d
aloof from all party combination, giving their votes on each occasion as
the interest of their country seemed to require; the real opposition was
limited to forty Clericals and representatives of the other Slav races, who
were collected on the Right under the leadership of Hohenwart. Against them
were 227 Constitutionalists, and it seemed to matter little that they were
divided into three groups; there were 105 in the Liberal Club under the
leadership of Herbst, 57 Constitutionalists, elected by the landed
proprietors, and a third body of Radicals, some of whom were more
democratic than the old Constitutional party, while others laid more stress
on nationality. They used their majority to carry a number of important
laws regarding ecclesiastical affairs. Yet within four years the government
was obliged to turn for support to the Federalists and Clericals, and the
rule of the German Liberals was overthrown. [Sidenote: Financial crisis of
1873.] Their influence was indirectly affected by the great commercial
crisis of 1873. For some years there had been active speculations on the
Stock Exchange; a great number of companies, chiefly banks and building
societies, had been founded on a very insecure basis. The inevitable crisis
began in 1872; it was postponed for a short time, and there was some hope
that the Exhibition, fixed for 1873, would bring fresh prosperity; the hope
was not, however, fulfilled, and the final crash, which occurred in May,
brought with it the collapse of hundreds of undertakings. The loss fell
almost entirely on those who had attempted to increase their wealth by
speculative investment. Sound industrial concerns were little touched by
it, but speculation had become so general that every class of society was
affected, and in the investigation which followed it became apparent that
some of the most distinguished members of the governing Liberal party,
including at least two members of the government, were among those who had
profited by the unsound finance. It appeared also that many of the leading
newspapers of Vienna, by which the Liberal party was supported, had
received money from financiers. For the next two years political interest
was transferred from parliament to the law courts, in which financial
scandals were exposed, and the reputations of some of the leading
politicians were destroyed.[16]

[Sidenote: Fall of the Liberal ministry.]

This was to bring about a reaction against the economic