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September 16, 1854.] THE LEADER. 871
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LEON FAUCHER ON RUSSIAN FINANCE. M. I.BO...
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OFFICERS AND GENTLEMEN. The sentence on ...
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ATTEMPT AT ABDUCTION IN PORTUGAL Tuppbua...
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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September 16, 1854.] The Leader. 871
September 16 , 1854 . ] THE LEADER . 871
Leon Faucher On Russian Finance. M. I.Bo...
LEON FAUCHER ON RUSSIAN FINANCE . M . I . BO 5 T Faccher has an article in the Revue des JOeux Mondes on Russian finance , well -worthy of notice . He contends that Russia is already exhausting her resources in the war . The three recruitments which have taken place naay be supposed to have taken 300 , 000 extra serfs from landed property , which is equivalent to a tax of 350 , 000 , 000 francs . Besides this , there is the loss of the advances made by English ¦ capitalists every year for commercial purposes , which amounts to 5 , 000 , 000 / . annually . The consequence has beeai a fall in the Exchange of 20 per cent ., the prohibition of the exportation of gold , and continuous bankruptcy . If the war goes on " not a countingliouse will remain open in Petersburg . " Besides its ordinary resources , the Russian Government is now using : — " 1 . The sums remaining disposable from the produce of the last loan .
" 2 . The funds which had been placed temporarily in France , England , and Holland . " 3 . The 30 million roubles ( 120 millions of francs' ) , by which sum the metallic reserve of tlie fortress of St . Petersburg , the guarantee of the repayment of the billets de credit , has been diminished . " 4 . The 24 , 000 , 000 of roubles ( 96 , 000 , 000 of francs ) represented by the new Treasury Bonds ( Billets de Tre ' soreriejj issued since the 1 st of January , 1853 . " 5 . The loans made to CaissesPimliques—the amount of which is not known here—which must bo considerable , since we learn from the Moniteur of the 4 th of June , that the liombard Bauk of Moscow sent off at one time 19 , 000 , 000 roubles ( 76 , 000 , 000 of fVanes ) , and since all the papers have spoken of the seizure by the Russian Treasury of the prr * fit » of the bank of the Cvedlt zFoncier of Warsaw—profits which amounted to 28 , 000 , 000 of francs .
" 6 . The so-called voluntary contributions fixed ait a tenth of the income , not to speak of the 80 , 000 , 000 of francs which the clergy , if any confidence is to be placed in official announcements , was to place upon the altar of their country ! " In taking , then , at 75 millions of francs the revenues of the loan negotiated at London , and the sums invested out of the country ; and at 100 millions the produce of the socalled voluntary contributions and confiscations 5 and assuming that the 200 millions of foi'eed loan found their way into the treasury , and that the sunns borrowed lately from the Lombard and other banks do not exceed 10 ( 1 millions , the Russian Government will be seen to have realised in less than eighteen months , a sum of about 700 millions of francs in excess of its ordinary resources . This i 3 literally a second budget , which it has spent . "
These extraordinary means , of course , cannot be continually resorted to ; but ftl . Leon Faueher predicts that the ordinary sources of revenue will soon be dried up . " The public revenue of Russia was estimated some years since at COO or 650 millions , comprising the interest from the gold washings of Siberia and tlie Oural . The treasury receipts cannot since have increased greatly in two countries where a system of prohibitions as well as the serfdom of the cultivators of the soil render riches tolerably stationary . The Monikur , howes er , whose returns have probably lu-on veriiied , estimates the annual receipts of the Kussian treasury at 800 millions of francs . Half of these receipts being furnished by the fanning out of the brandies , and by the customs , the Moniteur supposes that the present wnr and the blockade of
the two seas will occasion a deficit of about 200 millions ot francs , I myself cannot put the deficit so high as this . It is truu that the presence of the combined fleots in the Black Sea and the Baltic paralyses the foreign trado of Russia , which upon , these seas exceeded 300 million francs 5 but it must bo admitted that a part of tho commercial movement will bo transferred from sea to land , And in this innnner that tho treasury will recover a portion of tho receipts which appeared to be entirely lost . This lias been so sensibly felt by tho Bussian Goveruinont that with a view to increasing trado in this direction it has lowered its customs duties . Necessity has accordingl y flnggestcd a incnsurc qutto opposed to precedent , but which in tho light of political economy may bo considered salutary . As regards the spirit duties no very matoriul diminution is to to expected . Tlie Moujik will not drink less spirits thnn they did bisforo . They wowld prefer
depriving themselves of their bread or their soup . It may even happen that they will consumo n greater nunntity , as tho landowners , being unable to export tlioir grain , may consign a portion of it to tho distillers . The diminution of this branch of revenue may be taken accordingly at 1 O 0 millions of franca . " With « m income tlien of 700 millions , is it pnssiblo that Russia should , boablo to meet all the contingcncloa of a war whioh renders tho wholo forces of Eurdpo her direct or indiroot adversaries ? Tlyurincomo vvas found inadequate during pence , ainco ib was only by tho help of foreign loans that the Government eontinnea to cover tlie annual deficit in its finances . How Is it possible to imngino that a period of
oattloa -will facilitate a financial equilibrium , nnd that it will bo priwslicftblo to feed a war by taxation . Tho Cabinet of » t . Fotwaburg , to protect tit onoo tlio land and hoi * frontiers , cannot havo under amis less than 800 , 000 or 1 ) 00 , 000 mon . Wow let ; what will bo done , an army of 900 , 000 mon on u war looting ropreaontu an annual osponso of at Iwiat 900 millions ol fruuesj add to this tho keeping up of 40 line-ofbattlo ohips with ttio accompanying lighter ships and BtoiunoTB , to bo hold always roady to put to hou , and without chffloulty tho Bu m of n . rnillii . nl i » rvnoliod . Now suppose , thtt- U « 8 Hj : k tiiltcs only 200 millions of her revomio for tho intoroutJ ot tliodobt , « nd for tho exnanaos of her civil ndminmtraUou , and Btill independentl y of lior ordinary nuvonuo uho will bo © bligod to proouro every year a Bam of COO niillioiia
for the purpose of carrying on the struggle in which ahe is engaged . Is this possible this year ? Will it be possible next year ? Even supposing that Russia can supply a sufficient number of men , can she furnish the necessary amount of money ? Is the population of the country able to pay annually , under some form or other , an additional and extraordinary contribution of 500 millions of francs ? Referring to the system adopted in Russia of Banks of Issue , Loan and Deposit Banks , Mortgage Establishments , and Monts de Piete , which are all guaranteed by the Government , JVC . Leon Faucher says that it runs the risk of being borne down by them" The Banque d'Emprunt , the Banque de Commerce , the Lombards , and the Hospice des En fans Trouve ' . i—in a word , all the credit banks carried on under the control and with tlie guarantee of the state , receive en depot sums bearing interest to the profit of the investing parties , and of which sums repayment may be required at a short term . According to the last report presented to the Emperor by the xVIinister of Finance , tlie various sums deposited amounted ou the 1 st January , 1853 , to 806 , 083 , 233 silver roubles , or 3 , 224 , 332 . 932 francs . The report applies only to Russia ; Poland , as is well known , having a special establishment , whose deposits amount to 138 millions of francs . The danger of these arrangements proceeds , tlien ,- not only from the mass of capital at any moment liable to be called for , but from the circumstance of the greater part of the money beiDg out of reach in consequence of the investments made by the various banks in the form of loans payable at distant dates and by annuities . The Moniteur remarks that the Lombard banks , which for more than a century , have been the Monts de Piete of Bussiav as well as the Saving Banks and the Caisses de Credit Foncjer , have lent in this manner 463 millions of roubles , or 1 , 852 millions of francs ! The official report , however , appears hardly to bear this interpretation . The Russian minister only says that the Lombards have received en depot- 4 l 5 millions of roubles , and that they have lent 453- ' millions in part to individual : )—in part to various departments of the administration . But even supposing the advances made by the Lombards not to have b * en wholly absorbed by tlie landed interest , these changes affect neither the amount nor the danger of the investment .-. Tlie B , anque d'Emprunt and the charitable institutions likewise , advance money upon mortgage . The sums owing to tlie Banque d'Emprunt alone amounted , at the beginning of the year 1 S 52 , to 326 , 456 , 474 roubles , or 1 , 300 millions of francs , and the report informs us that the estates upon which that sum was mortgaged possessed 634 , 651 peasants . " These advances , then , on mortgage—these sums withdrawn from immediate disposal by the Lombards and the other banks ,, appear to represent a capital considerably exceeding 463 millions of-roubles . It is but'fair to observe that tlie establishments of credit , -which had received en depot up to the beginning of 185 . 3 80 S millions of roubles , had advanced 893 millions . The difference , then , between these amounts , that is to say , 87 million roubles , or 348 million francs , represents no doubt the capital of -the banks , increased by their resources or b y their profits . The official report says nothing respecting the capital of the Lombards , but mentions that of the Banque d'Emprunt , the Banque de Commerce , and the charitable institutions , amounting together to 36 , 530 , 000 roubles , or 14 . 6 millions of francs . The capital of these banks , as is seen , hardly covers onetenth of tho sums which they have issued on loan . * m * * " The Russian banks accordingly owe their customers ( their dupes , as I now think they will prove ) the . enormous sum of 3 , 224 , 000 , 000 francs . Is the repayment of so mon strous an amount materially possible ? " Tho flouting debt of Uuss ' m , the capital of which represents something like tho consolidated debt of Franco , is composed of three distinct elements . " The treasury oWos firab tho amount of the Billeta de TnJaorcrie—• payable at a fixed term ^ -this being a sum of 321 millions . Tho term of reimbursement being in general fixed at eight years—the eighth part of this issue , or about 40 millions becomes duo overy year . Next come tho billets de credit , the amount of which has been received by the state , either in money or in supplies , and whioh it has engaged itself to puy to tho bearer npon demand—11 mass , that of 1200 or 1300 millions , Finally aa having guaranteed the operating of tho establishments of credit , tho GroVornment owes to the owners of tho tldpdts confided to tlio keeping of that establishment tho fabulous sum of 8 milliards 200 and odd millions , liablo at any moment to rifiinbursornont . Tho flouting debt of Russia in thia triple form is nearly equal to five milliards of French money . How it is possible that such a critical etato of things could Imvo boon ec-ntinucd in n atato of peace and prosperity it is very diflicult to conceive . Tho credit of various states 111 tho two hemispheres , whoso resources aro not inferior to those of Russin . Jiad been B « ro to perish undor tho pressuro of folly infinitely less gigantic But , at all events , war will dismpato all uncertainty . .... r l ho Russian Empiro , apd justly so , has bcon pUcod before tho bar of European credit ; in tho country it has borrowed bo largely , that it becomes impossilito that it ttliould there borrow any more . Tlioro remains tlion nothing lo bo givon or lout to tho Qoverinnortt , bocanHn tho Government has taken all ; ami when its credit is uhukun , an om'tliquako will cuhuo . in which every umn ' s fortune will perlah . # If tho Einporor uliould not yield , if Kusniii a-hould continuo to bravo tho West of Kuropu , bIio will boobligod , after having spout , in 185-1 , twobuugutH to provide , ludoponileotly of lior ordinary resources , u huih of 0 . 000 , 000 or ( i , 000 , 000 franca for preparing ami currying 011 tlio campaign of 1855 . Those BupplioH—without which n part of tliu nruiy must bo diitbandod , and a rotruut within tlio IbrtrcHHOu must bo roaortud to—will besought 110 doubt by thu Govonuncnt oithor at thofortroasdepot , or by moans ol ' tiHupplomontary isnuoof billeta do credit—poaalbly in 11 conibi nation of tliw two cxpodionts . lu all o « aea , lumoror , tho G ovoinment will thus itdd but littlo to it . i voHourairf . and will at , auuo impovoiioh tho trouaury mid tho puoplo . Without nituiupting to IWco
conclusions , and to predict to Russia catastrophes wlu < sh appear so highly probable , since obstinacy does not suffice for replenishing a treasury , or facilitating tlie movements of armies , we are authorised to assume that in the proportions which the war is taking , Russia has not the means of carrying on two campaigns . If the Czar ' s Government , at the cost of the greatest sacrifices and of the most cruel sufferings , by decreeing the forced currency of its billets , and the bankruptcy of the establishments of credit , should succeed in surmounting this difficulty , it would be a last effort . Arrived at a third campaign , the Russian empire , humiliated and disorganised , would be as unable to resist revolt as invasion . "
Officers And Gentlemen. The Sentence On ...
OFFICERS AND GENTLEMEN . The sentence on Lieutenant Perry , of the 46 th Regiment , still continues to occupy public attention . It i 8 said that his friends are about to petition her Majesty the Queen , praying that she may be graciously pleased to order the entire proceedings of the late courts-martial to be submitted to the consideration of the judges of the land , and that her Majesty will then give her final and impartial decision on their view of the merits of the case . When the sentence of dismissal was first communicated to Greer , he was deeply affected , and immediately left the barracks for the "White Hart Hotel , to which place he ordered his baggage to be sent . Perry ' s baggage remained until Friday last , wlien he visited the barracks for tlie last time , and superintended the removal of the effects . The Gazette announcement has caused
some surprise , as it was thought the two vacant lieu-, tenancies would have been purchased t ? y the two oldest ensigns ; but there are obvious reasons why the usual course should have been departed from in the present instance , by the appointiniont of two lieutenants from other regiments . The officers of the 46 th are not improving their position at Windsor , —for an incident occurred on Sunday which caused considerable feeling in the town . It was no . less than the illegal arrest of one of the townspeople by Major Maxwell and Adjutant
M'Alister of the 46 tli . The facts are these . A youth , named Sirums , brother to the relieving officer of the borough , was walking in the High-street in the afternoon with another young man , when Sinmis said to his companion , " I don ' t recollect , " just at the time Major Maxwell and Adjutant M'Alister happened to be passing . Those officers , supposing the observation was directed to them , without farther ceremony gave direction to an orderly , who was following them , to take the lad into custody ; a cliase ensued , and ultimately Sinuns was captured and conveyed to the Police-office . Simms was afterwards bailed , out .
On the following day the lad was brought before tlie Magistrates . Major Maxwell deposed as follows : —On Sunday afternoon abput three o'clock he was walking in the HighTStreet o £ Windsor with Adjutant M'Alister , when he heard the words , " You don ' t recollect , do you ? " Mr . 31 'Alistei : turned round immediately ; so did J . I saw a civilian running away down the street ; Mr . M'Alister called to an orderly who was behind us to catch him , which was done , and he was handed over to tho police . I may as well state iu a few words that I don't come hero to have the lad punished ; I woulU rather see the youth discharged ; I merely wish to put a stop to insults the officers of the regirnent have been subjected to when walking in the streets , which is very disagreeable . Afr . Vnulptj snlinitnv wliA nit . oiuToil rm ln > U < v 1 P t \ f fliA twi .
sonor , and whoso friends ho observed were very respectable , said ho quite agreed thnt gentlemen in the position of Major Maxwell and Adjutant M'Alistcr should not bo insulted , nnd , although there was no offence committed against tho luw , ho admitted it was against proper feeling , and he was most anxious a stop should ho put to it . The Mayor said hts was most anxious to put a Stop to any annoyances to the regiment , and that he had already given tho police directions to bring any ahnilur case that might occur boforo him . In discharging the lad , ho cautioned him , not by word or deed to insult tho military , aa it was highly discreditable , and ) to trusted none of tho inhabitants would act in any wny that might load to a disturbance in the town , ns tho mon themselves Imvo acted in a most exemplary inannor . It is supposed that the Regiment will bo immediately sent to the East .
Attempt At Abduction In Portugal Tuppbua...
ATTEMPT AT ABDUCTION IN PORTUGAL Tuppbuary is not to bo allowed to stand alono in thu annals of abduction , as the following occurrence In tho north of Portugal shows : — " There la in that district iv voting lmly named Korreiro , twelve youra of ago , who ia an hoiross , her mother btAna it widow . As her fortuuo amounts , it ia wild to homo IOO ^ OUOi ., blio was oonaidorud worth boina sought after l » y or for tlui Count do Siildunhii , 11011 of tho J ) nku , ami Inn- Imud w « b accordingly uakud in iiiurringu . But lior mo I lior , unwilling to bo instrumental to 1 h . t iluuuliU'r ' n iinlmpp i »«» s , rejected tho iiropoanl . A plot wiim then formal to curry t ^ tho victim by ibroo , in which the youthful brother of tlio young lady in soinohow oimcurnod , lio having boon promi-m-l tliu tiUo o ( count . It i . i uncertain , howover , vhoUior ho it » moat to bo bliuvtoil or pitioil . Thu jiU « rrlviii « / it , maturity , tliroa or four por . wutt of ooii » id < : rntion I ninniiK thorn mwu bnron and Hold oilkur , introouooil tlioiusvlvurt into tlio counlry hou » io of tlio laclv , tho root uf tho rulitiuo , uiudo up of bunditti , headed Uy a uoti > rii > ua vnblor , w . aLin ^ tl » o higiiul fi > i' opumtions ,
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Citation
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Leader (1850-1860), Sept. 16, 1854, page 7, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_16091854/page/7/
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