The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-03-12

we look upon the approaching Virginia election
as involving contingencies Of the highest moment
to the peace of the Union; and we believe that a
victory to the new opposition party there in May
will be the Inauguration Of a national union
party movement, capable of controlling the next
Presidential election in behalf of the great con-
sentative body of the American people, North
and South.
European War and American Trade-What
nrc the Causes that may Dcprcss or Incitc
our Commerce9
Our financial and commercial circles are great
ly perplexed and troubled with the probabilities
of general war in Europe and the prospects Of
American trade, and the most conflicting deduc-
tons are drawn therefrom, according to the
standpoint of the several observers.
These who grant to Europe the lead in every
thing-in morals, politics, philosophy and
money-argue that if two or three of the Ed
ropcan dynasties get at loggerheads with each
other the United States will be incontinently
used up, and that we shall have another revul-
sion and collapse generally. On the other hand,
there is a set Of minor observers of events, inca
the crowd of merchants now thronging our
streets, the large importations that crowd our
stores and warehouses, and the briskness Of the
present spring trade, are equally sanguine that
we are already entering upon one of those eras of
speculation that is to make eyerybody's fortune,
and leave every man, at the end of a
few years, with brown stone house on the Fifth
avenue, and a coach and pair of grays in the
Central Park. The error of both these OBJ
servers arises from the limited circle from which
they derive their facts and their own inability to
make general deduction. Each draws its con-
of the field before us.
That Europe is drifting into war, to suit and
further the interests of Louis Napoleon, there is
no doubt. But further than this no man can
foresee. The phases which it may take are so
various, and the complications of cause and
the world are so numerous, that no man can posi-
bly, acquire sufficient data to enable him TO prog
nosticate the results. A few points may be set
down as having been already elucida'ed. The
days of the "Orders in Council" and of the
"Berlin and Milan Decrees," cannot be repro
duced to vex and harrass our commerce on the
ocean. Cotton now disputes with consols the
honor of being the barometer of the commercial
and financial world, showing that in more
senses than one the star of empire holds its
westward course. Commercial revulsions in
the United States have an increasing
power over monetary affairs in Europe; while,
at the same time, both political and financial dis
turbances there have decreasing power over
business matters on this side of the ocean. These,
with other minor points, have been clearly
proved during the Crimean war and the time
that has subsequently elapsed.
AS for the general prospects of business in
this country, it is evident that our trade now
stands on healthy basis. The financial revuL
sion of 1891 was the throes Of property seeking
its true owners. The fever of speculation had SO
covered it with obligations, and at such fictitious
valuations, that no man could really tell what
he owned, or what was the extent of his liabli-
ties Yet this revulsion, according to the tables
which we published some time since, swept away
only about five per cent Of our business men, all
over the country, while it left the property and
material wealth-at reduced values it is true
but relieved from much of their obligations
the hands of their real owners. Without the ad-
vent ofany great depressing or melting elements,
trade will go on with its natural, slow develope-
ment, FASTENED, so far as regards ourselves by
the further increase brought by European immi-
grafton. This element of our growth is far
more important than many are willing to
concede. The statistics of the last ten
years show that in that time four millions
of immigrants have reached our shores, bring
ing an average Of one hundred dollars
each with them. Thus, while this immense mass
is added to the number of our producers and
consumers, four hundred millions Of dollars were
added, by their coming to the accumulated wealth
Of the country.
But we must go on with this natural slow
pace of increasing trade for some years yet. Its
basis is too sound to admit of much disturbance
from any depressing cause, however great while
the era Of prosperous speculation and rapidly
rising prices must wait for some great stimulant
outside of the usual circles Of commerce. Such
are to be found only in changes of political rela
tons between large communicates for instance,
the admission of Cuba or Mexico to the Union,
or in the opening to American energy and enter
prise Of rich and unused regions, as was the
case with California. Such events as these ex-
tend the boundaries Of the republic of trade,
and bring new vigor to its hopes, new life to its
circulation, and new energy to its enterprises !;
and the results are seen in the rise of specula-
iation, the rapid increase of wealth, the sudden
extension of public and private works, and q
general buoyancy of feeling, that never spring
from the natural and gradual Development of
the existing elements Of trade.
The SIcKLEs TRAGEDY-THE OPINIONS OF THE
RELIGIOUS PREss.-The religious newspapers all
seem to agree about the recent tragedy in Wash
lDptOn Wn hava horot Al IT.