Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-05-26

u Llle london Star. MAY 81

I
that the Bank viii put a stop to tht
| business, even if the rate should bl
put to five or ten per cent. According
TO this authority, it is the mission o
the Bank to "check the ardOr of thOsl
who are placing their money on thest
securities" This is a new version o
the Banks mission, which, probably
the directors viii not thank any ont
for announcing on their behalf. The
business of the city Of London is free
for all, and especially in the matter O
the bonds and loans of foreign Gov.
ernments, the door has never been
shut. We are also told that about
e1j0, ,005 OF United States bonds
are held in Europe, and that all other
foreign loans must pale before this
enormous total. But it win be OBJ
served that this amount is held in
Europe" " not in England; that it is
scattered from Amsterdam to Flor
ence; and is, above all, largely depos-
tied in thrifty Holland and careful
Germany. 1t must also be kept in
view that this amount has been grad
ually accumulating during and since
the war; that it is no sudden accession
to our securities; and, moreover, that
Europe did not pay elj0,000,000 fOl
what is now worth that sum by the
gradual improvement Of the value OF
these bonds. 1t is hard to see why il
should be the special mission of the
Bank of England to punish, by rails
ing the rate, the whole commercial
community, because a number feap-
italists choose to make themselves
creditors of the United States. There
is nothing more childish than to sup
pose the Bank can control the kind of
investments or trade which NAV be
indulged in. fit Is profitable, it Will
be continued; if not, it win be aban-
doned; and if the former, the Bank
and the country will have to shape
their financial arrangements to meet
the trade, and not attempt To kill it
off by raising the rate.
THE SATURDAY REVIEW UPON SUM
NER.
The Saturday Rerieir, of the Sth, de
votes a two-cOlumn editorial to the re-
latiOns between England and Amer
lea at the present moment, as reflected
by Mr.. Summers speech:
"The menaciRg language of Mr..
Summer, who is unanimously accepted
as the exponent of American policy,
rendersit necessary to calmly consider
the contingency Of a rupture with the
United States. The power
of the United States to inflict excep-
tiOnable injury on England begins and
ends with Canada and the West In
dian colonies. The islands would
probably be defensible, though in some
instances they might be exposed to
danger; and perhaps it might not be
to hold Nova Scotia. Van
Island and British Columbia
are within easy reach of San Fran
cisco, which will in few weeks be
with the Atlantic ports by
railroad. 1t would be impossible to
offer any resistance on the Pacific sea-
board, and the only question as to the
part of the Dominion would
relate to the disposition Of the colo
nistS themselves. If their undOubted
to annexation were strong
enough to induce them to defend their
with VigOr, it would be
the plain duty of England to devote
all her resources to her aid. II is true
that q population of four millions,
by all the available force
which could be detached from Eng
land, must ultimately succumb to the
efforts of an enemy
numbering thirty-flve millions; but
it is doubtful whether the
people would persist
in a prOfligate enterprise when
it becomes fully evident that
success was only to be attained by
In the war with the South
ern Confederacy the national con-
science was satisfied at first with pre-
national unity, and afterward
with the emancipation of the negroes;
but an invasion of Canada must be
undertaken in the exclu-
sive pursuit of revenge and ambition.
American statesmen would probably
sooner or later reflect on the incOnVe-
nience of having an injured and disaf-
fected race at the Northern as well as
at the Southern extremity of the Fed
eral territories. 1t is impossible to
form confident judgment Beforehand
either of Canadian resolution or of
policy, 1t is only certain
that aggression ON English rights will
be neither cOstless nor hloodIess, un-
less, indeed, the character of the na-
ton has rapidly degenerated with the
change in the spirit of its institutions.
1t has not been generally found that
democracy, with all its defects, has
tended to spiritless reputation of bur
lensome rights and duties. In such
4 quarrel there viii be no. moral un-
certainty, as the aggressor will be
wholly and willfully in the wrong.
Mr.. Summers ungenerous quotations
rom the speeches of Mr.. Golden, Mr..
Bright, and Mr.. Forster, imply an er-
belief that ardent sympathy
With America involves disloyaltyr to
England. He viii be disappointed if
ne hopes that, should he force on
var, he will be aided by q disaffected
action.
THE RELATIONS BETWEEN ENGLAND
AND AMERICA.
The following letter has been adj
lressed by Mr.. GOldwin Smith to the
,ditor of the London Beehice:
Sir: The information respecting the
prospects of English emigration, which
was requested to procure, had been
to the best of my ability.
nd was about to send il for publiea-
ion in your columns; but the speech
# Mr.. Sumner has had so great an
fleet in reviVing American hostility
n England, and the continuance of
riendly relations between the two
appears at this moment to
,e in such peril, that fear the promo
ers and organizers of English emil
ration cannot, for the present, pru-
lently turn their thoughts in this di-
ectiOn.
Judging from what I know of the
General temper of the American l,eo-
lie. and from the language resneci;ing