The daily union. [volume] (Washington [D.C.]) 1845-1857, 1855-01-10

elected United States Senate by the Iowa Legislature
for the of six years from the 4h OF March next Mr.
H. was the candidate of the fusion caucus,
THE UNITED STATES AND THE WAR In EUROPE.
The increasing probability that the existing in
Europe will be further extended in its range and may be
continued during long and indefinite period of time
gives increased importance inquiries into its probable
effects upon the Industrial interests of this country.
That war involving the great graln-growng coun-
of the Danube and the Black sea- by relieving of
competition in the supply Of cgrain wants ofwesern En-
rope be highly advantageous agriculture and
to shipping interest certainly reasonable expecta
ton 1t is said have been disappointed but in what
afforded US precisely the markets anticipated but be-
ability to supply those markets has been tempo
rary destroyed by visitation of Providence Odessa bias
been substantially closed commerce. and the contnu
ance of the viii only keep closed but cut off its
cereal supplies by diminishing the capital and labor Of the
regions of which it is the exporting depot The expe
rence of the year has verified the expectation that
Great Britain and western Europe when favored with
bounul harvess still depend upon imported bread
for aporton ofthcr 1t that grain high in
Liverpool Notwithstanding the large deliveries from Brit
ish farmers and true that the European would
lev and the navigation Of New England with and
unprecedented prosperity but for the fatal drought ofls54
which destroyed our hopes the of their
frution The high prices Of grain the Atlantic in
cite US in vain Our granaries are empty, aud
own people at home pinched with want Commerce
Iangushe because OF the Europe but because
our crops did receive the rains of Heaven because
the negotiation OF foreign loans has been arrested but be-
cause single year has witnessed the destruction of agr
cultural values equal all the loans have been able TO
effect in Europe during generation. If two hundred mil
lions OF dollars is TOO high cstimaie--and do
not believe il iso the destruction by drought in The year
Just closed it is equal TO the par value of all the stocks and
bonds this country held abroad and much exceeds
the drain upon our markets which would result all those
stocks and bonds put upon them for sale.
Thus recfying our views to the causes Of the
financial difficulties under which suffering, shall
look for their termination not TO the changing phases of
European diplomacy, but TO the teemng earth and pro-
lous skies few short months will bring another
harvest home Let in Heaven that will be rich
and bouneous Danish want home crowd channels
OF interior communication, nvigorate our foreign
merce and rebuild the shattered edce of public and pr
vate credit
tits possible that continued war by impairing Euro
pean capital may prevent the increase, diminish
the present amount Of stocks and loans held abroad
although 1t is quite probable that their greater safety
compared with the debts Of the European governments
rapidly augmeniing and necessarily deprecatiug under
the relentless urgency Of military necessities may increase
the ayidty with which they win be sought Cor and the
enscty with which they win be held. But diminu-
ton ia this respect which conceivable equal that
vast and continuous transfer Of European wealth, popoa
ton and arts the ahores Of America which dates with
the revolutionary troubles Of s4s and which has been
maintained and now augmentng, under the impulse Of