The sun., 1893-10-17
VIII Italy Begin the War?


In neither Of the other countries comprised
In the Triple Alliance is the feeling OF hos
tillty to France SO widespread and vehement
as 1t Is in Italy. and In neither of them
Is the present condition Of things so intol-
cradle that chance Of escape from 1t by
war would be welcomed even by cool
headed statesmen 1t is true that an unsuc-
cessful war might bring disaster on the
house Of SAVOY and lead either to the
establishment OF a republic or to the
parceliation of the peninsula but in
the opposite event. which at Rome is
deemed much more probable, the dynasty
would be rehablitated in popular esteem,
| while it would DO possible through partial
| disarmament to Tighten materially the fiscal
burdens now resting upon the people. In
q word. most of the leading politicians.
although their opinions are as little likely
to be warped by sentiment or prejudice as
those Of any other public men in Europe. be-
| lieve that Italy would risk little. and might
reasonably count on gaining great deal.
| by precipitating the inevitable conflict with
| France.
Italy at this moment is practically bank
rupt. and would be technically so but for
the assistance furnished in the nick of time
| by her German ally. She is able to pay
the accruing coupons on her public debt
| only through advances made by Berlin
bankers at the earnest request Of their Gov
| ernment. In Berlin lies also her sole op-
portunity Of obtaining the large loan
needed to carry out her projected refund
ing operation; and it is very doubtful
whether the strongest political pressure
can induce German capitalists to accept
| what they must consider precarious
| security, in view Of Italys financial
| situation. The Italian tlnancers have
not only struggled for some years
with an excess Of expenditure over income,
| but they can no Logger meet this excess by
floating loans or by persuading their own
countrymen to absorb new issue OF ha-
| tional bonds. They can no longer impose
| fresh taxes. for they have reached what all
! political economists recognize as the limit
OF taxation. that Is. where. II the tax on any
given commodity Is raised a jot beyond the
| actual point. there will be q decrease Of
consumption. To fiscal burdens, which.
| while inadequate to the necessities OF
government. are crushing to the people, Is
now added a disturbance OF the currency,
which Is tending still further to paraIyze
industry and trade. Italian paper is now
at discount Of ten per cent. as compared
with gold. but is worth it's face value in
silver. What is the effect of this upon the
circulating Medium A million dollars in
paper, let US say. is converted into Italian
silver coins and shipped to France or Bel
gium. where. under the regulations Of the
Latin Union. 1t Is exchangeable for gold
at par. The gold Is then converted into
Italian paper. with which italian sill
yer coins are purchased. again with
view to export. The result OF these lucra-
tive transactions is that Italy Is so nearly
drained OF silver that copper coins have
come to be employed almost exclusively for
purposes Of small change. The blame for
the inoessant annoyance and serious OBJ
structlon to business caused by the disap-
pearance Of silver from circulation. Is placed
by the people where it belongs. on the
shoulders Of the government which has al.
lowed Italian paper to become deprecated.
This is not all. nor the worst. II King
HUMBERT and the series Of public men who
have acted as his advisers for the last ten
years could truthfully say that they were
free from any suspicion OF dishonesty In
their official conduct. and that their ina
biity to meet the expenditure and keep up
litical exlgences. and especially to the
treaty engagement to maintain standing
army out Of proportion to the national re-
sources, they would not necessarily have
lost the confidence OF the Italian people,
though it might fairly be rejoined that they
should have counted tho cost Of the treaty
before making it, But the truth is that
many of the leading politicians. including
,has., nf hn r.lt
several preceding ones. are not merely
suspected but openly accused of completely
in the enormous embezzlements In con-
nectiop with the Banca Romano and
with other conspicuous banking establish
ments in Rome. Naples. and Palermo. The
crimes charged comprise not only the
wholesale robbery OF depositors. but the
fraudulent over-issue OF bank notes on an
immense scale. What has infuriated tho
commercial community is tho fact that.
although rigorous Parliamentary in
vestigation OF tho alleged connivance
OF Ministers and Deputies at these
iniquities has repeatedly been called for. 1t
has been persistently resisted and pre-
vented by the Government 1t was known
that word from King HUMBERT would
have caused the present Cabinet to permit
a ruthless exposure and prosecution Of the
offenders. no matter what official station
they may once have held or may be hold
ing now. Why. 1t has been asked. was
that word never spoken A painful
light has been thrown upon the subject |
since the arrest of Signor TAHLoNao. the
head of the Banca Romano. who defes his |
prosecutors, declaring that ne has In his pos
session letters from members OF the reign |
Ing family. including the late King vIoToR
EMANUEL. which can bear. it is said. no |
other construction but that of participation |
In the plunder OF the bank. What
ever basis there may be for this charge. 1t |
is certain that King HUMBERT's refusal to
compel men whom he has honored with |
the poets pf Cabinet Ministers to submit !