Ellsworth American., 1869-10-28
OUR RCORR RESPO NDENC



private life - well as public going to the
dogs as rapidly ~ possible. But instead
OF that, Vienna Is one OF the most thrifty
cities in Europe. Splendid buildings on
new streets attest its growth, and shops of
the business centres are more brilliant than
In Paris or Regent street Speculation Is
rife In corner lots, and opportunities for
good investments as frequent as In New
York. was told of people In business
who had begun poor few years ago and
now were rcckoned "very heavy"
And not oply Vienna but other portions
Of the Empire show great vigor The old
town Of Prague Is an odd mixture of the
middle ages and the business hustle OF to-
day. The Danube l. full OF first class
steamers. BANKING Is highly prosperous
and new business men are beginning to
rival I'm wealth the old Austrian families
have ridden about five hundred miles In
Austria, AMI everywhere see the same in-
dications Of prosperity.
Ii i said that getting rid OF their out
lying possessions has been Of material aid.
They no longer attempt to control Germany
and have got rid Of Italy with which they
never had any business. hut besides this
they are having a taste of good govern
mcnt. Count Bcnc>i i managing and has
notion Of INTRODUCING. common sense into
their public Affairs. For about a hundred
years Austria. with the exception Of three
years at different intervals. ha- steadily
year b, year run in debt. Bu, now they
are cutting down expenditures. looking az
ter their revenues, and shaping their leg
i>lafion 30 a. to develop the industries o!
the country
They have paper currency similar to
ours partly of Banks and partly OF Govern
mcni. The lowest denomination f. ahou,
Any cents. For smaller sums than ;ha,
they use nice looking coins half silver ans,
half copper. Their paper l. in better con-
diiion than onrs and stands at a di>coun,
OF about twenty per cent VARYING from day
20 day ours Within two or thrre wear.
II has been down To ten per cent di>coun;
thirty. Money Is abundant in Vienna sn,i
the rate Of interest low
Can IL be that any part OF their prospect.
~ Is due to their system Of rurrencvs II
il an old axiom that a dlsorsicrrd state q,
currency Is good for dealers In money aud
our money Lenders have found IL 70 for the
last six or eight yesrs. But that . poor and
changing currency tends 10 develop in.
ready to assert TO.
Prussia for long time ha, had model
management IN her finances She i on a
specie basis. Hut her subjects arr euI-ra.
ting in crowds To the United State. AMI
the country exhibits fewer evidences Of
thrift than her great rival. our bonds arc
finding good sale in Prussia AMI il !. now
rrckoucd that Berlin ouirankS Frankfor;
In marketing them. Hut the Au.triaps
don't emigrsie and they employ their money
=; home.
Speaking Of our Bonds brings up a sub
leot Of great interest. We present the
- .
OF an, OF the great Governments. and
the same time of being the only one tha,
pays high rates ofin;crr.t In the time of
our distress W wcrr obliged to submit To
hard bargains with money lender, and no W
the Interesting problem comes up 10 deter
mine how We are TO BITTER ourselves.
suggested Ia Congress last july an in.
trrrninablc annuity st four per cent and |
am satisfied from all I see and hear that
such loan could he effected. If.o. !,
would save IL two per cent and for that We
could well AFFORD 10 give up our right OF
taxation should We wish 10 paw nt any
time We could buy 1t In the market A. Mr..
boutwell, i, doing now
Bu; thcr. are objections 10 such a course
The new bonds are already n matter OF
speculation, and have reason to believe
that some OF our official, abroad arc thu,
early deep In engagements TO leading Bank.
cr- for their services In placing tn. new
loan. 1t i said Jay, Cook & Co. pocketed
ten millions OF dollars for their patriotic
services in dispo,ing OF the present issue
OF Bonds, and several gentleman over
here in the employ of the government
would not object to taking a fraction OF
that sum for the new loan.
And then. there is the present set OF
creditors who are receiving six per cent In
gold, will they be quite willing to give up
their Bonds even In payment In gold? Men
don't usually banker amer a chance TO ge,
rid Of such good paying securities. Our
ffreen hundred National Bank. are our
largest creditors. Tn own more than
half the whole aggregate OF our Bonds
held in the United States. will they be in
| different 10 an effort which will II II sue
ceeds, obiige them 10 bank on Bonds pay
ing four per cent. or else give up their
present profitable chartersl
SO that although II would be an excellen,
thing to get out new set OF Bonds at four
per cent. and substitute them for our pres
| ent Bonds, do not look TO see i, done
| without considerable side blows OF oppo-
sition and It may be some quarrelling
among rival parties who will desire 10
participate in the ''good thing" OF placing
| them.
1t is said over here by good authority, :
that half our Bonded debt is owned on this
side Of the Atlantic, and 1t Is also said tina,
il is largely in the hands OF speculative
| parties. A great deal is pledged as colla,.
eral by parties who have bought with tn.
expectation Of rise and who in the mean
time receive more interest from the Bond,
than they are obliged to pay the none,
lender. This state OF things will continue
until We settle down on some permanent
basis. Nobody here desires to invest in ,
loan that may be paid OF next year, ant
| may add should be paid Of at once. And
then too, our present rate is suspiciou,ly