The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-01-29


such remedy as the Cuba bill, can cure the party
of all its sore Affections.
The European Money Lenders and the AIMEE
rican Loan-The Coming Time for Action
ON Our Part.
1t has been a subject of remark in political
and financial circles here and in Washington,
that among the offers for the recent ten million
American loan the names of Mr.. Belmont and
other large agents for European interests do not
appear
A good deal of curiosity is excited by this fact
and on all sides there is inquiry for an explana
ton of it. We think quite sufficient explanation
can be found in the state Of affairs on the Continent
of Europe since the coming in of the new year. On
that day few angry words and an excited tone
from Louis Napoleon to the Austrian ambassa-
dor had set all Europe in an uproar. The politi-
cal and financial circles Of every capital on the
Continent were in state of great agitation, and
panic occurred in all public securities. Pri-
vate letters which came from the highest sources
in Europe, and particularly from Paris, were
very warlike. They all concurred in believing
that season of great public loans was at hand,
and the belief was generally expressed that be-
fore midsummer the value of money would ex-
perience an extraordinary increase. Russia was
already in the market for some forty millions Of
dollars, and the annual budgets of both Austria
and Sardinia showed that they could not get
along, even if peace were maintained, without
becoming pretty large borrowers.
And then all that hangs upon the "if peace is
maintained The position Of France keeps
every Power in Europe on the alert, and forces
all of them to maintain their military establish
ments upon war footing. The impression has
permeated the monetary circles of the Old World
that this hollow show of peace cannot long
endure, and that as summer approaches the ar
mics will be found in motion: Louis Napoleon
has reproduced so faithfully the acts and policy
of his uncle that men begin to read the future
in the records of the first empire. These show
a wish to be at peace with England, and deter
mination to humble Austria. We know how far
the latter has been obtained by Louis Napoleon,
and to what pitch of powerit has carried him.
The only doubt is, how long can the Anglo
French gun has been fired upon the Adige or the
Rhine. At present England seems to wish to
be counted out in the next European war.
British political economists are beginning to per-
ceive that the balance of power in Europe has
no sympathy with the balance of trade in Liver
pool and Manchester, and they look on the
latter instead Of the former as the keystone of
British greatness and social development 1t
is still question whether the well being of the
nation, or the selfish interests of family dynas-
ties and cliques, rule the policy of Great
Britain. Before that doubt can be removed,
some great statesman must come forward there,
with the valor to discard worn out traditions,
and adopt new policy, as has been done by Mr.
Buchanan here and Louis Napoleon in France.
1t is these doubts and perplexities that disturb
the moneyed interests Of Europe which have
prevented their Offering for the American loan.
They have an instructive quickness to perceive
danger; every faculty is sharpened by its APP
proach; they have an intimate and early know
ledge of the highest Cabinet secrets; and from
their shrinkings and attractions, the coming as
pect Of the political atmosphere may be foretold,
as that of the physical atmosphere may be prog
nosticated from the barometer. The accounts
to-day from Europe tell us that the panic had
somewhat subsidized but public securities, cot
ton, breadstufs and nearly every staple of COM
MERGE continued to decline-in other words, the
value of money continued to enhance. These signs
foretell to us that the time for taking next step
in the path of empire is approaching The coming
season of complications in European politics will
be our time for action. But Congress must con-
fer upon the President the power and the means
to act Without them he can do nothing but
fold his hands and look wistfully on. The
coming week will show whether Congress is
itself and to the country.