The Sun.
London, England, 1870-08-02 00:00:00

THE WAR AND OUR INTERESTS.

The first effect of the European war upon American
interests will be the return of large numbers of our bonds
now held in Prussia, and to a lesser extent of those held
in other countries. We see no cause to regret this. The
Germans bought bonds of us at exceedingly low rates, at
a time when we mach needed money. Now that the
positions are reversed and they are wanting money, we
shall be glad to get our bonds back again at as low rates
as possible. We cannot hope to make •as good
bargains as they did, but we ought to wel-
come the return of every bond. Nor do
we believe •that such return will have so
marked an influence upon the gold market, or upon our
general interests, as has been anticipated. We can well
afford to spare the gold, and we have every reason to re-
joice at the diminution of our indebtedness to foreign
countries. The next most obvious effect of the war upon
American interests will be in the improvement of our
commerce. This is, of course, dependent upon the pro-
longation of the war. If it should end as suddenly as did
that between Prussia and Austria, the effect
will be scarcely perceptible ; but if it should
continue for several months, we may well hope
that the increased demand may stimulate our
shipbuilders and bring from other uses many
vessels which may now be profitably employed in the
ocean carrying trade, from which the French and Prus-
sian merchant marine will be excluded. We might even
hope for one or two lines of American steamers to Europe.
William H. Webb, we presume, has several vessels at
command adapted for such service, and possibly there are
others that can be summoned. As soon as it becomes
apparent that the war is not to be ended with a single
battle, we hope to see a decided movement in
this direction. The effect upon our market for
breadstuffs has already been felt, and the ad-
vance on Saturday is but a trifling indication of what
we may expect provided the same question of the probable
continuance of the war shall be decided in favour of our
holders. The country is in good condition to supply the
extra demand then likely to be thrown upon us, the re-
turns from which could not but add largely to the general
prosperity. It is possible that the European demand for
our cotton will be diminished oather than increased by the
war. Cotton fabrics do not largely enter into the mate-
rial consumed by armies, and the consumption by the
people at home is likely to be rather diminished than in-
creased in consequence of the straits which war brings.
We shall scarcely, however, regard a lower rate for cotton
this year as a national calamity. If it shall stimulate
our planters to a comprehension of the fact that a varied
agriculture is likely to be more valuable and
more secure than one devoted to a single staple,
it may prove instead a veritable blessing in disguise.
It would seem probable that one of the most
important and valuable sources of immigration to this
country will for a time be cut off, and that the stream of
German immigrants that has done so much to fertililse
and develop the West will temporarily be diverted. We
could lose no element of population more valuable to us.
To whatever extent German immigration is checked to
that extent the calamity of the war is brought to our
doors.--New York Tribune.

The Board of Trade' inquiry, held at Liverpool,
into the loss of the steamship Chilian, stranded at the
entrance to the Mersey, closed on Saturday. The captain
(Mr. Gell) was exonerated, but the pilot was held respon-
sible for the loss, on account of taking the vessel out
through that particular channel when the tide had been
ebbing for four hours.
WALL STREET SPECULATION AND THE WAR
NEWS.—As foreseen by the shrewder financiers of Wall-
street, the " bulls " in gold are likely to encounter in more
active money an obstacle which threatens to rob their
speculation of much of its profits. It is impos-
sible that capital all over the world shall remain
undisturbed by the great commotion in Europe.
The speculators who are running up gold in
the face of the normal influences of our sound national
credit are beginning to find that in buying a hundred dol-
lars with one dollar the interest on the former will soon
absorb their diminutive margins. War in Europe means
activity in every workshop and on every corn and cotton
field. Such activity will drain Wall-street of the funds
which the speculators are now using.—New • York
Herald.

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