The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-06
AUSTRIA.

Austrian Ambassador In London In referenc TO tn
address presented to his Excellency by number o.
London bankers and merchants, respecting the imam
DIAL measures now before the ReichSrath taxing ths
coupons Of the public debt, a. announced In oul
special correspondence from Vienna published In thu
HERALD o few days snce:--a zld 20 t1alm Ga o.,
1850 iaYrs7 VIENNA. June Q, lsos
MONSIEUR LIE COMTE:-Tho imperial and royal
government has approved the preliminary reply
which your Excelency has made to the address
which some London bankers have presented to you
with the good intention OF warning against the
effect which the financial measures now under dis.
cusson In the Reichsrath might exerose upon our
credit. r-1 1858 ,tl FL a-1 o.t Tl sGo1 1fu
lions have reached US from other quarters and you
viii have derived from the dispatches which have
addressed to Prince Metternich arguments against
aggerated approximations. Aware Of the Importance
that 1t is to US to c0nciliate the good will and the
confidence Of the city Of London-that great baron.
eter Of the monetary nuctuations Of the world
deem II advisable to add few general remarks to
special observations made In the dispatches above
alluded to, so as to enable you to defend the mea-
sure5 detailed by painful but urgent necessity and
to define exactly the point OF view which the impe
rial and royal government has assumed towards the
Called 10 office by the confidence placed In me by
the Emperor King, under circumstances made still
more critical by the want Of confidence In them
sanguinary catastrophe found at the very outset Of
my Ministry Europe prepared for the spectacle OF q
moral, political and financial bankruptcy. The EN-.
peror- King alone gave us then the example of
courage and energy which the historians OF our
epoch win appreciate better than our contempt
raries. .----- .-. r- ...~ M
The cure of the bleeding wound which his Apos-
tolic Majesty had undertaken depended IN the FIRST
instance upon denitive arrangement with the pOpu-
lations which claim allegiance to the crown OF st.
Stephen. To render full and complete justice to the
chivalr0us nation to which, M. lie COmte, you feel
proud to belong was the first wish OF his Apostolic
when he called me to his Council.
1t has been readily admitted that lost no time In
obeying that august Inspiration. The re establish.
ment OF peace at home was the first fruit OF our
lab0rs, and the friends Of Austria degned to con-
graduate me at the time upon the prompttude with
In the coronation OF the Emperor-King
The arrangement due to the parties interested
would have been impossible II an attempt had been
made to exclude the questions OF finance. 1t was
urgent even ct the risk Of not succeeding at once
TO enter INTO those thorny questions which would
lowed. It was necessary to decide vital questions
possibility q returning TO them at the risk Of com.
The arrangement into which we have entered with
Hungary is, moreover the primary cause Of the sb-
found itself the very day of its formation. ESSEN
Tally constitutional Ministry, representing the ma
GRITTY orthe Reichsrath, the government formed BY
act OF an Indispensable arrangement with Hungary,
V also with the passions and exigencies Of young
eaoas of m very sdmsa
Without Injustice to the enlightened patriotism OF
assemblies which discuss IN full liberty In the par
lpon the questions Of finance, did not perhaps al
ways give proof OF that sef-possesson which expert
2f Commons when directed by great financial au-
thorties like Mr.. Disraen or Mr. Gladstone. II Is
true that our have s tns nSa
Soh hsvs fallen from Ss the snas Sa1'Ps q
nounced the pernicious system Of loans.
No one hss warned Europe and America more
M hat
terrible custom OF burdening future generations TO
eude the necessity OF crushing contemporaries Dy
~ contrsctins new deSts. Is il not discoantis the
future while running the PRESENT. 10 1t not deterto-
rating capital by destroying that confidence which Z
Vienna has resolved 70 halt ct the brink Of that fatal
chasm. II It has wound up its financial s belief sx-
wa %1sS 20 bsance oU Upf
having recourse to new loans in time Of peace,
the most enlightened nanciers Of our epoch Never
theless this patriotic resolve exacted sacrinces.
ws NOT eu - ss ' sna o ss
po:os to defend ss. nsss ~n
and Of oi1iiaaon i was Indispensable 70 Consider
the means Of tightening the load OF debt OF three
miards the interest upon Wnlcn sosor1ea ono
hundred and twenty-eight millions, Of which Hun.
gary was only able to guarantee quota which did
cover
We cali to mind that the greater portion Of our
debt has been contracted since 1slA II we examine
ne rate q issue Of tns ionns me
turing the last twenty years have imposed upon the
Imperial and royal governmental n, dnsllY, We study
The quotations of the Bourse, IL cannot be denied
that the great majority Of our credtors-those Who
have purchased Austrian stock since 1ol0-haye IN
vested Their money 70 very great aaysnssss EuT
In inverse proportion with the security Of the capital
and every man VINO entrusted his money 70 u6 was
per OslS he exposed his capital 70 chsnoss which ne
might hs1 avoided by satisfying himself wish.thres
per cont IN the English consols.
count beforehand these risks and ohancss. Nv dis
s Ss psr
thanks to this calculation many Of them md them-
selves sIesdy at the present. momsnt completely
which scarcely cost them ANYTHING. -
II, then, the RelchsrAth propose 10 bring tsm-
Measure ar less rsdesi than would $ moro lees
nxed conversion ~ had been done In other countries,
because though sufering from the law OF necessity
that balanced budget WIN shortly bring about also
the balance between the real and fictitious values OF
sso n Win ne sssSs
period, more or lees near at hand whom these hopes
may be realized. SO much, however, = certain that
Ss ne
Nseu IN the presence OF 0 coup det0g on Oh
Q ratification OF the measures proposed By the ma
jorty OF the Rsichsrath-ofa coup detas say-for Q
dissolution would bring US back Chamber Just a.
much decided tho present one to refuse under ex
listing circumstances On increase Of the public debt
Now there no longer any reason for c0tpe deedt IN
Austria since his Imperial, Royal and Apostolic
Majesty has declared and manifested his arm VIII to
give the widest development TO constitutional inst
tutions. However painful the avowsl Of our embar
rassments may be. the frankness with which we
state them and with which make an appeal TO the
equity of our creditors WI disarm dlstrust and
Illustrate the ntrgues OF those who speculate upon
sad calamities; for the holders OF Austrian scHT
VIII not be long In discovering that patience s Otter
the best counsellor, that the confidence they viii
grant to an assembly freely elected cannot be mis-
placed because that assembly dennitvely shields the
permanent interests OF the State and of its credtori
by subjectlng the latter TO temporary loss 70 con
solidate and increase the real value OF the capita
which they have entrusted to an empire the incalcu
liable resources OF which will be the more freely de
veloped as the populations are called upon to govern
themselves
These, M. lie Comte, are the ideas which request
you to develop In your interviews with the states
men Of the most free and richest nation In the world
l do not doubt that they will appreciate the neces