There exists a law in Prussia, dated 17th of January[3] 1820, forbidding the King to contract any State Debts without the sanction of the States-General, an assembly which it is very well known, does not yet exist in Prussia.^ This law is the only guarantee the Prussians have for ever getting the constitution which, since 1815, has been promised to them. The fact of the existence of such a law not being generally known out of Prussia, the government succeeded in 1823 in borrowing three millions of pounds in England — first violation. After the French revolution of 1830, the Prussian government being obliged to make extensive preparations for a war which was then likely to break out, they not having any money, made the "interests for transatlantic trade",[43] a government concern, borrow twelve millions of dollars (£1,700,000), which, of course, were under the guarantee of the government, and spent by the government — second violation. Not to speak of the small violations, such as loans of a few hundred thousands of pounds by the same concern, the King of Prussia(1) has, at this moment, committed a third great violation. The credit of this concern being as it seems exhausted, the Bank of Prussia, being just in the same way, exclusively a government concern, has been empowered by the King to issue banknotes to the amount of ten millions of dollars (£1,350,000). This, deducting 37s millions as deposit and 2/3 million for the increased expenses of the establishment, amounts in reality to an "indirect loan" of six millions of dollars or nearly one million of pounds, which the government will be responsible for, as up to this time no private capitalists are partners to the Bank of Prussia. It is to be hoped that the Prussians, particularly the middle classes, who are most interested in the constitution, will not let this pass without an energetic protest.
Endnotes
[41] The article was published with an introduction by The Northern Star editors inform-ing readers of the supposedly forthcoming publication of the Prussian constitution (the interpretation given in the press to the intention of the King of Prussia to institute a state representative organ on the basis of the united provincial diets) and giving a brief account of the situation in Prussia. The introduction, in particular, stated: "Silesia is in a disordered state, the unhappy people showing every inclina-tion to imitate the Polish peasantry in engaging in an agrarian revolt. Last, not least, financial difficulties add to the embarrassments of the Government and have given rise to a measure involving a further departure from the solemn pledges given by the Crown to the people. On this subject we have been favoured with the following communication from our German correspondent."
[3] The Jacobin revolutionary government headed by Robespierre fell as a result of the coup of 9-10 Thermidor (July 27-28), 1794. 5 8 12 ing an armed uprising of the plebeian masses against the bourgeois regime of the Directory and establishing a revolutionary dictatorship as a transitional stage to "pure democracy" and "egalitarian communism". The conspiracy was disclosed in May 1796. At the end of May 1797 its leaders were executed.
[43] The reference is to the Preussische Seehandlungsgesellschaft (Prussian sea trade society)— a trade credit society founded in Prussia in 1772 which enjoyed a number of important state privileges. It offered large credits to the government and actually played the part of banker and broker. ïn 1904 it was officially made the Prussian State Bank.