The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-05-09

Letters addressed
baltimore, Maryland"
The near approach of great war in Europe
even if it has not already commemorative had the
immediate effect of creating among us a specua-
tive spirit in regard to breadstuffs, provisions and
naval stores generally. At this time, we are in
clined to think that the movement is premature,
and that the sudden advance in price is without
good cause. There are many reasons which might
be adduced in support of this opinion. Even as
suming that the Austrians have advanced into
Piedmont and that is actually begun, the
first effect of struggle involving consequences so
momentous will beto perplex and unsette CONNER
cia relations at present established to stop sup
plies in direction; to create wants in
another; to disturb the exchanges, and to un-
balance things generally. Months must therefore
pass, before the commerce of neutral maritime
Powers will be able to adapt itself to the changes
which state of war inevitably produces, and I'M
til this adjustment takes place, the movements of
trade will be subjected to fluctuations and cross
currents, such as have so often before proved fatal
to those who have engaged in spirited, but i'll
considered commercial enterprises. "a prudent
''haste'' the old provcIb tells us ''s wisdoms
leisure, but to engage in speculations, the sue
cess of which must be based upon contingencies
that may not arise at ALL and are certainly as yet
comparatively remote is to undertake risks that
sound policy will not justify. 1t is very well
known to most persons that the harvest in Europe
last season was IA remarkably abundant one-that
not only was the supply in all respects adequate 10
the local demand, but that there was surplus left
E,ro to othnr a., 4
breadstutis ruled low that contrary to the usual
course of trade, wheat could be- and was, in seve-
raj instances shipped TO this country and sold at
profit. This certainly could not have occurred |
if the partial failure Of our own crops had not
raised the value of produce for domestic consump-
ton considerably above the market rates of bread
stuis in Europe. We are not, therefore, at the |
present time, in condition to speculate in produce
for export with any reasonable prospect of success,
nor shall we be, until the granaries of Europe are
exhausted of their contents by the exigencics of
the war But while we desire to inculcate caution
in regard TO engaging in transactions based upon
a probable European demand, in view of the fac
That prices ut home must continue TO rule high
until the incoming crops shall have been harvested
1t Is impossible for to doubt that the effect of
the war in Italy, especially if it should be pro-
tracted beyond single campaign, would be to
give increased activity TO all our industrial inter
ests. The extent TO which a demand will be made
upon us for our great staples of food, is however
so wholly matter for conjecture depending as
1t does upon contingencies that are vet to occur
that it would be entirely unsafe TO EXPRESS auv
opinion upon the point which was not governed
gard as certain. A great war in Europe if if is
restricted TO the Italian peninsula cannot operate
otherwise than benefcialy to u.s. This may per-
maps be regarded as viewing the question in a
merely selfish aspect, but as the quarrel neither
originated with us, nor is susceptible of adjust
ment by any mediation of ours, we must
discuss the question IN the manner in which il is
obtruded upon us and not in the milder form we
might wish it to take. Assuming then that war
Is inevitable, and that the next steamer from Eu-
rope will bring us tidings of a battle fought
or impending, it is but proper that we should
endeavor TO ascertain what effect hostties
waged between Powers of such magnitude "a
France and Austria will have upon our material
interests. Whether are to be sensibIy benefited
by such war will depend partly upon the period
OF It's duration and partly upon the fact as TO
whether it can be limited in its range to the Italian
peninsula. If at the close of single campacn
circumstances shall have occurred which give TO
the neutral Powers better opportunity for exert
ing their good Offices and to the beleerents great
Ell incentives to listen TO terms of accommodation
-for the improved proiectiles which it is said
Will be brought into use may make short work of
StratpUical combinationS- sbol II
age from the conflict But if-as is far more proba-
be-he appetite for slaughter should be stimulated
bv indecisve results, and fresh levies he called
out to replace the veteran soldiers that have fallen
IN previous battles the drain upon the agricultural
population of the belligeren nations will necessar-
ly influence the demand upon our productive re-
sources. a general war, in which the great mari
time Powers should be aTayed against each other
would, on the other hand, be followed-so far as
we are concerned-by more mixed results, for
whilst the acquisitions upon us for supplies of
breadstufiS and provisions would be enormous and
incessant, the advantages thus derived would be-
IN a large measure, counterbalanced by the iniu-
ries inflicted upon other staples and especially
upon that of Cotton. 1t is evident however that
a strenuous effort will be made to prevent the war
from extending beyond the confines of Italy and
if this effort should prove successful however
the material interests of others NAV be affected
by prolongation of the war its influence
upon this country could not fail to be sauta-
ry Such war would give employment to
our commercial marine. 1t would keep up the
price of our chief staples and instead of produc-
ing, as some persons imagine-a deleterious effect
upon our financial affairs it would be signally
beneficial both to our foreign exchanges and to
all classes OF American securities. In countries
harrassed by war, or disturbed by the fear of war
and especially in such as are liable to the mposi
ton of war taxes the tendency of capital is to seek
investments elsewhere. With all Europe in COM
motion, and with the ever present doubt prevail
ing in the public mind as to whether tile other |
Powers will be able to maintain for any consde-
rabe length Of time their position of armed neu-
trality there will be numbers of persons who will
desire to secure themselves against the chances and
changes that may possibly occur. Wealth Is pro-
verbally timid and will not, if there are means of
avoiding it, abide the shock ofarmies But whilst
cannot view the probabilities of a war in Eu-
rope-under certain contingences-in any other |
light than as beneficial TO this country in its COM
mcrcial, industrial and financial relations we vet
doubt the propriety of anticipating the march of
events by entering upon speculations that in their
reference to the future, do not admit of those
vague calculations of possible profit by which
such ventures are usually governed
BAYARD TAYLOR'S LECTURES.
Many of our citizens will doubtless be pleased to
learn that BAYARD TAYLOR, proposes to give Lee
ture at the Hall of the Maryland Institute tomorrow
evening The subject of his Lectnre is ollie at the