The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-07-31
EGtct or Tire India M~iany On CorAmercAs'
AMSlvu.


AAhlrs.
1t is ore OF these anomalies which Illustrate
the intense conservation and slowne@ Of the
English mird that the mall which brings u de-
tails Of the mos. disastrous outbreak that ever
occurred In India likewise annources reduction
IN the bank rate Of interest. Or the strength
ore might almost suppose--of co overwhelming
commercial disaster, the Euglish resclve to ex-
hibit signs of confidence, and symptoms 81 case
The fact Is, the reduction in the bank rate OF
interest was resolved upon some weeks back
mainly on the strength Of the geld arrivals from
here; and the English are too steady going a
people to alter their purpose for such accidents
az the probable overthrow of the Indian Empire.
The prospect is that, like the last reduction, the
step will presently have to be recalled.
For, independently Of considerations imme
diste'y affecting the money market, it is quite
certain that this outbreak in Ildia will do more
to injure the commercial standing of England,
and produce a scarcity of money than any event
that has happened since the fall Of the elder
Napoleon. We are now enabled to state posi-
lively that 90 far from exaggerating the state of
affairs, the telegraph actually mtigated the worst
features Of the news, and did not disclose
the whole awful reality. From the list Of
elegraphic dispatches between the various
Indian authorities, it is quite obvious that the
whole sepoy army and great portion Of the
people of India are already in open revolt. At
the time these dispatches left, say seven weeks
ago, the report from oil the Presidencies was,
either that mutipy had broken out or that it
was expected BY this time, war is undoubtedly
general The utmost that the Eoglish can be
expected to do is 70 hold few strong places
until achievements arrive meanwhile the ma
tives will for the FIRST time for hundred years
roam their own fields in perfect freedom. 1t
will be January, Lord Peterborough tells US, be-
fore the English can expect to take the field
with any prospect Of success. What will happen
then, it msy be hazardous to predict; but the
chances are that the rebellion will be put down.
England has too much at stake to afford
defeat. She could not hold her place either
among the Powers Of Europe, or ris-a-vis this
country, if che had been whipped out of India by
the naked Hiudoos. We conclude that she will
not; and that at any cost of men and money, the
rebellion will be put down. From present ap-
pearsnces, it will cost an effort heroic, gigantic,
immense; so immense that the effort of the Rus
sian war will seem q pastime, aud the effort to
crush the elder Napoleon mere triHing in com.
parison. 1t looks as though it would drain Eng
land of every man that can hold musket, aud
of every shilling that can hire mercenary or
buy bullet. Still. such is the tenacity of the
British character and such the importance of the
stake, that no doubt the effort will be made
promptly, and persevcred In till its success
This effort is more important to US than the is
sue involved. 1t matters very little to us who
Iules India; but the absorption Of all the spare
funds of England in long and distant war is of
the very highest moment 10 this country. The
contest must as the Russian war did to mode
rate cxtent-divert British capital from foreign
investments, and concentrate it at home. 1t
must compel the English to sell out of this and
that security which they had bought in peace
time when their own funds were high; to turn
bonds and all the other speculative securities
which they hold: TO withdraw all the capital they
have now invested in enterprises in this country.
1t must cramp commerce in England. Uncer-
tainty to some extent must overhang the contest;
and while the -four and provision sellers and the
shipowners will naturally make money, follow
ers of all other trades are likely to lose it, Such
is The experience Of all ware.
Estimating that the Russian war cost England
100000. 900 $3.50 600, OoO-we apprehend the
latter will be found nearest the tru'h-we doubt
whether the India mutiny will be suppressed for
double the SUM considering the distance at
which the war Is to be waged; the number Of the
enemy; the expensiveness of living in India; and
the extent Of country to be overrun and recon-
quercd. But really, such estimates lack one ele-
ment OF plausi'dlity; they are not founded on
anything like experience; there has been no pre-
cedent for such a contest az this one, since the
Goths ard Yandals overthrow the Roman en-
pire.