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*Aft4 THE LEADER. FN<k 294, Saturday ,
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AUSTRIAN FINANCES. (From a Correspondent...
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Japan. —It is stated that the American G...
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Health of London.-—The mortality in Lond...
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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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The Moral Of The Act Of 1844-Theue Is On...
bas already gone half way . At one time , we should hare expected that he would hare signed himself " 3 own , Archbishop of Tnam , " and have flung the schedule in the face of the Income-tax Commissioner , glorying in the breach of the law , and in the fine for the offence . But no ; by abating his own title , John of Tuam thinks that he can evade the tax ; and while set pains and penalties could not make the Archbishop blench , the hope of saving a little money makes the lion content to sneak . Now it is evident tbat if the currency-doctors had their way , and the country was deluged with paper , the value of which nobody knew , the potency of this thing called money would never have been brought to its present perfection . The Spartans used money , of which a purseful was a cartload , for the very purpose of preventing bribery . N " o doubt the French Republicans found how difficult corruption was , when to bribe a man you had to slip into his band a large bale of assignats . Really , it might have great moral results , if we were to repeal the Bank Act of 1844 .
*Aft4 The Leader. Fn<K 294, Saturday ,
* Aft 4 THE LEADER . FN < k 294 , Saturday ,
Austrian Finances. (From A Correspondent...
AUSTRIAN FINANCES . ( From a Correspondent . ) The public in Austria awaited -with great anxiety the disclosure of the projects of M . de Bruck . It was supposed that they might go far towards reestablishing the ruined and discredited finances of the empire . After long delay , and much hesitation , the scheme of the minister was published ; it proved at once a failure , and thus vanished all the illusory hopes that have so long been entertained .
M . de Bruck ' s plan was to render the Government and the Bank independent of each otherto found a great establishment of Credit Mobilier , ( which would rival the Bauk , and thus destroy its monopoly ) , and to afford every private association of capitalists facilities for organizing establishments of a similar character . By these devices , M . de Bruck intended to multiply the money-resources of his Government , to pay the balance of the debt due from the State to the Bank , and to compel the Bank to withdraw the
excess of notes , and at the same time to discount those already in circulation . One great object of these operations was to restore the depressed credit of the Exchange , and to lessen the enormous difference which now exists between the nominal and real value of the paper currency . It cannot be denied that the project was subtle enough , and tolerably well arranged , but the chance of success was from the first very doubtful , and now unforeseen , circumstances have brought M . de Bruck to a result the very reverse of that he had in view .
Assured of the assistance of Isaac Pereira and Co ., he saw with pleasure , springing up between that firm and the house of Rothschild ' s a growing rivalry ^ arid jealousy , -which promised to advance his projects , when lo I a shock was felt in Paris , Which overthrew all the Austrian minister's airbuilt castles , so that there remained no other means of escape from the monetary pressure but by applying to that very Bank , the privileges Of which he had sought to destroy .
It is probable that the Bank will only accede to his wishes on terms very advantageous to itself ; and , before entering into a new bargain , will insist on the proscription of all rivals and competitors . It is known that the Government owes the Bank the following sums : — 1 st . 61 , 000 , 000 florins ( value of Vienna ) of notes withdrawn frora circulation , ouo half of which bear no interest , -while the remainder , bearing four per cent ., leave an average profit of two per cent .
2 nd . 45 , 000 , 000 florins at two per cent ., a debt contracted on the 23 rd February , 1862 , and for whioh the funds of the si ' . It-pits are hold sb security . 3 rd . 400 , 000 , 000 ilorins , balance of debt for taking up the Treasury bills : this is secured on the revenue of the Custom-house . 4 th . Upwards of 1 , 000 , 000 ilorins , for which the Government itself is security . Thus we have an avowed debt of 104 , 000 , 000
florins , while many other transactions have taken place which have never been exposed to the pryinff public eye . Jfow , the Bank has in circulation little less than 400 , 000 , 000 of bank notes , while the cash inland never exceeds 48 , 000 , 000 florins , to this may be added 80 , 000 , 000 florins of bills of discount , and 90 , 000 , 000 florins of money advanced to the Government , for which the State Papers are held as security . Should the Bank wish to realise the last two items , it would but be too happy to obtain ready money to the amount of one half the nominal value . The Bank would thus realise a fund of 130 , 000 , 000 florins , against an issue of 400 , 000 , 000 bank notes , so that the proportion
between cash and paper is as one to three . From this it will be seen that the Bank could , although with some difficulty , continues its ordinary payment of current liabilities ; but should a crisis occur , this immense quantity of notes would put its credit in imminent danger . Even if the eighty or ninety millions of bills at discount were invested in order to diminish the number of bank notes ia circulation , the difference would only be the greater , for , although the notes would be reduced to 300 , 000 , 000 , the ready money would amount to no more than 50 , 000 , 000 florins , that is to say , a proportion of one lo six . Thus , if the Bank were to discount its bills , its embarrassme nts would be materially increased .
M . de Bruck has now proposed to give to the National Bank , as a security for the Government debt of 170 , 000 , 000 florins , a quantity of -waste land , with power to let , or even to sell it . He also proposes that the National Bank should be authorised to create a new mortgage bank with a capital of 20 , 000 , 000 florins , and power to add new shares to be paid by ready money . Now the waste lands of the Austrian Empire , which are valued at 400 , 000 , 000 florins , scarcely yield a revenue of more than three or four millions . The only use , therefore , the Bank could make of them would be to sell them , and this would be a tedious and difficult operation , as purchasers to the amount
of 175 million florins are not easily found . The Bank proprietors , though fully aware of this , have accepted the proposed security , as an investment for the attraction of foreign capitalists who may be disposed to advance money . At all events , the Bank must make the best of its bargain , since the disproportion between the paper and the metalic currency has caused such an exorbitant rate of interest on the latter , that the Bank finds itself extremely hampered in all its operations . It is true that all commercial transactions with foreigners , and even between the various provinces , are affected in no small degree , but public prosperity is never taken into account by Austrian Ministers of Finance .
But all these efforts are merel y to square the balance of old debts . It still remains to be seen how the Government intends to meet its accumulating difficulties . Austria wants money , not only to cover her increasing deficit , which has been augmented by her armed neutrality and the high price of provisions , but has also to meet the new and extraordinary outlay necessary to repress the spirit of rebellion which may at any moment break out in ono or other of the Austrian provinces . From all we know of the Empire , we must conclude that the above operations are the prelude to a new loan , which will probrbly bo negotiated by the National Bank in the various European money markets . The position , nevertheless , would remain
almost unaltered . The Bank , while receiving the common lands , would advance new sums of money ; the public -would suffer from being compelled to take paper payments , which would only bo discounted at an exorbitant rate of interest ; state creditors would ulways be paid with notes on which they would lose one-third of their capital whenever they wished to exchange Austrian for foreign values , and the only result would be , tliat instead of one monopoly there would be two , viz th 6 National Bank and the Mortgage Bank , both of whioh would bo at the mercy of the Government . Foreign capitalists will , therefore , do well to remember that the bankruptcy of Austria , though it may bo postponed for a short time , is ncvitftblc .
Japan. —It Is Stated That The American G...
Japan . —It is stated that the American Govemmont consider < ho Japuneso interpretation o ( the treaty with the Unittid States is correct , and that no efforts will bo made to intimldatu Japan into receiving American subjects .
Health Of London.-—The Mortality In Lond...
Health of London .- —The mortality in London is still below its average rate , for 919 deaths were registered in the week that ended on Saturday , November 3 rd , or 193 less than the corrected average of previous year . s . At the annual rate of 17 in 1000 , which rules in the healthy districts of England , the deaths would be 836 weekly in London , so that the deaths in the last week by unnatural causes were 83 or twelve daily . 227 persons died by zymotic diseases ; 14 by small-pox , 11 by measles , 70 by scarlatina , 22 by hooping-cough , 13 by croup , and 49 by typhus and the various forms of fever . In one house , 24 , Ewer-street , St . Saviour , Southwark , 3 children died of small-pox within 5 days . Scarlatina still prevails with much
intensity in St . Pancras . The deaths from diarrhoea ( 24 ) are much below the average number ; yet 3 cases of death from cholera are recorded . One of these cases occurred in the Millbank Penitentiary ; two in the Chelsea district . The mortality is much above the average in Chelsea , Kensington , and St . George , Hanover-square , which are still supplied with the impure Thames water ; while the districts that now have better water on the south side of the river , experience a lower rate of mortality than they did in the previous ten years . Thus in the last two weeks the deaths in Bermond sey have been 10 and 10 ; while the deaths in the corresponding weeks of the ten years 1845-54 ranged from 18
to 34 , and were 25 on an average . Bermondsey was then supplied with the dirty water of the Thames at Battersea , and is now supplied with the water of the Thames from Hampton , six miles above the tidal range . 124 persons died of consumption , 68 at the ages 20-40 , 28 at the ages 40-60 . Apoplexy and paralysis were fatal to 33 persons , heart disease to 33 dropsy to 11 , bronchitis and pneumonia to 122 persons . 47 deaths by violence were registered in the week . Last week , the births of 671 boys and 675 girls in all 1 , 346 children , were registered in London . In the ten corresponding weeks of the years 1845-54 , the average number was 1 , 440 . — From the Registrar ¦^ General ' s Weekly Return . . , . _ .
Rise in the Price of Sugar . —A meeting of the grocers of Liverpool has been held at the York Hotel , Williamson-square , Mr . Tate in the chair . On the motion of Mr . Basford , it was resolved that on and after the 2 d of November the lowest price of moist sugar be 6 d . per lb ., and the lowest price of refined sugar 7 d . per lb ., irrespective of quality . America . —The question of the disagreement between the United States and England continues to furnish subject for discussion . The Washington correspondent of the New York Herald , writing on the 22 nd ult ., says : — " It is reported here to-day in diplomatic circles that the British Minister asserts that the late attempt to convict him of a violation of the neutrality laws of this country was the result of a conthe t t
spiracy of foreigners to embroil wo Governmens and that at the proper time he will show such to be the case . Furthermore , Mr . Crampton intimates that , should his recall be consummated , no successor wov ' u be appointed in his place . " The American vessel Maury was laid under embargo by the United States authorities , on the complaint of the British Consul at New York , who stated that she was being fitted out as a Russian privateer , with the design of intercepting one of the Cunard steamers from Boston , and taking her with the specie on board as a prize , but she was afterwards released by direction of the district attorney , who acted on affidavit of the owner and with the sanction of the British Consul , it having been proved that she was going to China , and that she was armed for
protection against pirates . - The Slavery Question in Kansas . —The elections in Kansas have lesulted as was predicted . The pro-slavery ballot on October 2 nd returned Genercl Whitfield to represent the territory in Washington ; and the anti-slavery election of the 9 th has chosen Governor Recder to represent the same constituency in the same place . Consequently , Congress will now be called upon to settle this question . The latter p an have ulso elected delegates for the purpose of forming a State Constitution which will probably be completed , with a clituse prohibiting slavery , before Governor Reeder leave » for Washington . This is a bombshell that promises to blow moat of the other business ot i « e session quite out ,. of sight . —rises' Ncio York Correspondent . . _ . . „ „ .., ; , out / ten vti i . - ^ . , /; Oazelta ««
Cahdinai , Wiseman . —A letter in the Modena , ft paper generally very well informed on Roman uffiiirs , eays that Cardinal Wiseman is positively to resign tho metropolitan church of Westminster to » ' » present coadjutor , and becomo Prefect of the Vatican Vhi 7 lobs of this Brio Bhenua . — Tho mag istrates of Sundovland have hold an investigation into tno circumstunqos of the loss of tho brig Brcnclu , w » iu « Btrandod during the gale of last week , und into u charge aguinat th « J master , Thomas Bell , namely , " »» he wub drunk , while the vessel waa in distress . « ov ° , " witnesses were examined , all of whom spoke to « absolute intoxication of the master . The do P ° »} "T of the witnesses will be remitted to tho Bourd ot * f " ' In the meantime , we understand the master ' s certinci " has been suspended .
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Citation
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Leader (1850-1860), Nov. 10, 1855, page 14, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_10111855/page/14/
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