Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1861-05-24
IND war from CommerolaI Point 81 WOW
[Prom the London Times Article. j


The favorable tendency Of tho eohnerclal
symptoms continues TO be checked BY each new
arrival from America, and az one OF ths latest
kilograms received on Saturday announces that
the rate of exchange had receded 70 1851,
that stocks were still falling, and that commu-
nlcation was out of ard business entirely
suspended, many persons will be disposed to ap,
prehend another heavy drain Of gold from this
aide, and further serious injury TO all DEPART
ments Of trade These alarms, however, will
subside with little examination. The power
Of America to draw gold from US is to be meas
ured precisely by her ability to send us some
thing that Is the full equivalent of gold Now,
the greater part Of the cotton shipments OF the
season have been already effected, while, as re-
CARDS grain, everything will depend on the pros
poets of our own harvest, and we shall not take
from America single bushel more than we re-
quire, whether she is at peace or war The only
difference that war can make In that respect will
be that our shpowners will get the preference for
carrying, and therefore that as far as freight 10
involved, the amount Of our remittances in pay
ment will be proportionably lessened. If it be
said that the panic throughout the country will
induce all possessors Of produce to hurry it for
ward as fast as possible for realization, the ans
swer is that, under the influence Of our high
prices, the resources for transport by railway and
canal were previously taxed TO the utmost, and
that the effect OF domestic anarchy must berath
er TO lessen than to extend the ordinary tacili.
ties. Again, If II be urged that the existence
OF war will totally prevent the Americans from
taking any Of our goods, and that consequently
our prospects will now be worse than they had
been made even by the Morrill, Tariff, the answer
is equally consoatory. The assumption that the
Americans will import no European goods, and
take nothing but gold for all the produce they
may send TO US, would simply involve reversal
of all the common experiences OF war, domestic
or foreign. The usual consequences OF war are
the impoverishment Of country, from It's ex
penses being greater than the income from III
productions; but If, on tho contrary, we are
now to see it attended by q steady augmen
tation in metallic wealth, aud a conse
quent plethora in the money market, the
anomaly will be presented OF State In
creasing In financial soldity In the midst OF de
vastation. Already the rate of discount In
New York has fallen below any former prece-
dent, and II this is TO 60 on from further fooC
Of gold arrivals, the only inconvenience felt bJ
the mercantile community will be that OF or
overabundance OF resources, especially as they
will be enabled to liquidate any old engagements
on this side at most convenient and profitable
rate Of exchange. OF course, such condition
Of affairs may prevail temporarily, but the ul-
innate action must be entirely the other way
The employment Of British In place OF Ameri-
can vessels Ia an instantaneous indication oil
this; and other evidences will soon follow. The
waste Of material from modern warfare has
recently been too we'll ascerained; and all thii
waste in America must be supplied by impor
tations, unless it is to be inferred that at thu
hour when q large portion Of the valuable Ia
H.. - - L., .oI
duties, the labor available for manufacturing
and productive objects will be greater thau ever
In the South, a G3 00O 600 loan has already
been raised for the purpose OF paying for the re
quisite supplies, and the tariff In that section
will present no difficulty to their admission
In the North, where the expenditure will be still
greater, the Morrill, tariff, which seems TO hav,
been framed for the promotion Of smuggling
must become o dead letter; since an efticien
watch on all the coasts and ports must, Ia the
existing confusion, be out of the question. Ii
every way, therefore, the conclusion is forcet
upon us that so far from the present rush o
events being calculated to draw away our mean
aud bring embarrassment on the London None,
Market, 1t Is likely to have directly opposit
result. While there was possibility of hostili
ties beiog avoided, and the people were still at
tending to their ordinary labors, and practising
unwonted economy from the dread of contin
gencies, IL was easy TO sec that the pecunar!
balance would for a certain time be hesvil
against us. The transmission Of American sc
curities to our market for hasty realizatio
may even now for a short period aggravate ths
|, tendency. To those, however, who look beyon
y the moment, 1t must be plain that everything 1
the late adVices tends, go far as the bullio
question is concerned, not against, bnt in favo
Of our prospects; but these accounts are not 70
that reason the less deplorable.