The Roman correspondent of the Times announces that a grand
financial crash in the capital of Italy can no longer be avoided. The Municipality has overspent its resources in the maddest way, and stories are rife of the wildest speculations by bankers. The Italian Government recently came forward to the aid of the city with a guarantee for a loan of £6,000,000; but this proved insufficient, and an inquiry was ordered, the results of which were kept secret. They were, however, of such a nature that the Government, it is
stated, washes its hands of Rome, and that the resulting crash will endanger many financial institutions, and may be felt in all the cities of Italy. There is possibly some exaggeration in this account, but no one questions that great trouble is at hand as the result of excessive extravagance. It is worth noticing that in the United States, in France, in New York, in Rome, the first failure of democracy has been extravagance. So it will be also in Great Britain and London. Democracy enjoys expenditure which gives it a sense of life and power, and is too ignorant to foresee the consequences.
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