The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-02-18

Of 1850 exceeded that OF ls4s BY 81 800 o.. AM
IN % o. this s.
venues Of ls46 and 1857 It does not ID ear from B
neaus H.smsnt vhsthsr or not the highest amount
for BY angular oversight In pspsr purporting to be
sta ment Of the financial year 1853 the writer nowhere
has .s a
With indicating the continuance Of the improvement
wsch has gone on with less rspdity since
Iy ffom other edaoiL sources this informstloa.
The isvense OF o. II 1883 vas, xhsn 1t Was voted,
mate las been ssssedsd By "a Ooo eoo, which makes
an aotml Of ISIS 3o4 zal The sctua revenue Of
ls47 va sso scs 9csf The present revenue h there
year Of Lons Phpps rNgn Such 10 the rssalt Of the
extraord nsy and elasticity Of the pu ohs
gone through sss than three Of the ssvsrsst financial
trails to which any State was ever exposed In 1914
France wn drained BY the ccnsequenoes Of defeat and
every ration Of the continent avenged on her the ouagss
and exortons Napoleon had successfully inflicted on
In 1880 the HnAnoes which ths Of the
storation hac most ably scrains.sed sgaE over
thrown. In 1S48 tho convulsion was more sud On ana
more terrible for tho storm broke the ncondAy OF sp
parent prcepe every interest In tne country bowed
10 the baAt Five more yesra have alnot suEicsd to
repair that evil and arm ind ed bs tbs credit that
country which bias wthstood saoh eonvusons those
TO- sDd 1. has probably bsn Published in order check
he .ntsns TO Oppression nov psrosp.ibs in French
hs resources Il the oouptry it would be entirely mia
d eec for We hAvs doubt the French treasury will
ale means TO meet any circumstances that m y ARISE
iu' we have long since remarked that impulse hal
besn given France to excessive private apsoulstion by
proesirg to substitute facilities Of credit
Tor real wealth. and that In l probability many Of these
bubbles would, at distant period collapse and vanish
The persons 10 these questionable
are Of course the nt sIsr by the present political
apsct Of Europe and the TO protest against
which msy hasten BY fe months their ruin Thsss "A.
% are the insects Of .snsy d.y. and on ths rst
their undertakings may throw gloom over the
commercial worIc and much private smbarrsss-
"a IN
the countP the finances Of the State be seriously
affected BY such disas ems, even II they The
which accompanies the high price OF provisions would
try The cuncnefs Of such schemes without any
to the chances Of and the political difficulties the
time are probably not The principal the dc
sion complained Of abroad Ia trade but the credit Of the
nation is comparatively untouched BY these iacdsnts
sources Of snos s place her 81 the head Of the
nations Of contns ntA Europs.
Issue OF IN IneonvertibIe Currency In Russia.
From the London Economist JAa. 40
said that tbs Russ,n government have dstsrminsd
-, Of the e1psn.ss And We have reason to BE-
Heve hath report s substantially true. 1t u, mne
T ID WIN sns psoy o. Ksss
which she was Engaged during the sts part of the last
and ths commencement Of the present century WAS In
instructive isquiry, and one which may prove Of great
benefit to these engaged any in tas ads Of Rus
STA mine What sueh Issues of paper money led 70
in former tmes ard to which they sgsin sai II
ip Ns doubt nothing can be more tem ptipg
to soysrumsn, Ii.e.d in great financial scultiss than
to ex,rcAte ITSELF by tAsy the manufacture
Of paper orey and thersiors is not to bs wondered ct
If csapotc govsrnn cnt a gether beyond the iGauence
In Of await itself Of such ready means
Of raising funds Bat let what formerly hap
represents silver coin varies from 3,d 70 4od British
money sceorcDg to the sxoharges In order to meet the
exss nees Of tho State expendi excessive the
M cf tLeso notes In former times that their value IN
exchange with England represented not 3d. but sank
hy sesoy and regular sr.dston IS ono fresh issue
trceesdsd another, to o0i., to 24d to ISL ana finally
TO lohd and for many years the roubls instead OF
rrrtcprs in rinric value Of 3sd zod, circulated
for lcKd to l1Kd. OF course Il unnecessary to say
in the Il statement that preliminary step
to thoe xJsvsgAnt and forced issues, the notes
Declared 10 be ,nccnvertbls except 1t the will Of the
msnt FOR II he had, the lo.ss would have been 70
turned ss fast - they were issusd In excess, and
amount Of roubIe notes 10 circulation ia RussIa,
prior 10 ls4o constituted public esbs Of the govern
then. e rss s:. S L.
have STATED to ascus I'D ,, sn imperial .asito sss
1ss Of Jsn1sy iese ~ su,unt of notes tea
10 cifcustits should be dsened By roubs notes to
h der nIo silver In the full amount OF ssd bat that for
every Of suoh notes shoud be received
and balf Of the old note, should be delivered up; and
thus large debt Was Iqudated b. payment OF 2s per
cent Of the amount. Snce lS40 the currency Of Ru
has been most satisfactory footing The netes
have been quired their convertiby has been strictly
preserved by proper reservs OF Specie locked up In ths
foIrefses Of Sc Peters AND ST. Pau under the ard
suterin,enesnce Of . ixed board Of mans cement eom
pofed OF government bank officers and eminent
appointed for the purpose In 164o the bullion 10 hoss
ftrreeees bad reached the amoap OF ft9 Geo 000 but
shortly after that date OF 5 00c 90 withdrawn
and appropriated 10 inveiment England and France
shieh has SINGS betn otherwise dispoeed Of What
snount tipues in those vaults ia known bat
there In 10 believe II ha- been further reduced
Neverrhsl@s the sum Remaining hss proved ample for
Al ia nnds in
the cs ulaon has notAtry been In ofthe actual
itquiremspts nf the country But conss proposal
TIE arft place. certsia that existing
culaton Is sufficient for al the purposes OF
rbo .rcpiop cop9s Of these so,ss and .itboat sne
coin cling herewith H. then, tbs Emperor OF
Rueta has determined to dsfray his xpendiure by
The issue OF notes the frat thing that will be necessary
will be TO make them spoonyertiS II NOT they will 20
bssk upon the bank for payment fast as thor Is
iu.d and he might just veil the bullion in
at But the scheme s that they sha bs
vsrtite oTmerIy and 60 Geo ot0 bio notes about
COO TO be added 70 the circulation o.
depreciation will rapidly take pAcs the rouoie will
sgsin TO in the place Of 3Sd 40i
only Sod less just these ISSUE may be made 10
selves probation proceeds the creditor must usrat
every step sUd the debtor being In the position
l . I % so .na
Win happen, yet skirg the aggregate Of the whole, what
p,rton o-es another win gain 1t viii prove easy
far ss the government is concerned, It VIII bs ths
largest g.irer but regarding the loss Inflicted
- the iisht Of tax IMPOSED i.r IL. war. This is. ho.
ever qutston which leave to be settle. between
the Gar ana his own suej.ets Bat 50 sr - regards
foresners the is very different, ant offers, fortu
natsiy an ea,y means by which they may protect them
selves aesnst o. Prom the ment that Russia adopts
this step foreign merchants having tansActions with
Russian subjects should invariably conduct their business
the Of the currency OF their o,untry
in place q tina, Of Rts,; .ns sPus.e to be p.i In bis
No matter then how low the exchange may fall 10 Rus