The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-07-12
rHE APPREHENDED WAR IN
y EgRoRF 1AM 4

| TO the throne OF SPAN, SUBJECT 10 Inee
lion of the Cortes Prussia Is understood
TO approve the selection, il i has not been
suggested and managed entirely by Bis
maTck; and on Wednesday the Frehch
government announced, in the Corps Leg
islatif, that France would never consent 70
see Prussian prince take his seat ION
the throne OF Charles "" or course, II
Spain should persist in the choice OF
Leopold, and II Prussia should support
him" as q note from Berlin said 70 have
been received at Paris on Thursdayeven-
ing promises TO do, the result can scarcely
be other than war. ~
The declaration Of the French govern
ment produced an immediate excitement
on the Paris bourse, and rentes which had
already declined one per cent, had q f'ir'
ther fall Of about the same amount In
London and in New York the effect was
less marked. Gold advanced about one
ner cent on the news, but almost immedi.
ately declined again TO the former point.
In short the markets have shown very
little sensitivcness under the sudden
alarm, and It may be confidently asserted
that capitalists and financiers, at least, do
not believe that war Is impending. Z!
The question, however, appears to hang
entirely upon the action OF the Spanish
COrtes, which Is to assemble for a decision
on the 10th Of July. Three.fourths Of all
the votes are required to constitute a
king; and 1t Is plausibly asserted by many
that no such majority can be obtained,
against the decided protest of Napoleon
III, whom the Spaniar1s well know to be
able to occupy Madrid and scatter their
government long before any other power
could interfere. Even II Prussia were
bent on pressing the plan, and Prim were
in perfect accord with her. It seems i'm
possible that Spain should consent to be
exposed 10 such a shock and injury as
Spain could easily inflIct on her. with no
apparent gain in view, except q crafty
the ambition Of a German family. On
tie other hand, 1t is said that the nomina.
ton Of Leopold cannot be hasty step; it
must have been planned deliberately be-
tween Prussia and the present military
commanders in Spain, and they would
not have gone so far without being pre-
pared Tor NapOleon's opposition and
willing e risk the consequences # 50, a
general European war viii be hard In
deed To avoid. At present, however, Tie
probability seems decidedly to. be that
the COrteS will reject Leopold, gracefully
yielding to the protest Of Napoleon, and
that Prim will 9cquiesce in the decision.
This explanation iustifies the calm with
which the affair is regarded in financial
circles.
But war Is certainly possible upon this
issue; and, if this Is settled peacefully, an.
other may arise ut any time which will
bring France and Prussia into collision,
The Emperor Napoleon is now strong
both politically, in the recent pOpulnr vote
Of seven millions Of citizens approving
his course, and In his army, the largest
and best appointed IN Europe. Prussia Il
constantly struggling to obtain the same
control over the South German States
that she already has over SaXony and
Hanover; and Il Is not probable that
France will quietly look on and see the
absorption of Baden and Bavaria. The
French press, even that Of the opposition,
is more ready to blame the Emperor for
excess of caution than for bOldneSs; and
it would seem that popular sentiment In
France would even now be heartily with
him in any effort to check Prussia az
grandizemGnt, or even to conquer the
Rhine Provinces. What would be the
elect Of n struggle uponthe United States:
| A few years ago, when our credit and
resources were seriously impaired by the
war, and when investments in our Sc
curitieS were regarded by European cap
italists as q speculative experiment, a gen.
eral European war was dreaded here as
likely to confuse and embarrass our
finances. In 1866 gold was below 1870
during the first half Of May, but on the
breaking out of war between Prussia and
Austria, rose rapidly until It reached 100
in the middle Of June, Had the war con-
tinued as long rs struggle between such
equally matched nations as France and
North. Germany might be expected 10
last, the advance in the premium could
hardly have been checked ut this point
But those who expect q similar result
from war in Europe ut this time are
drawing parallelism Of circumstances
which does not exist.
The changes which. have taken place
in the financial and commercial situation
since 1866 render it quite impossible for
any events In Europe to produce such a
gold panic as then occurred. The vast
GccumuIatiOns Of idle capital which have
been gathered in London and Paris dur
ing the last four years arc breakwNtGr
10 US against any important demand Tor
specie, such as then arose in those mar
kets, for years to come Then our securi.
ties were held on speculation, while they
are now a Eavorite Investment; and the
slightest alarm, threatening IN unsettled
state Of alflirs in Europe, then served 70
send thcm home, while now he'resOurccs
and spirit Of our country arc so much bet.
ter understood that such an alarm would
ratller tend 10 sustain our bonds, In pref.
erence 70 those Of governments threatened
with war. Besides, a succession Of bOun.
titul harvests here, and Of increasing
crops OF cotton, have filled and will con.
tinue 10 supply our warehouses and stores
with food and with clothing material, ut
low prices; prices lat which they can be
exported in large amounts, and Europe
will need these things, and will take them,
instead Of taking our gold, as in 1868,
when We lind nothing else to send.
II Is indeed true that, In modern Chris
tendon, nations arc so linked together in
ALI their interests that no one Of them can
be impoverished without, at lenst re.
motley, iniuring the others; and doubtless
the whole world, including our own coun-
try, would be the poorer in the end, II
Europe should be desOlated by war. But
beyond this remote and general effect,
the United Suites are now in a position TO
regard diplomatic and military compiled.
tiOns in Europe with q Observation-Disclosures
Of Indifference; and there has been no
time for many years when the prospect Of
n war between two great powers there,
pOulI have NAUSa6 m IittlO alarm mr. anvil