The New York herald., 1862-01-13

loyal States which will serve to light the two
which lies before them. 1t is the right and duty
of New York city to lead the way in regard to
the business of this war, with its expenditures
Of six hundred millions year; and, accordingly,
we recommend a mass meeting of our loyal
citizens upon the subject without further delay
lion I'm Europe-The United states the
Observed OF all Observers.
Since the outbreak Of the rebellion in this
country public attention in Europe has been
directed from the affairs of the Old World and
fixed upon those of the New, and never was a
rebellion or war regarded with greater
interest than our own. As in private life,
so with nations, it is the tendency of one
great trouble to hide q multitude Of
small ones, to diminish the importance
of lesser evils, and hold spell-bound the imagi-
nation. The mind is thus absorbed by the
one to the exclusion Of the rest A rebellion
of such magnitude, among such people, and
of such peculiar character as that which now
distracts this continent, has not unnaturally
made the United States the cynosure of all
eyes. Before the commencement of this insur
rcction, trouble, it could be plainly seen, was
brewing all over Europe. Garibaldi was burn
ing to join swords with the Hungarians against
Austria with the double object of accomplish
ing Italian unity by wrestling the Quadrilateral
from the tyrant yoke, and restoring to the form
er their ancient kingdom. The Hungarians
were on the verge of insurrection, and only
awaiting the proper moment to rise with one
accord and strike the fatal blow at Austrian
dominion. But the American war broke out
and there was solemn pause, and Austria still
lives, and Hungary and Venetia are still Aus
trian, and Garibaldi has turned his sword into
a pruning hook.
A solution of the Roman question was de-
cided unon, by which France was to withdraw
her troops from Rome, in order that Victor
Emanuel might make it the capital of the
Italian kingdom, in consideration Of his
paying the Pope an annual subsidy,
and allowing him one bank Of the
Tiber for his residence. But events in
America, adding to the uncertainty of the future,
made Louis Napoleon defer step that might
arouse the indignation of Catholic Christendom
at time when he could lily afford to brave it;
for troubles seldom come alone, and wars
breed wars. Russia and France were meditat-
ing joint action in the affairs of Turkey, from
which there was some prospect of general
European war; but the same causes that ope-
rated in favor of Austria and the Pope suspend
cd all movements towards the execution of the
design. Even that little great difficulty be-
tween Germany and Denmark known as the
Schleswig- -Holstein question, which Prussia
stepped out in such warlike manner to settle,
has escaped notice. and been left over for Prus-
s;a to handle at some more favorable season.
All Powers appear to have been equally afraid
TO meddle in European affairs pending the set
tlement of our own. The immense naval and
military ornaments Of France, which were in
creased with such unprecedented and alarming
rapidity before the commencement Of the war
in America, have not been employed in the
work of aggression for which all Europe be
leved them designed, but are quietly held in
reserve. This being the general state of the
Continent, England stood in no immediate dan
ger of having to take part in European wal.
as was threatened only year ago. The war in
America thus secured the peace Of Europe.
1t is true that Spain has been profiting by q
peculiar opportunity for promoting her schemes
of ACKNOWLEDGEMENT in American waters by the
annexation Of ST. Domingo, and that she is the
leader Of the triple coalition against Mexico;
but these are of secondary Importance, and only
show still further the influences OF the present
war; for, had it not existed, Spain would not have
dared to plant her flag on the soil CT st. Do
mingo, nor, however deplorable Mexican anar
chy might be, would the expedition against Mex
leo have been undertaken, especially with Spain
as party to it. Had Mexico been less near to
the United States, and Vera Cruza less convent
ent rendezvous for ships-of-war that, so far as
their respective governments knew, might pos
sibly be required to operate on our own coast
the expedition would have been deferred. just
now, however, the opportunity was doubtless
considered by those concerned to be very de-
srable.
The more intrinsically important effects Of
the war have, however, been felt commercially,
and not politically, and these have very reason
ably occasioned the governments OF Europe, and
particularly England and France, great
anxiety. The closing Of the Southern market,
and the reduced demand for articles of foreign
manufacture at the North, have more or less
seriously impaired the trade of the world. The
cotton mills Of Lancashire have, in many in
stances, been entirely closed, and the majority
of those still open are working on only half
time. A direct consequence of this is that there
is an army of dsbanded operatives and great
distress in the manufacturing districts. But it
is not cotton spinning alone that has suffered 80
much disaster. The cutters of Sheffield the
hardware makers of Birmingham, the silk
weavers of Coventry and the cloth and stocking
weavers Of Nottingham and Paisley have felt
with equal severity the falling off in the Ame-
rican trade. Besides, many other branches of