The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-01-13

Our London, Paris, Vienna, Genoe and
Pisa Correspondence.
Speech Of Mr.. Bright o. the United
States,


States,
&C., &C.. &c.
Our London C0sresp0ndenoe.
LONDON, Dec. 2l, 1866
The Public Mind Bsfosged on the PeGce Qses-
tion-The Allied Governments More AnEieGs for
Settlement than the English and French PeoFse
7Aemseives-Sufsrings Caused by the War -
the Engiish Man rfacturing Dist'icts-A Papes
Currency Agitated- The Ne,o System Of Cred9
Mo6ihier Banks-7ne Sound Dues, &C., &c.
All Europe at this moment is buried fathoms dDeH
in bottomless sea Of conjecture. Peace or war II
once more in the scales, and no one can do more
than guess which is the lkeliest to outweigh the
other. Singular to say such is the complete uncer-
tainty involving the future, that governments With
all their superior opportunities, not whit more
enlightened as to probable results than the vast
throng Of the uninitated who depend on newspapers
for daily intelligence. All that anybody knows is
simply that England, France and Austria are once
more agreed on the terms and conditions of peace
with Russia, and that these propositions have
gone off to st. Petersburg in the charge q
Count Esterhazy, Austrian Ambassador. wiz
Russia accept or reject them? That is the riddle
the European mind diplomatic journalistic and mis-
celaneous is just very busily seeking to solve.
1t Is clear enough that Russia knows how TO keep
her own counsel and treasure up the mysteries a
her diplomacy-for see to what pass of deplorable
perplexity she has reduced the world To be sure.
she has one difficulty less than some other govern
ments-she has no inquisitive, vgiant. indcfatigs-
BILE press to ferret out her secrets to cajole her M
nisters of State, to bribe her agents. to supply
the public with speculation if fact is not forthcom
ing. l should like to sec how the great Deiphic
Oracle Of Russa-Count Nesselrode-would manage
his responses or evade the bold scrutiny Of such
journals as the London Times or the NEW YORG
HERALD. He may thank his stars that the Journals
of st. Petersburg restricted to the meagre state
ment of what his Excellency is graciousy pleased
to communicate to suit his own views, and that he
has audacous editor to dispute his right to keep
the rest to himself.
It is asserted that France has shown more anxieky
to adjust the terms of peace than England. This is
highly probable for France has far less interest in
checking the advanse of Russia in Asia than Eng
land. Besides, it is declared that Napoleon Ill u
beginning to be alarmed at the prolongation of the
war, on account of its great expense, which II mag
perplex him sorely to defray. Another loan mag
not be successful, and taxation would be danger
GUS resource. At all events, both the French anA
English governments act wisely to show their peace
full dispositions, and to win public opinion to their
side. Napoleon and Lord Palmerston would. No
doubt be glad to settle matters to suit themselvess
hut if Russia rejects their overtues they viii lay a
the blame her obstinacy. This much is certain:
that all the governments of Europe are more anx.
ous for the cessation Of the than are the great
masses OF the people who seem to LOOK on the over
throw OF Russia as the precursor of unknown ad-
vantages to themselves They are ready to bear the
sacrifices this may entail in the hope Of future COM
pensation What all this may lead to is too large
theme to venture on at present.
There is nothing on the surface of affairs here.
particularly worth comment. The strikes in the
manufacturing counties, that locked threatening q
short time ago, make no progress, and gradually
yield toVApromising measures. There is much
which is attributed chiefly to the war; and the
Times says there is no help for it. There Ia
an outcry against the banks for their ex-
srd %1 Salt a. nch 1netufs as this
writing in the newspaper, that an elastic
paper currency is the only true preventive to those
dreadful attacks Of pressure that frequently sf
fict the trading world. But then comes forward q
high authority to declare just the contrary-no less
person than Lord Overstone, better known under
his old name Of Loyd-the celebrated banker who has
been sending letters to the 7imes, signed Merca-
tor to demonstrate that there is other basis for
circulating medium than gold and that if an exact
proportion between paper issues and coin was not
rigidly observed, something worse thOusand-fold
than pressure would be the inevitable
| sal bankruptcy.
] do not know whether your attention has been
attracted to the late creation of new State bank in
Vienna, named after its prototype in Paris. tho
Credit Mobiiier A similar financial structure is
just about sprngng up in Madrid, and it is likely
that one after another, they will rise up in every
capital OF Europe. They are nothing more or less
than joint stock banks. but of formidable dimen-
mensions and exceptional powers, conferred on
them by the State, in the expectation of financial
relief in the way OF loans, necessity may dictate.
| Such institutions, managed with discenment and
| hberaliy, with view to the public good, might
| lead to great public improvements, and stimulate
individual enterprise; but think, in the hands Of
ignorant unsrupulous spectators and bankers, theg
are now likely to become vast machines of jobbery
and corruption, leading to such scenes of loss and
disaster as may recall the days of South Sea bubbles
| and Laws Mississippi schemes. Louis Napoleon has
the honor of originating this new brood OF financial
novelties, and it is said his object to make him
self independent of the Rothschilds-the Jewpiters
of the money Olympus OF Paris and of Europe. Tho
bank he created Is chartered for ninety nine years,
with capital of 60 900 900 francs divided in shares
of 500 francs each. The duties and functions ofthe
bank are set forth in It's charter with French mi
nueness; but the privilege of being allowed to ex-
| tend its business to ten times its capital, viz,
600,0O0O 600 francs, may likely set all prudential
restrictions at defiance. About month ago only
| the Emperor was obliged to give his pet check,
and It may before long yield him more trouble than
benefits.
A state paper Of Governor Marcy's on the subject
| OF the Danish dues, appears in the Times this
morning, and this by no means friendly critic
| is forced to admit that in point of argument
| clear-headed Secretary of State carries Off the
I palm triumphantly. Gov. Marcy denies the as
| sumed rights of Denmark repudiates the attempt
| to mix mp the United States in the political
questions of Europe but the readiness Of our
government to pay its share of the expenses incurred
by Denmark in protecting the navigation of the
Sound. In other words, Gov. Marcy is not higgling
about the trivial sum involved in the Danish claim.
but he iesists, as below the dignity of the United
States, the payment of tribute TO any Power though
willing to accord fair compensation for services rem
dered. 1t is for the principle and not for the small
sum in question, that Gov Marcy contends; and the
| Times says that he Is the vantage ground, and
| that Denmark must change hers. Here is another
| victory for American diplomacy. verify believe
that, by dint OF dipomatcI maneouyring, we could
/ now hitch on Cuba and secure the I" coal yard" q
| Dominica, without even tempting the pugnaceH
| Palmerston to say cross word about 1t.