The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-02-24


York, and not London, Holds the Purse
Strings OF the World.
In the present financial condition of Europe
there is much that throws glmmering light
upon political events, and gives some indications
of the course they may take.
The sudden depreciation in the value of public
securities in Europe, caused by a single frown
and angry tone of Louis Napoleon to the Aus
TRAN, Baron Hubner, on New Years day, is esti-
mated by English economists at five hundred
millions of dollars, aud it has carried alarm for
the future into every monetary circle. We pub
| lshtd, some time since, table of these debts of
the European governments, showing them to
| amount, in round numbers, to ten thousand mil
| lions of dollars, and another, showing that even
| if peace were maintained, these governments
would require to borrow, during the present
year, two hundred millions more. Russia, Aus
tia and Sardinia are already in the market but
| the complicated conditioner affairs has sadly
diminished their chances of raising the wind
Russia can, probably, obtain what she requires
nom her own subjects; but on the Austrian
and Sandman loans, John Bull, who holds
the purse strings Of Europe, looks ominously
| black For Austria, with an income of
Sl40,000,000 and debt of $1,000, 900 900, the
London Times has bitter welcome. and in an
article bulletting her loan it asks the following
pertinent, or, as they may be deemed in Europe,
impertinent, questions -
What the military monarches of the Continent
that the purse Of England should be open prop up
their unnatural system just at the moment when
to hedecayipg under the Overwhelming of
weightY Why should we be partners ru
oncertakng2 Why should the money acquired by so
much talent and won with much enterprise be squaD
dered the occasions Of government whose bigotry
proscrlbs the and whose prejudices srange
the other?
But yet this same bufietted Austrian loan has
perhaps rod in pickle for John Bull, that may
Jingle when it is laid on. 1t is pretty evident
from the speech from the throne and the debates
in Parliament on the address in reply--that, al
though the fate Of Europe hangs on the nod of
Louis Napoleon, neither the Queen of England
nor the British Ministers, nor any one in the
British Parliament, had, on the 5th day o.
February, any idea of what Louis Napoleon's
intentions were, OF of what he would say to
Europe on the 18th Of the same month, when
the French Chambers were to open This OF
itself proves that the British Cabinet at this time
has little influence and holds but second rate
position in the councils that control Europe And
now let us see where the Austrian loan comes in.
| On the 3lst Of January the Rothschids adver-
| tised in London the Austrian loan limiting the
reception of bids to eleven o'clock on the
9TH of February. Finding out afterwards
that the Queen would give a know nothing
speech on the state of Europe they extended
the term for the reception of bids until the llth
of February, which would give the moneyed
world three days to subscribe after learning the
tenor of the French Emperor's speech, to be de-
livered on the It'll. If the speech is pacific the
loan will be taken, as it is equal to something
over six per cent stock. Did the Rotkschilds
get an inkling Of what the Emperor's nod was to
be ON the It'll Of February? If So we shall begin
to think that Austria, as well as France, knows
more of the councils that govern Europe than
England does; and should it turn out that Louis
Napoleon's words are peaceful, the world will at
once conclude that Baron Rothschild knew more
of the true state Of affairs in Europe, than did
Queen Victoria and her Ministers when they
opened Parliament on the 5th of February.
As for John Bulls holding the purse strings of
Europe, we have also word to say on that
subject. He holds the purse strings as long as
the entente cordialc between England and the
United States exists and he is backed by New
York; but the moment our backing fails
him, he ceases to hold the purse strings of
Europe. Great Britain belongs to the same class
of military monarchies which the London Times
characteristics as "decaying under the overwhelm-
ing mass Of their own weight" Her financial
and commercial system, as well as that of
every other Power in Western Europe de-
ponds upon the cotton and tobacco of the
United States and the sugar of Cuba and Brazil,
products exclusively of slave labor The mo-
ment these great revenue and labor sources are
stopped, or withdrawn from their present chan
nels from any cause whatever, England ceases
to be the banker Of Europe, and the revenues, as
well as the war-making power of European go
vernments, will depend on the good will of the
United States. The nations of Europe may
break out at any moment in their war of annihi-
lation against its thrones, but the Cabinets of
Europe will not go to war against each other
unless they feel that they are all right in regard
to cotton, tobacco and sugar, and that New York
will back whoever backs them.
The ALBANY GENERALIZATION SYSTEM Ex-
TENDED TO BRooKIYN.-It seems that the system
of Capitalization by which the functions of our