Washington sentinel., 1854-06-11

Financial and Political Facts, Figures, and Re-
aections upon the Snbiect-Bala of Trade
Contagious spiritof Var California Gold Mines
Our Present Prosperity War upon the South,
&c.
New YORK, June 9, 1854.
Three millions off gold, from California, have
arrived by the steamers George Law and Star
fthe West; the general prospects for the bread
crop of this season, taking the country at large
into the estimate, are good. 1t is considered
that the fishery question is virtually settled I;
that there will be 10 war with Spain concern
ing Cuba, and yet Wall street is heavy, and the
bears are still predominant. The latest news
from Europe justifes the impression that even
the existing Turko-Russian war may possibly
yet be stopped short through the active inter
vention of Austria and Prussia with the czar.
But although consols in the Paris and London
money markets have accordingly gone up, Wall
street holds back. Wall street, like high-reach
ing Buckingham" has become ''circumspect,"
and is not exactly prepared to launch out upon
the big figures while all Europe hangs upon the
verge Of war, and revolution, and anarchy.
Thus You will see, that while this European
war is likely to enhance the price of breadstufs,
it is also likely to continue dead weight upon
the great business enterprises of the country
which depend upon loans and accommodations
from the money market.
There is another feature in the present mo
netary exchanges across the Atlantic worthy
ofnotice. Every steamer which has left this port
for some weeks past, for Liverpool or Havre,
has taken out from $500,OOO to $1,0OO,O0O ir
specie or bullion. The two steamers of last
week each took out about million. These
specie shipments are made to meet the bal
ances of trade against US on account of the ex-
cessive importations Of goods of all kinds last
year, particularly those expensive silks, gloves,
laces, shawls, &C., which are classed among
the luxuries of the rich, as contradistinguished
from the necessities of the poor. These bills
have, therefore, to be paid, and as the exces-
sive importatons 'of our seaport merchants
were followed up last year by correspondingly
large purchases by country dealers, the said
country dealers are being called upon for their
balances, which have to be collected from the
people of the interior towns, villages, and ru.
New York is drain from the whole country,
and the country viii feel its effects upon the
instant that there is serious dimnution in the
California gold crop.
Look at it. A large balance is due to Eu-
rope on account of last years importations Of
goods, Notwithstanding our supplies of fifty
millions of gold direct from California. Wall
street takes all these things into the calcula
ton. Californians may boast as much as they
please; million and a half Of gold may come
in by every other steamer; but as long as the
passenger arrivals in New York from Cali
fornia will exceed the list Of departures for San
Francisco, or neutralize them, and as long a,
the yield of the mines with all the moder,
improvements" continue to show falling of
as compared with the returns of last year, s,
long will the sharp practical fnanciers of Wal
street act upon the maxim of the old rat in the
fable. that caution is the parent of safety
The pith, then, of our present argument is
that the war in Europe overshadows in the
New York Exchange, all other questions and
domestic issues put together; that SO intimate
the United States, on the one hand, and England
and France on the other, that where the latter
are involved in perilous war, of heavy de
mands and of doubtful duration, and compre
hending the largest consequences to all Europe
and the world for good or evil we cannot escape
feeling its depressing effects very sensibly
The truth is, that the rapid progress Of the art.
and internal improvements of peace are incom
patible with o:.isting crisis of war upon {
large scale, on either side of the Atlantic. We
may have the monopoly, for example, of the
carrying trade with Europe, during this Turko
Russian war but the general stagnation in
bushes affairs, which is the first result in Eu
rope, and the general uncertainty attending al
business transactions, by land or sea, render
the monopoly aforesaid, mere shadow withou
the substance.
And were quite disposed to believe that The
belligerent passions Of war are contagious, and
that the present abolition and know nothing ex
citement may be traced, directly or indirectly
to some extent to this European war. A state
of war; SO universal in its influences, must in
evitably operate even here, to disturb the peace
able dispositions Of men, to excite their evil
propensities, and to make them feel unsatis6ed
with our
" Dull piping times of peace
In this view, should the war between Russia
on the one hand, and Turkey and her allies on
the other, continue for two years longer, until
all the continent is in blaze, and the revolu
tionary elements awaiting the hour to strike
shall spring by millions to arms in Italy, Ger
many, and Hungary against all the civil and
religious powers Of despotism, is it not logical
at least to conclude that thereby the religion,
and sectional anirnosiies which will enter into
80