The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-03-21

Financial Projects Foreign and Domestic.
From the Times
Some two years ago an eccentric gentleman
of this city published grand plan for the pay
ment of our national debt by voluntary sub.
scriptlons OF the people. The project was sub
sequently taken up and advocated with great
intensity by one of our city contemporaries
Quite number of psople put down their
names for sums varying from one dollar to
hundred Thousand dollars-"put down their
names," we SAVIOR we never heard of any of
them paying their subscriptions into the Ma
tiJnal Treasury. Indeed, If we remember arighE
the payment Of any one OF the sums was de
pendent upon the subscription of the whole;
and this made 1t pretty safe thing for any
body to subscribe any sum whatever. After
much noise, and a melancholy failure, the whole
thing was drOpped; and it is now only remem-
bered as ridiculous nine days. wonder
VIC only recall 1t now for the purpose of men,
tonng that . movement Of analogous character
has been started in the new Kingdom Of Italy.
IL goes under the title of OOaScrsiO NdziOndie
and the proposition is TO begin by raising tour
hundred millions OF dollars by national and
voluntary subscriptions for the purpose of ulti-
Mstely getting rid OF the national debt. The
proposition was originally made by the editor OF
Turin newspaper, the Gdzettd del POpolO who
had doubtless heard OF the great American
scheme; and the Prince OF Cayignano has been
induced to accept the Presidency OF the Central
demonstration ii will be magnificent, and
will asJonish Europe and the scestics OF LGdLld
UnG.n But we observe that already the Turnese
accuse the 1uscans and Florentines with being
backward in the matter; and this initial quarrel
is a sufficient indication Of how the whole thing
win end. 1t will assuredly end in Italy as it did
IN the United States, in smoke.
But the Italians can now learn another and
q more edfying financial lesson from America
The areat difficulty OF the new kingdom is OF a
financial character, as ours threatened being q
couple OF years ago. We have already got
over the worst OF il. Our finances are work
ing themselves into excellent shape, and cur
prospects for the futHre are not cause OF con-
cerB. Our debt is certainly heavy enough but
yet, within short year after the close OF the
great war which produced the debt, we have
actually begun the process Oi diminishing its
volume, and have proven that we can even
continue this and at the same time diminish the
public burdens from taxation. Our financial
strength is constantly increasing, and our credit
abroad is steadily improving, There is no
thought OF breach Of the public honor, and
no fear that any obligation OF the Government
will fail of fulhlment. Every month the Trea-
sury exhibits are moIe cheerful, and every reye-
nue. return shows them to be on q broader basis.
In short while Italian fiaanGss have been in the
most desperate condition ever since the esta-
blishment OF the kingdom under Victor Emanuel,
American finances have bees strengthening ever
since the close of our war; and bid fair pre-
| sently 10 stand on An equality with those OF
the most favored nations.
ton to the case of Italy Of the means by
which, and the circumstances under which, all
this has been effected, there is considerable diff
Guilty encountered at the very outset. The Italian
hnanciers are not destitute of charity, and tue
natural resources Of Italy are unsurpassed by
| any country on the earth. The Italian Govern
| ment ID at once strong and liberal, and the
! Italian people are acquiring broad sentiment
of patriotism. But there are number OF very
! serious drawbacks to the immediate prosperity
| of italy, such as we do not suffer from ia rhif
| country. First, but perhaps not the most i'm
portant is the great standing army OF three hun
! dred thousand men, which seems 10 be psrma
nently fastened on the Italian nation.
/ II IS the sustenauce OF this heavy army which
is the main burden OF TIE Government, and one
of the principal obstacles in the way OF tnancia
prosperity, We disbaRded our army OF a million
OF men as soon as eur war was ended; but Italy
does not consider 1t possible to diminish hel
army meE aoed as she constantly Is by Austria
and in danger OF trouble with other OF the Catho
lie powers on account of the Pope. Then again
the ecclesiastical system Of Italy seriously ant
haneiully affects Ihe interests Of the people anC
the State. From 1t there Is no feasible way
escape visible, while under IL the deyelopmen
of the Italian people is impossible Fron
such an incubns, we in America are happll.