The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-07-29

judged as contumacious by these heretcs and UNI
believers, who would pretend TO dispose Of his ina
lienable rights? But, thank God, this Congress,
which appeared as the last and most alarming con-
sequence Of the war, either win not take place at
all, or will meet merely to discuss what may cou
cern it without Ut all interfering with the essential
rights Of the soyereigns. BY treating directly with
the Emperor of Austria, our Emperor has rendered
the monarchical principle service at least equal
to that he has rendered to the principle OF national
lily. Nations and crowns have been emancipated
at once. At the same time that French pride is
satisfied by this result, French wit, it must be
ed makes il source of amusement, and many
merry lest may be heard In the streets on the dis
appointment OF the Prussians and the English.
THE FINANCIAL EFFECT OF THE TREATY.
from the London Times (cty articie), July IA.
The commencement of business this morning in
the Stock Exchange was marked by great excite
ment, and numerous bargains were Immediately
entered into at an advance Of more than half per
cent. In proportion, however, as the terms of the
treaty Of the two EmperOrs came to be considered
there was disposition on the part of the public to
take advantage Of its first effect, and numerous
realizations were consequently pressed until there
were sellers at 95a. Ultimately the market again
exhibited more firmness, and the latest transac-
tons were at 95b to So. The facts that Consols
se AZ
broken, and that the settlement just concluded does not fur
ntsA single guarantee for the progress Of commerce.
civilization constitutional government tie conneyt of
Eope, operated with force in checking the
binary buoy sncy with which business commenced The I'M
limited supply Of money, however, makes itself felt the
ent there any tendency to reaction from other
from the London News, July I4l
The announcement Of peace may render glance al the
First, let US consider the results Of past We
have upon several occasions referred 10 the Of
market during the years succeeding the commercial crisis
Of l847 as furnishing good criterion Of its probable
course during the years succeeding the crisis Of 1857
The parallel still holds good in remarkable degree After
storms come calms after speculation stagnAton AFTER an
rdinar rate n pnOn n Ou pnfa In
ana 1867 commercial speculation attained its Climax
ing unusualy active demand for accommodation and
ordeal Of panic followed By collapse From eight, nine,
and ten per cent the value Of money fell with extoaor
70 To
period Of less than five years succeeding the crisis OF
1S4 the bank rate Of discount did not exceed cent
at or below az cent In proof Of the thoroughly SET
tied character OF the market may be mentioned that
sni'esS nsnE snrN aSas 70
former epoch vas the course Of foreign polite; more
Democratic and ociAist theories ran riot thrones
though encircled by the halo Of antiquity and Of
nets--were Knocked down like ninepins The wave OF
revolution surged almost from end OF Europe TO the
other. Yet the more alarming the political turmoil
abroad, the calmer was the money market. During the
entire roubous period Of the existence the last French
Republic the rate Of discount ~ the Bank Of England
ranged only from per cont At the highest % the
lowest. II was not until the new Imperial regime had
been esablshed in France that trade began 70 revive
and the value of money to move upwards
Il Was mainly upon these considerations that we
based the view expr essed onv few DAYS beHore the
outbreak Of war between Austria and SARDINIA. Ma.
and ne yates lop We reminded our readers thsf
the mere circumstance OF Austria France and Sardinia
going 70 war could not possibly put Esg.nd into debt TO
specie for military movements and perhaps for hoard
ing, great Get OF be involved in the inevitable
check TO trade throughout Europe In these views was
Of course that England would stand soof fro
the contest her psrclpaton would imply total change
in the political situation and would st once bring new and
and adverse eemens into plav Amid ali the Snaa",nass
with which the approach Of . great var was natu
rally regarded, Considerations OF this plain and
obvious character had their due influence With
the public; and II Is believed that the actual o.
currence Of those events which had long been re.
qarded az Increasingly probable would have ben viewed
with perfect calmness At the critical moment however
the moment of transition from state OF peace 70 one of
war-l ordinary calculations were overthrown by the
nsntray were at an end and that we must at once take
up arms TO defend ourselves against hostile combination
OF the two greatest military and naval Powers in Europe
Assuming the statement 10 have been true the alarm
which ensued Was any natural The mercantile commu.
nifty had reckoned the Of homo,
prospect auddenly opened before them. Without dwell
Ing further, however, upon this ruinouB and every
way lamentsbe episode, We would draw attention
to the prompttude with which, the falsehoods Of the
alarm being proved, the money market resumed
position OF ease and cslmness. The calculations
tured upon prior 70 the Of the war have
proved perfectly correc-aprt from very brief period
Of needless disturbance, produced by cause which
one could possibly have foreseen
Sc much In justification OF the view which we ventured
70 take at time when opinion IN most circles inclined the
other way has been proved once more u 1853, as In
JS4S and 1872 that war or other poca on
ne h nv @ y ~ n ,G h E .h
rA 49, .' ,bra r " casss Tt
r,s 30 tn h.c,o rsor-sd ~ chscr ereda aray'
na. .nv .hs s. E,s;h con,l anomy
W. az ray y v caisd hera. snt ,hdi,t 10
S1 ~" tha. rt;o ~ ss anw n
LIZ. ana 'I n,her "n,ernrsss vh,ch am othar
y;Sss IL ro;nr ~ rrnn Psrra .c.ia rorond :, NC
p;., r.. fUs W. ~ ,ho osd and Tho ,etu, 1pp ~
n1 s usnau os ; ill., ~ S.t r M wu' W
e e x, LIZ rny,a Nv hsrd rd resn.s ~ 1885, a.
~ w,s .,"r c ~ sresh entsrnr,ses Of s,ia
she usus. p upo.,HV;n ~ NC sn o. Rcn. =
osss, .as . .s W ne, s. i,d % h
WIN 'a' lH0nso pion'' ieAnAou upon n"'n'
I'M. MI 1. =, ,.. ,... a.. h.. =. ,o,.,r, ..
Inc au H Ga1S n @ ' h os nS n
s III ,e n p' hU. n 49, e =; =, %My
Dy ase eVen1 uSs sncs1 . no r S
ps. tne,r agee iol iore a nns
9ePalVoo' Ane o,annsy INV y. SSR.al aoISau VIII pro
oaoy % iesumec Inat mere VII 1e mo LACK Oh Dorrow
sis cea.a, trsae, 700, cneGasa ~ tue was - me
reV1V0s