The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-06-08


caied with tnak and Medso rauesn trade Taese, how
ever, sUNIoast.xcations the coming storm wnen
ii comes every department Of finance aud industry
in Europe will be Frustrated
1t cannot be otherwise Each OF the governments tina,
has gone into ihs has found Inadequate
10 its wants 10 time OF peace. The will augment their
expenditures -four Ave fold and where The money TO
come FROM The bankers will no. advance it, II must
come out Of the pockets OF the people, the shape OF
forced loans voluntary contributions.
The debt France prior this 100 900 900,
was seventeen hundred millions OF dollars Toe debt N
England about two aud half times thu. OF Frnace
say four thousand millions Of dollars Both debts are,
for the 1t part. held by the people of the respeci i've
countries The title holders Of the Eagsh debt numbar
COO persons those Of the French debt nearly four
times that number-vz l,oos,6s2 persons The poPu-
larity OF the war in France, add the cou-
Adence Of the Freoch people 10 the governmeut,
are exhibited in the fact that for the loan Of a
hundred millions asked from the people to carry the
war, the subscriptions amounted to four hundred and
sixty millions, offered by 525, 900 subscribers
Austria, the other hand dads neither capitalists nor
people willing come " her aid In the OF money
She says dat she Of hundred millions but
conesscs that ii mposs BILE for her yet IT, She
fore orders the national bank issue notes to tho
government for two thirds Of the amount, and re.
leases the bank from redeeming It's notes with specie.
The Emperor has found himself reduced the hu
initiating necessity Of pawning the jewels for the
trne Of sixteen millions dollars The total deb, Of Aus
trs in 1856 was ,208 600 00 but her annual deficit
going n the rate Of some thirty millions a year
When IL is remembered that the estimated expsnse TO
Austria Of carrying this down at from three
hundred To three hundred and fifty millions of dollars
year win be seen how hopeessy bankrupt tina Austrian
empire is Within the space Of three weeks the OF
900 COO was emitted in paper money by the Austrian
government without having any metallic basis and there
has been increase Of all tho direct and Indirect
taxes Great commercial distress has been conse
querce great number Of failures have occurred and
bank notes have deprecated fifty per cent
Sardinia has been gong through, small scale, the
experience Of Austria large Her annual expeu
dures have been regularly in excess her revenues
That amounts for the last i've years to abol,
eleven millions Of dollars, two millions year
II is one OF her allegations against Austria tina,
in order to be. prepared against attack from
that Power, she had 10 maintain larger
than would have been other required and con
sequenty had to expend more than her revenues He,
debt in 1857 $l36 900 900 She will be fortu
II 1860 does find her debt increased 10 two hun
dred millions Az is she has had recourse to that des
perae expedent Of suspendng specie payments which
but another for raising forced contributions and
which 10 destructive to public credit Decree issued
by tho King Of Sardinia gives forced currency to the
notes Of the National Bank.
The Turin Bank is moreover authorized To issue add
topal notes to the amount Of 81 200 O0 and in return
therefor engages to lend the government 50 900
two per cent per annum The rate Of discount is po
hereafter to be advanced without the consent of the Minis
ter Of Finance.
wi her On AZ
stock quoted at Sis In the market or 500 COO 900
and willing to issue her bonds for that loan at 90 pc,
cent.
These,fscs show what terrible condition Of things the
present war is bringing about. The basis OF national
credit undermined throughout Europe public and pr
vate securities ruinously deprecated the commerce
Of the begerent nations threatened with destruction
and deadly blight s thrown all those branches Of u-
dustry that add to the wealth of the nation and Of the
community.
It's effect on financial affairs will be equally ruinous
The war a. have said will Inevitably deranse the
pre-existpg system OF france, by substituting wa
basis Of value for peace basis Toe reaction When i.
comes, will De less the great imam
cai houses be involved the general wreck
That Of 'hs Rohsohds appears be one OF these doom
ed establishments For the last half century this house
bss been the great banking institution for the govern
/
Napoleon, and may its decline the wars of toe
third Napoleon In the space of twelve yearsrom 1919
to ls24ghen all Europe had been ruined by war aud
when governments only able to keep themse, YES
sfoAt by drawing largely pos'erty in the shape OF
bans-as they are now trying to do-there was raised
through the agency Of the Robschds partly as loans
anc partly as subsidies, the sum Of six hon
dred millions Of dollars. or this sum two humid red
and fifty millions was for England, sixty millions for
Austria, fifty for Prussia, one hundred for France
sixty for Naples, thirty for Russia, five for a fe~
Of the email German principaltes, and fifteen for
Brazil. And yet these operations vast as thew
were, were exclusive Of the sums raised for al
the allied courts, of several hundred millions each
which were paid as an indemnity for the war TO the
French, ana were also exclusive of the manifold p-e
eedDs operations executed by the as
for different the total amount of which ia,
exceeded the foregoing.
But now how stands the caseP Austria wants trniry
loan Of thirty millions, and the Rothschds to negs
tate it. They undertake 70 do so, but fail Francs
wants loan of hundred millions apd-u,,ery ignoring
the existence Of the Rohschds az well "a of all other
great capaliss-cas upon own people TO subscribe
to the loan and anxious they 10 do so that they
offer five times much needed Are not these up
s'akaoe evidences of the loss OF prestige on the par,
OF the Rothschids and not the French plan partc
~ INDICATIVE OF such sweeping change in regard TO go
vernnent leans az ust overthrow all the great banking
houses based upon the old principle?
happears evident therefore, that the financial re vou
tiers set in motion by this crash of arms in the pans
Italy will be no less in their consequences
than the political ones. We have already had fore.
taste OF their effects, and may not have long to wait
for further develop Of the came kind
The Leg.re Monument In Charleston,