The daily union. [volume] (Washington [D.C.]) 1845-1857, 1845-11-25
EDITORS CORRESPONDENCE.
from our London correspondent

Since nv last, nothing political that could alter
the status quo OF Europe has occurred-nohing that
would tell in the shape of news; and yet cannot
say that events have been entirely without interest
After long calm, the mariner watches the hrst
breeze, be it light or strong, as an indication Of the
weather he is going 10 have nterrogatng the clouds
and the moon to assist him in his conjectures.
sudden fall in the barometer-especally in stormy
latitudes-will make him lower his saiis:---he who
waits till the squall strikes him, may become dis
masted, 60 TO the bottom. The present moment in
politics is (if may be allowed the comparison) a
perfect calm; but heavy clouds hang on the horizon,
though IT is difficult TO say which way they are
moving. There elements of strife and conten-
ton Astounding in every quarter OF the European
continents and the barometer of the Exchange
most infallible one, by-the-by-is, if not positively
down to rain stormy, at least scarcely above eva
riable." British funds have not been so steady as
usual for the last two months; and, although their
decline may be accounted for by the extraordinary
pressure produced by the railroad MANIA yet must il
not be forgotten that the order of Parliament which
directs the railroad funds, deposited in chancery to
be invested in the funds partially remedies the evil
which might possibly spring from capital seeking a
new Investment Besides, it is only necessary to
turn to the continent 70 arrive at the conviction that
the political anticipat6ns have more to do with the
quotations of funds than the mere apprehensions
OF money crisis. If Europe continues in a
state of peace even such crisis would come on
gradually, and would not find the leading capitalists
unprepared forit But should the peace OF Europe be
interrupted, only threatened US il was in ie4O
dnring the short ministy of Theirs, then crisis OF
the most serious character would ensue which
would be felt over the whole Of Europe, and shake
every government to its centre. tits no longer to
be denied, that on the continent, political power is
wholly vested IN the men Of property, not so much
real as PERSONAL---VERY. makes the matter worse;
and that the strings of these again held by
a few oyergrown bankers, who monopol ze COM
mcrce and industry, and with these the government
in all its branches. This same state of things is be-
ing approached in England and will form the cul-
mna,ion point of Sir Robert Pees administration;
but this will only accumulate, not avoid the dangers
of an approaching catastrophe. The British funds,
as have just said, have declined at one time more
than two per cent in few days. but the decline in
France was rroportionably more serious. Money
In England had to be borrowed for the quarterly set
Element Of the stock and share exchange, and was
borrowed as high IS from 10 to 20 per cent The
Bank of England had raised its discount from q to
3 per cent. on the best paper not having over IS
days TO run, (meaning, undoubtedly, to take much
higher discount OH notes which for longer Pc
Rod and is expected soon to raise it again 10 still
higher rate. The prospects Of flush trade for the
next year were diminishing in consequence of the
distress the continent (Which is one of the best
customers of Great Brittany and in Ireland. In
short, variety of legitimate contributed TO
the fall; which, therefore, was accounted for, in q
commercial measure, and not construed into want
OF confidence in the government. But the case was
quite different in France. There was no alteration
in the discount--no settlement to be gone through
with, and very little money 10 be borrowed be-
cause France and the other states on the con.
tlnent having fewer banks and oint-stock companies
have at all times large amount Of specie saved or
withdrawn from circulation, which forms the sub
stantia basis of their operations. Well, notwith-
standing this apparent advantage, the French funds
have shown that they are far more elastic than the
English, and that the faith in the government
Tn he yyI,T
against serious accident The calamity in Algiers
(Which, after ALL is nothing compared to the British
disasters in Afghanstan the semblance of Difficult.
ties in the Papal States, and newspaper story in
Greece, were sufficient to bring down the funds,
which almost instantly recovered after the restora-
ton of order at Rmini, and the reinforcement sent
to Algeria. The state of the stock market in Lon
don, Paris, Amsterdam, Frankfort, aad Vienna,
shows best the little confidence which is placed in the
ability Of the different governments Of Europe to
drive out of the beaten track. The utmost conf
dence is placed in them as long as everything re.
mains in siatu quo; but the first serious move into
which they are betrayed or forced by circumstances
brings the artificial edifce to the ground The
knowledge of this fact constitutes the actual guaran-
tee of the peace Of Europe, and explains, the
time, the extreme anxiety manifested by the govern
mens Of France and England TO maintain peace also
in America, especially between Mexico and the
United States.
AS far as peace depends on the governments OF
Europe, be they constitutional despotic, il will be
preserved but are circumstances equally fayorably
disposed Let us look to Ireand-the most unfor-
tunate country Of Europe, and the most criminally
administered. There is no doubt, from the recent
accounts of the state of the potato CROP that the
most thorough public and private measures will be
required by England to prevent famine; and that
the extreme scarcity-nay the absolute want Of pro-
visons--will give fearful momentum to the repeal
agitation, which may induce the government to EN-.
pioy force to suppress il. In of such struggle
the Wanted prosperity of England-the fush-trade-
the surplus revenue-the firm establishment Of pub
lie creditall will exhibit fearful decline, of which
the ultimate consequences may not easily be fore
Besides it is far from certain that an Irish
rebellion would at this moment be subdued by the
employment Of the usual means at the dispo.
sition of the governments; and my belief is,
that Sir Robert Peel will not venture on CO.
erciye measures, but rather avail himself Of
the present extraordinary position Of the United
Kingdom to propose, at the next session Of Parlia-
men an alteration in the corn laws. Parliament is
drawing to close, and Sir Robert Peel has sufi-
GENTLY offended the high church and state party
by the Maynooth grant and the Irish education BILL
TO hope for party support IN that quarter at the
next general elections. He may just well die
game before the nation, as be tortured to death
at the polls Moreover, believe that the prop
ostion for wise alteration of the corn laws
woud now receive decided majority in both
housea. The greater prospective evil Of an Irish
rebellion, which might lead to an increase in the
income-tay-to an additional twopence to the al
ready insuferable sevenpence in pound-would
make the lnnded proprietors bear with the loss;
for it is idle to suppose that famine can rage in Ire
land and provisions be scanty throughout Europe,
without England and Scotland too being made to
feel the consequence. The precarious state of the
money market and the public credit il not the
shricss Of despair OF the Irish people, will lend
the British legislators bowels Of compassion. 1t
must be apparent to the most ordinary perception,
that pyiIa ofe orr No, med
in Ireland, cannot be remedied by public, or even
national charity; but require legislation which
strikes at the cause. But even here, England is
continent. The expectation Of potatoes il pro-
hibited in almost every state; while, strange to say,
Irish potatoes-notwithsta famine stares the
people in the face- continue to be exported to the
continent. The wheat crop in England, and most
parts Of the continent, is also light and of bad quail
ly. Wheat is everywhere defective in quality
(says the Economist of Oct. l2th, under the head
of"Leglsation for Scarcity, "and, in many places
deficient in quality. The price 10 the consumer tn