branch of this old oak, which, we trust, | by adverting to another branch of pubwill for ages hold the completion of M. lic contribution; though, after all, it B.'s prophecy in complete and notorious should seem that the Austrian populaabeyance. tion, is comparatively, very lightly taxed. M. B. calculates that the National Debt of England, as it stood when Mr. Pitt took the helm of the State, will be redeemed about forty years hence in this he is at issue with the House of Commons, which a year or two past, voted that it had been redeemed, and a trifle over. Perhaps, the difficulty attending intercourse between the two countries may plead excuse for this egregious oversight. FINANCES OF AUSTRIA. So little is accurately understood on this subject, that we shall add nothing to M. B's statements: the leading facts we know to be true; but we cannot speak to the details. According to Mirabeau, the revenues of Austria, in 1770, amounted to (florins.) Add acquisitions in Po land, since 1770 (say) Deduct the Low Coun. tries and Lombardy, lost since 1770. . (say £18,000,000) 90,408,075 15,000,000 115,408,075 6,093,305 Florins 109,314,770 It is to be observed, that, in Austria, as in other German States, a part of the general expences, are liquidated by means of Provincial treasuries, which remit to the national fund, only the surplusses; after deducting their own cash payments. It is not easy to know the total amount of these demands; but, they may be taken, at nearly half as much as is remitted to the Imperial treasury. Admitting these data: the deficit for 1814, would be 60 millions of florins. It was 34,309,585 florius for 1807. [about 4,000,000 sterling.] This deficit could be covered, only by additional emissions of Bank paper. Alarmed at the progress of deterioration, Government created in 1806 a special impost, payable in cash, for the redemption of these bills; but, the pressure of public events, obliged the Emperor to apply this impost to current expences. THE BANK OF VIENNA. Bank bills were created in the reign of Maria Theresa, as a resource to meet the difficulties produced by war against Prussia. The first were dated June 15, 1762. This emission was only 12 millions of florins. In 1771 almost all these bills were paid off what remained were exchanged against others, to the amount of 12 millions. In 1785 Joseph II. raised the quanThis agrees with Statistic Tables published in Germany in 1807, which marked tity issued to 20 millions; not from necesthe Austrian revenue at 110,000,000 florins.sity; but because the public gave a singuIu 1808 the estimated revenue was 117,600,031, which added to several accessary funds made, in all, 128, 981,514 f. The public service demanded a much greater sum for that year: lar preference to bills of this description. In 1788 the finances of the Austrian Monarchy begun to experience a sensible derangement. In 1794 to the ordinary imposts was added a war tax (KriegsSteuer.) In 1795 copper money was fabricated, as an object of profit. The circulating mass of Bank Bills also continued increasing. In 1797 an invasion being feared, individuals carried their bills to the bank to demand payment; the cash the Government was obliged to restrict to in bank being insufficient to meet this run, twenty five florins in specie, the sum receivable by each family: which greatly shook the credit of these paper securities. In 1800 paper being sunk to a still heavier this evil, the bank bills of five florins being discount, cash became scarce: to remedy found not convenient, bills were issued for two florins, aud for one florin each. In the mean while, the country was drained of cash, by the purchase, in foreign parts, of [About four millions and a quarter sterling. The increase of Bank Bills can only be estimated by conjecture, it was In 1805 nearly florins 400,000,000. In 1807 upwards of. 500,000,000. From this terest was, 27,796,000 florins. time, the interest was paid to Austrian subjects in paper only; and at length it was paid to foreigners in the same manner. Independantly, of this general debt, each province of Austria has contracted incumbrances on its own security; according to its own necessities. It is not in our power to conjecture the amount of these. But, it has demonstrated the extreme injury to the state, of any privilege existing, by which the burden of public contributions falls unequally, on the population at large. For example:-the lands of the nobility are not absolutely free from all charges, but they do not pay half those which are laid on lands held by nou-nobles, or rusticals. The possessors of noble and of ecclesiastical lands are further favoured, in that, they deliver in their own valuation! sub fide nobili et sacerdotali. Whereas those of the rustics are valued by appointed In 1808 to the value of 706,654,143 were authenticated; and about 500 millions were issued; the rest remained in the hands of government, to meet the preparatives for the campaign of 1809. The reverses of that campaign, the loss of a great part of the army stores, which had been very costly, the occupation by the enemy during six months, of much of the coun-officers. try, including the capital, the war contributions paid during that occupation, those paid afterwards, as the price of peace, and evacuation of the country, the diminution of the revenue during this time, and that resulting from the loss of a considerable population in the provinces ceded, the whole of these causes warrant the estimate of a thousand millions of florins, in Bills, in circulation in 1810. COPPER MONEY. In 1807 the quantity in circulation might be 80,000,000 florins. The hundred weight of copper cost the Government in bauk paper, 220 florins: cost of coinage 36 florins. It produced profit, florins When coined in SO kreutzers pieces 1,600 -15 kreutzers pieces 1,066 3 kreutzers pieces 320 The annual gain of Government may be about 8 millions of florins ;-but the intrinsic value of this currency being SO very different from its nominal value, it can only be considered as paper money, though in a metallic species. At the close of the seven years war, the debt of Austria amounted to 367 millions of florins; in 1765 about 251 millions were redeemed but the preparations for war in 1778 and 1783, certainly raised the outstanding debt to 200 millions of florins. Ever since 1791, being constantly engaged in war, the Austrian Government has had recourse to loans, at home and abroad. In 1794 a forced war tax was imposed. In 1807 the amount of the debt incurred was 642,000,500 florins, the in Such was the state of the Austrian finances, when the Emperor, considering Buonaparte as sufficiently involved in his attempt on Spain, ventured to commit his honour and fate to arms. sequences we know. The con The honour of the family, and the welfare of the state, commanded war; it issued in the dishonour of the family by the marriage of an Austrian Princess with Napoleon; and in the detriment of the state, by the prodigious expences incurred, and the ransom paid in the precious metals. But, not in this, only, did the Austrian family manifest the deepest sense of honour-yet, in vain, being controuled by circumstances. Says M. B. The Sovereign, with his family, long resisted a diminution of the value of bank bills: but, at length, their immense mass forced the minister to that arbitrary measure. The bill of five florins was reduced by an Imperial Mandate to one florin; and a new paper was issued, on this calculation. By this means the thousand millions in circulation, was contracted to (in 1813) about 250 millions; it was afterwards raised to 500 millions: to this was added a new denomination, "Anticipation-bills," in 1813, on the prospect of the part to be taken by Austria in 1814. In short, Government paper, which was reduced, three years ago, four fifths of its value, now loses in its new form three fifths, more so that, a bank bill of one hundred florins was, by authority, reduced to twenty florins, and now it would realize only eight florins in cash. double what he had received, a considerable treasury, and an army of 200,000 men, Under Frederic William II. this accumulation disappeared; the fame of the army was tarnished; but the population of memberment of Poland. Frederic WilPrussia was increased by the final disliam III. came to the throne in 1797, in the midst of those convulsions which dis pair the errors of his predecessor. He was apparently fortunate till 1806, after which period to 1818, he became a perfect model of distressing misfortune. Eight years of sufferings must have had an unequalled effect in impoverishing a people whose riches were the fruit of labour, patience, and length of years. Frederic II. regulated his expences according to an estimate of his receipts, amounting to about 64 millions of livres; in which certain articles were regularly omitted, they being set apart to beneficial purposes; such as colonizations, buildings, &c. His expences were Such were such are still, though with fluctuations, as influenced by hope or fear, or by the course of exchange the finances of Austria. Whether the reduction, by the strong arm of authority, of paper founded on public faith, four fifths of its value, be any thing else than a bankruptcy, paying four shillings in the pound, must be left to the deci-tracted Europe. He did his utmost to resion of casuists. The political (interior) consequence of the measure was, an absolute concealment of bullion in every form: no man suffered gold or silver to be seen; but every body endeavoured to pass away the paper in his possession, which he had taken at a certain discount, while it was continued at, or near, that discount; in order that his loss might be either nothing, or next to nothing. In fact, this paper had been issued gradually, as its value became depreciated, at rates bearing no relation to its nominal value; whether, therefore, the reducing and exchanging it were any other than a public avowal of this gradual emission below its proper par, may deserve consideration. It affected (at home) those only who had sold their goods at the current rate. It was a strong proof of want of national In 1784, it was supposed, that after havconfidence: what more it was we do not ing followed this custom, since 1768, he had say. We must, however, to the quan- in his coffers nearly 160,000,000 fr.tity of Bank Bills in circulation, add 20 millions more were found in his cabinet, the funded debt (taken for 1808,,at at his death: the whole, therefore, might 600,000,000 florins) add also, the float-be about 200,000,000 fr. It must be uning debt; add the debts due by the pro-ble the amount of these sums; many derstood, that the people paid nearly douvinces, respectively, which cannot be so much as guessed at by foreigners-and the whole, it must be confessed, makes an astonishing mass of national incumbrance! FINANCES OF PRUSSIA. The extreme secrecy maintained in conducting the Prussian Finances admits of an approximate estimate only. The duties are distributed by provinces; and the officers of each province know only what belongs to itself; so that the comptroller general ist he only person acquainted with the whole, except the Sovereign, and his confidential Ministers. Frederic William, father of Frederic II. with scanty revenues (perhaps 40,000,000 francs) lefti u 1740, a full treasury, with an army of 60,000 good troops, to his succes son In 1786, Frederic II. left to his nephew a population and a revenue, at least The Army (francs) 52,000,000 4,000,000 8,000,000 64,000,000 being local, were first discharged, and the of the expences, as lodging of troops, &c. net revenue, only, was remitted to Berlin. Immediately after the death of Frederic II. the treasury was broken up by his successor: the revenue was found insufficient, and the accumulations of a wise foresight, were scattered: the riches and the glory of the state were dissipated. Yet the whole of the Royal income, increased by the acquisition of Poland, was not less than 140,000,000 fr. To calculate the losses sustained by this monarchy, since 1806, is impossible. A furious war, destruction of military stores, forced contributions, the pressure or the passage of troops of all nations, privation of the means of re-production, by cessation of commerce, all the miseries, in short, which contribute to consummate the ruin of a country, united to oppress this most unfortunate nation. The whole of the monarchy, in all its parts, was absolutely exhausted. Every | the Peace of Tilsit. SOCIETY OF MARITIME COMMERCE. provinces, apportioning the imposts among themselves, had sometimes a balance in their favour: this they lent to a member, to half the value of his land, at an interest of 4 per cent. In case of failure, the states seized the land. The amount of this paper in circulation might be about 25 millions of thalers (4,000,000l. sterling.) The French armies forced the proprietors of these lands to grant securities on this property to the very uttermost; and beyond the uttermost; for, had these invaders swept away all that was found on the premises, the soil would have remained; whereas they exacted obligations secured on this property, to such excess, that they lost more than 60 per cent. of their value, though resting on landed estates; and thus what was instituted for relief of the proprietary, became its most intolerable burden. Perhaps the whole debt of Prussia may assume, by conjecture, the following shape. Arrears of old debt Provincial debts This also is a creation of Frederic II. It was intended to participate in the profits arising from the sale of salt, furnished by Losses in Poland,-of the the Salt Mines of Wieliska; then entirely the property of Austria. 66 But Bank, and Maritime So- Stores furnished to the French francs. 100,000,000 600,000,000 200,000,000 100,000,000 100,000,000 Total 1,100,000,000 And this, for a government that has not 150 millions of francs revenue with a desolated country, exhausted towns, and ruined industry!! In spite of the treasure stored by Frederic II. his successor left the state involved (in 1804) to the amount of 36,624,419 thalers; Government (full 6,000,000 sterling). but of paid off 24,788,863 thalers ; this sum 12,936,665 thalers were furnished by the Society of Commerce; so that in 1805 the sum was 24,780,220 thalers.Besides this, the Society furnished great assistance to the various provinces. Such (with abbreviations) is the Baron's the services thus rendered to the State, with the course of political events, reduced statement of the finances of Prussia. the shares of this society from being above Under disasters so distressing, it is pardonable in a government to draw closely, par, to below 50 per cent. discount. These have, in the issue, with those of the and to keep closely drawn, the veil that Bank, been converted into Royal Asconceals the enormous burden by which signations," bearing interest, and taken in it is overladen. A conjecture may be payment for such of the royal domains as formed from a glance at the sufferings There is also an were ordered to be sold. of the country during eight years. In 1807 and 1808 the territory of this sovereign was covered by the locust swarms which formed the immense armies of France under Napoleon. In 1809, 1810, and 1811, the whole receipt of the country was exhausted, with whatever could be raised (almost, per fas aut nefas) then, again, in 1811, Prussia maintained vast armies, in preparation for the invasion of Russia in emission of Treasury bills in circulation their amount may be 12 millions of thalers. PROVINCIAL SECURITIES. In some of the Prussian provinces, as in the Marches, (1777), Prussia East (1787) and West (1797) Silesia (1770) and Pomerania (1781) there exists an association among the proprietors of noble lands, by which the general credit assists in furnishing aid to individuals of the body. These 1812; in which year the oppression | even doubted, whether the Government was at its height: and so continued till itself has correct notions on the subject, affairs took a turn, and the whole popu- in all its branches; so great is the numlation, as it were, started up in arms ber of different nations composing this against the general oppressor. At vast dominion, so different are the whatever amount the deficit of these modes of collecting imposts, in such disasterous years be calculated, with various forms are they received, in kind, the waste and destruction, and the non- in compensation, in services, &c. &c. if production consequent on the bitter ne- it be not impossible fairly to value cessity of the time;-the sum total is these, by reference to a general estithe load imposed on the Finances of mate, it is an undertaking of extraor Prussia! dinary difficulty. We must, therefore, content ourselves with approximations, which, after all, can be no other than vague, and in many instances, must be erroneous. According to writers who have had the best means of information, the revenue of Russia was, in 1789, under Catherine II. about 200 millions of francs: the public service required 180 millions: the surplus was applied to the payment of interest, on debts contracted. The Government never was able to lay up any thing beforehand a war, therefore, always begun with loans. Calcu lations published in Germany in 1807 Nevertheless, says our author, the state of Prussia, completely deplorable as it is, is not remediless. There is no miracle beyond the power of a wise and steady administration. Already symptoms of a rapid amelioration are discernible, and a few years economy will soon render to the body of the State a part of its former vigour. The Treasury Bills, which were sunk to 30, are now at 80. The price current of the Territorial Assignations (which we have seen bear 4 per cent. interest) is equal to the French 5 per cent. stocks. No doubt, the successes attendant on the armies of the Allies have contributed to this im-stated the revenue of Russia at nearly provement; but, it is supported by, if it be not rather owing to, the confirmed opinion of the GOOD FAITH of the government. It is one miracle more ope- In 1807 the pressure on the Russian rated by the talisman of GOOD FAITH. finances after the Battle of Eylau, was so In short, then, the people knew, that severe, that recourse was had, of necessity, main force obliged the government to to the King of Prussia; although that motrespass on their property and patience; and retained little beside Konigsberg, and narch was then exiled from his dominions, but, this force being removed, the good-the coffers of the Bank. Since that time, will of the government continued as favourable as ever. Hence the rise in the Prussian funds, in the value of landed property, and, no doubt, in that of property of every description. What a comment on the blessings of French connection, and of that Pandora's box, -the CONTINENTAL SYSTEM!!! FINANCES OF RUSSIA. 300 millions of francs. Some have since taken it at 450 millions of francs; which implies considerable accessions. Russia has had no opportunity of re-estab |