The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-08-14

Such are the dangers which now menace Ma
poleon; 70. the question of the Rhine to the
Germans, from the mountains to the sea, Is
mot an International but a national question"
We shall watch with deep interest the course
Of Napoleon upon this delicate and dangerous
question to its settlement.
The Financial Condition Of Europe should
There be n Prolonged aud General War.
The news by the Atlantic cable indicates that
more and greater trouble is brewing in Europe.
The Emperor Napoleon, irritated by the turn
of affairs which has destroyed his prestige az
arbiter in the Old World and provoked by the
disappointed ambition Of the French people,
has revived the old Napolcon;c idea Of an ex-
tension of the empire to the Rhine. lie has
been forced to this by the necessity of his
present embarrassing position and for political
effect, whatever his own views may be as to the
prospect Of obtaining what he and the French
coyet This greatly complexities the state Of
things in Europe, and he may be compelled to
try the power of the sword to save himselisnd
to appease his subjects There is some proba-
bility, then, that more general European war
may be imminent
Under such circumstances we are led to ask
What would be the financial condition OF
Europe and how ID would affect us Mr..
Gladstone made not long ago a very striking
exposition Of the financial condition OF the
different States of Europe. He showed that
they we're all 0verburdcned with debt, aud
| that but few OF them could raisc reveruo
enough to pay their current expenses in
times Of peace. Like prodigals most Of them
were borrowing money upon the future, and
swelling up enormous debts for coming geae-
rations to pay or repudiatc. We all know
that even in the most prosperous countries
| taxation is almost insupportable. II ia not the
same with siose countries as with u.s. their
resources have approached. or have nearly ap-
| preached, limit; ours are unlimited and rapidly
increasing every year. What, then, would De
the effect of such gigantic and general war "
| now appears to be threatening? Even Frsnte.
with all her developed industry within Inc ias,
| few years, could not stand such strain witr-
out imminent risk Of general bankruptcy a,d
revolution. England, with all her accumi-
lated capital. should she be dragged into wa.
must be subject TO the same consequences.
She, however, will avoid war il possibk.
Austria Is hopelcssly bankrupt. Italy has NJ
resources OF her own, and could not borrov
under such circumstances. Prussia, though
she has managed well with her finances, IL no.
great commercial nation, and has not much
accumulated capital. Besides. she has already
expended great deal. Russia, while great
military Power, and supporting large armies
at comparatively little cost, has already
large debt and not q great deal OF accumu-
lated capital Slill, she is better able 90 stand
great and prolonged war than the Others.
But none are In condition financially TO enter
upon such struggle as seems probable with
out widespread bankruptcy following.
should Napoleon push his pretensions SO far
AZ to involve general war, the stocks and
funds Of the different European nations would
tumble down like ten pins before a well aimed
BALL They are kept M now by q very skiial
system OF operations beyond their intrinsic and
relative value. They are based almost entirely
on the credit Of the governments, and con,e.
qucnsly on the stability Of these governments,
without the least expectation that the principal
ever will or can be paid. The resources Of the
different countries are strained 10 the utmost to
meet the interest, which IL low, and this is not
always met, as We remarked before. II, there.
fore, the stability or credit Of the governments
be shaken by general war or revolutions, ve
know the inevitable consequence. How differ
ent with us. With vast. rich and virgin ccun-
try, and . population Of tbirty-6ve millions fall
Of industry and invention, our national debt Is
buta feather in weight comparatively. Besides,
the government OF the United States is the
strongest and most stable Of any IN The world
This has been demonstrated In the late eriraor.
binary ordeal wehave passed through. Look
Ing at these undcniablc facts our securities
ought to be worb 'sore than any others In the