, 1870-08-11

great battle having been fought, and though
it may At hret seem like disconntins the fu.
ture TOO rapidly, there is really much founda-
ton Tor it. Those who are Jet waiting for
=. great battle to decide the fate OF
Tic war do not recognize tho Immense moral
eject OF the universal recognition that the
Emperor Of the French il now Emperor oulv
" name, and that Louis Napoleon has, within
the last sixty hours, collapsed Al An important
figure in the politics Of the time. This one
man, who organized the war Gt it could b.
said to have been organized at all on lie part
Of the Frenchll. has. 60 to y1oak, '4fallsn ali
to pieces and ehows that, Ike Louis philinpe
Ano Mr. Tusveyd1op, there WAS nothing Of
him but department. The French peopls my
rot hAye, liked their Emperor, but
iessd h'd him. ''"ags sgd 1ihsPes'"d ~ .eo,s,1 and
that they have allowed themselves to be ruled.
and ied INTO war against : neighbosing nation
BY "sham genius Ia more hurniliatipr de-
feat to the French people than to have lost q
greater battle than any tlAt has yet been
that the French people, burning with indisn,-
tlon At their dirg1ace. may attempt, under
some sort Of provisional government, obeat
back the invading army until honorable terms
or peace can be secured, but war fer the OBJ
5ects for which il was 6rEt declared, IL ended,
and great TACT IN history has been accom-
pllshed- This wAsQ Louia Eapoleon's war; he
has given it up in Tue midst oi defeat and with.
drawn from the army, and. therefore, tho war
can scarcely fail to come to / speedy cloac.
Ihe effect Of peace has already beeu dis.
counted to very large extent in the 1narkete.
1t can hardly be expected. however, that
pticea will adjust themselves 10 the Quota
tions that rulel before Tie var began, Even
II peace were declared TOMORROW, some M
pprtant changes have been made which cannot
fail to have n effect 10 make different range
of Pt,ces. Ihe first u thAt, Notwithstanding
that there are no United States bonds csmins
coming back from Europe now, to be sold,
our exports Of products h.vo fallen
on 60 much that there IL stiu
heavy drain Of specie. Twelve per cent OF ali
the specie in the country has been drained ont
within the last thirty days. The tendency Of
gold before the breaking ont Of this war
vas downward. and, had there been no war,
me pr.ce Of gold would probably not havsbeen
more tlAn los to ll0; but the loes Of specie
Already experienced. and tie check which has
been experienced to exports OF domestic pro-
ductA, will have All eject to keep up tho Ay-
ersGe price OF gold.
sinee the war began to stinnlaso prices OF
o5eadstunr, about the first Of last noath,
new crop has been eecured, tho quality and
quantity Of which waa matter Of doubt On
the lat Of July, but which is nov known to be
OF Tar better quality than the crop Of last
year, and but htsle ehort OF it in quantity.
Eoswithstat ding the great increase in the for
StkA 0SAAaA9 tAAk HAS G1pfCLEu 10 result from
tho war, the export OF bEeadstunt for the ex-
pfed portion Of the year has been bat little
greatar than Cor the corresponding period OF
last yeaz. With warehouses still full Of the
old ctup, and new crop Just beginning to
cdme in, the eject OF declaration of peace
could scarcely fail to eepress prices below the
present Average.
The principal feature Of the money market
To-day Was the increasing movement Of cur
rency to the country Orders are now being
received from almost every quarter OF the
~hcat-Ero~ing region. and ~ it canuot be 70
general for any other purpose than the move
1nent OF the new crop OF grim, the receipts OF
g1aln here will probably show y considerable
increase within the next week.
Money continues in moderate supply, and
hht-claes borrowers 1re pretty generally &C.
eommodatcd; but the tendency Of the market
is to tighten ur, Autl tho present activity Of
demand, together with the drain Of currency,
lid saH TO produce sttingency before long.
Exchange Wzs lover to-day, mainly on ac-
count Of tie scarcity Of currency, which nadp
seme hanks moru frce sellers than usual.
Sales were made between banks Ut Soc per
Il 600 discount, At the counter bankers sell
At LILO premium, and buy at 1.l0 discount.
Tho following quotations for gold in Now
York and secuHties in London were received
bV narfxtt Il March.