The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-06-20

jest, ths gentleman from Pennsylvania said
that six months ago he had offered . similar
resolution, and Eve months ego eth another,
both Of which had gone to the "tomb Of the
Capulets." He now wanted the sense Of the
House on the subject; and he obtained It His
proposition not only fAiled to receive the two
thirds vote required, but actually fsll two votes
short Of majority. Our Southern cotton
growers may therefore calm their fears There
viii be NO export duty on their great staple,
for there d no probability that any political
Romeo win, for the present ct least, attempt to
pry open the tomb to which the proposed
amendment Of Mr.. Stevens has been consigned.
Il b constituHonally dead. Let the dead rest
The Financial Easet or the Esropean
News. f-
Some Of the radical journals arc just now
greatly alarmed about the rise in gold and
advocate a. remedies : higher tariff and an
immediate contraction Of tho currency. They
appear to overlook the important fact that the
tariff Is being advanced in the same proper
ton ~ gold rises by the action Of gold itself,
ard that If It was high enough before It Is
much higher now. They seem,. too, to be
mystified as to the causes affecting the price Of
gold at the present time, when they cry out
for sudden contraction Of the currency. If
the volume Of paper money aioat was but half
what it really is there is every probability that
gold would, other circumstances being identi-
cal, be selling quite as high as it is now; and
yet on Monday morning it touched the almost
startling figure Of 1857.
In order to form correct opinion Of the
gold question we require to look upon the
precious metal as commodity controlled by
the same laws Of supply and demand as regu-
late the price of any other article Of commerce,
which it simply is during a period Of suspen-
sion. An exceptional state of affairs in Europe,
to wit, the threatened war in Germany and
Italy and the financial embarrassments caused
thereby, has increased the necessities Of our
foreign creditors, who have sought relief by
calling upon US for payment Of debts due.
These balances we could only pay in gold, and
this we had to buy and ship; and in proportion
as we bought and shipped and were
likely to continue SO to do, the price rose till 1t
reached the high elevation we have quoted.
To infer from this, however, that the country
is threatened with ruin or distress is grave
misconception Of the situation. The rise in
gold will work its own cure by stimulating ex-
ports both Of produce and securities and dimin-
ishing importations, and SO turning the ex-
changes In our favor.
1t is more than likely that We have already
felt the worst effects of the European war
news, and that the drain Of specie from our
shores will not be much longer protracted.
Although the outbreak of hostilities on the
Austrian and Prussian frontiers was hourly
regarded ~ moro imminent ct the date Of our
latest European advices, It is noticeable that
the aspect Of financial affairs was improving,
especially in England, % the quotations for
consols and American securities by the China
indicate. And it is more than likely that the
commencement OF war will produce feeling
Of relief calculated to promote recovery Of
prices
This country has more to gain than TO
lose by the threatened war. II will make our
securities the most desirable, both for safety
and profit, that the Germans and Italians can
invest in, and it will be strange if foreign CAPT
tai does not find its way here to large
amount, while, in addition to creating an in
creased demand for our bresdstufb and other
produce, 1t will be likely to quicken the
tide Of emigration hitherward. There is,
consequently, no reason why we should
look forward to the probable conflict with the
slightest dread. There is still less reason why
the radical contractionists should clamor for a
curtailment Of the currency, now that prices are
adjusted to its volume and faith in the public
credit based upon revenue Of five hundred
millions, is strong beyond dispute, and when
gold, by it, fluctuations, excessive as they
sometimes are, acts as the safety valve Of
commerce.