The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-09-20
COLJA,fBIA.
KEiaay Morning, September 20, 1857.
Ths Money Question and war.

d =
or at. least should not-without
counting the cost: The New, York
.liercat'tile journal takes this ground;
sand does not Doubt willingness OF
European monarchs to create con-
valsions, but thinks the financial
condition Of their several, Govern
1nents Q barrier against any .warlike
disturbance. ys4 ' ls.Ss;,s, >
To prove this position, the Jou,'nal
takes a rapid but masterly review of
she monetary situation of the diff
serent European Governments, which
really is. very interesting to those
= who watch the progress of events at
this time throughout the world, as
well as at home. First, the debt of
Great Britain. The total amount of
chat debt, funded and unfunded, is
-e777, ,4S7, ,SO4, or about So, ,S67, 4s9, O2O
an gold. AT the present time, there
as q vast amount of unemployed
capital in that country. and apparent
prosperity in trade; yet the mere
rumor or chance of war on the con-
Sinent, causes unusual apprehension
,ead distrust, consols become fiat
=end, to quote the language of the
London Times, "dead, unhealthy
calm prevails" sg-
Again, the Bank of England has in
sits vaults at this time S75, 900, 900 in
gold, and has reduced its rates to two
per cent, while one per cent. is freely
Offered at the stock exchange, with
.out takers. In other words, there is
nalenty of money without advantage
tozts employment, and abundant dis
stress without adequate opportunities
sof relief. On this point, the Times
rssys: 5
<'Money is cheap, but it is not
cheap to all; it is cheap to some, but
1T Is dear or, rather, it is inaccessible
Sto more. It is cheaper indeed to the
few, because the rest are cut
off from the supply"
" There are various causes assigned
sEor this state of things, the first
quoted being the restrictive legisla-
&ion and political disturbances in the
United States; then the reform agita-
4lcn, Irish troubles, the encroach-
snoents of Russia in the East threat
'ening India, and the threatening
aspect of affairs on the continent.
The almost immediate effect these
threatening manifestations have on
s,aonetary and commercial affairs in
England, proves that she is seeking
greatness and national prosperity in
the more genial paths of trade and
Industry, rather than in war and con-
quest. Hence latterly her indisposi-
ton to intermeddle in the disputes of
the other European Governments.
She is right.
France has $3.50, 100000 on hand,
and yet there is general uneasiness
i'm money circles, and the same con-
dition of affairs that exist in Great
Britain, may be said to exist there.
Therefore, notwithstanding all the
Frenchman's love of "glory," it is
doubtful whether Napoleon is anxious
FOR war
Russia appears to be badly off,
pecuniariiy. She has tried to borrow
$50, 900. 600, but has failed. With SO
much money in the banks of England
and France, and SO much unemployed
capital in the hands of the moneyed
men Of Europe, this failure on the
part Of Russia, shows that she must
he on the eve of bankruptcy.
Prussia has money and plenty of
aCoops, but careful of her resources,
ccsutious of running damaging risks.
UAless driven to it to maintain her
territory intact, or her honor un-
sarnished. The Prussians are, Justly,
very proud of their solvent condition,
and as people, are very sensitive in
the face of disastrous probabilities.