New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-06-19
Netu9lork DAILY Gribnate
THE STATE OF EUROPE.

From Our own Correspondent.
LONDON Friday, June 5, 1851
1t is a peculiar feature of recent years that
events over which man has no control battle
the most elaborate financial combinations of states
men and exchanges The potato rot in lc46 brought
about the downfall of the English Corn Laws and of
the French monarchy of Louis Philippe, and, fol-
lowed by pestilence and wholesale emigration in
Ireland upset all the calculations of Irish agitators.
The revolutionary wars and the failure of vntages
by the oidium have raised the prices Of the first
necessares of life all over Europe to an enormous
extent and now the failure of the silk crop is con-
tinualy drawing large sums in specie to China and
Keeps the Exchanges of Europe in feverlsh excite
ment. This depletion of the banks, this continual
flow of bsllion to the East has much to do with the
present Chinese war. All the commercial classes
are strongly impressed with the idea that the open
ing of the great Celestial Empire is necessary to the
restoration of the balance of trade, and watch eager
" the progress of the expedition which, by this
time must have reached Canton 1t is true that
the Chinese wish to localze the war; but II seems
now quite certain that Sir j. Bowring acted upon
instructions from Downing street IN picking quar-
eel with them, though, oyerestmating the efficiency
of the forces at his disposal and undertaking. the
energy and patriotism of the Chinese, he began war
under unfavOrable circumstances We shall soon
hear however, that the English troops VII not
rest satisfied with castigating Canton ana dveng-
ing the discontinue they met by Nlceroy iek,
but they will transfer the war from the sout
to the north without being satisfied 10 enforce tn
waived condition of their former treaties as regard
the opening of Canton. Lord Elgins instruction
are .uch as 10 lead 10 gradual opening Of all the
Empire 10 the commerce of the world, IN order u
bring the money Of China within the reach OF the
Exchanges, and especially of the Bank OF England.
The present high rate Of interest weighs heavily
upon the commercial enterprise of Europe, and tho
fixture not only of the Russian but likewise Of The
Turkish Railway schemes is connected with the
discount of % and per cent which stands l
olarinp contrast with the per cent of the Govern
mont securities In order 10 obviate these anoma-
lies and 10 give a new stimulus 10 speculation, the
Fmperor of France is giving the concession 10 the
Rank Nj France to emit notes Of smaller denornina-
zion. In 10 the time of heRepubc, France knew
only noles of 500 francs since that time 100 franc
notes have been issued; and now We see that the
new law for the Bank of France contains the pro-
vision that notes of 30 francs may b. emitted. IL
remains 10 he seen whether this measure Is likely
10 superscde the boarding propenStles OF the French
peasant and whether il can, 70 any considerable e1
tent, mitigate the pressure for specie. 30 much Is
ccrtsin that this French law project has been taken
hold of by those commercial men IN England VINO
are engaged upon the reform OF the currency ana
Bank, and who advocate the issue oil notes worm
20 and E3, in the hope that it would BRING BACK
into the Bank Golfers several millions OF soveregns'
aud put an end 10 that feverish anxiety WHICH,
rs they say, must attend the constant Calculation
Of the lhluA and efN of gold, while the fortunes