The New York herald., 1870-04-15

influence, which seems to us, at this distance
and living under free democracy, to incline
towards the crowns by divine right and
against the purple as resuscitated from Water
loo. Such is the reflex produced by our
Old World dispatches through the cable. 1t
indicates change, change for better or worse,
and no one can say what day, ON hour even,
may bring forth in Europe. Peoples and
mo1archs must wait and pray.
Italian Finance and the Revival of Medi.
terranean Trade.
Emerging from period Of political vassal-
age and intestine subdivision, Italy engages the
attention and sympathy of all who favor honest
progress. "LAali0 troppo bella" had, age
| after age, been the coveted prize Of her
powerful neighbors, who for centuries re-
| duced her by their heartless invasions and
expressions to q condition that fully warranted
the naughty words of the Austrian states
man who, no more than twenty years ago,
sneeringly said:-'Italy! that is but geo.
graphical expression!" When at length the
Italian nation was partially restored to its
autonomy, under the sceptre of its soldier
king Victor Emanuel, after the most exhaust
ing struggles and sacrifices, 1t came into an
inheritance of debt and difficulty which was
the natural legacy of its preceding misfortunes.
| Since then q manly effort has vastly i'm
proved the social condition Of the new king
dom. Commerce, science, the arts, public
education and internal Improvement have
greatly advanced. Railroads have infused
fresh life and quickened the pulses Of Italian
industry. The seaports that once covered
the Adriatic, the Mediterranean and the
Levant with warlike fleets and trading argo-
sies have revived, and constitutional govern
ment has displaced arbitrary power-a result,
by the way, which is due not merely to the
improved political status of the Peninsula, but
very largely to the diversion of the old Asiatic
trade which once crossed Arabia by caravans,
to the grand channel of the Suez Canal. In
fine, the old land Of glorious memories has pre-
sented noble and gratifying spectacle to the
world in her rapid recovery of prestige and
wealth combined with national liberty. But,
under the fatal pressure of heavy armaments,
necessary to protect her from jealous friends
outside and plotting foes at home, Italy still
| groans beneath financial burdens. Her Finance
Minister, Sgnor Quintino Sella, is compelled
to admit in his latest exhibit of the national
budget deficiency Of thirty millions of dollars,
with total national debt of one thousand three
hundred millions of dollars, calling for an inte-
rest of some one hundred millions of dollars.
In 1861 the debt was only four hundred and
twenty millions of dollars. We cannot wonder,
| then, that the friends of the struggling king
| dom feel some alarm at this comparison, or
that its enemies make this the text of exulting
comment. But q closer view and deeper
study will, we think, dispel the gloomy view
that hasty observers may take of the case.
| It is not, however, from Signor Sella's
statement that the revenue has increased
forty-seven per cent while expenditure has
decreased thirty-six, thus making change Of
eighty-thre per cent in the progress Of affairs
| from 1862 to 1867, that we CLEAN our chief
encouragement, for in the oppressive mill
tax and salt tax we perceive fresh sources of q
domestic disturbance, and the expenditures of
the year ahead must still be heavy. It is in
the evident intent to cut of sinecurres, to
! p6pularlze the government still more, to facil-
tate internal communication ana tS Importantly
reduce the naval and military establishments,
that we find the promise of brighter future.
The axiom "Fear to swim is lead to sink"
involves thought more practical than
poetical, and if the sincere patriots of Italy
will but boldly follow out the ideas Of reform
embodied in the representations of those who
recommend reduction of what may be termed
mere show expenditure, and the alevlation of
tax burdens by proper management of the
! State domain and the continued encourage
ment Of industry and commerce, along with
an equable and honest collection of the imposts
| necessarily retained, Italy will steadily rise
superior to all her trials, and, we shall con-
tinue to believe, be requited by brilliant
future for her terrible probation in the past.
| OUR SPEoIAL EUROPEAN CORRESPOND
ENoE.-Our special correspondents in Eng
land, Ireland, Russia and Turkey, writing by
the latest European mail, supply very ample
| and important exhibit of the condition of
affairs then existing in these several coun-
tries. The tendency Of the peoples is evidently
towards democracy. The influencing causes
are varous-industrial, political and religious.
Taken as a whole the efforts of our special
writer's will prepare the mind of the people of
the New World for an intelligent understand
ing and calm reception Of any news of any
Old World change which may be flashed to us
| by electricity from Europe.