The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-07-26


ton of the North, who desire to use it as a wea.
pom against she South in the coming Presidential
canvass.
EFFECTS OF THE PEACE ON Our COMMERCIAL
INTERESTS The commercial effects of the sudden
termination of this war in Italy may be of serious
import to this country if we do not meet them
calmly and with foresight. A great war in
Europe necessarily gives an unusual stimulus to
the provision and shipping interests Of this
countrg, and just as certainly, an abrupt ter
minatiOn Of hostilities produces sudden col
lapse.
1t was so at the time of the Crimean war, and
the events OF that period are destined to be re-
peated to great extent now. Breadstuffs, pro-
visions and the carrying trade were brisk at that
time, and speculation grew to gigantic proper
tions; with what fearful result let the revulsion
of 1857 remind US.
But there is another interest which will be
more deeply affected still-the money interest
Great wars are not conducted aud large armies
moved and maintained, without vast expense, and
money must be had somewhere to meet it
After the Crimean war, 1t will be remembered
that goods of all kinds were poured into this
country from Europe in immense quantities, and
the draft on our money market was enormous
The reckless speculation, stimulated by that
citation which extensive wars always produce
brought its own inevitable reward, and the fnan-
cial panic of 1857 was the consequence. 1t will
be the same now if we do not look out and
head off the difficulty by caution and prudence.
France, Austria, Italy and Germany have in
CURED heavy expenses in the war just termi-
mated. Even Prussia, though not party to the
struggle, must have expended large sums in
mobiliziDg her army, and she has not the advan
tage of decreased population, which the other
nations have, for she has lost no men in the co.,
test. These countries will doubtless send enor-
nous expectations to the United States in order
to raise money to meet their debts. Indeed, the
effect of the war has already commenced to be
felt here in this respect. The great fair of Leip
sic this year was failure, in consequence of the
uncertain position which Germany occupied
Goods to the amount of many millions of dollars
which remained on hand, were forwarded to
Hamburg for shipment to this country, at great
sacrifices, to obtain the advances which our i'm
porters were willing to make on them. So large
were these shipments that the sailings of the
Hamburg steamers were doubled, aud the re-
ceipts for duties in the New York Custom House
alone, during two days of the week before
last, amounted to nearly six hundred thousand
dollars. In one respect, then, at least, the war
has benefited US. 1t has increased the govern.
ment revenue considerably at very opportune
moment
Viewing the results of the war and its
sudden termination in this aspect, we
will see that they are not without
menace to our commercial affairs. The bread
stuff, provision and shipping interests will meet
an unforeseen check, while the country will be
flooded with dry goods and articles in the fancy
trade, all of which must be paid for sooner or
later. When goods are cheap people will pur.
chase, and when the markets are overstocked
merchants must sell on long credits. The termi,
nation Of the Crimean war brought about just
such results, followed by the panic in 1857. The
close of the present war in Italy leaves us in i'm
minent danger of similar event If we do not
exercise the utmost caution to avert 1t.
By all means let us keep cool; and by all
means let the bankers take this subject into
serious consideration, and if they have any
knowledge Of coming events which may imperil
the money interests of the country, let them
take in sail at once. 1t is the ignorance of some
bankers with regard to the effects of peace aud
war In distant countries upon the monetary and
commercial affairs of this, which 80 often leads
to financial troubles. Their ipdiscretion encour.
aged the speculation which eventuated so disas-
trously in 1857. Let them take care that they
do not follow similar course now.