Smyrna times., 1859-05-26
MISCELLAN EO U S.
The European War Loans.
HOW TO RAISE THE WIND.

HOW TO RAISE THE WIND.
You must pay for luxUries. Sometimes very
dearlv too. Perhaps one of the greatest luxu-
ries of Sovereign Princes is that game, called
War, at which every one loses, in the end
Several European Monarchs are now commenc-
inc that game, which is costly one. Let us
see how they mean to obtain the needful to pay
the charges.
Austria, dreadfully low in credit and almost
wholly without cash, is at her wits ends TO
rise sum of $l0O,O00,000. France, by
curious coincidence, demands precisely the
same amount England, if Mr.. DlsraelIs brag
counts for anything, can obtain the same sum
annually. Let US see how each nation intends
10 raise the wind.
Austria, almost penniless, and deeply in debt.
has no credit in the European money-market,
or elsewhere 1t is very significant that, at
The crisis, Baron Anthony Rothschlld, who has
been Austrian Consul General in Paris as long
as ever we recollect, has resigned that office
This NAV be considered as a virtual dissolution
Of the alliance which has so long existed be-
tween the sovereign Houses of llapsburg and
Rolhscbild. Without cash, without credit,
Austria is not wholly without resources. She
rObs the Bank OF Vienna of her gold on hand,
declares that her promises to pay are as good as
gold, and coolly announces that she will flood
the country with paper money, which must be
accepted as cash. We have had awful expert
snce of this sort, during our struggle for lnde-
pendence, and know what Continental mo-
ney" was worth. John Bull had it also, some
twenty years later, when the Bank of England
suspended cash payments, and Parliament-at
the bidding of Pitt-declared that one-pound
note and shilling were worth guinea, whenr
at the same time, and for nearly twenty years
later, it took pound note and seven shlllIngs
in silver TO buy golden guinea Between the
American experience Of Continental money
and the British experience of bank'notes, no
redeemable in gold, came the French experl
enee of fAssgnata. 1t seeras that England wants
money, says Mr.. Disraeli, she has only to pu
on ten per cent. Income Tax, and she cal
raise Tweaty Millions sterling, which the peo
pie will pay with the greatest delight ever.
year during the next ten years.
Louis Napoleon, as we have said, also want
SlO0,000,000. lie is a man of cOnslderabl
audacity, and wonderful astuteness. Not ca
ring to place himself at the mercy of the Roth
schlds or the BarDgs, he has again resorted t
an expedent, which he tried, with astonishin
and unexpected success, at the close of 1885,
Instead of borrowing from the money-lendeI
and iobbers, he asks the French nation to len
him slOOOOO,O00. He will get it, and thi
more than anything else, shows his surprsln
tact and great sagacity. He did not live
England, and study her institutions for nothing
He learned, of course, what all men of sens
are aware of, that the National Debt OF En-:
land, vast as it is--amounting TO $4,OOO,OOU
600, the interest paid OH which is $40, ,OOO,OC
aysar-is really her greatest protection again
Revolutionary changes or attempts.
This may seem paradoxical, but it is true.
sevsnteen-twentieths of England's Nation
Debt consists of stock (or the Kingdoms Pr
misses to pay, with interest). held by the mid'
classes. There never can be successful h
VOlution in England without the cooperation
the middle classes, and these constituting
merOus and powerful portion of the communi
will always object to having the sponge pas
(as Goblet recolnmended) over their respect
"little accounts" Their savings, their inh,
lance, their windialls are carefully invested
the public securities. That is, when they h,
a little money to lay by they do not put it.
their forefathers did, in the heel Of an old sto
ing, hidden away in the chimney corner, Of
aspoutless teapot (whers the late Mrs. We
Of Dorking kept her valuables). but buy
the Funds, which always pay fixed rate Of
teresi, and are above suspicion of bankrup
II Thus, the middle classes have decided in
est in keeping things as they are, in Engl,
and thus the National Debt is great m
II breskwster against Revelation in that eoun
4 was on the principle thus involved