The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-09-04
LETTERS FROM EUROPE.
PANS, August II, 1888


nothing interest the Parslns. The French salts
fled with the impression they have made Europe, and
the English have, in measure, got over their first
fright They have discovered that, though the harbor
Of cherbomg is great deal larger than the largest in
England and capable aordng shelter and security to
% line -of battle ships and proporonate number OF
rgates and smaller vessels the French no sailors
after all their discipline is not good as the Englsh
and they have not many yachts commanded by lords
and gentlemen the English may boast Of AT least so
Mr. Lindsay the liberal member of Parliament for Tyne
mouth told the people Of England in his late Manches
TER speech and from the great experience and practical
knowledge of that gentleman, who commanded him
self East ndiaan at the age of nipeteen bound
accept his statements inconrovetbic facts But
the other hand steamships depend more ON engineers
thanon Sailors and nearly the whole French navy Is
composed of paddle steamers. But the OBJ
ec Of the French Emperor is not to invade England but
to keep the peace and to make II equally the interest OF
England to keep The fears and apprehensons OF Eng
ls Statesmen, and the cautious tone of the English
press regard all things connected with France and
French policy is the substantial victory achieved
Cherboug The conferences about the Danuban prin
cipaties may now be terminated without great difficulty,
aud without the prospect either of battle of Wagram
jena But with all these cheering prospects of peace,
stocks will advance. The French threes have not
reached 60, and have actually receded from Gs,45,
the point they reached during the magnificent salute of
the Queen of England, to 6s.15 the point arrived at
when the Emperor left Bres But if any supposes
that the French funds the only which are mark
ed low the list, he is mistaken The want OF conf
dcnce is general and applies to all species of securities
throughout Europe only that in France the system a-
pears little more artificial and prices sustained by most
extraordinary means Thus French railroad shares
are still tolerably in demand because the government
has undertaken to guaranty the interest eseryng to it.
self per cent for doing but this is only the begin
ming of the end. The shareholders will by be
glad to exchange their share entirely ,ns government
threesthat is to say against an annuity OF three per
c,nt ON their original investment, and the govern
ment will thus become long before the time fixed
by law the proprietor of all the important routes.
This will add fearful amount of power and pa
tronage to the already centralized administration OF
France but the travelling public will profit by the
change Ii the government of France is constantly aim
ing at greater centralzation also accepts all the
sponsbties Of such condition, and discharges its du
ties with almost military precision. And the French
people, in spite of their proneness to criticism of mag
nant character like be governed if it be done with
SKILL force, and a tinge of absolutsm. 1t commands
their respect when the at the helm is man of es-
abshcd reputation and their contempt and bitter OPP
position when he is incompetent for his task.
But in England too, where the leading characteristic
of the people consists in conservatism railroad shares
have suffered in the consideration of capitalists. If you
cast your eyes the share list you will find of the
first roads in England quoted at from 35 to As per cent
Recommendations which will not strike Wall
street fnanciers anything to be wondered at but
which, nevertheless, show that the produce
the effect everywhere and that excessive competi
tion destroys not only wages but also capital and inter-
est The same causes which operated against railroad
securities in the United States have equally proved effect
i've in England Parallel roads cannot be built without
destroying each other will branch roads through
districts which not commercial manufacturing in
their character prove profitable either to the bond
shareholder. In England where the principal road is
liable for the debts and obligations Of the branch roads,
the latter weigh down the principal road and if under
these circumstances nominal value is still attached to
the principal stock it is easily perceived that 1t only
be for time and that, the chances of Improvement
from increase of population and business not half
good as they are the United States the time may
when American railroad shares with all the swind-
ling transactions, of the companies loosely
charged WITH will command higher prices than their
English patterns
The Credit Mobilicr which, few years ago, was up to
900 francs a share is down TO $50, and WILL if it
docs not improve very soon come down to much lower
figure. 1t is no longer avoritc change, and has
received no benefit from Mr. Beys journey to Central
AMeTlca. That COCK WOulun nSnt, anu the SJOck ~
still dropping Mr.. Rotlschid q the chief OF the
Paris House. not the member Of Parliament in whose
cuntiu room Mons Perere clerk previous to his be-
coming chief of the greatest money lending institution
in the world is said still to preserve his desk at his count
ing roo assuring his friends that his old clerk will
back sooner later and that this account he is de-
termined stnot to fill the place.
Mazznis letter to the Emperor of the French which
has lust been published in Switzerland exceeds in nso
ence and foolhadncss any previous document of that
s,t It openly hints that the Emperor must not
expect to live many years, though months may be al
lowed him The of it is, that the persons who
thus threaten with assassination do so from places
OF security, and that their deudcd followers and
not themselves become the victims Of their machina
tions Mazzin has already the lives of hundreds and
thousands of bis counymen his conscience and the
wonder only is that he still finds men, rather youths
who are willing TO trust him. Nlnzzni is evidently
reamer but il is pity that whenever he suffers from
nightmare some otherwise decent fellow should lay his
head on the block and suffer for another mans hau-
cinaons Mazzni also cpudiaes the King OF Sardinia
as The offspring foreign Frenci house in Italy and,
In short everything that national men recognise in
dspcnabe to the development and of that beau
tifu land And yet he finds followers. 1t is suspected
that internal machines bombs, such as the fanatic
Orsipi used are being manufactured in Germany,
and the German governments have taken active measures
to discover the projectors Of the pew dee4 Of crime and
slaughter
The question Of the PrincipaIities win now