The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-05-12


resolutions introduced at the beginning Of the
proceedings, and which, it may be presumed,
were intended to represent the platform, were
laid on the table by a very distinct majority
vote, and the meeting broke up in a snarl over
the antislavery orthodoxy Of DR.. Cheever, the
church abolitionists and the tract societies
The Complications on tho C0ntlnent-Eng-
land tho Financial Arblter OF Europe.
If English statesmen prove true to the tradi-
tioual policy of their predecessors, Great Britain
will continue to hold controlling influence over
the war of interests on the Continent. Her
strength will lie less in her ornaments than in
the enormous money power which she wields
The same resources that enabled her to subsidize
the continental governments against the first
Napoleon will furnish her with the means of
neuiralizing or limiting the action Of existing
coalitions, or of coercing its members separately
into her views. Whatever may be thought Of
the wisdom or generosity Of her foreign pol1cy
generally, she never hesitates to employ lavishly
in its furtherance the financial wealth at her
command. Look, for instance, at what she did
in the Continental league against the great
Emperor, which was only sustained aud kept
together by the prodigal aid which she
afforded it. Without entering into the de-
tails of the different subsidies furnished by her
from time to time, it will be sufficient to
compare the amount of her public debt at the
close Of the war in 1915 with that at which it
stood in 1898 to show the enormous sums which
that effort cost her.
- 2OS 19S eo5
NEUTRALITY-SUSPICIOUS.. ,286 065 2l5
Difference. DIT y1s 500
Thus we find in little less than quarter of
q century her public debt quadrupled-a cir
cumstancc not to be wondered at when it is re-
allies to furnish them with elk millions of dollars
annually for every 100000 men they kept in the
field Since then, whilst her debt has remained
almost stationary, those Of all the continental
governments have been rapidly increasing, and
will be swelled to fearful aggregate by the
close of the pending war. We can form some
idea of what their necessities are likely to be
from the following statement of the loans which
they have recently put in the Market
France..'...'.. ..........,..S 500 700 GOO
tsussa. 90 OCC,Vuo
truesa... 40 OC9o0O
sA'dnis. ......,................. 2Sooo,ooo
Total $3.50 coo COO
Sardinia has succeeded in obtaining her loau,
but the other governments will ind great diff
Guilty, if not an utter impossibility, in procuring
theirs. With Russian Four and Half per Cents
down to 81, French Three per Cents down to 62f
Csc, and Austrian Five per Gents down to 40,
there is not much encourage ment for British
capitalists to invest in any of them The Rus
sian loan was regarded with some favor until
the unlucky discovery was made by the London
Tines of its treaty with France Now il will be
impossible to get any one to touch it. Austria,
from the critical position which she occupies,
and the discredit into which her finances have
fallen from other causes, could not reasonably
have expected to meet with assistance from
foreign capitalists. She has, therefore, provided
temporarily for her necessities by Selling the
metallic reserve in the banks and will
have to trust to Providence for the rest.
A financial crash is probably the best thing that
can happen to her.
The two hundred and sixty millions set down
above represent but en- irconsiderable portion
of the amounts that will be required by the con-
tinental governments before the close of the
war. Even should hostilities be confined to
Italy, the present loans-supposing they can
get them-will be but as drops Of water in the
oceaa Of their necessities Should the conflict
become general, the sums that will be required
to maintain the vast ornaments that will have
to be kept on foot are beyond the range of cal
culation. When we take into account the fact
that the governments seeking these loans already
owe, collectively, to the public creditor over
Sl0OO0,O00,0 900, it is easy to foresee the despe-
rate straits to which they will be reduced before
the sword can allot to any of the be,ligerents
the prizes of conquest.
In view of such a prospect as this,
we say that any English statesman would
be insane to pledge Great Britain to &C
tive interference Of any kind in this Italian
question after the breaking out Of hostilities.
The Court or other influences which would
seek to bring about such an interference would be
guilty of treason to British interests Having
done all that abe could to prevent war, it is now
the policy Of England to leave the belligerents
TO follow the example of the Kilkenny cats.
They will all presently have to come to her for
money, and she can then dictate to them such
terms as will bring hostilities to prompt termi-
nation, and guard against the danger of their
recurrence. Her true position is that of the
financial arbiter of Europe. She asserted Il in
the wars of the first Napoleon; che can main
tain il still more successfully in those of his sue
cessor. To abandon the prestige and solid supre-
macy which such position affords her--a supre-
macy which the sword can never secarc-would
be objectionable folly. 1t is to be hoped that the
conservative party, who still hold the reins of
power in England, are penetrated by convic-
ton Of this truth. If not, the sooner they are