The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-08-16

canvass be one worthy Of the great issues at
stake, and there need be no fears of the verdict
Of the people.
Threatening Aspect Of Financial Affairs
Abroad, and Our Own situation.
Should the war In Europe be continued
through the fresh complications that are aris-
ing daily, as seems probable, we shall witness
such extraordinary financial difficulties there
~ have not been experienced for long
period. There are few governments in the
Old World that can keep their heads above
water, and the most PROSPEROUS are burdened
almost to the utmost limit The cost Of war
in the present age il enormous. No great ma
ton can stand it without greatly increasing its
debt, and few without bankruptcy. They have
in Europe, 1t Is true, great skill in managing
their finances upon an artificial basis but this
must fail under the strain Of great and
prolonged war. The present aspect OF
affairs indicates . more gigantic and gene
raj war than that which has just been
Suspended. Looking at the temper Of the
French people and press, and at the deli
cate political situation Of Napoleon, II is
quite likely that France will enter into the
bloody arena. If 80, what war that will be
between two mighty military Powers in the
heart Of Europe! A war between France and
Germany would shake the old continent to its
very centre. The probability is that it would
spread from one end to the other and involve
nearly all the great Powers and most Of the
smaller ones. In that case every one must see
what fearful financial disasters would follow,
and how the securities Of these old countries
would tumble down.
The effect of this upon the United States and
its credit would be surprising. Our war is over,
and it has. been closed up in such a manner
that with the full restoration of the South we
are sure of permanent and long peace. The
only cloud on the horizon Of this great country
is ia our domestic political situation, but that
will soon pass away. The great conservative
movement inaugurated by the Convention at
Philadelphia will most surely defeat the disor-
ganizing radicals and re-establish harmony and
equality among all the States of the Union.
Then we shall see commerce restored and our
boundless productions stimulated in q man.
ner to astonish the world. Our debt win be
triae in comparison with our means we shall
. be able to pay the whole Of il within limited
time, and our securities will be eagerly sought
by capitalists everywhere as the safest and best
paying Of any in the world. This is not boast
ing nor an exaggerafion. Thrty-five millons of
the most Industrious, active and inventive peo-
pie. possessing vast continent full of agricu-
turai. mineral and manufacturing resources, are
capable oil accomplishing anything. With Or
binary prudence we can put our debt in a pro-
cess Of rapid liquidation and always have a
surplus revenue.
That is the difference between this country
and the heavily burdened countries of Europe
which have about reached the limit OF their
productive powers.
The Atlantic telegraph is going to make
these facts known as they never were known
before. The London Netss, advcrt;Dg to this,
says that there will be an equalization OF
prices between England and America through
the medium Of the cable" 1t might have
added that there will be an equalization Of
ideas, 100, in political and other matters But
with regard TO financial affairs, this must
more speedily be the case. II can
not be long before the people of England
and other parts of Europe will learn that the
securities and stocks OF the United States
afford the best investment. Really, our six per
cen, gold bearing securities, which are selling
in London below the British three and half
per cents, are intrinsically worth nearly double
AZ much. Instead OF being at sixiy-eight to
sixly-nine they ought to he nearer hundred
aud forty Can we not pay well as England,
90 better! Have we not more resources
And are not the honor and credit OF this great
nation TO be depended upon. There is no
national debt in the world as certain to be
paid ~ ours. Yes, the cable will tend TO
cqaalizc values between Europe and America,
Tor twill eulghen the people on the facts to
which we have sdverIed. The artificial system
OF finance and Of controlling moneyed affairs
by which richer country is made subsidiary
10 and placed below a poorer one must be
broken up ia time The cable will contribute
greatly IN accomplishing this. We may cohn-
IDENTITY expect progressive rise in our securi
ties abroad rs intelligence becomes diffused
and We approach the settlement Of our do
neslic dniculties by a full restoration OF. The
Southern States to their rights in the Union.
NEWS FROM CHINA AND JAPAN