The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-05-17

Q0Wn.
ct the hards and softs fight out their quarrels.
They begin early, and thus they will have plenty
OF time to come to their senses before the
Charleston Convention, the upshot of viii b
must be harmony, when The issues will simply
determine the reunion or ornament dissolution
Of the party.
Austria's Financial Schemes-Their Dlsas-
trous fleets Mt Homo and Abroad.
The financial measures of the Austrian govern
meDt which have accompanied its declaration Of
war ore of ruiDous character, and must produce
q most disastrous effect throughout her empire
OF the four different means for raising money,
published by decree on the 3Oth Of April, one
only, the income tax, belongs to the class Of
healthy financial measures. The oilers are the
issuance by the national bank of one hundred
and thirty three millions of forms in new notes,
suspension Of specie payments by the bank, and
the refusal of the government to receive the de
preciated notes, but exacting silver in payment
of duties and excise
This is a return to the old French system Of
assiguots, or the unlimited issue of irredeemable
paper, accompanied by the iniquitous refusal to
receive the came medium in which she discharges
her own obligations 1t is reputation, accom-
panied with unblushing robbery. The simulta-
neous suspension of specie payments with large
issue of new bank notes. must depreciate
these suddenly and to large extent
In fact, in the present uncertain issue
of the war, with all Europe joined
in condemnation of her obstinacy and haste,
with the popular sYmpathies everywhere ahjur-
ing the system she persists in upholding in Italy
and at home, it is fair and legitimate doubt
that these paper issues will ever be redeemed.
BY refusing to receive them herself, she gives a
color of truth to that doubt; and their great and
violent depreciation must commence imme-
diately. A single reverse to her arms will hasten
it, and a disastrous result to campaign may re-
duce them even to hundred for one before the
present year expires But even if the depre-
citation does not reach go great an extent, the
present sudden change in the currency is a VIC
lation of every private contract for the payment
of money. 1t is present robbery of the Gieditor
for the benefit of the debtor, and an ultimate
spoliation of the latter by striking deadly blow
at all exchanges and values.
These measures must be pregnant with dis
aster to Austria in every way Their FIRST effect
will be to involve in bankruptcy every person
in the empire engaged in foreign trade: and the
large number of foreign creditors that will suffer
thereby will create deep and permanent feel
ing against her. The intimate relations be-
tween her people and those of the other
members of the German Confederation will
make the latter very largely sufferers, and
undermine that German sympathy upon which
she so strongly relics At home they will carry
poverty into thousands Of families, and deprive
industry and the arts Of confidence in the reward
of their labors. By stopping all trade and the
avenues of exchange they will cause large
falling off in the usual sources Of revenue to the
government, and compel it to resort to new
issues Of paper, or perhaps more violent mea-
sures of financial relief The sea of irredeemable
paper issues is a tempting one to governments:
but once embarked upon, there ia no stemming
the tide of depreciation until the gulf of annihi
lation is reached
We shall not be surprised to see, as result of
her financial policy, Austria abandoned by the
Germanic Confederation and rent with internal
revolution. Her allies cannot sustain her in it,
and her people can have no salvation from the
misery in store for them but the complete eiec.
ton from the government of the ruinous policy
and the foolish rulers who adopted it. A strong
er proof of the incompetency of the House Of
Hapsburg, and the weakness Of the cause of pri-
vilege which it sustains, than the financial mea-
sures it has adopted, could scarcely be given.
AS first result we expect to see the early bank
ruptcy of every banker and merchant holding
large relations with that rotten empire
YACHTS AND YACHTNG.-In another part of
this paper we give some account of the voyage
of the st. Ursula, fine yacht of the Royal Club
Squadron, which arrived here on Saturday from
the Clyde, after tempestuous passage of thirty
days The arrival of this British yacht, which
happens to be built upon an American model
that of Mr.. Stevens light keeled craft, which
ran away from all the English cutters at Cowes-
will stir up all the yachtmen hereabouts, who
will tender to the commander and his guests all
due hospitality. Nothing could be more kindly
than the treatment of the America party in
England and here is an opportunity to return
it, which we hope will be fully improved.
We learn that it is the intention of our visit.
ors, now the guests of the New York Yacht
Club, to remain here during some time, and
the burgee of the ST. Ursula may be set for
the June race of the Club If she should
compete, either in friendly way or for
the prize, it will give an additional in
terest to the regatta. We trust that the
gentlemen Of the Club will have good sea
race, and not child's play, such as run from
Hoboken to Sandy Hook. The course ought to
be from Owls Head down to Cape May, round
the light ship there, and back. That is all fair,
open sea way, and there could be no laundering
by any sailing committee, as in the race around