Presided over by a secretary of state, its functions are principally those appertaining to the control of the national debt and its administration, together with such as in the United Kingdom are delegated to the board of inland revenue.
The diminished kingdom and its depleted exchequer; while the agricultural depression induced by the enormous fall in the price of corn all over Europe caused fresh demands upon the state, and added Io,000,000 rix-dollars to the national debt before 1835.
He accompanied the fugitive government to Konigsberg, where he rendered considerable service in the commissariat, and was afterwards still more useful as commissioner of the national debt and by his opposition to illconsidered schemes of taxation.
The national debt amounted to some 40 billion crowns, against which the state itself possessed assets in the shape of forests, coal mines, the former domains of the Habsburgs, mineral, naphtha, radium and other sources of natural wealth, besides the State-owned railways.
His reorganization of the national debt was very complete; in fact, he exacted even more sacrifices from the bondholders than from other taxpayers.
The national debt was practically nil until c. 1855, and the debt contracted thereafter owes its existence almost wholly to railway construction.
In 1764 the national debt amounted to 2,360,000,000 livres, and the annual change to 93,000,000 livres.
The Caps struck at once at the weak point of their opponents by ordering a budget report to be made; and it was speedily found that the whole financial system of the Hats had been based upon reckless improvidence and c prof the wilful misrepresentation, and that the only fruit of their long rule was an enormous addition to the national debt and a depreciation of the note circulation to onethird of its face value.
The following nine years mark the financial and commercial rehabilitation of Hungary, the establishment of a vast and original railway system which won the admiration of Europe, the liberation and expansion of her over-sea trade, the conversion of her national debt under the most favourable conditions and the consequent equilibrium of her finances.
The Caps succeeded in transferring L250,000 from the pockets of the rich to the empty exchequer, reducing the national debt by L575,179, and establishing some sort of equilibrium between revenue and expenditure.