The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1916-12-18
BIG PROBLEM
OF MONEY NOW
B0THERS italy
Notwithstanding the Success Of
Its Armies and the Conf
denCe at Home.
tnr Asaeel.rEe eRres,

4 VI 4 . (
ROME, Dec. 18.-The big CONNER
lclal and financial problem now disturb
ing italy Is the depreciation of it's
money in foreign markets. Eotwith-
standing the success OF its armies and
the confidence at home and abroad that
its territory cannot be invaded, the
lire OBS cents has continued TO drop
in value ever since Italy entered the
war.
AT tic beginning Of the war All
American dollar was worth FIVE lire
fifteen confines. During the present
year this dollar in Italy has had an
average value OF six lire fifty cen
times This same general deprecia-
ton applies to every country in Eu-
rope.
The lire. before the war quoted at
par with the French franc, has lost ten
to fifteen per cent az its purchasing
power there. Ii other words, during
the present year it has taken an aver
age OF H. lire to buy 100 French
| francs. the lowest average value Of the
1 lire on the Paris Bourse since 1871,
when the present Italian government
! had just established itself by the tax
i ing of Rome.
IN calling attention to these facts,
1 Italic, Of Rome, points out that the
! lire in Switzerland loses twenty Eight
/ per cent of its value and is worth no
more iii proportion than the German
mark. whereas the Spanish dollar or
five pesetas piece, having less actual
i silver iii it than the ffYe-lirc or five
franc piece, is now worth in Paris six
j francs
The Popolo Romano IN a recent dis
] cussion of the situation stated that the
general reason for the depreciation of
the lire was the excess Of purchases
made abroad over goods sold abroad,
| an excess which it estimates for the
year 1916 as 1898 100000. This excess
is due to war supplies bought abroad,
! to the destruction Of the tourist trade
Of peace times, and to the necessity.
4 OF Keeping at home articles Of food
i or clothing formerly exported
4 In practice this excess means that
| If an Italian merchant imports a guam
ltity OF American shoes at $4 each, he
must pay an exchanges rate that makes
/ each pair really cost him $500. The
4 Popolo Romano states that unless
some solution is found to the prob
lem, the country will after the war
j3face disaster, and will not then be I'M
any better position to increase the eX-
/ change value Of its money than now.
1t predicts that all the available mon
eys and bonds will be drained out OIL
Italy by this species OF war tax. It'll
lurges an arbitrary fixing among the
Allies of an exchange standard untilE
after the war. 1t states that the inall
solution of the problem lies in dol
nestle economy, the limiting OF im-l
llports and Immediately after the War, |
1.-The increase Of Italian industrial eN-
ports to the Orient.
Temporary measures adopted re-
Gently BY the government are tending
to force economy in the consumption
OF all articles that must be purchased
in foreign countries. 1t has placed an
arbitrary price OF fifty cents the two
pounds on sugar, which is regarded as
4 a luxury in Italy. has taken charge OIL
I all beet-sugar factories in Italy and
OF all sugar imported, and has SO linn
/ tied the supply that even at this price
sugar cannot be purchased in more
/ than two-pound lots. Each week all
4 certain number Of carloads Of sugar ISL
assigned to each large city and when
1 this supply is distributed. sugar can
! not be had for any money.
The government has also so limited.
4 the imports OF coal that coal is nov
retailed al $50 n ton and the greater
part of the population VIII be unable
l to use it at all this winter While
meats, particularly mutton. may be
found on the market at forty and fifty
cents q pound. a recent decree has for
4 biddcn#rhe saloon Thursdays and Fri
days Of each week. Another decree
I provides for the closing Of stores at
1880 OF night and the dimmtng Of.
street lamps at 1880
IL the lire continues its depreciation