The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-06-16
Commercial Depression and Financial Buoy
ancy In Europe-Present Hopes of thu
NOn.COmbatants.

Commercial Depression and Financial Buoy
ancy In Europs-Present Hopes of the
Non.Combatants.
The news from Europe presents two appa-
rently contradictory and conflicting aspects in
its financial and commercial character. While
among the merchants distrust of future posi-
bilities is increasing, and causing a glut of
money through a scarcity of safe employment
for it, the stock markets on the contrary exhibit
quite a rebound from the panic caused by the
declaration ofwar, and all the government secu-
rites have an upward tendency. In the
English funds the advance is fully five per cent,
in those of France it is more than three per cent
and in Vienna the stock exchange is reported
as being exceedingly buoyant, stocks and shares
having been lately largely bought.
This contrast of feeling between the mer-
chants and stock jobbers no doubt arises from
the greater intimacy Of the latter with the diplo
matte circles, and their participation in the hopes
entertained by these of successful efforts being
made to end the war. We have on several occasions
referred to the anticipations in regard to the
probable course Of events held the diplomatists
Of the non-combatting Powers in Europe. They
hope for some early success attending the allied
arms, and that Immediately afterwards some
means may be found for bringing about an ar
rangement between the parties.
These hopes are supported by many circum-
stances which seem to have logical connection.
1t is remembered that Immediately after the fall
Of Sebastopol Louis Napoleon exhibited spirit
of moderation, and even against the wishes of
England brought about the peace Of Paris. In
the present war, be is certainly in the position
of having been forced into it by the tenacity Of
Austria in maintaining her despotism in Italy,
and thus keeping the whole of Europe on the
verge Of revolution. No one forgets that it was
agitation in Italy against Austrian domination
that led to the revolutions Of 1S4S Then, we
have the recent expressions Of the Empress Of
France calling on the country to have confidence
in the moderation of the Emperor when the pro-
per time should arrive; the favorable disposition
entertained by nearly the whole Of Europe for
modification of the treaties of Vienna in accord
ance with present circumstances; the declaration
of the Russian official journals, as far back as
February last, that war was inevitable, but that
after the first great battle those treaties must
be revised and remodelled ; and the frequently
recurring assertion in diplomatic circles that the
Cabinets of the neutral powers express conf
dence in the limitation of the war to Italy and of
its early cessation, evidently founded on some
thing stronger than mere expectation.
To these reasons may be added the fact that
the highest interests Of every dynasty on the Con-
tinent require not only that the war shall not be-
come general, but that Austria shall abandon
that despotic and irritating system she has so
long held in Italy, and which threatens to in
volve France and the whole of Europe in a
bloody revolution. III this point Of view, Louis
Napoleon is fighting the cause Of all the Euro
pean dynasties, and saving them from the con-
tagion Of dissatisfied nationalities. Moreover
the expectation that he will not push matters to
an extreme point is sustained by the views ex-
pressed in his essay on the Napoleonic Ideas,
published twenty years ago, when he was looked
upon as mere adventurer, and which views he
has carried ont thus far in his career with Elm
gular pertinacity. In that essay he recognises
and acknowledges as the cause of the fall
VI lie iust ANdpOieOu, tudl uc COupleVtu HIS
work too hastily, and desired to accomplish
in ten years that which required seve-
raj generations. Inspired with these views,
he then gave utterance to this remarkable pro-
phecy There is no longer any necessity to
reconstruct the system of the Emperor it will
reconstruct itself Sovereigns and nations will
concur in re-establishing It, because each one
will see in it guarantee of order, of peace and
of prosperity"
Ave doubt not that these are the grounds of
the hopes that inspire the statesmen and diplo-
matsts of Europe, and which, extending from
them to their aflinities among the stock jobbers,
give rise to the expectations of speedy close
Of the war, and the buoyancy that is exhibited
on every Stock Exchange in Europe We may
see before the summer is out not diplomatic
Congress, but Congress Of Soyerecns, after the
old Napoeonic style, congregated to enforce
upon Austria a recognition Of the impossibiity
Of Welding the dead IDEAS of the Middle Ages 10
80 l.?i"G '.!f.li-'..e! Nc -ine.eea.a :.c.-Z,I