century with all the evils OF hnanclai
embarrassment-an inadequate revenue, vltlat-
ed and deprecated currency, and system OF tax
alton at once oppressive to the people and unpro-
ductive to the State. The consequence ls, mat
eight millions sterling are now urgently required
to carry the service OF the empire, thouBn, IN
spite Of the exertons of the finance department and
the Vienna bankers, not much more than hall TINS
money is at present forthcoming. ~
MANY circumstances have copsplred TO facilitate
these financial operations which would have aP-
peared impossible at any former period Money
has been abundant during the greater part OF the
time, at least since the continent recovered
from the first shock Of the revolution and tne
first dread of general war The Doneyed interest," is
80 closely united in all parts of Europe by the IN
tercourse of long peace, that although the DOT
rowers consist of every race and government On
the continent, they may be SAID 10 pahk WIN '.e
same firm; and the amount OF capital engaged In
this manner is already so large that the leaoinS
houses by whom these advances have pecn mace
are compelled, in self-defence, rU tiiaKe iui a e
sacrifices to avoid catastrophe by wii,-
would be the chief sufferers. The same machinery
is in fact applied to the of liberty and the
cause of absoutism-o dethrone sovereign In
one place, or to restore him in another; and as
pecuniary resources the indispensable condl-
lions of all these undertakings the political opera
tions called upon to witness rest, IN
great measure, means of action foreign TO the
country in which they occur-a circumstance
which tends to make governments independent oil
public opinion in the countries they govern, as
long as they retain any credit abroad.
But though governments may borrow money,
and capitalists may advance it, if these operations
are any thing more than fictitious contracts or
stock jobbng bargains, the nation itself, In whose
name they are made, finds itself permanently en-
the evil of the day. Under circumstances of far
| lees gravity than those now impending over Eu-
| rope, what incalculable sums have been lost by
| British bondhoders, from the rashness and mis-
placed liberality with which loans advanced a
| few years back to every State then struggling Tor
| independence or constitutional government. Inc
reiterated demands OF the more absolute powers Tor
money to keep up their system OF military defence
| against the revolution, are, the face of them,
| lees worthy of confidence, since they hnd them
| selves engaged in this struggle at q time when
| their ordinary revenues were already compietely
| appropriated, and they have found no means to i'm
| prove their bona tide resources.
| 1t is impossible to witness this state OF things,
| which exists but too extensively over the CONT
nent, without arriving at the conclusion that gov
| ernments, relying for their existence such ex-
trinsic aupport, contain within themselves prin-
! ciple of destruction During war such efforts and
sacrifices may be, and, indeed must be made; ou'
| every war is carried on with the hope that each
| campaign will be the last, that each successive
loan will enable the belligerents to bring the con
test to a close, and that the balance of the pubic
finances will again be restored. 1t is not so when
war is smothered in the heart OF the people, and
governments are in arms against vast bodies o.
their subjects. Nay, the very causes OF tha
hostility, and the elements of popular discomfort
are continually aggravated by the means thus EN-
ployed to repress them; and this avalanche OF deb
| must one day crush those who roll 1t along.