The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-05-11

70 dsy predicted future troubles the Dotted stes ro
soundness OF this opinion ny perhnps be 9'es"oneo
The fall in consols was shelly due % roluca cinseP,
which have no reference 10 bearing Upon eo~ne'o'N
or financial affairs was the intelligence Of The rum "a
offensive and defensive alliance between srAlco ana
Russia which caused funds TO decline from 70 70 es,
the alliance being regarded rs menace TO Great br'n'
This can hardly Affect American property or American
interests a..
re rise In The bank Of interest caused by the
general demand money which grew out Of the mdty
and uneasiness Of capitalists every man desiring 70 col
eo his means money order TO be prepared for con-
tipgencies few days after the actual commencement
of hos itles the demand for money will naturally sub
side, and the rate viii fall
An impression prevails in certain quarters that the
Back of Fl gland viii TO put up the rate, in order
check the export Of specie TO France The managers OF
the Bank OF Eng probably understand nnance too well
attempt to check tho operations OF the laws of trade By
any such arbitrary ana futile II gold is legt
mately drawn 70 the Continent Ia more in the power
Of the bank 10 check It's export than dam up Niagara
But in point Of fact Inc exchanges show the current
the ether way and the serious and earnest the
becomes, tue decidedly viii the exchanges
in favor OF Tue only nation which is no.
wasting its substance in war, but is steadily producing
and manufacturing for The beHgareuts The tendency OF
twill be TO aos from the Continent to Great Britain
from the OF food aud clothing and merchandise,
manufactures the producers Il is true that, as Aug
trio France have gold TO carry their war,
they will got d, by paying premium FOR L. But Will
flo back whence faster IL went II Ii con
tray the hrst principles of political economy and TO
sense 10 supose that nations WHICH are devo'ns
themselves to the reproductive pursuit Of war eau aecu
u'te gold the Representative of real values, at the ex-
pelse Of pahons which are devoting themselves 10
ihe productive pursuits of industry and agriculture.
Tie pnbc may rely upon il that after the hrst shock of
this is over, its effect VIII be to enrich
Che Powers which keep DOT OF H. ~ the ex-
perse of tbe Powers which engage in H. aad
though gold ininsieay, is far less valuable element Of
wealth than bIesdsias, cotton, land, or airy goods, 1t
stands that the Powers which preserve their
neutrality must accumulate gold-among other elements
Of weath-at the expense Of the beligerents So much
for the which sough. this morning 20 be crested
on The strength Of the rise in the Bank Of England ratio OF
interest.
The case precisely with regard to the Un.ed
States Today exchange Europe ranges from 1loti
to llo1s tor bankers sixty day bills London;
TO morrow, from 81 100 coo TO 81 $50 0oo viii v 90
out in the steamer Mast il thence be nterfsv9<ore
Of The Wall street operators would have the public believe,
that the United States gong 70 be drained Of their
by the helgereut nations? The very contrary will
be the result This country has shipped since January
specie than 1t shipped before IN the
Ike period because it imported large quantity
Of foreign merchandise and dry 60 IDS, and had
little of the accustomed wheat and -four
give in exchange for them The cotton shipment ha
also been in excess of any previous year. and at
high prices ~ the present time the debt owing TO Eu
rope for The imports must be comparatively SMALL aud IA
the OF weeks at furthest shall probably be
Shipping large quantities Of breadsuffs-the remains OF
last and the frs. fruits OF this years cropat very
high prices The prospect s therefore, that While specie
is likely to dow yard freely for the six eight
weeks after that time ths exchange will turn and the
United States will become creditor of Europe We
showed the other day that New York afford 10 ship
three miops week for the next eight weeks wi,hol:
danger 10 The banks is only necessary here TO repeat
that zen millions will arrive during period from
the South and West, six from the Sub Treasury
(n Of neeo) and much from California The facl
that the banks, after losing two millions by export last
week. only showed loss OF quarter Of million, Illus
trate. the truth OF this reasoning.
We repeat that 90 FAR as can at preseut be discesne
the first effect of the impending in Europeans
the FIRST shock and suspense are got over-must
be to deveope enterprise aud STIMULATE aud
speculation Throughout the United States impart
life ana vgor to the interests which suffering most.
can infct but temporary injury the cotton interest
which, mc,eover, Ia quite rich enough to stand some
Losses, 1t is quite likely to revive emigration TO the
United States from Germanya boon the value of which
be appreciated only By those who have estimated Tie
damage inflicted the West by the cessation of Euro
pesn immigration; and ii cannot fail TO awaken lively
demand for United States securities and other reliable
American sccse, Great Britain and throughout She
European Continent With such prospects the country
can afford look rward 10 the shipment Of feT NIL
Ions Of specie eittout much alarm
The feeling of the lending brokers aud operators the
stock Exchange this morning to watch the progress
OF events and 10 remain inactive. r~o three
leading jobbers, however proceeded TO attack III
market With vigor sellers opions and to effect Their
sales made concessions from the lowest points previously
touched Missours, tor instance sold doEn about
q per cent below yesterday prices Illinois Cenas were
done al a decline OF per cent Nea York Central
decline Of z. per cent; Pacific Mail re per cent Rocl
Island pa per cent Gaena x per cent; Michigan South
q per cent, &c, &C. AL these sellers opou5
and instance the sales made by real holders.
So could Learn Of the commission brokers
had orders 10 sell real stock; with the exception OF fes
purchases AMI sales cose pre- contracts the whole
business OF the board this morning conhned the
operations Of the joobers whom have alluded VINO
''sod short the strength Of the news. Panama
anc Paclnc Nan were eagerly soli, ~ decline o. rs
per cent from yesterday price The sales Of Panama
chiefly rreccaed On the danger in which il s presumed
the enterprise will be placed the event Of 4 genera
VAR other WORDS the obbers appreeud that Louis Ma
poleon bis enemies may seize the road for military pur
poses Pacific Mall Tas njuriousy affected By adgccs o.
the award Of the mail contrao. 10 California johnson
Company who o~n Of the grants Of the transit route
across Nicaragua The to be paid is sl62 900 for
nine months AGch surprise expressed 10 the street OF
ht award, as at present prices company can open
The Nicaragua route without losing money Toe success
full bidders, however doubtless know their own Interest,"
best In the afternoon the market generally lower
ana stocks closed heavy, the following being the last
prices -Mtsours, IS 81 Canton IS 1917 Cumberland
Coal, l.; Poetic Mail, 1914 x; New York Central
Iok e; Erie. * r. Hudson River, 80 4; Harlem
ll1l q; Reading, Is Z; Michigan Central, ~ a
Michigan Southern, e2S ~ Michigan Southern guaran
teed, 30X 55 PAnaua l2o "a; Illinois Central 5s&