The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-11-20
The Wonders Of the Telegraph-Its InHu-
ence Upon Financial Affairs.

| ence Upon Financial Affairs.
Judging from the wonderful effects Of the
magnetic telegraph within the term Of q few
years since it was discovered and came into
use we may form some idea of what will be
the results hereafter. Twenty-Five years only
have passed since the first spark of intell-
| gence was flashed over the first wire between
| Washington and Baltimore. Now there are
hundreds of thousands of miles of wire
stretching like vast network over all the
civilized portions of the world and penetrating
to the most remote regions. Nations and con-
tinents, separated by vast oceans, are brought
into instant communication with each other
Space and time are annihilated, and soon the
dream Of the immortal poet will be realized,
when a girdle round the earth will
convey intelligence the whole distance
in few minutes. There remains only the
space between the western shores Of America
and Russia in Asia to complete the circuit and
that link will soon be made, for our commerce
with China, Japan and the East generally
demands it, and it is known to be practicable
by the way of the Aleutian Islands.
The surprising effects Of the telegraph are
seen in all the social, political, intellectual,
commercial and financial movements of the
age. To recount them all would fill o volume.
Some, however, may be noticed. Look, for
instance, at the effect upon and through the
press, which may be called the ally Of the tele-
graph in promoting the rapid progress of the
times. News of all remarkable events in
| every quarter of the globe is flashed across
continents and under oceans to the great
! journals of New York and of other countries,
and is spread from thence through the country
press over the length and breadth Of the land
We know as well here, or better, perhaps
than the people Of Europe and those near the
spot, what transpires from day to day and hour
to hour at the Isthmus of Suez. Every reader
of the HERALD is fully informed of the incidents
connec ted with that great event-the opening
of the Suez Canal-without waiting for the
mail, though we get through the agency OF
steam power full and graphic details few
days afterwards. So also of the interesting
pilgrimage of the Empress Eugene to the East.
In wars, and even in those at remote parts oil
the world, as, for example, in the Abyssnian
war, all great or decisive movements are made
known instantly. The action of governments
on every important question is telegraphet
) and published daily for the information of thu
public. The people Of the United States arr
! kept informed Of what is transporting in Eng
! land, France, Germany, Spain, Italy and othe
countries as soon as events occur. Indeed
the telegraph, in connection with the press, i
the great agent Of modern civilization Il
dffuse information and TO educate the people
But in nothing is the influence of the tele
9 graph destined to be more remarkable thai
! upon the monetary or financial affairs Of th
world In former times, and even up to th
! present day, to some extent, the centres Q
) capital in Europe have controlled the exchang
and trade Of this country and other countries
: In this way the balance of trade, and conse
quently Of exchange, has been against US, ex
cept under occasional and exceptional circum
t stances. Every one who wanted to transm
funds to Europe has been compelled to pay
large premium to European capitalists 70
exchange or the costs of transmitting specie
| The time it required to do this and the con