Mohave County miner., 1894-01-27
Haly's Financial Crisis.

OhhAiuPtCy. ~ 10 bt8kkCtuk %
load Of Indebtedness which it seems i'm
possible to paw. The govern ment reve-
nues are falling off, the foreign com
merce and internal industries Of the
people are at low ebb, and the popular
discomfort is exhibiting itself in insurrec-
tionary movements, which are sus-
pected to be stimulated ii not aided from
abroad. In the language of Mr.. Depew,
when interviewed Dec. "a on his return
from Europe, Italy is suffering from AN
unstable currency. Its money has no
basis with the standard OF the world
Silver f1uctuates with remarkable rapidity.
Gold has disappeared from the country.
Banks are tumbling, factories closing,
and the people starving.
The chief cause Of the trouble is the
effort Of the government 10 keep step
with the other members of the political
alliance which has aimed to be one OF the
two great balancing powers in Europe.
The country is eaten up by a standing
army and war navy far beyond its re-
sources to maintain. Ii has tried to be
ready for a great war with France; yet,
in spite of immense expenditures, its
forces are sadly deficient in every re-
spect. The regiments are not full, The
cavalry lacks horses, the arsenals anu
milton, and only small part Of the army
is supplied with the new rife. France
has ceased 10 be good customer for the
oil and wine which are the principal
products Of Italy, and the effort to In
duce Germany and Austria to fill the void
has not been successful. The resulting
poverty OF the people is augmented by
formed with the object Of internal inn
provement, particularly in the City Of
Rome, where the undermining process
was carried on at a rate that would have
been too rapid even in times of average
prosperity. Some OF these associations
were aided by the Bank of Italy, and the
management Of that institution is proven
to have been terribly corrupt. The re-
port by a committee OF Investigation
sums of money to thirty or forty Deputies
and other high officials OF the govern
ment. This has caused friphtiul scan
dal, which much increased the dissstis-
faction among the people and IL seized on
by the criminaiIy inclined classes as an
excuse Tor brigandage and other crimes.
The deficit IN revenues for the current
year is estimated to exceed 40 million
dollars, and there is claimed to be no
way Of meeting it except by increasing
the taxes on an already overburdened
people The king has proposed to sac
riice hall his civil list and to give up
several OF his palaces, the maintenance
OF which costs great deal Of money. II
is suggested also that two OF the five
army corps be disbanded, as Germany
and Austria officially have expressed will
ingness that this be done, provided the
three remaining corps be appointed and
disciplined effectively. II is open to
question il these measures OF reform
would be sufficient. The government
should summon up courage to back out
from its foolish war attitude, and set
about cultivating friendly relations with
the Giuls, who have been their best Gus
toners. Then It would be possible to
dsbaDd half or two-thirds OF its standing
army and to discharge fully 100000
parasitic, tax-eating officehoIders, the
great number Of whom is prime cause
OF fiscal deficits. An impoverished coun-
try like Italy cannot af)rd to keep up an
army of million men, with a navy that
ia reckoned TO be the third or fourth in
+ rope, and the sooner it abandons the
effort the better will il be for both gov.
ernmeni and people. This effected and
an economical administration insisted
upon a large part Of the annual taxation
could be applied to the payment of the
debt, and the new stimulus given to in.
dustry gradually would carry that dis
tracted country up to respectable po-
sition among the nations and It's people
to state OF comfort they have not
known in many years past Chicago
Tribune.