The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-09-28


not pledged to the repeal of the Sunday laws,
and to oppose all sumptuary enactments as in
consistent with the genius Of our institutions
and the rights of free citizens.
European Politics and American Com
merce.
The aspect Of affairs in Europe at the present
moment Is dark and threatening, and portends
results which may make material impression
on the commercial interests Of the United States.
The political condition of Europe affects the
commercial barometer of this country in
marked and important manner; our entire trade
and commerce feels the influence Of war or
revolution on the European Continent, and
some branches of course more particularly
than others. While one branch Of American
commerce may receive an unusual impetus from
a European ipbreglio, such as our breadstufs
or our shipping trade, others may be considera-
bly, depressed from the same cause. We know
that the war in the Crimea. and the more recent
Italian war, advanced our trade In grain and
ocean transportation to very great extent
because, in the former instance, the Russian
ports no longer sent their supply of wheat to
the European market while, in both cases, as
in all great wars, millions Of men consumers
and non-producers-were in the field and had
to be fed, while the land was left unfruitful at
home. But it cannot be overlooked that upon
the proper understanding of the political con-
dition of Europe and the foresight and wisdom
with which future events are provided for, de-
"a AL 10
prosperity or disaster-in fortunes realized or
fortunes lost.
The prospect of a short crop in Europe this
season has led already to an unusually large
shipment CT breadstufs from this country; more
recent reports, however, represent brighter
state of affairs there than was anticipated, and
1t may be that the outbreak Of revolution, or q
general war, which now menace the nations of
Southern aud Central Europe should they
occur, will prove the means Of saving from
ruin those parties who have exported Ameri-
can grain and -four In large quantities
The quotations of the New York Stock Ex-
change for some time past evince an undue
speculation, based upon the abundance Of our
Western harvests and the falling of of the crops
in Europe, which cannot fail to end disastrous
ly for many, unless things In Wall street are
speedily reduced to their proper level. Rail-
road etocks, as we have seen, have advanced
from ffty to hundred, and in some cases Ave
hundred per cent, on the strength Of the profits
which Western roads are expected to yield in
the transportation of grain. This Il a fallscy.
There is nothing in the commercial condition Of
the country, or Of the world, at the present
time, to warrant any such extravagant advance
as this; but the truth Is that there Is plethora
Of money In the banks, and spectators have
been using II In this way. 1t will strike any
one as irrational that one years good crop.
even with the addition Of dearth, or a war In
Europe, could justify such an upward leap In
the value Of stock h railroads whose credit
heretofore stood at the very lowest ebb. whose
profits were nil, and whose Encouragement in
many cases was notorious. The fact is that the
whole condition Of the stock market lately, in
this respect, has been the result Of speculation,
and very dangerous speculation q! that.
Our merchants and bankers and fnanciers
should study well the present condition Of
European affairs, and endeavor to comprehend
their bearing upon the commercial interests Of
this country. The exercise Of a little prudence
at this critical juncture may save US from
disastrous revulsion In the future, aud that
future may not be far distant. 1t depends upon
ourselves whether we shall reap harvest Of
good or Of evil from the events In Europe, Of
which the signs Of the times are portentous.