The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-08-05

| IHE INFLUENCES OF THE a ~A1hioAs AsHoHih'o"
Upon THE MILITARY Srmrr ~ EuRorE-Ths
events Of 1860 in Europe le~' the world
to believe that 1861 would be a year prolihc OIL
revolution and bloodshed. Hungary, Il was ex-
pected, would rise with Garibaldi, and, can. ing
aside the shackles Of Austrian tyranny, Join tho
Italians in desperate struggle to force the
Qdadrilateral. Prussia seemed on the eve Of
war with Denmark, and collision between
France and Germany was looked upon as pro-
bable. There was, indeed no limit to these anti
cipations Of pending hostilities, and people pre-
pared themselves for campaigning on large
scale. at that time there was no thought of
such diversion as has taken place. No one
looked forward to great war in the United
States which would convert actors iato mere
| spectators; but such has been the case. No
European war has yet occurred to realize tbs
prospect before held ont, and all Europe stands
watching the progress of the great drama on
TINS continent 1t is true that reactionary
troubles, Matched at Rome, have again reduced
Naples to state of martial law, but with thu
settlement Of the Papal question these will dis.
appear. To the Italian kingdom, therefore, il
is more important that Rome should be hog
| capital than that the Quadriiaseral should be
wrested from Austria. But care must be taken
in carrying out the objects which Victor Eman-
| uel has in view. Il is not unlikely that this
latter, in consideration of France giving up
Rome, would resign to her the island of Sar-
| DINA. The Pope, however, being unwilling to
negotiate with either Power for the surrender OF
Rome, or even one bank Of the Tiber, this could
only be done by force, which would rNisc o
storm throughout Catholic Christcndom against
the aggressors, and Louis Napoleon would iii
like to face it. Moreover, England would put
in an exception to Sardinia being handed over
to France, and this would be the most impor.
tant consideration OF all. The only safe course
that can be adopted therefore, towards making
Rome the capital of the new italian kingdom 10
for the latter to como TO terms with the Pope
or, if this be impossible, to await the result OF
all Italian schisIn. $500
We think We are correct when VIC say that
the war in this country has made peace in Ea-
rope, and left idle those tremendous ornaments
of France that might otherwise have been called
iato activity. IF the half million Of men who
are now making war upon each other in Anne
RIGA were united in Europe they could conquer
the whole continent. But as they separated
by three thousand miles of The Atlantic, Europe
may look on without fear, and quietly profit by
what they are working out. Although, how
ever, they are not In position to conquer E,,-
rope, they may easily drive every vestge OF
foreign power from this continent. The mcrs
intnati,m OF this on u former OCCASION created
quite panic among the English Journalist This
feasibility of the project is not to be doubted,
and it will be to the interest of this country, as
soon as our differences are settled 10 carry it
into execut ton.
TIE SOUTHERN INsuRREcTToN AND CORNER
CIAL REyoIgrtoNs.-The instruction of the
Southern States came upon us in the midst
of the greatest prosperity known to oHr
history. Our grauaries were groaaing
under the bountifui yield Of the soil, our
manufactures throngcd with life, our r,sF-
camille firms were living, in luxury upon their
gains, and our commerce was rapidly extending
its arm to all sections of the world; in short, in
every direction could be seen the evidence and
marks Of progress and prosperity But all this
has rapidly changed, and we are to-day plunged
ino social and commercial revolutions without
parallel in our history, unless it may be those ::
which followed the Revolutionary War and thas
Of 1872. The present is, however, greater than
either of those, inssmuch as Il las come upon
ferty-One millions Of people, and is working out
norc important results The commercial panics
thai seemed to stagger our people in 1882, ~
and ~, were of but momentary duration, and
tho direct result of overtradiag, involving in
themselves prosperity rather than stagnaton.
The present criss bids fair to be more extern
sive and thorough than any that has preceded
il, as the recent important and heavy fixtures
asnong our dry goods merchants, groceries aud
ether branches of trade bean evidence. This is
uaquestionably in part brought about by the
entire cutting Of Of trade with the Southern
States and their refusal to pay their debts to-
gether with the enormous decrease in value OF
the Southern stocks which foym the basi. or.
nearly all the benking capital Of the West,
making collections in thet locality almost ira-.
possible While this convulsion is going on in
/ commercial circles, sweeping over the country
like tornado, striking down both great and
small, Congress convenes and appropriates its
hundreds Of millions, passes a bill for levyiag
direct tax--in fact, inaugaratiag a complete and
radical change, in our rsvenne system. They
have it appears, also superseded the Subj
ry, again resOred the system of pstr anixing
the banks, which was done away with in the
establishment OF the Seb-Taeasury in, tlspalmy
days of"Old Blair and the Washiu gtap Globe
These ex aaordnary commercial AVID financial
changes are working revolutions III eur social
and pol-Mcal sys senas, and must react upon the
| administration. The sub-Treas ury, the pet
scheme Of Ol1 Blair" he forced upoa the Cabi.
net of Van Barren. which resulted In the over.
throw, Of that dynasty. 1t may nov be consi-
derea somewhat singular that The nresent crisis.
with its enormous changes, is upsn us Just as,
Blair has re aovered from that overthrow and.
iiras hmscn. occurring precisA.sY the same no