The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-11-18


a new one needs no proof.
But the danger which this new movement
has in store for the Republicans is serious,
and the sooner they obviate it by pitching
Grant overheard and taking up as their eau
didate for 1872 some man like Lyman Trum-
bull, Roscoe Conkling, or John Scott, who
by opposition to the odious aud unconstitu-
tional income tax has identified himself with
q real reform of the revenue, and yet is not
pledgedto extreme and dimpracticable ideas, the
better it will be for them. Or if they are
willing to go the whole figure, let them take
Gratz Brown himself. He has Just received
a greater majority in Missouri than any can
didate ever had there before.
THE EFFECT OF AN ANGLO-RUSSIAN
WAR UPON AMERICAN INTERESTS.
From the NJ Y. Times.
The complications which threaten to in
volve Europe in general war have so direct
n bearing upon American interests that they
throw into the shade the influences until now
exerted by the Franco-Pr Prussian conflict.
These influences have been much less injuri-
GUS to this country than at the outset they
seemed likely to be. They have checked the
stream of emigration, embarrassed some
branches of commerce, and obstructed enter
prises whose promoters looked to Europe for
financial help. Some anticipations, more
over, remain unfulflled. The demand for
our breadstuffs has not equalled expecta-
tions, and the general average of prices has
fallen short of q war standard On the
other hand, dangers that were pre-
dicted have not appeared. The value of our
bonds has not materially suffered; the de-
cline which for a time took place has been
arrested, and the market, though dull, has
not been permanently damaged. The price
of gold, instead of bounding upward like
balloon, speedily recovered from early dis
turbances, and until a day or two ago was
lower than at any period since the opening
stages Of our own great struggle. In all
these particulars the prophets have been un-
fortunate.
The probability of a new struggle, which
will involve all the other great powers of
Europe, again raises the question, How will
the interests of the United States be affected
by the probable course of events? With
Europe in flames, we cannot hope to escape
some inconvenience. The sudden rise Of
gold on Tuesday, and the maintenance of
the advanced figure since then, indicate a
certain degree of feverishness and doubt
in itself reasonable, but in no respect con-
elusive as sign of impending trouble. The
rise is for the moment the result of specula-
ton, which rests on the supposition that the
money markets of the Old World are about
to be closed as against this country. OF
course an Anglo-Russian war, added to the
Franco-Prussian wal, will furnish ample home
employment for spare capital. The value of
money will increase. 1t will be no longer
available for American undertakings. The
amount available here will be restricted to the
amount we actually possess. The circum-
stance may produce more or less stringency
in some quarters, but it need not necessarily
produce embarrassment.
The evils most to be dreaded here are those
which would be occasioned by the return of
our securities and the stoppage of the
demand for our products. Neither of these
evils is probable. The experience of the last
four months has dissipated many fears in
regard to the influence of distant war upon
United States bonds. The amount returned,
| whether from Frankfort or London, has been
relatively small. The demand for them in
these markets has not been as brisk as be-
fore, but their value has been we'll maintained,
as compared with English consols, and
the popular confidence in them has not been
| for an instant shaken. 1t will probably be so
now. Capitalists will have profitabl use for
their cash, but the quiet investors, whether
in England or on the Continent, will esteem
more highly than ever securities that are ex-
empt from impending perils. There may be
momentary panic, but the reaction will be in
our favor. Equally certain is the tendency of
the second and larger contest, which now
seems inevitable, to stimulate the demand
for breadstuffs and other products of which
We have large surplus. Cotton may suffer,
but for our other exports Europe will
afford an almost unlimited market. The
prospect hitherto has been darkened by Rus
STA, whose railways have rendered its grana-
ries accessible to an extent which interfered
with the chances of the American farmer.
Prices have been low here, because nations
on the other side of the Atlantic have had
vast supplies to draw from nearer home.
With Russia belligerent this aspect of the
question will be changed. Europe will look
to America for breadstuffs, and in enlarged
exports we may hope to have q set-off to
monetary evils that might other wise be Sc
rious.
If, however, this country is to profit by
the opportunity, our merchants must be
allowed to buy foreign built ships The
greatest hindrance to the expectation of
rns.. g., l. H. nf g.