New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-04-27
ueyicans and Coppers
Rear Brunt of Public
Rush to Unload.
treasury APPLIES
TO BANK OF FRANCE
s,,erument Borrows SS,000,O00,
a Thing Unheard of In
Time of Peace.

ICY cable 10 The Tribune.
! MS April 25.-The Bourse closed the
,n feyerish state OF depression
.,,erizee by hasty. nervous selling,
-, on Saturday sent prices down all
+. - Mexican shares were. Of course.
/ -s,sf losers. Bank Of Mexico dropping
.,.ssr y points. while the Bank Of Lon
.,S OF Mexico declined 5.
\ c,rasrs fell. following the weakness of
- shares in Wall Street. French
80 stock was also liquidated and
Is dropped q big fraction for cash.
..a,n industrials rallied. however.
- the end on good news from St.
4 o.,rsburc. giving a small FLIP TO the
,sols market.
4 ,osr recording;his vote to-day and not
,ba result Of the elections through
!, ne country the average citizen will
-, 70 n subject which interests him
!, rore than party politics. /. e.. national
..,aes. one Of the prominent results of
I, financial tnkering Of the government
,hs recent loan which the exchequer
:, forced 70 request Of the Bank OF
r,,o. II IS announced that he Treasury
:. INST borrowed more than 5000, OcC
Ar- the Bank Of France. a thing I'M
.,.-d Of IN times OF peace.
recording 10 an admission Of the Min
j ear Of Finance the reserve belonging to
a. treasury in the Bank Of France does
:, amount 70 more than SS9.0o0,o00. but
=. state has adopted the habit OF draw
~ ever larger instruments on the pay
-,,ts the bank IS charged by the gov
s-neat to recover. The permanent ad-
nrces created in this way already stand
| a about 100000, and therefore in Dor
N-,ring more money the government
s,,ss Indebted 10 the Bank OF France.
An Overwhelming Debt.
An the opinion OF many financial critics
IL available resources" mentioned by
as Minister Of Finance are at the pres
ut moment a fanciful dream worthy of
-Ance In Wonderland" They hold that
Re position Of the Treasury is already
-ausfactory. with S97.60O.OoO OF Treasury
,o.ss in circulation. and yet ministerial
wnion seems 10 be that the floating debt
Treasury bills might be increased to
1en,0a According 10 the critics. each
fresh issue viii weaken the position and
rsrs,y add 10 the deficit.
| They further point out that the short
n-n bonds for S.000.O00 and the new issue
Z 10000 OF state railway bonds are
y assets 10 the Treasury. as Rene
asuoalt. the present Finance Minister
sens 10 believe, but simply represent
roney borrowed by the state. The rail-
var bonds may ease the situation Of the
Western railways, butrnot the exchequer
short term Treasury bonds have beer
LTotsd 10 the extent OF s3S 900 IN order
II help 10 balance the budget. About
Ig00. 90 Is wanted for special expenditure
IL the occupation OF Morocco. Nearly
| gN00JO has been voted for the navy
without visible resources TO cover Il, and
e War once expenditure stands at more
ran $4,000, ali without corresponding
zsources 70 meet these OUTLAWS. The po-
zion Of the Treasury is thus rendered
zrs difficult every day.
let money must be found TO help the
rsasury out Of It's critical position and
$50 balance the huge budget for 1914
l-ounting TO t.074.s0O,O00. French budgets
I've grown within the last five years by
.s sum OF s2D00o.0Oo. The causes for the
fast increase Of expenditure and the con-
zsusnt straits % which the Treasury IS
slueed are several. The spendthrift
sels OF Parliament. the creation Of a
'sfsct army Of useless functionaries and
as-iristrative employees. the requirements
y covering the deficits OF the recently
r7yht state railways and the vast IN
1sSe IN ornaments are among the fac
~ Eh!ch have helped 70 swell the
4 tgiysts