The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1857-10-28
The Effect of the American Re-
vulsion on the Politics and
Commerce of Europe.

Commerce OF Europe.
The great revulsinn tina; IL now going
on here in financial affairs, overslaugh-
ing in its course all the old political is
sues of the day, and effecting a practical,
though peaceful revolution in the ideas
and theories that rule in this country,
will undoubtedly affect the political the
cries and systems of Europe in a much
more marked and durable way than it
does ourselves.
The relations that the United States
bear to the countries of Europe in a ma
terial point of view are many times wider
and deeper in their ramifications than
has ever been the case in former years
of commercial disaster; and the loss Of
the great demand of cur markets is like
IL to cause a disturbance in the large
manufacturing centres of the Old World
that may react upon politics there in q
more violent form than ever before
Already have the retailers in our city, of
silks and fancy goods, reduced their pri-
ces thirty-three per cent on rates that
were established a few weeks ago, and
their example must be followed all over
the country. The same result has at
tended trade in groceries and all articles
that depend upon the great mass of con-
sumcrs, including that in provisions
This has been done partly from the de-
sire to raise money but it has also been
caused in part by tie wish to force off
the large stocks of all kinds Of goods
that nave accumulated in our warehouses
While no branch of trade is understood
ed, there are now lying in Jul Custom
House stores imported goods to the val
ne of thirty millions of dollars. La
These immense importations must be sold
at a very large sacrifice ; and whether it,
has been sent here by the foreign mer-
chant on his own account, or on orders
from our traders, the result must be the
came. In the first case, the foreign
merchant experiences the direct loss :;
and in the second, be bears it Indirectly,
from the inability on the part Of cur
dealers to meet their obligations. In
addition to the present loss, there will
be the great diminution in orders from
here 70, futsre use, consequent upon the
retrenchnent that has already become
the order of the day throughout the
land. At the same time we shall de-
mand of Europe large sums of the pre-.
cioEs metals, to restore the equilibrium
of affairs here, which will bring upon it
an increase of the contraction which has
already begun to be felt in monetary cir
cles there. That contraction is already
evident in the decline of the public funds
mnearly every State in Europe; in the
dismay in England consequent upon the
loss OF her East Indian markets for 6
term of years and 10 the shrinking and
proximate disappearance of such greai
bubble concerns as the Credit Mo0iliel
of France.
These causes, with the others that ar,
apparent to every thinking man, are op
Grating with the same unerriDg certainty
In Europe as did those which we have 81
long seen here, and warned our peopl'
against. A similar initiation of value
exists in Europe to that which existec
here the same urore of speculation ha
been rife there; railroads have beer
planned to extend thousands of mile
into Spain and Russia, and every none,
market has been coaxcd to take a hand
fancy companies of all kinds have spruni
up, particularly in France, which wer
to make mems fortunes in no time ; i'm
piense steamship lines nave been created
and were it not for the demand for tn
ships that have heen built, to transpor
troops and supplies to distant regions,
dozen eiantlines would now be baHkrup
in Great Britain. All this while ever
government in Europe, has been bank
rupt, and living upon credit. For tie
years past France, Spain, Austria, an,
all the minor States that had any credit
have exhibited a constant deficit in thei
financial budget, and resorted to loan
or some similar e~xpedient to make Vi
the deficiency. England, which has ex
perieD ced a commercial expansion during
this time that has astonished herself, ha
spent more than she received from he