New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-03-11

talic currency, of which the silver at least cam
not be drained from her. This Is because eng
does not belong 10 the Latin Union LOT WHICH,
reason her coins do not pass current peyohu tie
Pyrenees. The case Is different with ltaly'
whose silver Ira. though not OF the same IN
trinsic value as the French franc passes current
for It legally, and has in great measure actuauy
crossed the Alps 20 the great loss OF READY
money at home. Bu: most OF all, In the case
Of Spain a consistent policy of protection mas
so far assured home production. both in INDUSTRY
and agriculture That is. Spain has had until
now fair amount OF labor Tor ner popuatlohs
and ready money TO hand wherewith, 10 pay
for labor For II should be remembered tnat
with the lack of good money the wages OF labor
suffer far more than the movements Of trade.
Il is labor especially that has 10 be PAID IN
ready cash.
The present resistance on the part Of Navarro
10 the new taxes which are TO be levied I'm"
partially on the whole country Is due 10 some
thing quite uncOnnected with either the pro-
tective tariffs or the question OF currency IL
IS result OF the old civil divisions. with the
distinct "fueros" or constitutional rights or the
different provinces, which have always pre-
vented Spain from becoming one homogeneous
nation like France. In spite OF the presence OK
some of the gTavest elements Of ational bank
ruptcy. Spain has preserved her financial credit
in the MAN. This. again, can only be Que 10
the fact that her monetary system and her eco
nomcal policy have not at one and the same
time fought with each other. and violated those
inevitable laws which regulate International
commerce She has no. revised her tariffs in
a deficit I'm her revenues.
In Italy the situation changes again. /, has
become complicated with the political necessi-
ties of the Triple Alliance. requiring constant
military expenditure. to which the American pay
ment of pensions is trifiing burden. Then in
some parts Of the country, all the conditions
Of supply and demand have been changed in
the last few years. Thus, in Sicily, the Ameri-
can demand for oranges and other fruits has
gone down with the facilities of transportation
from California; the crude wines have ceased TO
be a necessity to French manufacture, and the
sulphur mines scarcely pay for working All
this Is over and above a superannuated system
OF iandhOl6ings in many parts Of the country,
odious excise collection by even the smallest
municipalities with the consequent multiplica-
ton of paid functionaries and peculaton. and q
senseless expenditure needless public works
by the Government which has also done every
thing TO encourage runous building speculation
In towns and cities.
AS a consequence, Italy has now to provide
against four financial difficulties: First, the
payment of interest crushing public debt;
second. an annual expenditure almost beyond
her resources. needs she is unwilling to forego:
third a reorganization of her entire banking
system, with a complete recOnSttutiOn OF the
metallic reserve; fourth, the recovery of her
credit. with the return Of her silver currency.
To do all this, Signor SonninO has proposed few
economies and many taNes-on land. TO half its
revenue in some cases; on personal incomes, and
even on the salt OF the poor. His only proposal
which meets with universal appreciation has
been TO remove the excise municipal tax on
provisions from the gates OF towns 10 the
frontiers or the kingdom. where protective
tariff will partially take its place. The excise
was chief cause Of the late rebellious manifes-
tations in Sicily, owing, in part. to the vexa-
tOus inquisitiOn which Il allowed to local func-
tonares In tnis il corresponds TO what an
income tax might easily be made.
Greece may he passed by in default OF knowl-
edge as TO the way by which she proposes to
issue from her difficulties What is already
plain from the other countries OF the Mediter-
ranean is sufficient for few practical conclu-
sions in this time Of financial crisis.
First, protective tariffs weigh far less heavily
on popular sentiment than internal taxes which
are almost the necessary alternative
Second. even when protection does not put
money into the national treasury, ii serves to
keep IL there.
present-day keen international competition does
not protect its own frontiers commercially Is
as much the victim Of foreign rivals as the gov
eminent which neglects the military protection
OF the same frontiers in time OF war
Finally IL is useless 10 try 10 settle the tariffs
OF country with reference 10 the absolute needs
OF home production only. The question OF money
and eXchange-of keeping the country's gold a,
home-rnust be taken into account. France in
the last twenty-five years, has had causes
enough Tor bankruptcy. But her gold reserve
is double that OF England. and she has not given
In to English free trade Perhaps this is why
she has been able TO rise above all difficulties