The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-11-12
Russian Einnnces.

Russian Finances.
In case OF general European war, the
financial question Will present some very
difficult problems to the Emperor Of All
the Russias.
European Russia contains population
of fifty one millions, Poland contains five
millions, aud Asintc Russia about forty
one III lions. There Is no trustworthy Of
fetal statement OF the exIct financial con-
dition of the Russian empire. The re-
ccpts and expenditures as furnished
occasionally by the Government-the last
statement giving the returns up to 1877
have always heretofore shown deficit
According to this statement this deficit nv
eraged e. 100000 a year from 1857 to 1872:
but in reality the deficit must have b en-
much greater. Daring the past twenty
Ave years Russia has effected u series OF
loans, now chiefly held In England, Hol-
land, and Germany, amounting in the ag-
gregate to sGi5, 600. 900 gold, most of which
were ostensibly for public works; but how
much has been spent In real improvements
and how much otherwise, It is impossible to
say. The Government has also lent its
credit to very considerable extent in the
way of guaranteeing railroad loans. Rus
sia has OF late years built too many rail-
roads, commencing everywhere and run
ming nowhere III particular. They don't
pay. ana the Government guarantees have
become heavy charge on the imperial
treasury. No incou,ideTable portion OF
these roads has been constructed for
purely military purposes, while those
which IL was fondly thought would so
cheaper transportation from the interior
to the seaboard rs to quadruple the wheat
exports OF the empire, have utterly failed
to meet these sanguine expectations. The
result has been a great stagnation of bus
mess ut the principal marts of the empire.
The Russian currency consists OF ire
deemable legal-tender paper; but even
the approximate volume OF this II Is im-
possible to arrive at. Some Ave years ago
tho Government admitted that there was
then sG75 100000 of this paper afloat;
but these figures were at tho time
thought to be greatly under the mark.
Since then the volume of this paper
money has greatly increased. Besides,
there Is in circulation in addition TO this
legal-tender money, a volume OF paper
known as bills OF credit, amounting to
ESQ, 600 900, based upon the capitals of GER
tain financial Institutions This constant
" increasing mass OF paper circulation
promoted speculation, created Fictitious
values, and culmnated last year in q
financial crisis Immediately broug ht about
by the collapse Of railroad interests and
the steady decline III the expectation Of
wheat.
In 1873 the total value Of Russla's imports
exceeded by one-qnarter thai OF her eA-
ports. Her great :, APPLE is wheat, and her
principal Gus toner Great Britain. The
value Of Russian wheat imported into
the United Kingdom declined from sd2
$4,000 gold in ISL to s3j,5]6.5}o in 1874.
A considerable decrease from these figures
va. establishe in 1876; and 1t Is generally
| considered that the cur rent year will show
| a still further decline. The effect has been
an almost utter paralysis OF the sh ipping
interests at the grain ports OF the Ba ok
Sea aud / he Azov, marked by innumera-
BILE failures among the mercantile classes,
and an almost chronic state of pane al
Odessa during the past twelve months
| American wheat has been 81 eadily driving
Russian wheat from the markets OF the
United X ng lon, ~ will more exactly APP
pear by the 70 lowing figures:
I'm ports ~ wheat and nour q owt. ~ nour b'n.
n'o ,.e Tinted kle.d ~ rom Ha, I" ami the United
rr.,a Ru..,,..... 90. c,et !, 'tsstiltl9 siia.57,
| From tie GATED states .l5oi0au 27,2od 0o
1t Will thus be seen that Russ las whea
exports u Great Britain have flllon 10 {
little over one-third of their volume three
years ago, while during the same space OF
time ours have nearly doubled. The
decrease in Rn-sia's exports Of IndiaI
corn to Bri tsh ports during the sam
period Is even moro remarkable. II hav
ing dwindlcd to one-quarter of what /
was three years ago, while ours has very
nearly doubled, These figures aocur atcl,
show Russia's loss, but they do not exact,
represent our gain; fora certain portion o
the wheat, flour, and Indian corn lmporte,
into Great Britain from Bl fish Nortl
America is actually grown IN the Unite'
states, aud finds an outlet through Canada
Russia is not n great manufacturing o
commercial country. She possesses com
paratively few large towns, and feel
greatly the want OF those industrion
middle classes that create and MAINTAIN
the wealth OF civilized nations. The pop
ulation 10 even to this day substantially
divided into mobiles and peasants, and th'
chief aud almost only great industry II
agriculture. While the currency OF Russ
grows yearly IN volume, 1t has no liml
beside the arbitrary will OF the Gov
ernment, Thai II must steadily declin
in value under such system is sell
evident, though the public have no means
Of ascertaining even its probable value a
measured by its volume. The nnancia
crisis which now obtains In Russia ha
been much intensified by the fear OF war
which would necessitate further loans an
further issues OF paper money. Thus tn
financial outlook In Russia gives wei
founded apprehension OF disastrous Dom
plioatons in tho immediate future, eve
. IL naans should ha maintained; Win