The daily union. [volume] (Washington [D.C.]) 1845-1857, 1856-02-10
DEPARTMENT NEWS.
STATE DEPARTMENT.

The Financial Condition Of AHsria.-We have received
intelligence from correspondent the effect that the Aus
tan Finance Department under the management Of Baron
Buck, making every effort to increase the value OF
government stocks and government bank 1t gen
orally thought throughout Austria that any effect
this object Baron b. the However, Austrian secur
ties have been continually falling and, until the banks have
been placed in situation put specie into circulation, this
Of things will continue to exist The establishment Of
the Austrian Credit Mober and of the Hypothecary Bank
speciepaying Institutions did not have the good effects
that anticipated The capitalists being obliged in
der obtain specie, throw their Austrian securities into
market produced further tendency TO depreciation in all
kinds stocks and 1t h asserted by that permanent
change for the better take place until the termination Of
the Eastern and then only in the event that Austria shall
have continued neutral.
In 1911 Austria owed paper money and public 'efee to
the amount of 900 mos OF FORMS Austrian currency
about S5 900 000 and the empire became bankrupt The
paper money reduced filth Of its nominal value, and
the aso reduced to bali OF what il had BEEN
being paid in paper money! tho interest on the public
debt In fact reduced to onehth but, taking into
the reduction of the value Of paper money the public
debt brought down 10 only tOeHy nm part of the orig
inal liability Of the government.
In 1878 certain establishment OF the former debt
made and the obligations to form kind of
uua lottery holder receiving the former
interest his money But this relief to the thou
sands who lost their fortunes by this breach Of trust in
because II found that the ancient stocks had passed
the hands Of specializing capitalists who we're the only
gamers.
Shortly after this the Austrian Bank was founded 1t was
to be thoroughly independent Of government There
originally 10000 shares for which 100 forms in cash and
900 Horins in paper money paid each. But the
bank Immediately reimbursng itself by paying four forms
In specie for ten forms 10 paper money the be-
directly indebted to the bank and this Of Affairs
has continued since
In 1886 this debt O37 millions Of forms, and during
this year the Austrian government reduced s expenses
within tho limits Of ia income. The receipt, amounted
TO the Of 1874 236 600 forms, and the expenditures
reached l83 900 FORMS This promising condition
Austrian finances however, did not last long. The political
and commercial crisis Of ls47 gave there securities terrible
blow since which there has been roscton and In 47
income bad fallen lei 900, and the expenditures had
reached 1853 900 Of forms During this and the follow
ing year the Austrian Bank had H. 900 Of forms but
when the Of the revolution Of February ls re-
oeived panic seized the whole community and in the be
ginning Of April the specie bad fallen FORMS
when the prohibited the banks from redeemnr
their notes. and also prevented the expectation Of specie
1854 the advanced the necessities Of war
amounted TO 1872 900 FORMS besides which there we're
$4,000 600 Of treasury bills making floating debt Of 1
100000 Of forms decree issued in the year. compelled
the bank TO retire from circulation Sl4s Of treasury
bills and another created the national loan 900
forms, the interest which be paid gold sill
With this loan, and with Che produce Of the customs
which TO be paid In Specie Il intended to bring the
claims Of the bank against government down Of
forms by 1858; but IL discovered that these de-
could not be carried into effect and
this Of affairs n October 1885, the was
obliged to ALLEVIATE Crown lands
Exclusive OF the large floating debt the present indebted
Of the Austrian government is set down enormous
Of q O36, 900, 900 millions Of horins.