The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-06-03

NEW YORK, June 1.-The Herald
this morning publishes the following
correspondence from Shanghai, dated
May /:
China is in direct straits for money.
The diversion of the steady and al
ways increasing revenues of the i'm
perial maritime customs. which is now
mortgaged to the full to French, Rus
sian, English and German bondhold-
ers, from the Imperial exchequer to
pay the interest on the various foreign
loans, has crippled the revenues of
Picking, until the imperial financiers do
not know which way to turn for
money. The government is therefore
casting about for
ANOTHER LOAN,
and as there is no hope of raising It
from the Chinese capitalists or people,
who have no confidence whatever in
the government, the latter is forced
once more to turn it's eyes to foreign
fields. With Shansi and KunSu over
run by the Mohammedans, Manchuria
reduced to poverty by the war, which
necessitated the abrogation of all taxes
for a year when the Japanese left 1t;
with the rich island of Formosa an
neXed by the visitors, and the wealthy
provinces of Kiang Tung and Kiang Sc
in more or less open rebellion, there
has been a most serious drop in the
imperial revenue. AS the means of re-
storing the declining revenues, the en-
peror has lately sanctioned the estab-
lishment of regular postal system,
upon the English model, all over the
empire, which he has placed under the
control of Sir Robert Hart, the in
spector general of customs.
THIS IS NOTHING NEW,
burt simply the revival of very old
and much discussed scheme in China
and its adoption is said to be due to
the recent translation of the British
postmaster generals annual report,
showing that Great Britain last year
earned a net profit of more than TO-
100000 out of posts and telegraphs, and
the Chinese in the Tsung HI Yamen
fondly imagine that they have only
to establish a postal system under Sir
Robert Harris management to accom-
plish equally profitable results. There
are many circumstances, however,
which render it exceedingly improbable
that any profit will be reaped. 1t is
not proposed to commence the work at
once, as there are many grave diff
culties peculiar to Chinese conditions
l.,
and it will proba bly, be many years be-
fore national postal system shall be
established throughout the empire. IN
der these circumstances it is not to be
wondered at that many Chinese believe
China will have to make up the de-
ficiencies in her revenue in another
way.
A GREAT SCHEME
of national banking isTeXpected to de-
velope in the near future, and the
Chinese turn curiously to America and
England to help them. Ii Hung
| Chang's particular foreign guide, phil
osopher and friend, a Mr.. Louis Spit
eel, who has in a couple of years won
extraordinary confidence from Ii and
other high Chinese officials, to whom
he sold many cargoes of guns and am
| munition during the war, is off to the
| United States TO consult with persons
there who know China and the details
! of the scheme, and to open negotia-
tons with Americans and British cap
! italists Spitzel is a Shrewd business
man and is backed by an influential
group of Hebrew financiers in England
! and on the continent and he would
probably not be foolish enough, like
| several previous American financiers
who have almost had
THE PLUM IN THEIR MOUTHS,
to let it fall out again by attempting
to blow too hard. Spitzel has his
enemies who are Jealous of his extra
4 ordinary influence with the Chinese
particularly with Lii, and he no doub
will be attacked from all sides as soor
as it is known that he is moving il
any scheme promising profits, but HI
has the ear of the Chinese and it i!
believed that he is secretly commits
stoned by Ii to exploit America ant
England for financial aid for China.