To Prince Charles Anthony, April 26th, 1876.
"The excitement here is very great; there are rumours of conspiracies and revolutions; but all this cannot terrify me, for I go straight ahead and do my duty. The condition of our finances, and the serious situation in the East, does, however, make me anxious. The former is the consequence of the latter; for months no money has come into the country, and trade is completely at a standstill. All our securities have fallen, railway and customs returns have decreased, farmers cannot pay, and taxes are hard to collect. Nevertheless, the engine of State must not be allowed to stop, and we must pay the interest on our debts in order to maintain our credit! All this has materially affected our finances, which were in a satisfactory state."
To THE SAME, December 14th, 1876.
"Neither the approach of the war, nor the probable passage of foreign troops makes me really anxious: I am troubled rather by the comfortless state of our finances, which have reached a stage impregnated with danger for the immediate future. The State can only maintain its credit at the greatest sacrifice, by paying the coupons of the foreign debt with the little money remaining in the country, and in addition it must raise sufficient to pay the army.
"Under these circumstances only a well-assured peace, or a war, can be of any assistance; a long extension of this uncertainty will be our ruin!"
To THE SAME, January 20th, 1877.
"The money famine increases daily, and I cannot see how we are to be helped out of our difficulty. Only the most necessary payments are made. Even the Civil List has not been paid for months."
The longed-for war, bringing with it the independence of Roumania, arrived at last, and with it came perhaps the lowest point touched by Roumanian finance. All payments were stopped both at home and abroad, every tax was doubled, and 30,000,000 francs of paper money were issued on the security of the Crown lands, to be redeemed at 10 per cent. above par. Such were the sacrifices which the Roumanian nation offered at the shrine of patriotism and independence.