The Yazoo Democrat., 1859-05-28

The FINANCIAL AFFAIRS OF THE BRLIo1
ERENTs.-It would appear that the longest
purse and not the stoutest arm or most just
cause is to win the victory should Europe
engage in war. The Nav York Courier
says:
The great question Of war is the question
o. money. Julius Caesar himself would not
have won the day had be not had greater
credit than bis antagonist; and the most
barbsrous princes count the cost and save cash
before they goto war. In this essential respect,
too, France has prodigious advantage
The extent Of monetary resources exhibited
by Fr ,nce in the Crime an contest quite took
The world BY surprise. In spite of having
but just emerged from a revolutionary state,
and III spite, too. Of a deficiency in the vim
age and Of food scarcity, she raised loan
alter loan within her own limits, almost
without an effort, The years that have
elapsed since have been period Of great
material prosperity, aud great abundance
of capital has accumulated. Railway enter.
PRISE have ceased to absorb the immense sums
they once did, for tha simple reason that there
is no demand for new lines, France being at
last sufficiently supplied with all means Of
internal communication, If investments in
the Government funds were eagerly sought
for IN the Russian war, they will be far more
50 now, when the nation is at 4 far higher
p'ch OF prosperity, and doatng capital much
more abundant.
Austria presents very different picture.
She has little money and less credit. She
has debt Of eleven or twelve hundred mil
lions, and a revenue not much over one hun.
Jred millions. For the last fifty years she
has been suffering all the evils of financial
emba assment. The revolution of lS48
added over one hundred millions of her liza,
blitles. Though she has pressed taxation
near y up to that point where taxation kills
industry and thereby recoIs fatally upon
itself, yet every year has brought its inevita.
bic deficit. She has forced currency Of
near two hundred millions Of dollars en-
treIy value less outside her own territory,
and greatly deprecated within. While
France is absolutely experiencing nconven>
lence from plethora of gold the import
in 1857 exceeded the export no less than
two hundred aud eighteen millions. Austria
fnds it utterly impossible to keep metal
enough within her limits to supply even the
mos ordinary wan $ OF a circulating me,iium.
and has TO resort to bank noles down to the
denomination OF n te, k.eu zera. She hsr
borrowed money unuI te necessity Of 81"
trins!c support has nearly become settled
law Of her existence.
But Europea1 capitalists have had too
many lessons in tho untold losses they have
sustained by Spain, Mexico and the South
American Republics to shut their eyes for
aoy very protrscted period to the consequent
ces OF 5, ppIying States with means TO do
what they are unable to do by their own
positive resources. The recent loan sttemp-
ted to be negotiated through the Rothschilds
proved failure. and, it is we'll known, CONF
PEELED the Government to fall back upen the
metallic reserve of the Bank Of Vienna,
which had already been to a considerable
extent reduced by the expenses Of the pre~
parstlous for war. On account Of the de>
rangement Of commerce, the receipts Of the
customs have greatly fallen off, and so have
all revenues. These facts augur poorly for
be ability Of Austria to maintain protrac'
led contest.