The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-05-29

give it his vote
The Latest Aspect of the Financial and
War Panic in Europe.
From the Times.
The later news from Europe yesterday morning
bears out the comparatively favorable esti nate
of the financial and political situation which
was brought by the arrivals on Saturday.
The Auxerre speech, AS might have been
looked for, is found, upon closer examination,
to admit of variety of interpretations. The
motives of the speech, moreover, which it is so
important TO reach, are found to be of as dubl-
GUS and coniectuIal a character as is the Impe-
rial phraseology itself. The speech was partly
delivered at AuXerre. But it was only issued in
its complete form through the official organ in
Paris. 1t may have had a special Inspiration in
the traditional loyalty to the Emperor's family
Of the district where it was delivered 1t may
have got its special point and force FROM the
insubordinate temper shown in the legislative
cheers which few hours previously had greeted
NJ. Theirs denunciaton of the Napoleonic policy
of foreign Intervention.
1t may, again, have had some of its signi6-
canoe in a recollection that Europe, armmg to
the teeth at every point to-day, had rejected the
proposal for general conference when the
troubles which are now so threatening were
only DTeWlDR anu NeL IurtDof, the oracle
AuXerre may have been moved to its ominous
utterances by the discovery that the German
powers were proceeding with their quarrel
without much apparent regard to the fact that
France is still n European power, and the Sove-
reign of France an authority to be consulted in
any revision of the map of Europe. The un-
toward Mexican failure, which so torcibly illus
traed NJ Thlers appeal from Cesarism to the
solid interests OF the intelligent and industrious
classes in France, might likewise, naturally
enough, be part of the inspiration for the occa
sion. And looking to these influences combined
it is not 50 difficult to see cause why the Emperor
should relieve himself BY speech, as to under
stand why he was silent so long.
The most remarkable thing about this Auxerre
declaration Is its temper. 1t was unlike any
previous utterance OF the Emperor's In its eX-
hibitlon OF a passion almost amounting to rage
There was a concentrated fury, so to speak, IN
every sentence The reference to the political
traditions OF the rural community addressed
the allusion to the character OF the support on
which the first Empire relied; the sc0ln ex
pressed for the commercial as against the agrl-
cultural class, and the bitter characterization of
the settlement OF 1916, were utterances so pas
sionate IN their conception that the marvellous
use of words of which the speaker is capable
utterly failed to conceal the boiling rage within
him.
conclude that the Emperor had begun to feel a
terrible sense OF weakness, and falling self
confidence, which called for some noisy and loud
and savage protest like that delivered at AuXerre
Whatever part Italy may have been all along
playing in the Imperial interest, Austria and
Prussia, as the great combatants have evidently
been going on with their dispute, in a great
measure Indifferent to the policy of the French
Government. An equal indifference has been
apparent at st. Petersburg. And there has not
been prospective or open outbreak in EuroOe
probably, for centuries, that has caused less
political uneaslness or provoked so little re-
monstrance, in England.
Even now that the oracle has spoken, it is
Impossible 10 see that the political situation Is
more alarming than it was previously. Few
shTewd business men in England connect the
late spasmodIc disturbance IN IA limited financial
circle there With the imperial threats-it threats
they can be called. Thatspeech rather supplied
the occasion for the suspension of various over.
speculative firms, than FASTENED their collapse
1t was the excuse more than the cause of their
dOWniall-the latter having been anticipated by
Well'niormed hnanciers here, several months
ago. Were there any proof of these facts
needed, it would be found IN che reports by these
late mails, that the panic has subsidized almost as
quickly as 1t arose.
Il. then, the AuXeTre speech has not brought
about any such financial revolution as fhe
alarmsts at first anticipated; ii il has 10 aggra-
waited the difficulties which lie in the path of
peace; if the probability OF a general European
war is not greater to day than it was a month
ago, the Emperor will be held mainly to have
been out in the provinces in an attrablhous
mood, simply relieving himself by challenging
the whole opposition IN the French LEGISLATURE.
II anything hey ond this has been gained to the
OF Lord Russell and Lord Clarendon to the pro-
ect OF a European Conference. The mantle of
Lord Palmerston has fallen upon weak shoulders,
and il may turn out that the shrewdues3 and
force of character which enabled the late British
Minister to resist all proposals for a formal an.
nulment OF the dynas,c arrangements OF 1915,
Tor which Great Britain was primarily response
ble, VIII be wanting when these proposals are
renewed TO Lord Russell's Cabinet, with actual
hOstlitles SO imminent. Meanwhile, although
the situation Is peIhap, even less alarming than
| il was week ago. the danger is far from past
| A conditional convention bet Ween Prussia and
! Italy has come to light, which, while 1t does
not directly threaten Austria now, would lead
| IN the event OF actual warfare, to a practical
! alliance for the attainment of the mutual pur
poses of the allied Governments Austria has a
| iorce, all but ready Tor the field, of nine hun
| dred thousand men. Iialy is collecting her
whole regular military strength. and giving
! open encouragement to patriotic volunteers for
that sort OF irregular service which proved SO
| effective an agency seven years ago. The dan
ger, indeed, on all hands is still great; but It is
| so lar satisfactory, at least, to find that mea.
sures of compromise are not yet altogether,
! opeless.