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Foreign News November 26, 1806

The National Intelligencer And Washington Advertiser

Washington, District Of Columbia

What is this article about?

The Emperor of Austria publishes a finance patent lamenting post-war financial strains after 15 years of calamities. It introduces new loans, taxes on salt, tobacco, postage, gold/silver plate, and excise on fowl/game/wine to redeem Vienna bank bills and stabilize the economy, while expressing hope for future relief.

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FROM THE LONDON TIMES OF SEPT. 16.

The Finance Patent published by the
Emperor of Austria commences by stat-
ing, " that a series of calamities, which
the inscrutable wisdom of Providence
has permitted to attend that Monarch's
reign during fifteen years, have not so
much afflicted the Royal breast as the
present necessity which compels him to
lay fresh burdens upon his people, for
the purpose of assisting the weakness of
the State, and removing the evils which
remain as the natural consequences of
the late wars.

" These wars. which have succeed-
ed each other with little intermisston
(it is observed), have been more expen-
sive than any that the Monarchy has e-
ver undertaken. The expence of each
campaign has far exceeded the sum to-
tal of the usual annual revenue of the
State.

" The resources of foreign loans, to
which the Emperor's ancestors had
recourse, it is remarked, were render-
ed useless by the change which had taken
place in political relations: and the o-
peration of domestic loans were found
to be too slow, and in their issue too un-
certain ; so that even these could not
be made to cover more than the fourth ol
the expenditure of a single campaign ;
and therefore to provide for the rest of
the necessary expences merely by forc.-
ed loans, and extraordinary imposts,
would have been destructive of the well-
being of the subject, especially when a
succession of bad harvests had produced
a dearth, and when several thousands
of hands had been taken from the plough
and from the workshops of the mecha-
nics; and, lastly, when the restrictions
upon commerce and the arts had impos-
ed new limitations upon the revenue.

" In this situation, nothing remained
to the government but the increase of
paper, which, with the yearly accumu-
l ation of the interest, tended to multi-
ply the exigencies of the State; and
this (it is observed), notwithstanding
the limitations already introduced into
every branch of the public expenditure,
and other reforms which the Monarch
has in view, is still inadequate to the
competency requisite to the support of
the State.

"Such a crisis (it is added), unless
met with firmness and combated with
resolution, must augment the danger
both of the Sovereign and the subject.-
The EMPEROR, therefore, not doubting
of the fidelity and patriotism of his He-
reditary States, expresses the same con-
fidence in his subjects in Transylvania
and Hungary." The Emperor con-
cludes with acknowledging the regret
which he feels in consequence of being
compelled to lay fresh burdens upon his
faithful people : and observes that the
magnitude of the evil demands a quick
and active remedy. He therefore in the
first place proposes to remove the most
pressing of these calamities, viz. the o-
verflow of the Vienna Bank Bills, and to
establish a fund, for their recall and total
annihilation. The Patent afterwards
proceeds to state the conditions of the
new loans, and also that the new duties
upon salt, tobacco, postage of letters, &c.
are only to remain in force five years ;
the revenue arising from these duties is
to be solely appropriated to the raising
of a fund for the liquidation of the Vi-
enna Bank Bills.

It is likewise stated that the tax on
gold and silver plate, the use of which
has uncommonly increased among all
descriptions, is also calculated to intro-
duce current coin in the room of paper,
and to restore the Government paper
to its original value.

The Emperor admits that he cannot
yet entirely excuse the provinces from
contributions in kind for the support of
the military; however, he is willing to r-
elieve them from that which has been the
most burdensome, namely, the contri-
bution of corn ; a tax in lieu of this is ve-
ry shortly to be brought forward. A
stamp upon various kinds of ware is al-
so agreed upon.

By the means of the present patent,
and the assistance of his kingdom of
Hungary and the Dukedom of Transyl-
vania, and in consequence of his Majes-
ty's exertions to preserve the continua-
tion of peace inviolate, for the happi-
ness of his Crown and the nations en-
trusted to him by Providence, and of
his desire of which he had lately given
an irrefragable proof, his Majesty hopes
under the protection of the Almighty,
to arrive at a happier state, and to wit-
ness the much wished for period, when
he shall be enabled to enjoy the consola-
tion of removing those heavy burdens
from the shoulders of his subjects, which
an unfortunate concurrence of outward
events has obliged him to lay upon
them.

On the first of September an Excise
Duty was also to be laid upon all fresh
fowl, game, and wine brought into Vi-
enna.

What sub-type of article is it?

Economic Political

What keywords are associated?

Austrian Finance Patent Post War Economy Vienna Bank Bills New Taxes Loans And Duties Hungary Transylvania Aid

What entities or persons were involved?

Emperor Of Austria

Where did it happen?

Austria

Foreign News Details

Primary Location

Austria

Event Date

September 1813

Key Persons

Emperor Of Austria

Outcome

new loans, duties on salt, tobacco, postage, gold/silver plate, stamp on wares, excise on fowl/game/wine; funds for liquidating vienna bank bills; relief from corn contributions replaced by tax; measures to last five years or temporary.

Event Details

The Emperor of Austria's Finance Patent addresses 15 years of calamities and post-war financial exhaustion, exceeding revenues and rendering loans insufficient amid bad harvests, dearth, and commercial restrictions. It increases paper money but deems it inadequate, proposing new loans, temporary duties, taxes to redeem and annihilate Vienna Bank Bills, introduce coinage, and stabilize government paper. Assistance from Hungary and Transylvania is invoked, with hopes for peace and future burden relief. Excise duty on fowl, game, and wine set for September 1.

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