Year: 1870

The War In view or tho National Debts


Of Europe.


1t is evident from what we learn of the
financial embarrassments rapidly springing up
In France, and the difficulty of the Prussian
government to raise loan among capitalists
or hundred and twenty millions of thalers,
that money still constitutes the sinews of war,
and that the money difficulties may yet lead to
an early termination of the conflict. We have
noticed heretofore the suspension of specie
payments and the proposed issue of paper
money in France; now we learn that only fifty
millions of the Prussian loan had been taken.
The loan amounts to about eighty millions of
dollars of our money-a small sam, COM
paratively, for great nation-yet little
more than about thirty-four millions
In American money had been taken,
although King William himself had subscribed
for half a million and one German manufac-
turer for million Capitalists are unwilling,
evidently, to invest in the loan. No people
hold their money with tighter grip than the
Germans, and however their patriotism may
boil over they will rather invest in the safe
and well paying securities of the United States.
But why did not the Prussian government try
popular loan in small sums. as Napoleon did
in France on several occasions with great sue
cess? The amount of hundred and twenty
millions of thalers or three or four times that
sum ought to be raised in this way easy
enough if the Germans are as patriotic or
ho- T., o;-
as tho French. We suspect, however, that
the close-fsted and calculating German capi-
talists do not like the form of the loan and the
way in which it is put.


In view Of these financial difficulties 80 early
in the war with both the belligerents and the
stupendous cost of carrying on such gigantic
struggle there may be chance of
peace at no distant day. Should the
war continue long, however, there must
come the most terrible crash and suffering
and such food of paper money as Europe
has rarely seen. If the war were to become
general in Europe almost every nation there
would be bankrupt The aggregate debts of
England, France, Russia, Austria, Italy, Spain
and Prussia amount to near twelve thousand
millions Of dollars. That of England is about
a third of the whole, or near four thousand
millions of dollars; that of France near three
thousand millions of dollars; of Russia over
twelve hundred millions; of Austria over thir-
teen hundred Millions of Italy near eleven
hundred millions; of Spain over eight hundred
millions; and Of Prussia more than two hun
dred millions. Taking the debts of the other
States of Germany the whole German indebt-
edness would amount probably to near four
hundred millions. Germany, then, as far as
its debts are concerned is in more favora-
BILE situation than the other Powers, but still
the cost Of this stupendous war will try its
financial capacity to the utmost. Looking
at these overwhelming debts we can readily
understand why England and the other Powers
are anxious to prevent the war spreading and
| to see it closed as soon as possible. Twelve
thousand millions and upwards of debt has
been created in Europe in dynastic wars and
to crafty the ambition of few men and royal
families. And how many millions OF lives
have been sacrificed for the same purpose?
| The flower of the people are used for the
| slaughter with no more concern than if they
were so many cattle, and the masses have to
pay the cost by their labor. The people OF
Europe are kept with their noses to the grind
stone and in wretched poverty to pay for the
wars of their ambitious rulers. Surely this
cannot last much longer in this enlightened
age. A day Of reckoning must come. A
revolution is silently at work, and whenever
| it is ripe these enormous monarchical debts
may be swept away as were the debt and
ancient institutions of France at the close O.
the last century.