The New York herald., 1870-08-19

H1CBIy, pUC1tOtB
are at all events. getting well ~ one respect the
supply OF mentor numbers OF eligible recruits are
declined owing 20 suticency IN the "a army: n.y. Every
OF reserves TO I'LL the gaps made 6y battle.
FINANCE AND COMMERCE
Failures on the Stock Exchange keep still occur
ring, both here and in Liverpool About forty cases
have been reported in London and more are ex.
moderate investments are made. The war burst
| upon ''bull' speculation not unworthy OF wal
being that certain foreign government loans are the
| vehicle OF disaster here for the most part In the
commercial markets the only favorable item is that
the grain market Is lower than last week, both In
wheat and other domestic crops and In Indian corn.
| The cotton splnners aud clothmakers are very
gloomy, and well they may be- with lower prices and
| market slipping away from tn ham. All production
is In suspense, unless we except that debatable ar
| ticle OF coal
Popular Feeling Toward tho War Combat
snfs-The People IncIincd Toward Prus-
sia, the Aristocracy to NapOIeon-Has Civil
| IizatiOn Commenced Is Ii Ended S-First
| Commercial Failures-TwO Millions Ster-
| ling Como in One Bank-A Banker shot.
LONDON, August d. 1870.
The war has, OF course. been the all.absorblng
topic here. The general sympathy Is, no
doubt, with Prussia, unless 1t be In the lordly
circles to which the Standard addresses ITSELF
That paper has been very solemn. Pecksnif1an
almost in Its lectures TO other Journals and bidding
them speak more respectfully Of Englands "great
ally" not without q covert threat that Napoleon
may punish them for their blunt language. But the
sermon falls on needless The war is generally
considered as Napole0n's wanton act, ana newspa
pers cannot be expected to hide thar belief To be
sure, pretty strong language has been used, but
who can wonder at IT. Europe always de-
ludes Itself with the thought that the war
OF the day is the last that will ever occur, and
that In face Of armaments which waste almost as
much money as does. There can never be
another war, 1t Is argued that would be "a scandal
on our boasted civilization" The next war arrives
In due time, and the hOmiltes which ushered in the
last are worked up to suit the present. and ''scan-
dal'' Is explained away or laid at the door OF
party. 1t does seem little odd that men dnd even
In these old days (or they old and not young
although new better Of settling their dis.
putes than by slaughter odd that is driven to
think that the fault lies In human nature OF which,
according to Sam Slick, There's q deal in man.
1t would not SO much matter if the customary way
of speaking were true, and that France Prussia
really bore the whole burden. It is that
plaguey Jacques Bonhomme or Hans who
will put individual human interest into
the business by getting wounded or killed. and his
great and glorious country labors under difficulties
II 1t tried to act as his substitute In either OF these
events. Horace Is as right now as ever. "Whatever
the madness Of the kings the people get the blows
No doubt each man atters himself that he will sur
vive the on the sound principle that 'all men
think all men mortal but themseves.u But each
man knows. as well as we more fortunate outsiders
that thousands will be killed who will each leave q
hole In some family and circle and they 60 to 1t just
cheerily killing the poltest thing in the
world. One cannot but think thing or two proved
by the conduct OF civilized mankind with regard to
war: either people utterly disbeeve the Christian
religion taught by any Of its churches, or
they believe that man who dies in
his oountry's service goes straight to hea-
ven As ! do not think the latter opinion
Is prevalent am driven to the former and record
II as my convection that the treatment of the ques-
tion OF proves that Christians disbelieve ihelr
religion. lti very clear that they face with much
callnness the risk Of damnation-for other people.
| EFFECT ON 'CHANGE
However, We do not want to talk theology. since
universities are to be freed from Compu-
| sorry dose OF It, Let us speak OF mundane things
IL said above the war was an all absorbing
| topic 'of course" II yon were here you would see
the strict proprlety OF that statement. The Stock
| Exchange aifects almost every Uan, woman ana
| child in this land OF capitalists and paubers, and
lively time there has been in that mysterious insti
tuition. Thirteen failures as the result OF one fort
| nightly settlement make pretty heavy list. Not
that any one but their friends ever care button
about the failure OF stock brokers dealers, always
barring their creditors. But the fall in securities is
! the thing that pnches Consos down TWO per cent.
much and even English railways as high priced as
Illinois Central ten or twelve. The bad feeling
wich with liabilities OF nearly two millions sterling
IL was private affair." the Crown Bank with thirty
one branches, and owned by three persons. One
worthy partner had been specializing for years with
poor success and managed to lose some three mil
lion pounds sterling. AS his own resources did not
reach this trlning figure. and as his deposits
temptingy within reach the deposits OF the Norfolk
tradesmen and farmers had the honor OF defraying
his expenses. A few days since q pistol bullet |
entered his chest by whom fred the discreet papers
omitted TO state. The corOners inquest leads
think that he committed suicide. Decidedly these |
prV IN q nfp
unfortunate man ii he is barOnet or better. |
What puzzles me is whether the ruined eculator
shot his banker for not continuing his advances, or
the banker shot the specuatOr for not Keeping q |
better account At any rate, the depOsitors have |
thrown the concern into bankruptcy, and will be |
lucky II they get seventy five per cent The circulation
was rorty-nine thousand odd pounds sterling, all un.
secured and the holders OF notes take their chance
with the Others. This vicious practice Of issuing |
notes without special security is the usual one here,
though if has not escaped the condemnation OF the
ph1lOsophic John Stuart Mil.
This bank failure added intensity TO the first |
panic, which was already severe as to show wide
spread system OF operations for rise. What would
become OF foreign governments without this
speculative Keeling In England 1t Is hard to say;
they might be driven TO keep the peace. The pheg
matte John Bull Is, beween ourselves the greatest |
gambler In the world, with the possible exception OF
one or two OF your congressman. But he does not |
like the ''chips" so he buys Turkish skies, any
other neatly drawn device for raising money. A |
small bookseller near me sees that Turks" are |
sees sees his rurS TX down nine per cent more more H He Is
pr6deStine, as Bazac would say. Count on him as
warm friend Of Turkey TILL he gets MS money
back. Now this bookseller, and thousands like him,
would have bought fve-twenues II they had been In
smaller denominations. The sangune BOwles is 80
far 10 the right But II he thinks bonds OF fifty dol
lars would fund the existing nve-twenties ana ten
forties into four per cent loan he shows amount
Of faitn which am sure does not characterize his
successful business. All the same; he is doing
good service TO America, both by his published tes-
timOny before Congress and by his weekly lucubra-
tons published here.
The Naval Armamcnt-A Fleet for Gibrai-
tariffs Agxre gate, Power and Command
Cruise in the Atlantic.
LONDON, August 6, 1870.
The whole OF the ships forming the Channel squad
ron Will leave this week for Gibraltar where they
will meet the Mediterranean squadron about Sunday
uaaL no nxuiai itad aoatu uuriu naad