Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-07-01
THE EFFECT or AN EUROPEAN WAR
UPON AMERICAN INTERESTS.

From the Savannah Republican
Quite a coutrariety q opinion exists in
regard to the effects of a European war on
the commercial affairs and general interests
Of this country. There are many who can
see nothing but evil 10 the United States in
the conflict which now threatens to be inau-
gurated at any moment on the continent
These assume that the first gun will be the
signal for the return of the $3.50, 100000 of
the American bonds held there, and in this
consequent depreciation in our market, and
the rapid advance In the price Of gold to
meet the extraordinary demand, claim there
is sufficient cause for serious apprehension.
Others take a more favorable view Of the
case, and though willing 10 admit that these
sO-callcd calamities will overtake us-some-
thing by no means certain-are positive
i'm the belief that in balancing ac-
counts, the results will be vastly in
our favor. OF the correctness of the
latter opinion we feel assured. Certain
il is we may suffer from temporary derange-
meuts arising from the return of our Gov
eminent securities, the withdrawal of foreign
capital and other difficulties incident to the
change from a peace 70 war footing but
these will be but mOmentary in their effect,
and If we may reason by the light of past
experience, the misiOrtunes of others will
prove our great gain. On one point all are
agreed The excessive importation of those
articles of luxury which can and ought to
be dispensed with in these times, viii receive
q. timely check. This Of itself would render
the circumstance of a foreign war our great
good fortune. But there are other and more
important considerations in which inCalCu-
liable benefits are promised us. Among 9TH
or things. home troubles cost us the loss of
our CARRYING trade. Our merchant shipping
either laid at the docks rotting, or sailed I'M
der foreign flag. The loss Is great, but We
will regain il If war should ensue approach
ing that magnitude we have every reason 20
expect Again, whatever be the extent or
duration Of the conflict it has already Seri-
ouslv intortCred with the agricultural pur-
suits of the German States, by drawing
largely upon the la5oring classes to swell
the ranks of the army. Bearing in mind
that these States have of late years Contrl-
butcd In no small degree towards supplying
the United Kingdom with hreadstutis and
provisions, and that In the event of war they
cannot hope 90 meet their own wants the
effect upon our market is ut once apparent.
There will be an immediate demand for
these products of our soil, and naturally
stimulation ofal branches Of industry. Sup
posing that France and Russia become in
volved-that England should be forced to
play another part than that of \ chained,
though exceedingly well disposed watch
dog-a superstition by no means unwarrant-
cd in either case reasoning on the same
principles, our advantages cannot fail 70 be-
come tcniold greater. The close of civil
strife lcN us prepared to furnish the mate
rial Of war in any quantity-we are yich in
invention and apprehension both feed
aud equip the cOntonding armies, and withal
are likely % remain the most favored neutral
We have prohted from similar CirCumstan-
css In the past-Other countries grew rich
fr,m our misiortuneS and the same rules
will work again. IL stands 20 reason that
the elimination Of the present difficulties in
a war upon a grand scale, viii aid instead
Of reJardiug our return % a safe prosperity
that our exports viii soon be in excess of
imports; that the order Of things will UU-
dcryo a positive change, and that the specie
rcocDtly shipped from Northern ports will
find ia way back with interest