The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-11-05
The Approaching Crisis Ia Europe

The Approaching Crisis In Europe
Our private advices by the Baltic are of the
most interesting nature. They inform US that
great financial contest is going on between
the Emperor Louis Napoleon and the house Of
Rothschilds in relation to monetary affairs
The latter are supposed to be secretly in the
interest Of Russia-hence the Independent and
extraordinary financial movements Of the
French government in the way of loans and
credit institutions. While the Allies, then,
are penning up Prince Gortschakoff in the
Crimea, the Emperor Alexander is laying
siege to the great moneyed institutions Of Eng
land and France, and from present appear
ances they are not likely to find a north side
retreat, but will have to surrender absolutely
and at discretion.
The Developments Of the last forty years of
peace must have convinced all rejecting
minds that Finance, in the great States of
Europe, is an institution and power by itself,
acting upon its own councils, governed by its
own laws, and controlled by its own interests.
In 1892 when Poland was dismembered and
absorbed by Russia, this power put itself in
direct antagonism to political governments,
whom it drove back and compelled to main
tain peace. In the whole history of Europe
there is to be found no act of spoliation--no
violation of treaties--no sacrifice of national
honor-no more wanton exercise of power,
entailing its bitterest fruits upon portion Of
mankind than is to be found ip the dismem-
berment of the kingdom Of Poland; and yet
the financial interests compelled the great
governments to submit to it as a. ecessity--to
content themselves bya faint diplomatic pro.
test. Such is the attitude in the past of the
moneyed power of Europe; and to suppose that
now, when its interests are everywhere assail-
ed and jeoparded, it is an idle spectator and
an Indifferent agent, is the last degree of folly
| which sagacious men can be supposed to sane
| ton. The truth is from the commencement of
the war Russia has been steadily pressing for
ward her financial projects to embarrass her as
sailants. In the language of the Liverpool
Post, "the enemy has found out our weak place
| and he has made a blow at it. He has discov-
cred that we are vulnerable only in the Bank
| of England" And he might have added, that
| the Bank of England is the heart of the British
commercial, trading and, indeed, her whole in
dustral system. With the Bank is lodged all
power over the exchanges-it is identified with
| the government and with every business inte-
| rest in the kingdom. The discredit of the funds
| falls at once upon all those interests. They
have entered into compact in the bank cor
| poration by which they are made mutual par
takers of every kind and degree Of disaster;
and now they are struggling to meet and dis
charge and otherwise satisfy the penalties Of
war, which come directly in enormous eypen-
ditures, and indirectly in the loss of public
confidence, the withdrawal Of deposits, and
lastly, by threatened combination of great
capitalists to paralyze the arms Of the assail-
ants.
| 1t is neither as easy in these times to conduct
civil governments or great operations of war
as it was forty years ago. The interests that
have grown up which find their vital atmos-
| phere in peace, TO say nothing Of the changes
that have been effected in public sentiment,
touching the necessity Of war on any conditions,
| render the present struggle with Russia one of
extreme difficulty. The first decided influence
Of the new order of things is visible in the
Withdrawal of specie from all parts OF the
world simultaneously from the Banks OF Eng
land and France in about equal amounts, and
| from the United States in something Ike the
same ratio. Where it has gone, and when the
| demand for its secret use will end, and what
effects it will have upon the banking inst.tu-
tons the Old and New World il is mpo ssble
| to divine.
The rates OF interest have been raised in both
London and Paris to six per cent--a remedy
usually regarded as sufficient to check the en-
port of the precious metals but so far, it
seems utterly powerless. The patient is no
better. His nervous febrile symptoms Indicate
| clearly enough that the nature Of the disease
was not understood, and OF course that the
remedies applied were useless and navailng.
| We have expressed our own decided convtc-
tons that the present snancia commissions in
The money centres Of Europe are produced by
causes connected with the war-that they have
their origin in the movements Of the hostile
| governments-iha they are the first fruits OF e
policy opvpted at St. Petersburgh to ombarrass
| the enemies of Russia.
| Tho London press say they are secret and
| ineSplicable that the ordinary remedies do
not reach thcm--t that they arc unable even 10
trace the money Withdrawn from their Banks,
which they have pursued a. fcloa or rs
| deserter from the field Of battle Bat all to no
| purpose. The stream that flowed on so smoothly
was utterly lost in the arid political sands of
| Vienna. ii the yig'ant pursuers could have
traced the subterranean current, most likely
they might have found ii just as it emp.ied
is precious values into the vaults or Aiexan.
der at St Petersburg.
IN connection with this matter and the
authentic adyices received by us from Paris
Of The serious contes. going o. between
The gfea. house Of Roths.hids and the
government o Napoleon, we are allie {,