New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1854-05-27
The Fiscal Resources of Russia.


boundless RESOURCES and impregnable strength.
The results of her wars and diplomacy have
countenauced and confirmed this opinion. AT
two eras of her history, in her youth, ana ia the
maturity of her power, she encountered TWO
military invasions, conducted by the ablest
oaptains of their time, and out OF the appa-
rently hopeless struggle emerged victorious.
We refer to the invasion Of Charles XII, and
the invasion Of Napoleon. So inhexible was the
will of &c Swedish Charles SO successful had his
military enterprises hitherto been, and so adnli-
rable was the discipline and conduct Of his
armies, that suspended nations, while they
might adjudge his project mad one, could
not have anticipated SO signal an overthrow as
befel him. Charles could rely upon the valor
and fidelity of his troops, but no troops can
overcome the nnvanquishable barriers Of nature.
The Gear had an ally in physical geography
Trackless wastes protect, and winter barrl-
cades the realms of Frost"
Napoleon, despite his experience of Russian
prowess in the campaign Of 1897, which was fol-
lowed by the peace Of Tilsit, greatly moderated
the power of his Northern competitor Against
the advice of the astutest of his ministers, and
the ablest of his generals, he rashly determined
| to negotiate treaty with Alexander at Moscow,
| the sacred city to captivate or overwhelm the
Muscovite population by the resistless display of
innumerable force. Borodino undeceiyed him
| His anxiety for peace, after that bloody and
| hard fought field, was obvious. Borodlno COM
menced, the burning of Moscow contaminated,
| the ruin of his hopes.
| Is Russia less strong now, than then Or
| does the absence of subsidies occasion the very
| general expression of opinion, that she has not
| sufficient resources to carry on the war upon
which she has adventured? She has extended
| her commerce, (created, it rather,) developed
| her mineral and agricultural wealth, improved
| her rivers and harbors, increased her navy,
| built extensive lines of railway, and to a con-
siderable extent ameliorated the condition of her
peasantry. In all respects her physical power
is greater in the year 1864, than it was in the
| year 1872
That she is deficient in hard cash, to meet the
present accumulated demands upon her Exche
| quer, is undoubtedly true. The issue Of paper
| money would seem conclusive OF 1T, But to
| what extent will this embarrass her opera
| tons? Great stress is laid upon this fact, and
very exaggerated deductions are drawn from it.
1 1t is considered to be an admission of her weak
| ness. Let us for a moment consider the sub
.iect Her paper currency will not circulate to
| any extent beyond her own borders; whatever
she requires from abroad must be paid for in
| gold and silver. Now, that she has not enough
coin for all external purposes, has not yet been
| demonstrated nor can it be inferred from any
one of her fiscal measures. Whatever she buys
from abroad she rays for, and pays literally
The gold mines of the Ural mountains are said
to be inexhaustible; and writer Of deserved
distinction, whose acute and versatile mind has
long delighted in the study of Political Economy
has recently asserted that almost any conceiv-
able deficiency in the gold market of the world,
even if California and Australia were blotted
out of existence, could be supplied from the Ural
mines. With that source of supply, is it prob
able that Russia will be wanting in gold for all
external demands upon her We do not take
into account what the Government may actually
have in its vaults, or within its control, or what
the patriotism of its subjects may place at its
disposal. We are now contemplating its remoter
resources should national exigency require the
1 fullest exertion of the national power.
1t may be said, and certainly with entire
truth, that the value of gold depends upon its
intrinsic worth combined with the labor Of OBJ
tanning it, or, in other Words upon its intrinsic
worth and rareness; this rareness not arising
from any deficiency in the sources of supply,
| viz, the mines but from the expense of pro-
curing it; and hence, any resort to the mines
/ by the Gar would involve an expenditure
equivalent to the value of the gold procured.
| But If this expenditure is made in the shape of
credit, it will be seen that so far as the present
condition Of things is concerned, the gold is pro-
| cured without q dimnution of the public funds.
The Government parts with its paper, (thatcom-
| plex thing, including the symbol of money and
/
which is both sign and pledge Of itself.
| If Russia, then, has sufficient coin for external
purposes, will paper currency be adequate to
| her internal wants In considering this CUES
ton, we shall lay it down with the same conf
dence that we should utter any old and conse-
Grated axiom, that paper currency is equiva-
lent to gold and silver, serves the same purpose
and accomplishes the same result, provided two
things concur: first, that it is not multiplied
beyond the legitimate purposes of currency
and, secondly, that the confidence of the people
| in the capacity of the Government to ultimately
! redeem is maintained. If there is no confidence
/ there is no credit. The British debt stands
/ upon the confidence of the creditor. Unques-
| tionably, the punctuality with which the inter-
est is paid, is an ingredient of this intangible
thing called confidence, which, though strong as
| granite, is yet brittle as glass. That is the
foundation on which DR.. Franklin was in favor
of issuing the Continental money. Provide fol
| the payment of interest upon the notes, and he
thought the confidence of the holders would be
preserved. Dr.. Witherspoon, who had studied
the question with care, and brought to its in
| yestigation mind less comprehensive perhaps
than Franklins, but not inferior to his in acute
ness, in culture, and a certain practical saga.
| city, after the first or second issue, urged the
propriety of making loans, and establishing
| funds for the payment of the interest But the
depreciation of the Continental money did not
arise wholly or in any great degree from the
absence of confidence in Congress or the States
In the disastrous years of 1776 and 177T, the
Continental money was but little deprecated
while in the following years, when the gloom
that enshrouded the fortunes of the country
began to disappear, when the French and other
European alliances inspired hope, and promised
success, it deprecated in fearfully rapid ratio.
A inaneier would have told the result with alb
absolute certainty for the multiplication of
money, whether it be coin or paper, beyond a
certain fixed limit, lessons its value; as may be
seen in the fact that more money is required to
purchase precisely the same article than was
required before the multiplication took place
In such case the accurate expression is, that
money has fallen, not that the commodity has
risen. Congress multiplied the Continental
currency to such an extent that it became a
drug: nobody wanted it. Being legal tender,
the anomalous spectacle was presented of credi-
tors avoiding their debtors, with care and cir
cumspeetion that could only be equaled by the
adroitness with which briefess barristers evade
the intolerable presence of landlords tailors, ct
id omne genus. The Continental money be-
came worthless, and little confidence was felt
that the public credit would be ultimately re-
deemed
But with Russia the case is widely different ;
If she is wise, she can preserve her credit and
prevent the depreciation of her currency. Her
Government is conseerated in the affections of
the people, guarded by superstitious reverence,
and defended by power. If the Gar keeps the
trtn, Of IL