The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-05-13

cumstances under which he was outwitted in the
treaty business by the Zuloaga government, or
ofthe motives that induced him to lend his aid
to the concealment of the stolen church property,
which constituted what he. is pleased to designate
as General Blanco's military chest"
FAILURE OF JACOB LITTIE-FIRsT EFFECT OF
TUE EUROPEAN WAR IN New YoRK.-One of the
most celebrated financiers of New York and Of
this country, Jacob Little, failed yesterday, in
consequence Of his extensive operations in stocks,
which were deprecated by the intelligence from
Europe announcing the certainty Of war and
that hostilities had actually commenced by the
Austrians crossing the frontiers of Sardinia.
With him went down some Others, and there is no
doubt that more will soon share in the catastrophe.
Mr.. Little bought on time, and the stocks now
delivered are not worth what he had agreed to
pay for them. He is thus rendered bankrupt.
He struggled manfully for the last few days
against the storm, but he had to succumb at
last He will soon be adoat again on his ele-
ment-an ocean of speculation. Like true
sailor he loves it for its excitenents and its dam
gers. Nobody doubts that Jacob Little will pay
one hundred cents on the dollar. Everybody
you meet in the street, who has heard of his
failure exclaims-" Oh, he will pay!" At the
time of the last panic, when he failed, everybody
said he would turn out all right; and so it came
to pass. The consequence was that his name
was just as good after as before, and be would
be trusted for millions. This is the fourth or
fifth time he has failed, but he always comes
right side uppermost in the end No failures or
dangers of failures deter this bold mil
lionaire Spectator. He is a weather
beaten veteran in the service, but he
must be up and doing again. He is like bold
mariner who has been many times shipwrecked,
but still gains the shore, and as soon as he re-
covers from the hardships he has suffered, forgets
the past and puts to sea once more. Jacob Lit
tie could no more live without operating in
stocks than could genuine tar out of ship.
Though this failure has undoubtedly happened
in consequence of the war, it would be very
erroneous conclusion to regard it in the light Of
commercial bankruptcy, or as the commence
ment of q series of failures in business. Fifty
stockholders have just failed in England-their
failures did not affect the commercial men. The
failure of Jacob Little and other stockholders
here will not affect the trade or commerce of the
country. lie has merely lost money, which
other men have gained. 1t is in the nature Of
gambling transactions-the gain and loss have
changed hands, If man goes into gambling
house and loses half million OF dollars, that
cannot affect his neighbors around him engaged
in legitimate business. Dealing in stocks is no
thing else than gambling. Jacob Little has
been very successful operator; but, like other
adventurous men, he is sometimes caught in the
storm. Still his motto is-"Nothing venture,
nothing win" He is the most enterprising and
honest of spectators.
Our trade and commerce will 60 on more
briskly than ever in consequence of the war.
very large portion of the carrying trade
will fall to our ships, as neutral bottoms,
when the merchant marine Of the bellige-
rents will be excluded. Our agriculture will
be stimulated. for there is always greater
consumption of food and clothing in nations
when at war than at peace, while they have
less means for producing either. The able bodied
population are taken into the armies, and both
agriculture and manufactures are deprived of
SO many hands. These nations must have re-
course to foreign countries for food and some.
times even for clothing and other articles The
European nations engaged in the present war will
have to come to us for breadstuffs, and they will
have to pay us in gold, for they will not be able
to send us an equivalent in manufactured arti-
cles. Our own manufactures will receive an i'm
pulse, and large numbers Of mechanics will emf
crate to our shores from the scene of war. The
first effect upon us vii, undoubtedly be one of
prosperity. But not so with the Inhabitants of
those countries where war RACES. Their ccceupa-
tons are interrupted, while taxation is in
creased and the prices of provisions are raised
And such of them as live upon annuities con-
sisting of the interest of money in the funds
(and they constitute very large number both
In France and Englnnd) will suffer severely by
The depreciation of these securities. Thus the
war mania in Europe which will make bank
rupts Of its governments and its people, will
only serve to build up the prosperity and the
power of the United States.
The METROPOLIS REDIvVUs.-After the storm
of the crisis of '57 and the revulsion of '58, we
had sort Of calm or stagnation all over the
country, and Of course, in the metropolis, which
is sort of barometer for the provinces. The
summer and fall of 1858 were what we call dull
times-the early winter, stagnant. But with
February and March succeeding came great
rush of imports and heavy run upon the gen.
tlemen who take tolls for our mutual Uncle in
the politicians Pine street paradise. Broad,
Beaver, Pearl, William, Liberty and Cedar
streets, Maiden lane and lower Broadway be-
came invigorated with new life, which, with the
opening of April, had its due effect upon trade
Of all kinds, public amusements, the Opera,
theatres, &c, the world Of fashion, frivolty and