The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-05-28
The Export OF Gozd-Its Immediate and

Prospective Results.
The first effect of the war in Europe upon us
is seen in the call for gold and the large exporta-
ton of that metal The Persia took out three mil
lions of dollars on Wednesday, and the steamers
II was supposed that breadstufs would be called
for; but it is seen that war calls for gold sooner
than for bread.
The cause Of this export of the precious metal
on part is the necessity of the German and
French bankers to sustain themselves. They are
not only calling in all their available means,
but using the vast credits they possess to en-
force the tide Of gold into their Golfers. This
they will be able to do, and will do to far
greater extent than the natural balance of ex
changes and we can afford to supply their wants
without mourning any danger to ourselves. The
drain will probably 60 on some weeks, and we
can easily supply it from the plethora of gold
that has accumulated with us. But the credit
system which the European bankers are now
pushing to supply their wants, giving
them more money than we owe, Or are likely
to owe them, is resorted to merely as
temporary relief while they can realize some
of the assets which they have got to sacrifice
in the present struggle between conflicting poll
teal and financial systems. The debt will have
to be repaid. The refux Of values must set in.
II then becomes question how the repayment
will be made.
Gold will not be sent back to us. It will hide
itself in the boards Of Germany and will be scat
tered over the scenes Of war in Italy, where it
will sink beneath the floods of unredeemable
Austrian and Sandman paper. The bankers must
seek some other means of paying their debt.
They will find them in the textile fabrics and
manipulated products of European industry.
Next fall, and oil through the coming winter
and spring, goods of every description will be
sent in shoals westward across the ocean. Good
crops and prosperous times here will help their
sale. The revenue of the government will be
immensely greater than ever before 1t will pay
off the Treasury notes and debt held by the
banks and thus, increasing the supply Of money
in their vaults, bring them into the market as
lenders and seekers of employment for capital.
These, stimulating in their turn the Importation
and consumption Of foreign goods, will help on
plenty of business, immense revenues, and cords
Of money, will carry us along with jolly good
times for couple of years or 80, until we are
ready for the revulsion that will follow.
And follow it must. The great destructive
war that has begun in Europe brings political
and financial ruin in its train. The commercial
languor that followed the war in the Crimea
was nothing in comparison with the collapse
that must succeed the present strife. In that
conflict no political scheme fell, no system Of
finance and credit was broken up. Vast quanti
ties ofmen and material were destroyed, and the
men Of industry found for a time their profit in
providing them and carrying them to the
slaughter and to the waste. When the work of
destruction ceased, depression followed, for their
accustomed places in the.felds and marts Of in
dustry were void No answering supply came
back from the consumer.
But tho proCcnt contest is d widely different
one from the contest in the East. 1t aims at the
destruction Of the political scheme erected at
Vienna in 1875 With it's fall, all the generation
of bankers, and loan mongers, and credit trick
sters, must go down, Just as the bankers of the
Revolution and the Empire,went down to give
place to them, and they will be succeeded by new
hands at the Golfer and the till, just as they
succeeded those who preceded them. When this
change takes place the credit system of the world
will receive such a shock as has never been wit
messed by living generations. When, in former
ages, the fall Of political systems has carried
down their bankers with them, the world has
of all
Venice, Rome and Carthage did not convulse the
world, for commerce was still, when they de-
clined, thing of monopoly and limited interests
There was, too, no press to discuss the subject
and bring it home at once to every mans
knowledge. 1t came home to them slowly, and
the effect had already ceased to be felt in one
place when it became known in another. Now
the case is different. Commerce has expanded
till it embraces the individual interests of every
civilized man. The pulsations of finance vibrate
with instantaneous sympathy in every political
centre. When the political decay and change
that will follow the present strife does come, we
should be prepared to meet it. Let it not take
us unawares. During the prosperous years that
are now dawning upon us, we should prepare
for the reaction. We should separate ourselves
as much as possible from the old growth of finan-
| cial interests and connect ourselves with new
combinations, in unison with political systems
| that have not nearly reached the term Of their
| natural life.
ARIZONA AND IT'S SILVER MINEs.-We publish
| in another column brief description of Arizona
and its silver mines from accounts of parties
alleged to have been eye witnesses of the indi-