, 1874-09-05

never rrosporod bofor.. All tho oition ,slloh
],ave a,y roaontuoa or vitality l1avo pnrtascn OF
tho national Improvement. This progressive
oommonocd attor tho expulsion Of
tho nggrandztn,ont OF prnsBla By tho absorption
Of two score Of minor Btates into hor BODY. mol
tito; anl It raeoyod m additional imnot,ts by
tho annexation Of tho South German statoB In
1871, md tho reception Of moro than
ELEyEN HUNDRED M1LrIoNs or DOLLARS
Of French oa1htnl as tho war-tndomn,ty. Tho
diffusion Of this enormous sum Of money
throughout dorninny nocoeHnrily qniokonod eyory
pulso OF commerce and industry, and gayo BIRTH
TO thousands OF now enterprises not hofore vou-
taototIos have sprung into existenoo ovorywhere,
mud oltl ol'cs havo boon etllarged; now railroada
liHFo beon constructed, AhNl old pnes hare been
,lonb'o-tsackoa aud ,rc.ea,ippel:: All Tug citios
l'avo improved and onlargol thclr parks and
pionhare-gr grounds, their rnblic buildings, muse.
un,s, litnarica and galleries OF paintings nnl
sculpture, and ndded largely to thoit public
monuments Of granite, bronco. aud mnrb!o, per-
tho fa1no Of their WARRIORS statesmen,
pootE, artists, md scientists.
Dnt, while tl.o nearly eix mtllfnrds Of French
francs have quickcnod every German pnlac by d
fresh infusion Of tho blood Of commerce, and
oyorBprond tho Empire With 4 now and unknown
prosperity, ot,nbling the Government TO reduce
oxiatinB debts mud fAtu"o tnxos, this. sudden
prosperity hna beon attended by certain OWLS,
md followed by
DRAWBACKS or A aEn1ous ElSD.
1t, the first place, afl Gormany, hut especially
Berlin, wnu thrown into 4 tlclfium OF Bpocula-
tion. Tho spirit Of hazard rms excited unduly.
and tho oil habits Of economy, prudence, and
circnmspoctfon, woro weakcnod Or lad Inside. nsitlo.
broke ont suddenly, md ragged violently in Borin.
Property ol all descriptions advanced immense
ly. Tho imitation of tho price of oity-lots and
suburban roaf estate, In And around Berlin. nas
hardly oyer e1naa,cdn - IN Ancren =. IL thn widest
cstato Of Berlin more tllan doubled In two years:
much OF 1t trcblod md quairnpled. 1lonts Of
etorea, shops, Offices, and dwallings. adyarooa IN
similar ,extrayagant proportion. Tho wages OF
labor followed suit. Living 1.carle costly, and
for tino building, Tho coat Of whiel, hsd nd
yanced 100 por cent. P]ain modest, nnpreten-
tiouH, comfortable houses Wero no longer the
fashion or domnnd. paria must bn oclipsed IN
architectural magniflconco and splcntlor Of mp
pointmonts mid decorations, as well MS in tho art
Of war.
Tho fever hai to run its courae. The cnl-
mipation came ut last, but none too soon. Tho
recession from tho giddy heights was gront.
Fortunes by tho hundred
VANISHED INTO THE AIN.
The collapse was not AZ soYoro, however, or tho
ensl, al destructive al that whioh occurred just
precious In Vienna. because there waa more
actual capitnl III possession Of the spcculatora
md Of tho maAaoa to sustain them In the fall.
They Ind The solid gold at France in their
pockets. which the AWstrians had not. Still, tho
concnHsion was q soyofe ono for thos0 Who tim
bled to the earth. and there moro, ngurntivoly
Brenkins, many brokcn limb, or ugly hr7,so or
confusion, and sono ncoks were dslocated. To
Eiyo an idca Of tho extont Of tho collapse TINT
occurred, it mny be stntod that tho depreciation
etoeLa nf various kinds held in Berlin, amounted
to $50, 600, 900 thalers in tito course Of couple
Of months Hero wns f!lriuhaEc
in etoc1-values owned in ono city
Of 100000. coo Of gold dollars, or about
e1,1o0 ron EVERY FAMILY on stAN
in Berlin last SIMMER. for it waH tlon 1t ocorr-
red. 1t waa not tho bonds Of tho German
Government which deprcclatcd, for tlioy rornain-
ed nH steady ns tboao of tho United States doy-
crnueut altar tho panic Of laat September; Int
stocks Of banlfinG, building, and manufacturing
companies, and everything Of n local speculative
cflnfacter. But, while the aggregate arinknge
OF vauea in Darlin and throughout Germany
can Only ho computed by thousands of millions
Of thnlerB, tho bankruptcies wero surntiaingly
Hpecnlatcd In their surplus cnpitn1. in ~hnt wna
represented by The "Frcnch plnndor," :"
Which had cost them but little TO
obtain. or course thero were many
who had vontured hoyond their depth md went
under, md thousands of olho1a arc badly Grip
p1ed, Still. tho groat majority OF Spectators
ouly got '' burnt n N.t1r," and lost in oxpecta-
tiona moro than In actuAl va!sica. People hna
marked up El,ois goo:ls and chnttels al-estato
md ntocka, and, nftcr the crash. they maao q
now inventory aud marked thom down ngain
Tho Gormana talk but comuarativoly little Of
this financial crisis and speculative collapse. and
bear thoir Iosses with stotcal philosophy. They
comprehend Tho cause Of tho trouble, and con-
as,ra ouly themselves. Tho Government ilaa
not como in for share Of ;lo blame. M It hna
ntvft1
Hpooulation> but had pursued d conservative
course. The currency Of tao. country
waa eound, both hoforo and after tho "blow
up" It Ind not been watered or expanded, md
tlore was no hoarso clamor and trawltns oi,tcry
heard, tn Or out Of Parliament. for "chcn;
money" and currcncY-cxpanaion aftor tl,r
speculative smnail, There is no "hig-money II
party in Germany iod BY bankrupt domagogucs
aud desperate lead-beatH,
OuA reason for the slight alluaon tn tho late
fiscal crlss ono hears In Germany nl:y bo at
trihutcd to
GERMAN PRIDE.
No matt Ct how mucl. they wore hurt or in:
iurcd they wcro resolved tho French should
not know it, or ho lod to bot'eve tloy woro anf.
foring scriously from tho effocts thereof: Tho
determination waa general That tito FToncl
should have as little occasion to rojoIcc
rs possible: honco tho German pross, 81
far from Nngnifying tho extent Of tln
flnnnclhl catnatrnnho stntllonslY rnderrnteh al,t
beIittled It, Thny hardly admitted that h1lsineaE
affairs Ind been undulv excited in consequence
of tho disbursement OF 10 much foreign money
too suddenly distributed among tho trading aud
speculative clussee, which Ind naturally pro
dt,ccd m abnormal condition of things, some
vhat analogous to tho ofycct al an exces3 OF al
cohnic stimulants on tho phyBical syHtom md
as tho results Of such fiscal stimulation passoi
or it lett tho country wifi little headache mt
feoling Of lnssitut1e, MS miel,t naturally ho OK
pected; bit tho pubic would quickly recover
from it aud resume their ordinary spirit alt
tone. The prosperity Of tho Eroas interests q
tho country WAS unaffected, industry continued
to bo well rewarded and nntional wealth to III
eecsue. md Germany was US rnady and ablo
and "a we'll prepared, now as bofor
tho subsldonce Of the speculative fovor, t.
defend her rights. interests. and frontiers.
This was tho snnc thing ~ saYing. to th!
| French: :" Nothing has happened that vii
intro TO Your benefit, and there is no stsc il
your laughing or rejoicing over tho misfortune
OF our spectators" So Germany
! "nnINB AND rEAns IT "
and ntters worry 1sttia complaint, and exhihita nj
outward evidonooa Of tho oxtont ot tho dorango
lnont or the Aoyority Of tic 1osBcB, Tho p,ic
OF real cstato llas bcen quietly declining In Dor
lin over alucn tue crisis, md considerable In
| changed hands to satisfy tho demands IT crnlit
ore. Tho bullding-feyer Inns anbsidod, both il
| extravngaut cosslinosa of structure, mud II
tho number Drectcd for pDncutAt{ya t1t1rt,nses