Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-06-18

tria on the one side and Prussia and Italy
Oh tie other cannot but be Of considerable
duration, add the ineSitsb1e effect will be
to paralyze industry, especially agricultu-
raj, since the great armies must be main-
tanned almost entirely from the ranks OF
tho eointr5n elasses-ths a~rtizans and
workers of the soil. There will follow a
pronofticEate d~imindti6n Of the RESOURCES
necessary to sustSih the erhhy and the pop
ulation, and this must be supplied b4 pur-
chases from other countries. The United
States will undoubtedly be called upon for
= liberal share Of this suPPly-as much
psrhsrs. ss she could dispose Of, assuming
that her crots should be much better the
present wear than last. Again, the haslons
at war, copying our example, and prompted
10y peceaaity, will probably adopt the paper
money basis for their informal business.
This will lead capitalists TO invest N other
countries, snd It is d strong probability thai
there will be a large fOw Of cTeeie TO this
co1ihtFs 70 End ssfs ana rehunerative efhi
ployment. 1t may be dfssA that 4 wal viii
force the return Of our national sesGt..iesI
but beyond the poorer classes, whose neces'
| sites may compel them TO realize, we see
no reason to upprehend any difficulty from
this soutce. II would be safer TO calculate
| iron an increased demand, for the YerJ
teason that we have above urged, that CAPT
| t~,iists will seek Investments fer their gold
| that wadld other Else lie idle in their hands
in the event Of a paPef tRon6y basis being
adopted, of which there can be little Doubt
In view of these facts, which are the mos
important that suggest themselves, we cal
see no reasonable pretext in a European
war for materially advancing the premium
on gold in this country.
With regard, however, TO our Commercial
Interests With England, there are rerhap
more s%ubatdutinl reasots UPON which /
base a higher value for gold. Englis
h~nanceo are in an extremely weak cOndi
ton, Notwithstanding the assistance fur
nished by us, and a European war ma.
operate to increase the difficulties, and pos
sibiy bring about another aud more wide
spread disaster. English capital is very
largely invested in Europe, much Of 1t il
enterprises that would be checked in tn
event Of hostilities, and a severe strait
upon the parties interested would in man.
instances result. All present appearance
indicate that we must continue to be ship
pers Of gold in q quite extensive scale t
England, and the heavy impOrtations W
are making is an unwholesome fact that W
wish did not exist. We have, however, e.
undoubted credit in Europe that we believ
will steadily draw capital to our shores, an
in a largely augmented scale in the even
of a wa. and with these views we are dis
posed to regard hostilities in Europe a
ather favorable to our prosperity tina
otherwise.
Government securities were not influenC
ed by the foreign advices, but maintaine
a firm and steady market, though perhaf
less active. The latest quotations fC
F~ive-twenties in tho London market are 6
to 64l, which is over one per cent. abov
the price here with gold at I5S.
In this market dealers made no change i
Governments to-day. Upon gold a margi
offs per cent. was observed between the buy
ing and selling rates. Prices closed as FOL
lows