The circulation has thus doubled, while the Of Turkey, the old antagonist of Russia, The expenditure of 1859-1860 was £11,088,000 The revenue was 9,711,000 Deficit of 1859-1860 The paper money is by the aid of the new loan, in part at least, to be paid off or turned into stock; and if we look to the revenue of the country, there ought to be no doubt of Turkish solvency, if Orientals could be trusted to manage there would not be. But we are not concerned now with Turkish stability or Turkish credit. We only say that, by a scries of deficits, she has absorbed her share of the world's capital, and unless there is a great change of system, will continue likewise to absorb it. Lastly, of foreign countries, there is America, of which we may speak concisely, because we have often said much, and because there is no possibility of giving accurate figures. The Federal Government may not have, to use Napoleon's phrase," organized victory," but they have organized indebtedness. Their power of subsisting without cash is to the Old World marvellous. But their liabilities are enormous. Mr. Spaulding, the Chairman of the Committee on Ways and Means, says that by the 1st of July, 1863, their debt will be £240,000,000 sterling; and it is difficult to feel reliance 1,377,000 on any figures. All military expenditure 1,202,000 defies calculation; all large expenditure not 1,700,000 immediately defrayed defies calculation. 1,697,000 When we have an immense military expenditure of which real payment is postponed, we may well disbelieve all figures on (The loss by exchange arises from the the subject. On the 1st of July, 1860, Government receiving its revenue in paper the Federal debt was little more than at home, and having to pay a portion of its £14,000,000 sterling. By the end of the liabilities abroad and in gold. It should be year it will probably be £214,000,000 sterincluded in the ordinary expenditure of the ling, to be paid or not to be paid, as the year, but it appears it is not.) Such a nor- case may be. mal state of deficit is evidently conducive to foreign borrowings, and if we can have confidence in Turkish administration, the figures 1860-1861 1861-1862 Loss by exchange in the last two years 5,976,000 From this survey of foreign countries we may turn to our own, and at first sight the contrast is favorable. Instead of the awful augmentation which we have seen in the debt of France, the debt of England stands now as follows, in comparison with fifteen years since : ENGLAND. Funded Debt. Unfunded Debt. Total. 81 Dec., 47 £772,401.851 £17,946.500 £790,348,351 81 Dec., '61 784,420,007 15,529,800 799,949,807 which is certainly no alarming change. But though national vanity would incline us to be proud of English finance, and we are proud of it, in comparison with the figures we have set out, we must not forget what we should have said if we were speaking of a foreign country. If Austria had boasted of a surplus, and if Hungary had been getting deeper and deeper into debt on her own account, we should have vigorously contended that the accounts of the province and the accounts of the empire must be considered together. We must apply the same rule to India, and during the last few years the Indian debt has augmented rapidly and much. The debt of India was Total. In India. In England. 80 Apr., 1857 £55,546,652 £3,915,317 £59,461,969 At the date of the last published return, being Dec. 31, 1860, for English debt; Apr. 30, 1859, for Indian Dec., 1862. £170,000,000 200,000,000 47,000,000 83,000,000 Total 500,000,000 -one of the most enormous aggregates ever withdrawn by governments from the creative powers of mankind-the most enormous, perhaps, ever abstracted by a coalition of governments, who are consentaneous in their object, though they have not consulted as to its attainment. And the process is still going on. While money in Lombard Street hovers between two and two and a half per cent, all governments likely to want money will come here for loans, and more or less we shall lend them. As men of business we ought to do so. The only rule for a capitalist is the rule of profit and loss. It is not for Lombard Street to estimate ethical, or political, or even economical advantages; it is only competent to estimate pecuniary advantages, and for that it is astutely competent. It is wise to lend while the security is good, and it is wise in capitalists, as such, to inquire no further. By combining money matters with political matters, we shall probably both lose our money and vitiate our politics. 77,290,245 29,674,992 106,965,237 an augmentation of £47,000,000. And this is quite exclusive of any liabilities of the Indian Government on railway guarantees, or of any liabilities except those of money had and received. With these figures before But as considerate and intelligent men, us, we must own that though England her- what are the causes of this expenditure ? self has not been of late a large borrower of Some of it is due to exceptional and wonfloating capital, yet her principal depend-derful events. The American secession and ency, deriving her credit from her strength, the Indian mutiny are events which must and borrowing only and exclusively because she is ruled by Englishmen, has been a very great borrower. confound all calculation, and which must leave their patent mark on those monetary figures that are the meter of civilization. It would be pedantic to apply the same rule to the exchequers of all countries. The state who fought for her in the Crimean war. The Can anything be more remarkable than the universality of these claims by governments upon capital ? France, Austria, Rus-of Turkey may well excite the hope of those sia, Italy, Turkey, America, and India, to say nothing of minor powers, who have many of them suggested petty demands, have all abstracted for non-producing purposes part of the producing power of mankind. No general figures on such a subject can have an approach to accuracy; but can any one rigid finance from the new kingdom of Italy; who has read the foregoing, and who re- it would be expecting a baby to have conmembers that M. Fould has borrowed money,sistent bones. But when all these extenu ating considerations are admitted and even | aggressive force against which we are proexaggerated, a large residuum remains. It viding ?-what is the defensive force with would be unfair to call this the charge of in- which we intend to resist? Nothing is so ternational hatred, but it undeniably is the idle as to vote, like Mr. Disraeli, for enorcharge of international distrust. We spend mous expenditure, and then to raise a nugamuch because France spends much; Mr. Cob- tory cheer by talking in a singular metaphor den says Frauce spends much because we of "bloated armaments." A statesman spend much. Undeniably, each expenditure should beforehand define our danger, and tends in the long run, and special instances and beforehand specify our preservation. We particulars apart, to augment the other. All can economize in but one way-the world nations borrow excessively solely because can economize in but one way, by seeing they spend excessively. Let us, therefore, see what is the real risk we run from our neighcarefully what our danger is. We do not bors, and then reducing our defensive armaagree with Mr. Lindsay that because we are ments to the sufficient minimum. friendly with France, therefore we need no armaments on account of France. In business we keep a reserve fund, not against existing dangers, but against possible angers. We provide not only for what we expect, but for what we do not expect. But do we know against what we are providing? The defensive outlay of a nation should be similar: we should know, not with pedantic accuracy, but in a general sketch, what is the Lastly. One pleasing observation may be drawn from all these unpleasant figures. The only nation which has gone through the last few years without greatly increasing her debt is England-the only nation which has real free trade. The industry of the year has only been sufficient for the wants of the year in the one country where industry is uncrippled and unfettered. "FORTY WINKS" is the title of a small sellor Huber, of Vienna, has been sold by piece recently produced at St. James' Theatre. Messrs. Sotheby & Wilkinson, and produced It is a mere duologue, taken from the French, about £3,000. A silver didrachm of Camarina, and constructed with uncommon neatness. The in Sicily, brought £42,-another variety, though two characters represented in it are performed by Mr. George Vining and Miss Herbert. The still rarer, brought only £29.-A tetradrachm former, as Mr. Peregrine Poppy field, is a coun-of Syracuse, with full-faced head of Arethusa try gentleman to whom a London party is "a (probably a copy from a picture or statue), the weariness to the flesh," and who falls asleep work of an artist of the first merit, brought after supping with the hostess, and continues in £136.-A beautiful and unpublished tetrathat state long after every one else has left. drachm of Chalcis in Macedon fetched £16 16s. The lady herself discovers him at four o'clock-Amyntas the Second or Third in silver (only in the morning, and is at a loss what to do. two known), bought for an eminent collector, She requests him to remain as if asleep until £14 14s.; the other specimen is in our British the servants get up; but Mr. Poppyfield takes a Museum.-Monunius, the King of Illyria, £18. different view of the matter, and creates a diver--A tetradrachm of Etolia, £15.-A gold sion to serve an ulterior purpose. The lady is didrachm of Athens (one hundred and thirty alarmed, lest, after all, the gentleman should grains), £51 10s.; it was found near Thebes. have intended to rob the house, and is therefore The high prices which the gold coins of Athens induced to continue the conversation, during command in the market are duc, not to their which she is made to feel that she is compro- beauty of fabric, but mainly to their great mised to a certain extent, and therefore becomes rarity.-The only gold coin of Cius yet known, willing to listen to her visitor, who, when once of beautiful fabric and graceful design, entitled awakened, is evidently "wide awake" to his to a high price, was keenly contested, and ultiown interests. The incident ends with a court-mately secured by the British Muscum for £142, ship in real carnest; and the curtain falls on the well-grounded expectation, on the part of the audience, that the next morning will witness the marriage of the fortunato interlocutors. This little drama was well received. and thus saved from future changes.-A rare copper coin of the Bythinian or Mysian city of Hadriana, brought £6 1s. Its workmanship was good; contrary to what is usually seen upon the coins of that period.-A tetradrachm of Arsinoe the First (whose portrait in this instance is a jewel of workmanship) was purchased for £61,-a gold drachma of Berenice GREEK COINS.-A collection, comprising the Second, from the collection of Schlederhundreds of unpublished coins formed by Coun-hauss, and found in Alexandria, £37. THE BATTLE-FIELD FROM THE BAL LOON. THE following is from the last letter of the correspondent of the Philadelphia Press: "Col. Lowe's balloon, yesterday, was stationed near Gaines' Mills, on the right centre of the Federal line and within six miles of Richmond. It was in the air the whole day, and in the few hours it ascended, some thirty or forty army officers observed the position of the enemy's troops from the elevated point of view it afforded. "The balloon is held to the ground by a strong cord a thousand feet in length, and of course ascends to that distance above the earth. When the balloon has ascended at this point to the end of the tether, a grand view of both armies is unfolded. Within a circle of two miles in radius the sight is very perfect; before that the angle of vision becomes so nearly horizontal that woods, houses, and bills materially interfere with the view. The landscape has three marked objects upon it, which are the first to strike the eye. The Chickahominy, almost beneath one's feet, bordered by its dark green swamps, runs like a thread from where it rises on the horizon, away off to the northwest, to where it blends with woods and hills in the south-east. "The James River in front, though distant, runs in a deep, crooked valley, and bears on its bosom hundreds of craft that, in the distance, look like white specks upon the blue waters. Richmond, covering a large portion of the western horizon, is, however, the principal sight. It appears to the balloonist as a confused medley of red, white, and black, and heavy brown fortifications, stretching from the right to the left, while thick walls, and plentifully sprinkled with cannon, surround it on all sides. The Capitol Square can scarcely be discerned, being too thickly surrounded by buildings. The white capitol, however, is quite conspicuous, and of course the stars and bars float over the roof. Three church spires, seemingly all in one spot, are the brightest part of the town, and catch the eye almost before the observer is aware he is looking at Richmond. But little else, however, can be distinguished, although, for a general view of the town, nothing could be better than that from the balloon. The space between the Chickahominy and the fortifications around Richmond is almost filled with rebel camps. "A thousand cavalry horses were picketed in one field, and others were plentifully sprinkled all about. Wedge tents, used by the officers, and little dog tents by the men, shone in every direction as the sun's rays struck them. Entrenchments and rifle-pits lined the front of their position, though very few guns were mounted. Several guns of heavy calibre are sprinkled along these earthworks. Rebel camps, however, are the most prominent of all the sights. They show in every direction, and the southern and western horizon seems to be their only boundary. "Of our own position as seen from the balloon, I must be silent. One thing, however, in the whole view is most remarkable. Right through the centre of the picture runs a curved belt of dark green and yellow about a mile wide. Not a man, gun, tent, or wagon appears upon it. It is the line between the two armies. Over it cannonballs are thrown, and on its surface scouts and pickets hide from each other, but no military signs are to be seen upon it. 66 'Everywhere else, stretched as far as the eye can reach, are the thousand and one things incident to war: but this broad, quiet, deserted belt of land, so lonely, so sombre, varying only as it is swamp, or field, or stream, lies there so still that it almost inspires the beholder. Jupiter's rings or Saturn's belts never wore a grander sight than this belt of land on which nothing like tent 'or gun appears." AN interesting though melancholy return of the number of suicides during 1860, in England and France, has been published. By this it appears that in England 1,365 persons (being one in 14,286 of the population) terminated their existence, while in France the numbers were 3,057 men and 842 women. During the same year, 14,775 persons in England and Wales died a violent death, being one to every 1,328 of the population. The returns further in consequence of the prevailing fashion respect show that many women are now burnt to death ing dress, the annual number, according to the Registrar-General, far exceeding those who were formerly burnt as witches. SHORT ARTICLES.-Metric Prose, 211. Photographs of Indian Mutiny and Chinese War, 220. Publications in Germany, 222. Muscular Christianity, 232. Balloon Telegraphing in Battle, 236. Possession Nine Points of the Law, 240. NEW BOOKS. THE TAX BILL. An Act to provide Internal Revenue to support the Government and pay Interest on the Public Debt. Published by The Tribune Association: New York. Six cents. This is a neat, well-printed pamphlet of 32 pages. It contains the Act at full length, and an Alphabetical Recapitulation." PUBLISHED EVERY SATURDAY BY LITTELL, SON, & CO., BOSTON. For Six Dollars a year, in advance, remitted directly to the Publishers, the LIVING AGE will be punctually forwarded free of postage. Complete sets of the First Series, in thirty-six volumes, and of the Second Series, in twenty volumes, handsomely bound, packed in neat boxes, and delivered in all the principal cities, free of expense of freight, are for sale at two dollars a volume. ANY VOLUME may be had separately, at two dollars, bound, or a dollar and a halfin numbers. ANY NUMBER may be had for 13 cents; and it is well worth while for subscribers or purchasers to complete any broken volumes they may have, and thus greatly enhance their value. |