The daily press. (Cincinnati [Ohio) 1859-1859, 1859-06-15
The Gathering storm.
"The murky cloud arc gatherIne fast. ;

The murky clouds are gathering Fast"
The idea that was expressed by portion
of the New York Press, that the war now
raging in Europe would prove to our gain, is
being belied by the events of every successive
day.
There is no feeling so demoralizing or so
much to be condemned on moral grounds, as
The exultation Of delight at the prospect of
turning the troubles of others to our own
profitable account
The arrangements and disasters arising out
OF the war are not confined TO the actual bell
iigerents, or even to those supposed likely to
be drawn into the war.
They extend to us across the broad Atlantic.
The belt of commerce encircles the COM
| mercial world.
That belt or circle disturbed in any one point,
is made to vibrate the world through.
New York is an important point Of this circle,
and can not escape the consequences of its ele-
| waited position.
1t must be able to resist the pressure upon it.
| And for this, certain conservative measures,
| are necessary.
All the advices from the great European con-
tinent are full of gloom and evil forebodngs.
The contractons Of credit and the currency are
having the effect of colapsing trade and COM
merce, by reducing everything to cash prices
| The demand for specie everywhere is the effect
of this war; which is bringing disaster on our
mercantile relations and heavy depreciation
on the value of our cotton.
In Germany, as well as in Italy, an entire
want of confidence prevails throughout the
| whole community. But what is still more
serious to us in the United States, as affecting
| the absorption of specie, this want of conf
| dence has spread throughout the masses of the
| people. The savings banks in Germany are
being run upon. The working classes are
stipulatng for payment of their wages in specie
kAEA Nl.ow, r. -.
| by Austria on her own subjects, and the plum
der and rapine she in1cts on Sardinia, have
aroused revolutionary feeling for revenge,
and filed all Central Europe with alarm. The
damage of the Austrian inroad on Piedmont,
destined happily to be but temporary, it is
stated already amounts to hundreds of millions
of dollars. France and Sardinia it is hoped
will not retaliate in like manner on Austria.
| The point, however, which troubles us is that
all classes are grasping at specie, which is the
| only property that is really safe or in their
| power to secrete and hoard.
Already securities are being forwarded from
! Frankfort to Paris, and the proceeds drawn
in specie. Specie is forced from London and
| Paris to Germany, and to Paris and London
from New York, while it is forced on to New
York from every other part of tho United
States. Specie is thus made to roll in large
volume to or around about the seat of war.-the
| SiVdIcl pulI W w Io-cLuuOW0leu III the eHrIl
for safe keeping, from whence it was first
dug.
The wars arising out Of tho French Revolu-
tion occasioned such heavy drain of specie
from England 1892 to 1897, under q similar
want of confidence and boarding as is taking
place now, that in the year 1897 there was
suspension of specie payments, which, though
only voted to be for four months by the
| British Parliament, lasted for twenty two
| uaa t,nNi1 IN 9l,av l..A
as Sir Robert PeeIs act, specie payments were
! resumed-the violent reaction Of which brought
in 1928 ruin and bankruptcy in its train.
Now York felt this even then; but now New
York, from its gigantic strides in commerce, is
moro intimately and intricately involved in all
the meshes of the web Of the civilized and civ
ilizing commerce Of the world.
New York is second only to London, and
doubtless cannot escape from the consequence
OF its commercial greatness-the alienation Of
prosperity and adversely.
Events seem to be fast hurrying us into a
similar position to that of England in the time
of the great French wars.
Debtors will be pressed by their creditors to
settle, and the usual credits extended to us will
be withheld, from the inability of Europe to
grant them. The Bank of England, which is
the great regulator of currency all over tho
world, is warning the mercantile body to cur
il-curtail-curtai!
Our importations this Fall, instead of being
sold on the usual credit of four months, ex-
tended by the usual kiting system second
four months, and then settled for by sixty
day bill of exchange-thus making nine or
ten months credit, will be required to he in
cash, and goods consigned here for sale will be
ordered to be sold for cash, at any price--gold
gold-the need Of war-the principal instru-
ment of war-being the most important want
if food be plenty as it is yet in Europe.
Next Fall, from October to January, 1860
we shall havo to meet demand to pay al
amount of indebtedness that exceeds enor,
mously that of any year in our history.-N
Y. Independent.
nn.n.L. i IL