Kossuth, not being an economist, and the high officials of the republican government, themselves lacking in economic acumen, never really thought about the significance of 200 million guilders for Hungary! Their ignorance does not mean that everyone in the room is equally ignorant. Representative Howell of the banking consortium confronted them directly and asked: “Mr. Kossuth, do you know what 200 million guilders means?” This question surprised Kossuth. While he had expected these great nobles and great capitalists to haggle, he had not expected them to ask this question. In monetary terms, 1 guilder was equal to about 11.69 grams of silver, so 200 million guilders would be 46.76 million taels of silver. At that time, silver had not yet been devalued, so this would also be over 20 million British pounds. (The ratio of silver to gold at that time was about 1:10). But in 1847, Austria’s fiscal revenue was only 155 million guilders (excluding Hungary), and Great Britain's fiscal revenue was just over 50 million pounds. Before the revolution, Hungary would have been lucky if its fiscal revenue had reached 100 million guilders. After the Republican government was established, it quickly spent the equivalent of 100 million guilders. These funds were raised mainly through the sale of a large number of state-owned assets, along with government-imposed taxes. (These included the emperor’s assets and public property owned by the nation). This issue hasn’t been raised before because everyone here has benefited by acquiring industries at low prices. No one would turn down money knocking on their door. Not knowing is not an issue either. The most important quality of politicians is thick skin. If you still care about your face, don’t become a politician, especially a politician in a republic. “Of course, 200 million guilders is a large sum, but it is not unaffordable for everyone here,” Kossuth replied calmly. Indeed, for those present, forget about 200 million guilders, even if it were increased by 3 to 5 times, they would still be able to afford it. Being able to afford something and being willing to take out the money are two completely different concepts. No one is willing to dig into their own pocket and give away their money, no matter how high the interest may be. It still can’t make up for lending money and not getting paid back! Given the speed at which the new government spends money, no amount of money can fill this bottomless pit. This is why many revolutionary governments around the world have failed. Idealistic governments try to do too many things. As a result, the country’s coffers are emptied before anything is done. “Mr. Kossuth, when you were in school, you probably didn’t do well in economics. Please take the trouble to find out how much currency is circulating in the Hungarian market and then answer this question!” Howell scoffed. How much wealth there is does not equal how much currency there is. In fact, there are limits to how much currency can circulate in the economy. Too much in circulation would lead to devaluation, and too little would lead to currency crises. From an economic perspective, the sudden withdrawal of 200 million guilders from Hungary would lead to a currency crisis there, followed by bank runs, a banking crisis, a financial crisis, and the onset of the Great Depression. This era was not like later times when everyone used credit currency and could simply transfer money to bank accounts. Buying bonds still required cash, so it was no longer a question of whether they wanted to put up the money, but rather that it was simply impossible for everyone to take out that much. (Information: In 1848, Austria’s total national savings was 48 million guilders, Britain’s was 28.2 million pounds, with 1 pound ≈ 9.6 guilders) No doubt Kossuth had lost face this time, or rather his entire team were amateurs who had made such an obvious mistake. Of course, many others have made similar mistakes. It is a common trait of those who talk big, but often have a narrow perspective when considering issues. …… Before Kossuth could solve the financial problems, the war had already begun. On May 8, 1848, the Austrian army from the province of Croatia launched the first attack on the Hungarian Republic. On May 9, the Austrian armies from Bohemia and Transylvania also initiated attacks on the Hungarian Republic. On May 10, Albrecht’s rebel suppression troops arrived at the front lines, formally igniting the Austro-Hungarian War on all fronts. The piecemeal deployment did not happen, and Kossuth’s prediction proved true this time. Four armies launched simultaneous attacks, and if logistical transport units were included, the total military force actually exceeded 400,000. Of course, the troops actually committed to the offensive were at most only half. But even so, the Hungarian Republic could not withstand it. Vienna On the Hungarian battlefield, reports of victory were constantly being sent. With absolute military superiority, the unfavorable situation could no longer be reversed by shouting slogans. To ensure victory, Franz even recalled Prince Windisch-Grätz, commander-in-chief of the Bohemian army, to serve as Minister of War citing the overall needs of the war effort, and replaced him with Julius as the new commander-in-chief. Picking up the baton, Prince Windisch-Grätz energetically pointed here and there on a map on the wall: “Your Highness, Governor Josip Jelačić, who leads the Croatian army, has now arrived at Lake Balaton, capturing Balatonfőkajár. General Albrecht, who leads the Austrian army, is attacking Kapuvár. General Julius, commanding the Bohemian army, has just defeated the Hungarian People’s Army and is now less than 100 kilometers from Budapest. General Wohlgemuth’s Transylvanian army is still in Debrecen due to transportation issues. Overall, this war to suppress the rebels has gone very smoothly so far. The Bohemian army has 100,000 men. If all goes well, they can begin the siege of Budapest in two days at the latest.” He had reason to be proud because this war was fought under his leadership. However, due to the limitations of communication in this era, the Army Headquarters could only formulate a general strategy. Specific tactics and execution are left to field commanders, who have some autonomy in following military orders. As for Prince Windisch-Grätz’s military abilities, Franz didn’t jump to conclusions. Although he had experienced defeat in suppressing the Hungarian rebellion in history, the operational plans he was currently working on were still feasible. “The plan to attack Budapest is temporarily postponed. It is enough for General Julius to contain the enemy and wait for the Austrian army to join them before launching the offensive!” Do not underestimate the Hungarian rebels. In history, it was the Austrian army that ultimately failed and had to call in the Russians to resolve the situation. At least the strongest fighting force in the Hungarian Republic, the Student Army, has not yet appeared on the battlefield. Franz is also unsure about the current public sentiment in the Hungarian Republic. If the government has the full support of the people, then Budapest will become a shura field. “Your Highness, the rebels are nothing more than a disorganized mob. Within a week we can take Budapest and crush this rebellion!” said Prince Windisch-Grätz passionately, as if accusing Franz of interfering in military affairs and delaying the opportunity. Franz explained calmly: “Your Highness, the military serves politics. War is only a means to an end, not the end itself.”
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Stop translating non-royals as Your highness/exellency pls?
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Delete"Your Excellency" is fine, but "Your Highness" is wrong. But I think he says that because he is a prince: Prince Windisch-Grätz 🤔
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