ment assistance. Most roads now in existence are thus sustained. The
government guarantee 5 perrcent. on their entire cost. But two roads
-in the empire earned this 5 per cent. last year; the average was about
3 per cent. The difference which the government made up to the
stockholders was, in 1872.,15,888,972 rubles. The total amount on which
this guarantee existed I am unable to state, but it must be very large,
and is constantly increasing, and should be taken into account in estimat-
ing the public debt. The government hopes and believes that the roads
will ultimately be able to earn this-5 per cent., when it will be relieved
from
this great burden, which, however, is compensated by the advantages
which the roads afford. Concessions for new roads are being given out
by the government at the present time. They now adopt the policy of
paying this 5 per cent. interest from the time the stockholder pays for his
stock or bonds. Two roads not long since, which were placed upon the
market, were largely over-subscribed, in one instance about ten times,
and in the other instance about forty-two times; and the last road, which
was put on the market a few days since and which has created a great
furore of speculation, was over-subscribed to the extent of more than
one hundred and seventy-four times, thus causing to be paid into the
public treasury on the day of the subscription to the stock, on which 10
per cent, was called in, a sum sufficient to complete the road seventeen
times over. This money has, of course, been paid back to the subscribers
where they were not permitted to have the whole amount of the stock
for which they subscribed. All this not only indicates an abundance of
capital, full faith in the government, and an approval on the part of
capitalists of this plan for building railways, but shows that an abun-
dant amount of paper currency is in circulation on which to do this tre-
mendous speculative business, as well as the ordinary business of the
country, though it is but just to say that, while these subscriptions and
speculations have been going on, the mercantile and commercial houses
have found it very difficult to obtain money on their bills at the imperial
banks or discount-houses. Many of the subscribers to these roads had
such faith that the stock would immediately advance upon the cl6sing
of the subscription-books as to be willing to pay from two to five per
cent. per week for the use of the money with which to subscribe, but,
like all such speculations,-what was confidently anticipated was exactly
the thing which did not occur. The stock of this very road which was
so largely over-subscribed is now below par. The proprietors, however,
expect to make their money by profits as contractors.
   History is repeating itself singularly not only in railroad but in oil
 speculations in this country. One company isnow placing its stock on
 the market for 7,500,000 rubles, and it is being rapidly taken up.
       I have, &c.,
                                           MARSHALL JEWELL.

                               [Inclosure.]
                   Statement of Russian debt January 1, 1872.

                          I. CONSOLIDATED DEBT.
      I. Payable at fixed term:
                                                    Rubles.
 I. Internal....157,718,126
 IL External.......................................272,420,400
                                                             430,13S, 526


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RUSSIA.,