, 1878-06-07
The Financial Position of Russia.

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nation which has accumulated thrice the
amount If her existing national debt in
her current paper, and the Exchange of
st. Petersburg expects a declaration of
war with England to be followed by an
open national bankruptcy, the Imperial
Government had barely established an
equilibrium between its receipts and ex-
penditures, after many years Of budgets
showing deficiency, when the Turkish
war broke out. For the year 1876 the
ordinary receipts were $4l0,30G,O00 in
cluding some $S,00000O of the revenue
of 1877 paid in advance by merchants
who had imported largely in excess of
their immediate needs during the last
quarter while paper was yet taken at the
custom-houses. The ordinary expendi-
lures were $414,563,200, which left de-
iict of $4,250,000, to say nothing of the
addition to the debt then beginning to
be made up for the expenses of mobiiz-
ing the troops called out in expectation
of war. We have before us the estimates
for 1878 which anticipate revenue of
$440, ,292 200, including all the amounts
drawn from extraordinary sources, such
as the sum of about twenty millions from
the five per cent. foreign loan Of 1875.
Inasmuch after deducting this the
amount to be raised from the people is
somewhat larger than the revenue of
1875, year Of peace and unusual pros
perity, it will be seen that, with her
crops unmarketed and her labor market
deranged, Russia must meet her increased
taxation. The estimated expenditure for
1878 equals the receipts, and is trihe
over 600 100000 of roubles, without in
cluding the outlay on account of the war.
Upto Dec. 25, 1877, the Russian Treasury
had been called upon to pay $3l7,1S0
600 as the expenses of the Bulgarian and
Armenian Campaigns, the funds having
been obtained by two home loans in pa
per of 3O0,000,000 roubles, and by for
eign loan in coin of 100,000,000. Up to
the present time, especially as after the
armistice Of Adrianople additional forces
were called out, the war must have cost
Russia $400, 100000 at least; and as the
notion of Turkeys ever paying an indem-
nifty is simply absurd, this sum must be
added to the Russian debt, which will
then amount to about 81 800, 100000, the
addition meaning that some 100000, 900 a
year must hereafter be provided for in the
budget. The Russian Re0ieao pointed out
three months ago that inasmuch as the
value of the paper rouble was steadily
falling, the necessaries of life had of
course become much dcarer, tho arrears
of taxes had increased and insolvency
was sadly common. In two years the
number of cases of bankruptcy adudi-
Gated by the commercial tribunal Of Mos
cow-excluding all amicsble settlements
had risen from SO to 113, and their
amounts from 50, 1897, 900 to $23, 100, 900.
Tho volumes Of paper currency had been
inflated one-third, and amounted to $734,-
100000, to which should be added such
items as the 80, 100000 rouble issue made
ON the 18th of March of Treasury obli-
cations, which are redeemable in Septem-
Der and bear interest at the rate Of Az
per cent. per annum.
This is not an encouraging prospect
for the rulers of nation about to enter
upon second war infinitely more severe,
more perilous and more expensive than
that which has just closed. The eminent
French economist, M. Paul Leroy Beau.
lieu, when the armistice was signed, re-
garding the war as over, calculated that
for many years to come Russia must
raise an annual revenue of GAO, 0,000,0 900 or
$50, 100000 roubles, which would i'm
pose an additional annual burden of $7O,-
100000 on her subjects, the greater por-
fiOn nf which c,,po ynuaI oon1o c,o,a Z,
creased duties on sugars, brandy, salt and
tobacco. Such burden must be griev.
ously felt in a country which lacks the
elasticity OF resources found in highly
civilized nations organized in some sort
of conformity with the principles of po.
litical economy, such as England and
France; and tits not surprising that Prince
Gortschakof and the Emperor Alexander
contemplate the future with lass enthu-
siasm than the Panslavists of Moscow or
the ieutenants who are lounging as con-
querors about the cafes Of Pera. To 90
to war with Great Britain is TO court ma
tional insolvency; to abandon the treaty
of San Stefano is to risk domestic rev.
olution.-New York World.
THERE is q church scandal at Stony
Point, on the Hudson, and, as the local
chronicle runs, 'jealousy and bitterness
crop out, even at funerals" The choir
of the Westminster Church, by means of
festivals, concerts and other entertain
ments, raised enough money for the pur-
chase of new organ, and the trustees
disposed of the old instrument. Then
controversy arose as to the ownership of
the organ. The choir went to the church
and carried away the new organ, and
when it was replevined by the trustees,
their leader gave bonds, and now holds
it subject to the order of the courts The
trustees have brought suit against the
choir for the recovery of the instrument
and $50 damages.
CONGRESS is asked to remit the duty
on the bells of st. Michael's Church, of