The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-09-23
AUSTRIA.
Imperial Shifts for Money and Popular
Distress-DepreciRtiOn OF the Currency
and Fears Ofn National Bankruptcy,

Distress-DepreciatiOn OF the Currency
and Fears of n National Bankruptcy.
VIENNA, Aug. 2T.-Debt is pressing heavily on
the land. One sees 1t at every turn, on every
side, in each new decree, in the accumulation
of vile Government lotteries, in the deterlora-
tion of its paper, in the sales of railroads, of
forests, of mines; Of telegraph lines even.
The people are taxed to the uttermost, Govern
ment works are crippled for want of funds, pri-
vate industry is slack through the sluggish cir
culation of a semi-worthless currency, manu-
factures of every sort are either stopped entirely
or working at quarter rates. roads even are
neglected merely for the want of the where
Wiihal to carry on the repairs.
True, the national debt of Austria is far
smaller than that of the United States, and the
premium on silver of the former country is far
below that placed on gold in the latter; but
then here we lack that strong, determined
executive will which makes profit of difficulties,
income out of debt, prosperity out of trouble;
that energy which sees obstacles but to sur
mount them; that vitality which lives and
prospers and hoHrishes, unable (were it willing)
to succumb. Here the case is very different,
and how it will end it is not difficult to say,
unless some radical reform changes the face of
things. 1t is quite impossible to exaggerate the
d fficulties, the shifts, the thwarting obstacles
this country is laborine under.
Attempt after attempt and trials without end
have been made, but unsuccesstully, to raise
the public credit, to prop up shallow artifces on
which TO raise money. The past year has been one
of Inakeshfts and eXpedients, and puerile means
and futile attempts to make both ends meet"
Every attempt the Government has made to
borrow money or find capital has been from its
own wretched, incapable, insolyent populations.
Instead of assisting them and itself by encour-
aging the production of home manufactures, or
facilitating the means Of exports, the trauspor-
tation of goods, their sale 1T contents itself with
squeezing the purses (excellent word, much in
vogue in China, where ITS force Is fully under
stood) of dry, exhausted people.
Paper money of every denomination, under
the most spurious imaginable guarantee, or
with none whatever, is the, currency Of the
land, and if what learn at late hour be true
the already gigantic smount in the market Is to
be increased by further issue OF Government
bonds-a paper the only security for which is
the delay of a national bankruptcy-an event,
blythe way, which is by some persons thought
not so very improbable.
Baron Becke, so it is confidently reported in
well-informed circles, has lately obtained I'M
periai sanction to the issue of 250,OO0,O0O more
State notes, of five, ten, and fifty horins.
The Neoo Free Press of the 25th contains an
extra sheet devoted to statement of the man.
ner in which the financial prospects of the
country might and should be bettered. The
Improvement OF the present railroads and the
immediate construction of others is the plan
proposed. Without doubt it ls very worthy,
excellent, and practical mode, but, without
doubt also, 1t will not be attempted.