The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-10-11

and the atrOc1ouS charter under winch the City
labors
The Financial Rottenness OF Europe.
The news by the Niagara puts us in posses
sion of further data regarding the failure of the
Royal British Bank, and acquaints us with
heavy defalcation and embezzlement in the Crys-
tai Palace Company. From France, also, we
fear that the Investigations begun time since
by the responsible managers of the various joint
stock companies are being prosecuted with sus-
tanned energy, and that various rumors of further
large defalcations are current. Denmark, they
'ay, is almost ruined by the frauds which have
been perpetrated in connection with her Treasury
and War departments. The Continental press APP
pears to be overwhelmed with apprehension and
dread of the future the press of London calls for
severe laws to put stop to the frauds which are
SO constantly recurring.
The fact is, Europe is at present at the begin
ming of one Of those crises Of liquidation which
occur periodically among commercial nations,
and follow long period Of prosperity or excite
ment just as naturally as rain follows fine wea-
Their. For several years-in some places eight,
in others nearer fifteen-the merchants of Europe
have enjoyed prosperity. Everything has gone
well with England since lS43, and with the Con-
tinent since the revolutions Of 1S4S. Merchants
have made money, and have done more than
spend it. As usual with their class, they
have predicated their rate of living on a
supposed constant succession of prosperous
years, and are, as a class, deeply in debt
to the future. So long as no trouble or doubt
dimmed the horizon, they might have gone on
for years, either diminishing or increasing their
debt according as times were fair or the con-
trary: but the first mishap or cloud was sure to
bring them up standing, and the first to go were
sure to be the most shaky and the least skilful.
The drain Of the war, to which various accidents
of these latter times have been superadded, has
supplied the necessary clog to the machinery:
Sadlier, the Royal British Bank, the Orleans
Railway Company, the Copenhagen fnanciers, are
the advanced guard Of the rank of perishablcs.
come Of breakage after breakage, and Of disaster
on the heels Of disaster.
1t is not to be expected that the great mer-
chants of Europe, the Rothschilds, the Hopes
the Stieglitz, the Earrings and others of the same
rank will run the risk of failure. They belong to
the class of wreckers. and are never wrecked
themselves. They are the decoy ducks, by
whose aid rich landowners and retired soap, or
liquor or pot and kettle merchants are induced to
invest their money in enterprises which are
never intended to prove remunerative, but which
serve the lords of finance as an easy slide from
other mems pockets to their own. For instance
the Rothschilds and others are about to under
take the construction of system of railroads
throughout Russia. This they do in the face Of
the fact that the English roads, through a
thickly settled and highly prosperous country,
have never paid legal interest on their cost,
and that the French roads, like our
own, have borrowed money to pay dividends.
But how will it turn out? The Russian roads
will be built, without doubt; and during the
movements in stock at their commencement, the
Rothschids and other bankers will appear to be
the chief owners. But at the time their profit
able character has been fully tested-and ii ap-
pears that 50 far from paying decent dividend
on their cost of construction they can barely pay
the cost of working them-it will be seen that
the Rothschilds are not shareholders, and that
the whole of the property belongs to the old
Boyards, who shall have paid hard cash for the
same
We have seen this business at home. Our great
roads and other enterprises have been undertaken
in the origin by Wall street people; but the
stock has very soon become distributed through
out the people The defalcation which we chro-
nicle in another column, seems 10 some respect to
throw light on the process. And when the day
comes, which is not far distant, that the leading
joint stock enterprises Of this country are proved
beyond question to be the worst investments that
can be had-and not a few Of them have delayed
the evil day by practices such as were brought
to light couple Of years ago In the New Haven
and the Erie Railroads, and the Parker Vein
Coal Company-it will then be found that the
owners Of the property and the victims Of the
disaster are not the SPECTATORS Of the Exchange
but farmers, clergymen, mechanics, merchants
widows and orphans throughout the country.
THE PENNSYLVANIA, ONO AND INDIANA Ocro-
BIER ELEcTroSs.-We publish to-day the tables in
detail Of the Presidential election Of 1852, and Of
the State elections Of 1s54-'5, In Pennsylvania
Ohio and Indiana and Of these tables the fol-
lowing are the aggregate results =
REcArIruLArIoS.
---ls52.- c--ls54-'5.--
Dem Whtg Dem. R.p.ov Opp
Ohio. .......... 1890 1880 13t,o91 As eat
Pepntyivana los sos 1T91It l6I,0ol 20t00s
Indiana. 70 29e so,sOl S,OE s3,6eo
Total ........ ae3,l67 412,6ol 3s5,ll9 $50, sO5
ai2,eo1 3s5,ilo
Dem. mai'y.. 5o,556 Opposition m iority.. 6j1s6
Dem. maj of 1882. 50,556
fa-..~isiop Erapn rain In iurn Z