The Camden weekly journal. [volume] (Camden, South-Carolina) 1853-1861, 1854-02-07
ilnacrcial Consequences of the
WAR.

war which Is eventually To Involve all Europe,
has commenced between Russia and Turkey.
very important inquiry is what will be its
immediate effect on the commerce of the world?
Its effect has to some extcmt. already been
manifested. 1t is seen in the rise of the price
of I'LL varieties Of hreadstyG$. Flonr. wheat.
Indian corn and rice, have already exhibited
an unusual advance in rates. AS these are
produced in large quantities in the United
States, very considerable portion OF the A.
tnerican, people must clearly be gamers BY the
war.
But after all the great stap pie of the Union,
the basis of its commerce, the regulator OF its
exchanges. aud the very life Of its prosperity,
North and Sodth, is cotton. The value OF cot
ton, it has been taken for granted,amust depre
cate with the commencement OF h0stIiities.--
But it has, perhaps, not Geen sufficient r"c1n,i
sidered that in the pending cnntrst the chief
commercial nations If Europe, and almost "lI-
" 'uyers of cotton, France and England are
on the same side of the controversy. Moth
| ing " i'll be allowed to interfere nth the ship.
ment of cotton to their ports nor is anything
| likely to interfere serious y with its malufac
Iture and consumption. If then the p"eSenr
prevailing estimates of the crops shall not he
eAc"edcd, We see no reason t" apprehend any
further decline in the price of this article
The money writer for the London. lines
Says:
From all parts of the Kingdom. the most re-
Emarkable feature of the v,riuus advicrs is the
confidence felt in the powerlessncSs of Russia
to imf;ct any permanent damage Oh the COM
|merce and civilization of the world, and the
1conspuuent ab>enre uf the >li.flte>t disposition
ITO panic. Proper caution is display ed, bun the
freedom from speculation, ST. long noticeable,
ra> apparently placed the trade Of the world
beyond the reach OF anarchists in amy quar-
er.
The New York Economist, than whirh, We
have n" higher financial authority, predicts hat
|the war, with the increasing loss of credit ",.
the part of European Governments, will dr;vr
large amounts Of capital across the Atlantic
for nve >tnent in American Stale, Railroad
and other stocks 1t refers t" the cnu, ulsinns
of lS4S, when French SIS fell in three weeks
from llG to 81. Notwithstanding. The tac
that revolution then swept over Europe To-"
rapidly to give time BY which means mighr
be gradually realized and RENTED" TO Ibis
county; yet United States G's rose during the
year from, 81 to l07 l.2.
The same paper adds:
The quantity of American stocks is HOW be
ing reduced, and the great railroads with land.
I'd securities must furnish better investments
than the rotten credits Of ul!staI lG govern.
meuts. Hitherto the great banking house,
have been the tuc into which the floating cap.
ilal OF Europe has been concentrate cd. and ap
piled to the demands Of governments Then
ellicienc, depended upon the ailcYiancr IF the
mullied men 10 existing governments The
revenues of aristocracy, gentry. and the better
classes of trade>peopIe are treel, "aued tulhr
support IF governments. which, uudcr the name
OF pr"tecliou, conferred monopoly ON capital,
and exacted from the laboring man the nears
OF paying interests Oh the surplus profits thu,
derived and Iuancdto the State An entire
change has now taken place, aud it has hec"mc
manifest that labor must be emancipated from
lhraldom and oppression; hence, the CLASSES
am Jug whom the bankers retailcd the stock
they took from the governments, have no long
er confidence in these securities and when
Austria proposes !; loan, the Means of paying
off which depends upon the suhjugatn of !wo
countries like Italy and Hungary 10 foreign
oke, in this age of the world, the hazard be-
cnnes too great, even if the opinion of money
lenders had not changed against governments.
In former years, when the paralysis of Wal
threw m"ney out Of trade, it found in hgh
government safe investment and parrlir
motive. That credit is now nearly riied
while the spirit of liberalism repcls the motive.
In the public improvements OF the u. States
on the other hand, both satt, and human pro
gres> invite Investments. Hence, therefore, not
only the gold Of California but the capital of
Europe will accumulate more freely in con>e
quence Of war.