The New York herald., 1866-06-04

the present growing crop, Is very great. As q
matter Of policy, as well as humanity, we Ought
to send speedy aid to Alabama. The sooner
the terrible distress now existing Is relieved
the sooner we will be able to reap advantages
| from the cultivation OF the soil and the devel-
| opment of all the resources of the State. A
| very largo emigration is now tending in that
direction, but the new comers will for some
time be consumers and not producers, which
renders the scarcity Of food greater mistor-
tune, requiring more speedy relief The be
nevolence of our citizens was never appealed
to in vain, and we trust it will respond on this
pressing occasion. tswi fr'e
The Erect OF . War Upon tho Financial
Condition OF Europe and the United
States.
If there be war in Europe 1t is likely to be
on vast scale and very expensive one.
All great wars In modern times are made at
immense cost and necessarily upon credit.
This country accumulated debt Of three
thousand millions Of dollars within the short
period Of four years. This, as Mr.. Gladstone
remarked, ''is something wonderlul"-is some
thing, perhaps, which no other country is
capable Of accomplishing In the total amount
II is ihree-fourhs as large as the debt of Great
Britain, and the amount of yearly interest Is
greater Yet, while the debt Of England and
the debts Of other European nations are very
burdensome and threaten in the end the most
serious consequences, ours is borne without
difaculty and could be paid within one genera
tion. 1t is based upon the almost boundless
resources of vast virgin continent and an un-
paralleled productive power. We have no
cause for apprehension on account of this debt
either as to our present or future condition,
and we suppose no one is disturbed about
II. THO British Chancellor Of the Excheouer,
speaking upoi this subject, said:-"If we look
at the position of the country which has to bear
the burden, must confess that think the
future Of America, as far as finance Is CEN
cerned-political problems are not now in
question-will not be attended with any en-
barrassment do not believe the debt will
constitute any difficulty for the American peo-
pie"
But what is the situation of European nations
under their debts and what will be the con-
sequence Of great and an expensive war;
One statesman in Europe has had the hardi-
hood to lay bare some startling facts to the
people on this subject. Mr.. Gladstone shows
that nearly all the great nations Of Europe and
many of the small ones are overwhelmed by
debt The aggregate Of thess debts amounts
to about eleven thousand five hundred millions
Of dollars, or four times the amount of our debt.
That is, besides the debt Of England, which is
fonr thousand millions, the debts of the conti-
mental nations amount to seven thousand nvc
hundred millions. This has been increasing at
the yearly rate Of three hundred millions
during time of peace. These nations, intact,
have thus declared themselves to be in
bankrupt condition, not being able to
make their means meet their expendi-
lures, and being obliged TO borrow
continually. This being 50 In time Of peace,
what will be the case in such ON exhausting
and tremendous war as that which now
threatens Europe! II Is possible that money
may be raised at ruinous rates and by arbi-
trary power, but what will be the cad! What
condition will 1t leave the people, their pro-
perty and their indust y in! Tho burden Is
heavier than they can bear at present, a. is
seen BY their increasing debts during peace,
and the additional weight must crush them to
tho earth. England has become alarmed at
tAs frfghtful spectacle. She begins to look to
the future when her coal mines may fail, her
commerce be eclipsed and her moneyed
power be transferred to another country. That
proud nation, which regulated the balance of
power in Europe for long time, and which
hroL Aouuv nclr Ia - ~
arst Napoleon by her wealth, now abdicates
that dominion and sacrifices her pride to save
herself from worse evil. She sees the need
OF peace and further commercial and industrial
development, in order that she may not only
not increase her debt but that she may pro-
vide for paying 1t before the evil days
come. when the sceplre Of commerce
must pass from her hands. Almost all
the wars Of Europe spring from dynas-
tic ambition and ambition for empire.
That Is the case in the war now threatened and
that will continue to be the case. The wealth
of the people and the industry of the present
generation and future generations will be
mortgaged to the utmost extent to crafty this
ambition The rich will be heavily burdened
and the poor will become poorer Such is the
present state of things and the prospect in the
Old World.
How will this affect the American continent
and especially the United Statesa While war
is impending and at the first shock we shall
suffer to limited extent The immediate ne
cessities Of European nations may draw from
us all the means and specie that can be drawn
under the circumstances. In q panic conse-
quent upon such a state of things every one
endcavors to save himself, just as persons in
shipwreck do. Our commercial relations with
Europe are so extended that we must feel to
some extent disastrous occurrences there. We
see already heavy drain of gold from this
mort IL is paaaibla too thaI Tho nrnaau rc ,,uar