The Sun.
London, England, 1870-08-18 00:00:00

THE ITALIAN QUESTION.

While men's minds are filled with the Franco-Prussian
struggle it is not unnatural that we should all be more or
less forgetful of the question which is mysteriously being
settled at Rome. In the estimation of many the Roman
question is the biggest question which the civalised world
has to settle. It is certainly a question of some
importance whether France or Prussia is the stronger
Power. It is not a question whether France or Prussia
will dominate Europe ; because neither can. But it is a
question whether the Pope can any longer retain his posi-
tion as a temporal prince. If the soldiers of Victor
Emanuel are henceforth to garrison Rome, how can the
Pope any longer be a temporal prince? Let us suppose
that the last French soldier has left the Holy City, and
that the men who made an end of Naples and who
fought at Mentana, constitute the Roman garrison, how
is it possible for Italy to be satisfied until Rome is pro-
claimed the capital of the Italian kingdom ? We are not
in the possession of the treaty which has been concluded
between Victor Emanuel and Napoleon ; but we feel
satisfied that Victor Emanuel has pledged himself to
preserve the integrity of the Pope's domains. Can he ?
Let us suppose that the party of action insists
that the nation is not bound by any such
treaty, that the time has come at last for Italy to throw
off the yoke of France and to proclaim to the world that
she is mistress of her own destinies. What then ? Is it
impossible that while Prussia is taxing all the strength of
France the party of action in Italy, joined by the repub-
licans in Spain, and encouraged by the " irreconcilables "
in France, may give an entirely new phase to
the Latin race question ? A cable dispatch shews
that the " irreconcilables " in France have not
given up all hope. An insurrection in Italy, an in-
surrection in Spain, an insurrection in .France, the
Holy Father put to flight, would be funny accompani-
ments of the war now begun. Has not Napoleon at-
tempted too much? Is he not twenty years too old to
play the tricks of his gifted but unprincipled uncle ? Is
not the world too old to tolerate such tricks ? The eva-
cuation of Rome by the French is the biggest fact of the
hour.—New York Herald, August 4.

THE WAR IN A FINANCIAL POINT OF

VIEW.

It is a common expression that money constitutes the
sinews of war ; and this is true, no doubt, to a great
extent. But in these times, when wars are shortened and
more quickly decided, money plays a less important part
than formerly. The railroads, telegraph, and the other
resources and appliances of modern science make war
in thickly populated countries, like those of Europe,
short, sharp and decisive. There are few great na-
tions that cannot now raise the means to try the
strength of their military power : only worn-
out or effete nations' those completely exhausted
that have neither the money nor credit to
wage war. As regards financial resources, then,
there is little difference in the situation of France, and
Prussia. Both countries have made great progress of late
years in material development, and have large resources
within themselves. Then both the Germans and French
are so thoroughly aroused and enthusiastic that they will
contribute, doubtless, to the extent of their means to
carry on the war. Neither of the belligerent Powers have
yet attempted to negotiate nor have spoken of a
foreign loan, except we may call the large loan which the
Prussian Government is said to have negotiated with the
Rothschilds, based on American securities, as a foreign
one. Still, should the war continue longer than is ex-
pected, or should it spread over Europe, the nation having
the most money at its command or the highest credit will
have the advantage. Money, then, will become really
the sinews of war. We should then see which is the
richest nation and which has the best credit in the world ;
and, of course, the credit would depend very much upon
the events of the war. In the long and exhaustive
wars waged against the first Napoleon the wealth
and credit of England proved most effective. Commerce
and manufactures had made England the richest country
of the world, and she was able not only to pay her own
expenses in that prolonged and gigantic struggle, but to
subsidise her allies as well. Those vast resources, in fact,
more than anything else, destroyed the power of the great
Napoleon. But the times are different now. Such long
and exhausting wars are hardly possible in this age. Rail-
roads, the telegraph, and improved means of destruc-
tion, must end war much sooner, however wide-
spread it may be. The strain, however, upon
the resources of France and Prussia in preparing
for war on such a stupendous scale will soon be felt.
Neither of them has the means that England had in the
great European war referred to, nor has now, nor have
they such enormous resources as the United States de-.
veloped in our civil war. As far as the existing debt of
each belligerents goes, Prussia has a great advantage.
Her debt, in round numbers, is about three hundred
millions, reckoned in American dollars, while that of
France is about two thousand four hundred millions.
The debt of the former is small comparatively ;
that of the latter is eight times greater. Yet France is
richer in manufactures and commerce than Germany,
though Germany has made vast progress in this respect
within the last few years; and it must be acknowledged
that a nation having this source of wealth in the highest
degree is in the best position to make or maintain. war.
The history of England chews this fact. Considering
the small debt of Prussia compared with the large
debt and vast expenditures of France on one hand,
and the superior resources of France on the other, it
would seem that the two Powers have little or no
advantage over each other in a financial point of view.
As to provisions both for carrying on the war and
for supplying the wants of the population of each country,
Prussia is undoubtedly in the best condition. There is
about two years' stock of grain husbanded and on hand in
Prussia, and she can draw largely, when needed, from
Russia and Poland, while France has a limited supply
and can only obtain more by sea. As to how far the
securities of the belligerent nations, as well as of
neutral nations, through sympathy, may decline, the
results of the war can alone determine. The sudden
and unexpected declaration of war naturally created
consternation and a rapid fall in stocks and securities of
all kinds, both in the money markets of France and
Germany and in those of other nations. The effect has
been felt sensibly in London and in other financial centres
of Europe, and even in America. All have declined
through sympathy, and from that uneasy feeling which
arises from uncertainty as to the consequences and end
of such a struggle. We hear of failures daily in finan-
cial and commercial circles, and these, probably,
are but the first mutterings of the terrible storm
that is destined to sweep over Europe. John Bull is
buttoning up his breeches pockets against the evil day.
The Bank of England has put on the screws, as it is
called, by raising the rate of discount. The Bank of
France has suspended, gold payments and uses only silver
specie. Everywhere precautionary measures are taken,
for no one knows what the end may be. United States
bonds and stocks abroad fell rapidly with the rest, but
have since recovered a little. They probably will
decline but little more, if at all, unless there should
be some terrible war catastrophe, or a general
war, changing the face of Europe. Even then
they must rise again and stand high relatively after the
first shock is over; for by no possibility will this country
be dragged into the strife, and our resources will continue
to augment, however Europe may suffer. For the time,
and only for a short time, shall we feel- the disastrous
effect. The people of the Old World will in the end
eagerly seek investment in American securities, which
are safe and pay a high interest. At last the very dis-
turbance of Europe will give greater value to United
States stocks. Our Secretary of the Treasury may meet
with g temporary difficulty in funding the debt in
accordance with the bill lately passed by Congress ;
but this will not last long, and may lead to placing more
of the new long bonds among our own people. If this
should be the result it would prove advantageous to the
country. It would check the enormous drain of specie
from our shores to pay interest to foreigners. We advise
Mr. Boutwell to look at the matter in this light, and to
prepare for such a contingency. Dreadful as this European
war is, and much as we may deplore it, we may by proper
foresight and prudent management turn it to the advan-
tage of our own country.—New York Herald.

THE EUROPEAN PRESS IN THE WAR.—A digni-
fied compliment was that paid on Friday by Prime Mini-
ster 011ivier to the leading newspapers of Paris. He
invited the editors to meet him, and there fairly and
calmly explained to them the condition of affairs, including
of course the whole story of the " secret treaty." Bis-
marck has been using the press to promulgate his views.
He -used it to scatter the firebrand treaty abroad, and he has
talked with the world through the papers of many countries.
But he has done it in a style different from 011ivier, and
not quite as effectual. The minds who educate and the
minds who rule the people should not only be in accord ;
they should enjoy at least a share of mutual confidence.
This is the policy of Napoleon —adopted not too late. The
controlling press of Paris being in the confidence of the
Government the little penny whistles of the small journals
and the pamphleteers may pipe away as they please. The
sentiment of the French people will receive, as it has done,
its tone from a higher source.—New York Herald.