New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-03-22
90, x,r y, ronsi,t, origip., Of Bank bus eI.

rp5ar the F.ress Maria Theresa having amounted -
twelve mlicn forms, the tO'ai sum 81 Bznk ois Is
sued in 1859 amounted TO l0GJ,795,G53 do,lls, tHer
reduction ia yalue having the tine reached us
a1irnum On tie Goth OF February, 1911, the Gov
eminent published patent BY which the Bank bills
7ere altogether Withdrawn from circulation snt re-
dened. thence the naue Redemption notes. at the
rate OF 20 for 10 for new paPer called WteH1 Dr'-
Trre The Government declared this to be the real
money Of the country ard promised that this new .
paper should never be increased beyond the amount
Necessary for exchanging the Dapk bills In May ISL
tie Hieau DShrHng already al a discount OF ; .
rer cent, and Anticipation notes were Issued, so .
called because the proceeds Of part OF the taxes FOR
twelve years anticipated by them. The first ia
sue Of Anticipation notes really amounted to Only !
forty five million forms aud fr their redemption with
in twelve yesrs 40 annual sum OF 315o90 forms was
destined to be taken from the land taxes.
Buin conseq pence Of the new issues Of Anticpl
tion notes quietly followed each other each issue
being attended by reduction Of their value In 1915
tie premium for silver reached tie hight Of 400 per
cent. against the Uien'r EdAruHg. On the first of
June 1sl6 imperial patent appeared declaring
ihat the State would in future never again have
to ncontrovertble paper currency; tha. the
Iaper Eouoy in circulation should be gradually with
drawn snd specie be restored as the standard me-
dunn OF circulation IL order to fulfill these pom
ises tie privileged National Bank was constituted
defDitvely January 18TH 1918 tie State having male
81 arrtrgemeDt with the Bank BY which it pledged
itsClf to redeem the incontroTertibe paper money.
Is late June, 1852 however, We find again the FL
nance Minister announcing IL tie official gazette that,
in IL IRE compulsory loans, extraordinary taxation,
H., rr.t, a. 81 !
luttly excluded; if not exactly at present yet in ID
lure, Austrian Iapor would be cOn7er.ed iuto coin
| without loss and that the lean now coltemplsEed
would be applied to withdraw tie state paper money
ard for tie payment OF tie state debts to the Bank
There can be 10 better proof Of the hollO.ness o.
tueh promises than their periodical occurrence.
At tie time Of Maria Theresa tie Austrian Govern
ront was powerful enough to issue its own bankbs,
txchanceable for specie, and at premium over
silver In ISIS the State in order TO redeem its paper
money Obliee to recur 20 the establishment of
privileged bank the property Of private capitalists VINO
received advantages very burjensOme to the State but
who pledged to tie issue of convertible notes
IL 1854 the Government appeals TO the help of bank
whose paper has become deprecated aud incon
vertibe as that ofthe State itself
Of almost uninterrupted peace and internal tranquility
the frs shock after that long period found her alto
eether upprepared. The insurrecton at Cracow, aud
tie disturbances in Gallcia at the end Of February
1876 augmented the public expenditures by than
100000 compared with 1916. The army expenses
were the principal cause Of this increased outlay
They amounted 10 50G24,120 forms, in 1915, but in
1916 rose 100000 more, while the administrative
expenses Of the Provinces 100000. In 1911 the
commercial crisis and the bad harvest produced
great dinirutioL in the excise revenue, while the
army rose to Ci,G0000O, chiefly in consequence of
troubles in Italy The deficit of that year was 100000
10 l-4e-9 tie revenue OF whole provinces was lost
besides the war expenses in Italy and Hungary La
l5i5 the deficit was 450GO,000 forms, aud in 1919,
12l 10000. State paper of compulsory currency, to
tie cum OF 7G0O0C0O, Three er-Cents was Issued in
1919 Long before this the Bank had stopped specie pay
Ucnts ind It's issues were declared By the Government
to be incontroyertble In 1850 there deficit of
54.C00CO0 ard the chances of war with Prussia
brought down the paper money to discount of % per
cent. Tie total amount Of State paper money issued
in tie years 1sl9 80 and 81 was 2l900O,OOO In
1852 the deficit was 100000 more than in 45, and
4GOO0C Geo more than in II. In l5Jl the war budget
was l260C0C00, folly double what il was in H. 10
81 the police expenses were 100000 four fold great
or tan those of AZ. Both police and war expenses
also increased in 1853
Tie real question: however, is not how Austria got
into her financial cnldesac, but how, when thus i'm
mersed in bank paper aud debt she has avoided open
bankruptcy. In 1850 her revenue amounted to one
hundred and ninety.six millions more than in ISIS;
aud to forty two millions than in 15l9. In 1911
the receipts were two hundred and nineteen millions
over those Of 1850 In 1852 they reached two hundred
and twenty six millions, al increase OF six millions
over those of 1851 Thus there has been continual
Increase of revenue although not in the proper
ton 10 1872 as in 1851 and in 1851 not in the same
proportion as in 1850.
Whence this increase of revenue Putting aside
Ike extraordinary receipts from the Sandman war IN
dennity and the LombarioVeneti ooniscations the
transfoImatCn Of the Austrian peasant into land
holder has of course increased the taxpayng power of
the country and the revenue derived from the land tax
At the same time the abolition OF the patrmona courts
brought the income which the arsocracy hsi formerly
eroyed from their private administration Of justice
into the Golfers of the State, and this branch OF revenue
has been constantly increasing since 15i9. Then a
considerable increase arose from the incomeax, intro
dueed BY the patent Of October -, 1919. This tax
has proved particularly productive in the Italian prov
inees Of Austria. In 1852 for instance the increase
of the neometax in tie German and slsvonic prov
inces together amounted 10 Fix hundred and one mill
ion forms, while in the Italian provinces alone it was
Elk hundred and thirty nine. Tie principal cause,
however which has saved the Austrian Empire from