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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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Untitled Article
UGON FAUCHER ON UUSSIAN FINANCE . M . Laosr Faucher has aa article in the Revue des Deux Mondes on Russian finance , well worthy of notice . He contends that Busaia is already exhausting lier resources in the war . The three recruitments which have taken place may 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 been 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 countinghouse will remain open in Petersburg . " Besides its ordinary resources , the Russian Government is now using :-
—" 1 . The sums remaining disposable from tbe produce of the last loan . " 2 . The funds which had been placed temporarily in France , Engl a nd , and Holland . '_ ' 3 . The 30 million roubles ( 120 millions of francs ) , by vrhich sum the metallic reserve of the fortress of St . Petersburg , the guarantee of the repayment of the billets de credit , been diminished . " 4 . The 24 , 000 , 000 of roubles ( 96 , 000 , 000 of francs ) represented by the new Treasury Bonds ( Billets de Tvesorerie ) , issued since the 1 st of January , 1853 . " 5 . The loans made to Caisses JPubliq . ues—the amount of ¦ which is not known here : —which must be considerable , since we learn from the Momtmr of the 4 th of June , that the Lombard Bank of Moscow sent off at one time 19 , 000 , 000 roubles ( 76 , 000 , 000 of francs ) , and since all the papers liave spoken of the seizure by the ltussian Treasury of the profits of the Lank of the Credit Foncier of JYarsaw—profitswliich amounted to 28 , 000 , 000 of
fraaes" 6 . The so-called voluntary contributions fixed at a tenth of tlie 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 jlace upon thus altar of their < ountrT ! ' "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 o £ the socalled voluntary contributions and confiscations ; and assuming that the 200 millions of forced loan found their way into the treasury , and that the sums borra-ved lately from the Lombard and other banks do not exceed 100 millions , the Russian Government will b « seen to liuv-c -realisedin 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 M . Leon Faucher pre--dicts that the ordinary sources of revenue will soon be dried up . - " The public revenue of Russia was estimated somo years since at 000 or 650 millions , comprising tbe interest from the gold washings of Siberia and the Oural . The treasury receipts oarmot since have increased greatly in two countries whore a . ( system of prohibitions as well as tins serfdom of the cultivators of the soil render riches tolerably stationary . The Monitew ; however , whose returns have probably been verified , . estimates tlio annual receipts of the ltussiantreasury at 800 millions of francs . Half of these receipts being furnished by the fanning out of the brandies , and by the customs , the MoniUur supposes that the present war and the blockade of the two gens will occasion a deficit of about 200 millions of franca . I myself cannot put the deficit so liigh as this . It is truo that the presence of the combined fleets in the Bjuck
bea ntid the Baltic paralyses tlio foreign trado of ltussia , which upon these soas exceeded 300 million francs ; but it must bo admitted that a part of the commoreial movement will be transferred from sea to land , and in tliis manner that tlio treasury will recover a portion of the receipts which appeared to bo entirely lost . Tliis has buun so sensibly felt by the Eussian Government that with a view to hicrousing trade in this direction it bus lowered its customs duties . Necosaity has accordingl y suggested a measure quite opposed to precedent , but which hi tlio light of political economy may bo considered salutary . As regards the spirit duties no \ ory matoriul diminution is to bo expected . Tlie Moujik will Hot drink leas spirits than they di < l before . They would prefer depriving themselves of their lircad or thoir soup . It may even luippon Unit they will consume- n greater cuuintity , ' na tho landowners * , being unable to export their grain , may consign a portion of it to the distillers . The diminution of thia branch of revenue may bo ttikon accordingly ut 100 millions of franca .
" With an income then of 700 millions , is it posbiblo that Russia should bo able- to meet « U the contin ^ cnoica of a war which renders the- wholo forces of liuropo her direct or indirect wdvorsuriea ? Tins income waa found iimdociunlo during peace , sinco it was only by tho help of foreign lomna that tlio Government continuec ] to cover the nunuul dctlciit ia its Uwiuices . 1 ,-Iow is it possible to imngina that a period of battles will facilitate , a financial equilibrium , and that it will be practicable , to feed u war by taxation . The Cabinet of bt . Petersburg , to protect ut once the land uud sou frontiers , cannot have undor arms less tluut 800 , 000 or ! H ) 0 , 00 (> inou . JNow lot whivt will bo dune , wn « rmy of 000 , 000 mini on a war tooting re presents « n annual cxponao of ut lonat 1 ) 00 i ? i ° i ° - fr ' ?» 5 « d d to tUisi tho keeping up of-10 liuo-ofbattlo Bhips wth , the aooornpanying lighter uhin . j uud Btoamew , to bo hda always rowdy to put to » eM ) and without difllou ty tho aum pf a milhW is reached , ' flow j , uHws 0 1 S 1 r f ' \ J «« only 200 milUww of her rovuimo lor tlio interest of the d « bt , and for tl , Q oxponaoB of lior civil ujmlnidtra ion , nnd still independentl y o f her ordimuy rovenuo aho wUI Uo obliged to procure oyory year a mini of 000 inUUuna
for the purpose of carrying on the struggle in whicli she is engagea- 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 annaally , 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 Pie ' t « , which are all guaranteed by the Government , if . ieon JTiLueber 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 Enfans Trouves—in a word , all the credit banks carried on under the control and with the guarantee of the state , receive en depSt 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 Minister of Finance , the various sums deposited amounted on the 1 st January , 1853 , to 806 , Ofl 53 , 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 , then , not only from the mass of capital at any moment liable to be called for , but from the circumstance of tbe greater part of the money
being out of reach in consequence of tlie investments made by the various banks in the form of loans payable at distant date ' s and by annuities . The Monileur remarks that the Lombard banks , " vvliich for more than a century have been the Monts de Pi 6 te of Eussia , as well as the Saving Banks and the Caisses de Gre ' dit Foncier , luweient in this manner 463 millions of roubles , or 1 , 852 millions of francs I The official report , however , appears hardly to bear this'interpretation . The Eussian minister only says that the Lombards have received &i depot 415 millions of roubles , and that they have lent 468 millions in part to individuals—in part to various departments of the adniinis-tration . But even supposing the advances made by the Lombards not to . have been wholly absorbed by the landed interest , these changes affect neither the amount nor the danger of the investment . Tlie Banque d'Einprunt and the charitable institutions likewise ,-advance money upon mortgage . The sums owing to the Banque d'Emprurit alone amounted , at the beginning , of tie year t
1852 , o 326 , 450 , 474 roubles , or 3 , 300 millions of francs , and the report informs us that the estates upon which that sum was mortgaged possessed C 31 , ' 651 peasants . ' These advanceS j the"n , 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 the establishments , of credit ., which liad received en depot up to the beginning of 1853 80 G 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 by their profits . The official report says nothing respecting the capital of the Lombards , but mentions that of the l $ * mque d'Emprunt , the Banque de Commerce , and the charitable institutions , amounting together to 30 , 530 , 000 roubles , or J 4 G millions of francs . The capital of . these banks , as is seen , hardly covers oneteuth of tuo sums which they Jiave issued on loan .
" The Russian banks accordingly owe their customers ( their dupes , « s I now think they will prove ) tho enonnons sum of 3 , 224 , 000 , 000 francs . Is" the repayment ot so mon strous an amount materially possible ? . " The floating debt of Russia , the capital of whiclp ' represents soine . thing like the consolidated debt of France , is coinposed of three distinct elements . " The treasury owes first tho amount of the Billets dc TrcSsjorcrio—payable at a fixed term—this being a sum of 324 millions . The term of reimbursement being in general lixed at eight years—the ciglith part of ¦ this issue , or about 40 millions becomes duo every year . Noxt come tlie billets dc credit ^ the amount of which lins been received by tlie state , either in money or in supplies , and which it liaa engaged itself to pay to tho boarur upon demand—a mass , that 1100
ot lzUO or ) millions , 1- inully as having guaranteed tho operating of the establishments of crodjt , the Government owes to the owners of tho demurs confided to the keeping of that establishment the fabulous aum vf 3 milliards 200 and odd millions , liable at any moment to reimbursement . Tho floating debt of Kussiu in this tiiplo form is nearly equnl to five inillitu'ds of French money . How it i . s posniblo that such a critical mates of things could have been continued in a ^ stato of penco and prosperity it is very difficult to oonceive . The credit of various states in the two liomlsphorea , whoso resources are not inferior to thoao of Uussiiu had been sure to perisli under the pressure of folly infinitely less gigantic But , at till ovonts , war will diasipato all uncertainty Tlio Huflatan Empire , and jantly so , lias bean placed before tho bur of European credit ; in the country it has borrowed ho lurgoly , that it becomes impossible that it should there
borrow uuy more . Tlioro remains then nothing to bo given or lout to tho Gavornmont , becuudo tho Government has taken nil ; and when Us credit is shaken , nn earthquake will cnhUd j in which ovcry mun ' s fortune will pcrinh . " 11 ' Iho Kmporor uhould mut yield , if Itusaiu should continue to bravo tho West of Europe , mho will bo obliged , after having spout , in 1854 , twobudgota to provide , indoiiundcotly of liur ordinary roaourcea , a sum of 0 . 000 , 000 or 0 , 000 , 000 franca i ' ur preparing und carrying on the campaign of LBSfi . ' 1 lieau autjpliort—without whiuli u part ol' the army muat bo diMbandud , and a retreat within tho fortroasort mual bo ro-Bortud to—will bis sought no doubt by tho Guvonunoiit oithor nt tho fortrohs depot , or by miums of tt « u |) plt'inontHrv iaauo of billot * da credit—possibly in n combinati'Un of tlio two cxpodienta . In all onset ) , liowovor , tho Oovornmont will thus add but littlo to ittt rusourcoH . ami will nt ; onoo iinpovorlsln tho troaaury and tho people . Nvitliout attomptiiiK to Corco
conclusions , and to predict to Russia catastrophes which appear so highly probable , since obstinacy does not suffice-for replenishing a treasury , or facilitating the movements of armies we are authorised to assume that in the proportions which the war is taking , Russia lias 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 Lillets , and the bankruptcy of the establishments of credit , should succeed in surmounting tliis difficulty , it would be a last effort . Arrived at a third campaign , the Russian empire , humiliated and disorganised , would be as urmble to resist revolt as invasion . "
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OFFICERS AND GENTLEMEN . The sentence on Lieutenant Perry , of the 46 thJKegiment , still continues to occupy public attention . It is 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 hLs baggage to be sent . Perry's baggage remained until Friday last , when he visited the barracks for the last time , arid superintended the removal of the effects . The Gazette annoaiieenient has caused some surprise , as it was thought the two vacant lieutenancies would have been purchased by the two oldest ensigns ; but there are obvious reasons why the ; usual course should have been 'departed' from hi the present instance , by the appointment of two lieutenants from other
reeiments-Tlie officers of the 46 th are not improving their position at Windsor , —for an ineident 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 Adjjatant M'Alister of the 46 th , The facts are tliese . A youth , named Simms , brother to the x'elieving officer of the borough , was walking in the High-street in the afternoon with another young man , when SimnlSrSaid 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 further ceremony gave direction to . an orderly , who was following them , to take the lad into custody ; a chase ensued , and ultimately Simms was captured and conveyed to the Police-office . Simms was afterwards bailed out . On the following day the lad . was brought before the Magistrates .
Aktjor Maxwell deposed us follows : —On Sunday afternoon about three o'clock lie was walking in the High-street of Windsor with Adjutant JM'Alister , when he heard the words , "You don ' t recollect , do you ? " Mr . . MtAUsfei : turned round immediately j so did I . I saw a civilian running away down the street ; iir . 21 'Alistcr called to an orderly who was behind us to catch him , wliicliwas done , and lie Wiis handed over to the police . I imy as well state in a few words that 1 don ' t como hero to linvotlio llid punisliei ; I would rather see the youtli discharged ; I merely wish to put : i stop to insults tho ouicera or tlw regiment have been subjected to when walking in the streets , which is very disagrooablo .
Mr . Voules , bolicitor , who attended on behalf of the prisoner , and whose friend * lio observed wore very respectable , said lio <[ uito agreed that gotitk'mcu in the position of Major Maxwell und Adjutant JM'Aliatei should not 1 ) 0 insulted , and , although there \ vu . i no oflbnco committed against the lav , ho admitted it was iiguiiist proper fueling , und he waa moat anxious a otop . should IJc put to it . Tlio Mayor siiiu ho wna mo ; st anxious to put a stop to nny annoyances to the royimout , anil that ho had already ft iyen tho police directions to bring nny similar case that iniglit occur before him . In discharging the lud lie cautioned him , not by won ! « r dcod to insult tlio military , « w it \ yas highl y discreditable , and lio trusted nono of tho inhabitants vyould act in nny wayth . it . mi ^ lit lead to a disturbance in tho town , an tl » o men thenibolvoa have acted in a inoat exemplary manner . Ib is supposed that tho Hegimcut will bo immediately sent to the Kust .
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ATTEMPT AT ABDUCTION IN POHTUGAL Tu'viiraky » s not to be allowed to stand alone in tin tuimils of abduction , iis the following occurrence ii : the north of Portugul shows : — " Tlioro ia in that district a young lady nmncd Forrcirn , twelve years of age , who is an hoirusis , her niiitlicr being « widow . Aa her fortune uuiouutd , il io miid to mnno J 00 , 000 / ., slio wus considered worth being sougliL uftor by or for tho Count de Suldiinhn , huh of tho I ) uk « , and hoi' h and vv « o uocordingly ttulcud . in niiirriiigo . Hut live mulhor , unwilling 10 bo inslrumonUl to hor lUtughtor ' n uJilmppin < "i 3 , rojeotod tuo i . roposal . A plot wan then i ' i > riiu . 'd ta carry oH ' liw viotiin by Ibreo , in whicli tho youilifiil hrollwr of tlio yoiui « ludy is swuoliow ooiK'ornod , hu liaviiif , ' ^ ' ^ r < romwoil Uio tiUo ot count . It is uncertain , liowuvor , wJwtlior liu is most to bo bUinod or pitied . Tho J'l » t arriving at niaUinly , throe or four pomona of oonaiilcmtloii , amuiig thum waa « buron und fluid oillcor . introouooii thuuwolvoti into tho country house of tho ludv tlio jro . it ( ifthorotliiuc , iimdo up oi banditti , lioudod by a iwtorious ivbLo / , wailing tlio signal for operations ,
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September 16 , 1854 . ] THE LEADER . . $ 71
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Citation
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Leader (1850-1860), Sept. 16, 1854, page 871, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2056/page/7/
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