RUSSIAN JEWS AND RUSSIAN FINANCES.

Timaru Herald, Volume LIII, Issue 5195, 16 July 1891, Page 4

RUSSIAN JEWS AND RUSSIAN FINANCES.

Diligent readers of our oable messages must have noted a few weeks ago two apparently contradictory accounts of Russian finance;). One represented Busbjh »s endeavouring to float an enormous loan, ai..- '?« frustration of that endr, vmir through tu. • m itude of tho Rothschilds ;u>d other J \v\eh fcinnciers, their abstention being avowed Iv duo to the persecution of the Jews m r.uaaia. Immediately afterwards it was anniuinced that Russia threatened to retaliate by disorganising the monej markets of the Continent by Kith drawing a vast amount of gold deposited with foroign banks and financiers. It eoemed strange that a nation with so much gold stored should want to be a borrower, but papers icceived by tbe mail afford on explanation which may almost bo described as a romance of finance and politics. It appears Ibat Busaia is m one respect m tb.3 same position as .New Zealand, inasmuch as sho has some high-priced loans with sinking funds attached. Two of those loans for largo amounts are nearly due. Money has been accumulated with which they can be paid off, but .Russia, like New Zealand, desired to •' convert " the lonno iutoßtock bearing a lower rate of interest., anri so to release the finking funds for other purposes. That was why she wanted a new loan. As to the moDey deposited with foreign banks, it is officially declared to amount to 358,000,000 roubles, and ac the money m the hands of the foreign ban'is is m gold, it. is to be assumed that gold roubles aro meant. In that ease the amount is equivalent to about £54,060,000. According to thecfficial ori>an, the Nokob Yremya, even if the sinking funds wor.> used to pay off the loans falling due thoro would still be left 150,000000 roubles, or over £22,000,000, of v.hich 100,000,000 would be nt the free disposal of the Russian Minister for Finance. That would mean about £15,000000, l'hat agrees pretty clossi? with the cable mesange which said tb>i.t Russia threatened to withdraw £12,000,000 m sold from foreign houses ; the balance would doubtless be left so ns not to disturb ths credit of Kuasia. ■ The questions which naturally suggest them selves lire two 'J he first ia why should a nation with £54,0(10,000 m sold waul to be v borrower,? 'ilia second ia why, if Russia wants tliß money, doca el:e persist m a poluy towards, Hie Jews within h»r borders which pro vents her getting (he money ? From Vienna a curious answer iB given at one and the •urne time to both questions. M. VisHnegradaki is tho Russian Mii-istcr of Final. eo. He has r.ow boen four years m office, mid has gradually won much influence over tho Czar owing to the success of his |> iicy, which il, is said was that •'' fiussia nhould miiko lees parade than previously of her military pro parstionß, but thot hor preparatory wur mrasurrs so harassing to her neighbours, should neverthtlrat bo pushed on silently, but vigorously, and that, m the roi-nntime, the Stute coffers should be Glii'd by sue. ceoiive loans to be raised principally m tho French market, helped there by tha illusion of a future ailianco with Bussia." This explanation may seem prompted by fear or suspicion, but us agninpt that view it must ba admitted that Kussia xuust have some powerful motive fur aceuroulutiog ouch enormous ttoros of gold abroad. Then it is further said that Rl. Vißbnegradski's policy so commended itself tothe Czar thnt it was impoesiblo for the Minister's enemies to undermine him by straightforward means. There is no Parliament m Ilussia, and therefore no nvovvid and organised Opposition to Ministors But Ministers are magnificently paid, and unless rumour is a lying jade they ponerally supplement their salaries by largo "perquisites," which would be called stealing m i-npland. Naturally, therefore, Russians having a great deal of human ni»turo m them. Ministers have mtmy enemies It i< alleged that M. Visbnegradski's emitnios saw that tlieir only hope of overcoming hia influence with the Czar was to upset his financial scheme of accumulating enormous funds to be available m the case of war. To this end they funned the Czir'a zeal for the Orthodox faith, m which they wnre helped by tho pricßts, always a powerful body m Russia, and the outcome was what was expected — the p&rseculion of all not belonging to the Greek Church Tho Jows being the most namorousj nonconformists, os well as obnoxious on other grounds, Daturally came m for the brunt of the persecution. M. enemies counted on this, and also on the resentment of tho treatment of their co-religionists by the great foreign financial houses, nearly all of which ore controlled by Jews. If that was their object they have aucceeded admirably ,for the attempt (o raise tho conversion loan yum a complete; failure, and the Minister for Finance finds his grand scheme m danger of collapsing. — (Hawke'e Bay Serald.)