The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-07-21
TAE WAR 1M EUROPE.
ITS FINANCIAL ASPECT.

as IN the case OF Opaln, nations are uaOle IN
the progress of hostilities to find themselves
with an ample number of men without the
ability to place them in the field. 1t is there
fore necessary in order to fully comprehend
the strength of the belligerents in the present
conflict, to know their revenues, expendi-
lures, and liabilities. The following state
ments furnish ample details on these impor-
tant matters:
FRANCE.
The total revenue received in France last
wear was 1925, IA, 800, being $5i, S00,6 612 in
excess of our own. This sum was raised by
customs duties and an elaborate system of
inland revenue which directly affects all in
terests in the empire. The principal items
Of this revenue were:-
Direct taxes. 800 1908, 1872
Registration duties, and stamps. S6, 7S9, 200
Customs and salt duties. ........... 20, 724, 900
Departmental and communal
taxes 40,6i9, l66
Wine and spirit duties. 46, ,943, 200
Tobacco monopoly ........ .......... 1851 900
These figures serve to show the sources re-
lied upon for revenue in France, and which
will have to bear in the future O large portion
of the present war expenditure.
The estimated expenditure for the same
period was $44066S 130, formed of items
such as the following
Interest on the funded and float
ing SI4, ,449, lob
Ministry of the Interior ............. 40049, 5S7
Ministry of War..................... "A, liz, 155
Ministry of Finance................. %, SS9, go
Ministry of Marine and Colonies 80, 267, ,6S4
Collection of revenue. 49, ,O22
The military expenditure of France during
year of profound peace was, it appears, in
round numbers, $74, 600, 900; such being the
hr,r5 a6 hv fba
of 404, 600 men, irrespective of their forced
withdrawal from productive industry. The
Marine was in addition exacting so far as to
require including colonial expenditure, the
sum of $32, 267, ,6S4. In the presence of this
large revenue it cannot be said that France is,
as the United States were, at the commence
ment of hostilities, free for years from heavy
taxation, and consequently all the better pre-
pared to meet the burdens of war. On the
contrary, her expenditure was augmented in
the following extraordinary proportions, and
has since these years rather increased than
diminished
1852 $371, ,OOe, 900 1S55.....$ i3 I, 600, 600
lS53..... Al, 600, 600 1S56..... 422 400, 600
lS54...".. 41G, SO0,0 900 1S57....457, 400, 600
The ordinary revenue in the twelve years
from the establishment of the Empire till
the end of 1868 increased from $297, 100000
to $452, 500, 600, while the expenditure aug
1902 600, 600 to S4j7, 400, 600. With the ex-
ception Of 1867 when the revenue was raised
high above the average by special means,
there was not year without large deficit.
To cover the overcoming financial deficits
the Government, between the years 1854 and
1868 procured series of loans, six in num-
ber, in sums as to nominal capital, varying
between $50, 900 and $50, 900, ,000
These loans were raised on the new prin-
.;r1a OF Of faw
large banking houses acting as agents,
but directly from the people, or the mass of
small capitalists, both in France and other
countries. This course, which will be very
generally resorted to should the exigencies of
the present war require heavy loans, was
highly successful. The fifth loan, for in
stance, which was offered in 1859 and issued
at &C francs 30c., bearing per cent interest,
was received with the offer on the part of half
million persons of 4,487, 900, 900 francs, or
sixteen times the amount required.
The following shows the cost of the three
principal wars of the Empire, and the drain
upon the population which they caused;-
Crimean war...........$1, zoe, 1000, 900 $4,000
Austrian war............ SOC, ,OO0,0 900 10000
Chinese and Mexican
wars................... 2Oo,OOO,OOO $4,000
Total..... ........$2, 2OO 900 2O5, ,OOO
In connection with the increased expendi-
ture referred to it should be borne in mind
that the material wealth of France has
rapidly increased, mainly owing to the in
tervals of peace which she enjoyed. HeI
home industries have suffered from the ope-
ration of the commercial treaty with Eng
land, but despite that their expansion has
been great and general, if we except ship.
building. The imports and exports In 1866
and 1868 contrast as follows
Imports Exports Total
1860 1878, 4G6, ,965 $455, 425, 223 $S3t, S92, 1Ss
1868, 679, ia, 400 81, 1858, 900 1,261, ,O72, 400
One legacy which Napoleon III will leave
France is an enormous increase in her ma
tional debt. 1t was, in 1853, 81, JOB, 238, No.
In 1868 it was So, 796, ,344 ,622, or two and a
half times greater. This is exclusive OF
a floating debt amounting to about
$173, 200, 900, consisting of treasury bills
funds from savings banks, the army donation
fund, and other liabilities.
This debt, as stated in the'fevenue returns
entails an annual interest of $74, 4t9, 1913
which is, however, much below the United
States appropriation for the same purpose
last year, which was $3.50, 694, 242. Despite
the increase in the national debt, French
credit has improved. On June %, before
the fears of war awakened the tremulous capi
talists, rentes bearing A per cent. interes
sold for lO4, and per cents for 72'G5.
The computed value of the real property il
France is $16, 100000 900. The rural pro
perties are valued at $40, 900, 900, 900, anC
the town properties and buildings at 5000,
100000.
NORTH GERMAN CONFEDERATION.
The revenue and expenditure of the Nortl
fada for 700,