The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1866-06-25
OH a r L e S T O N.
MONDAY MORNING. JUNE IS, 1866.
SHALL WE HAVE Il MONEY CRISIS,

SHALL WE HA We a MONEY CRISIS?
Time was when ono nation would bocome en-
riched by tho folly Of another, and neutrals fat
tened on the slaughter of bogerents. We will
not say that this is yet altogether done away
with; for numerous facts Of tho last dozen years
would contradict such an assertion. But such is
the intimate commercial union now Of the several
States Of tho earth, that the daily routine Of the
Exchange cannot be disturbed in any ono country
without communicating corresponding shock to
the Bouse Of every commercial city on the globe.
Tho United States is, perhaps, moro independent
of other nstions-owing to its vast territory and
variety Of internal exchanges and productions
than any European Power. Yet we, too, are linked
in commerce and immigration with all tho world,
and especially with Europe. She buys our cotton,
breadstuffs, tobacco and machinery, and during
the last four years has been an enormous pur-
chaser Of American securities. She also fur
nishcs us with our most valuable imports-the
immigration Of substantial farmers and strong Ia
borers.
Germany it will be remembered, was heavy
buyer Of Federal securities. The heavy discount
ON the par value of tho bonds proved irresistible
to the Hamburg and Frankfort bankers and their
customers. The first impulse of the Germa MS
and Italians is tas it hero in our war) to
vert everything into gold. The Governments de-
mand gold for buying war material, and as a con-
sequence great drain Of the precious metals en-
| sues from the great centre Of exchanges
which is naturally felt hero. Apart from the
rise Of gold occasioned by speculation, there can
be no doubt that the fear of European war has
lessened the value Of the dollar to every man, wo-
man and child in America. Emigr alton also,
with its golden tide, which hos been larger the
last year than for many years, must, il war en-
sues, be diminished. Tho German Goyernment Is
will forbid their subjects from leaving the country
at such time. We must feel then, and some
what severely, European war. But there are
more favorable aspects Of the subject which will
soon reveal themselves
Tho continental people will be, indeed, poo rer,
but they must live, even if the Governments sup
port larger numbers of them in the armies.
They must have our cotton, and may even de-
mand our breadstuffs from the cessation of pro-
duction at homo. After the first impulse OF panic
to hoard or to convert into gold the second sober
thought will come of demand for safe secu rites,
delivered from all the eventualities Of this war.
| The bonds OF two great nations-the Austrian and
Italan-are already, before the opening of hos
tiites, below 40, and will undoubtedly if the war
should last two years, be worthless. Prussi
paper ia much -iu"Iiv, uus - L.. r~nan ten
per cent. Gold is dangerous to possess in time
of invasion, as we have the best reason to kn ow
for wherever there ever gold dggers like s HER.
| MANS boys2 Had they not "diYining rods" with
them2 A paper-bond is less often plumber ed Or
| confscated, and can be more easily con cea lod
The peasantry are seeking for America securi.
ties, says the New York Times. "This will con-
tinue and increase, il our own financial course ID
wise here; the savings Of the German population
will be placed, to great extent, in United
States bonds. The same thing will be true also
OF England. vast amount Of capital will be
accumulating there, which used to seek invest
ment on the Continent. 1t will now search for
channels at a distance from the sceno Of hostili-
ties, and will probably turn to securities so safe
! and profitable as the American. We shall soon
hear OF substantial rise in Fiye-twenties in the
| British market. Two Of the continental countries
| are just about repudiating specie payments. The
inevitable effect Of this is to force the gold ont of
| the country to Great Britain and France, where
the cessation of panic and restored business with
| the increased supply, will soon bring money down
to it's normal rates and relieve us here Large
amounts OF cotton soon to go out, and perhaps
other exports, will help us still further. We az
secure some new branches In the carrying trade
in the approaching struggle. In the meantime
we are at peace; all branches Of production are in
| wonderful bloom; we only need a greater contrac-
ton Of currency to stop the depreciation of our
paper and bring the dollar near it's real value.
I've are growing steadily in substantial wealth.
The great European war, though it may shock.
| will not essentially damage U.s.
We doubt whether We shall get off quite as easy,
as is chalked out here. One thing is sur o, how
ever, that the dread and anticipa ton of war, in
its effect on the money market Of the world, is
worse than war itself So perhaps after the br ave
Northerns and hot southrons shall be fairly under
way In their work Of mutual destruction, our
greenbacks will 90 back to where Secretary Nc
CuLLooH would have them.
nFpRADEn