New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-05-20
THE EUROPEAN SITUATION.
FRENCH AND BELGIAN VIEWS.

pEIGIAS CHAMBER OF REPRESENTATIVES.
lvRoM r,iE REGULAR CORRESPONDENT OF THE TRIBUNE
LoNDoN Nav S.-We are getting to-day the first
echo from the Continent of the French scare
letter published in Thursdays Times. OF tho letter
itself ana the 7Imoss view of it, l gave sufficient
account when last wrote. My opinion that the
publication illjudged is strengthened by the
remarks IL has elected from the French press. L
will not anticipate what the German papers are like
" to say but it would be too much TO expect that all
of them-the Berlin Post for instance-should treat
the matter with moderation and good sense. AS TO
France il is TO be remarked that the first effect OF
the letter was panic on the Bourse-for which, IN
deed. other causes may partly account, but wmch
this has magnfed financial event of this sort IS
habitually regarded a very grave symptom.
take the liberty of repeating what have before re-
marked. that its import is almost always exagge-
rated in the case Of the French Stock Exchange es-
pecally where credulity and timidity go hand-in-
hand and where the widest fctions are habitually
made the bases of important transactions, and the
occasion of political anxiety. But what distinguish
e. the Paris BOurse from other Exchanges is not so
much timdity rs credulty Nothing is so tmld, the
world over. as money. and though the men who own
n great deal OF it, and who deal largely in 1t and IN
securities have commonly very good means of infor-
nation they arc not distinguished for cool perspica-
city in the use they make of them. Anybody accus-
tmed to the WAYS of stockholders could have fore
told that snch letter would have been eagerly sez-
eJ ON and turned to account by the Bears. 1t would
he used the more encrgetically because the Funds
during "a, last few weeks have shown slnguiarly
obstinate indifference TO the rumors and apprchen-
.ions hich have floated about the Continent. Inc
publication in The Times has comeat moment when
everything was ready for tumble: when gigantic
speculation had just collapsed, and when the Paris
maract wl, glutted with foreign stocks which had
boon frclY taken for months past from London and
csfgh re- ia the hope of resale, which proved I'M
y isibc except al a loss The depression was felt at
London. Of course and yesterday closed blue the
afternoon prices for French and all other foreign
locks lnitel States excepted being worse than the
day before The fall in Paris amounted to y to per
cent for the less speculative securities which stretch
ed to per cent in the case of Peruvian Skies and
2ls in Spanish ThreeS. With this practical common
tary on the rsdom of The Times in giving publicity
{, such letter at such moment let us look at the
more authoritative French answers TO it,
On mere official answers no great stress need be
laid. If general war likely to break out day
after tomorrow the official papers of to-day would
probably be running over with assurances of dis
tnguislcd consideration for all the world. Still
certain degree of comfort may be found by the ter
rorstrickcn in the assurance of Marshal MacMahon's
evening organ that no news has arrived and no in
cident has arisen which could justify such rumors
and such alarms. The Moniteur a day or two ago had
fright of its own comparatively sober-minded
though il BE- among Paris journals Yesterday, in dis
russing The Times letter it thinks reliance may " with
reason" be placed on the help of the Emperor of Rus
sia to put aside the dangers of and believes for
it, part they will disappear. 1t does not believe
the Berlin Cabinet encourages the controversies
raised nv the German Press. The Francois, the
organ of the Due de Broglie-who is still conscience
keeper 10 Marshal Neutrality-suspicious. itself able to
affirm that the most recent news in tho Diplomatic
world Is rcas5urng that the settled desire of Europe
is 10 preserve peace and that London and st. Peters
burg are at one on this point. One of the mouth
pieces of the Orcanis Princes the Journal de Paris,
while asserting the existence of party in Ger
many. looks to Russia the real arbiter of the stua
ton and finds that Russia has no longer in 1870,
an interest in seeing France defeated. The more
popular journals dscredit the alarmist view in still
more explicit terms. while the Memorial DiplomafqHe
remarks emf hatically
France, far from seeking for war. remains faithful to
It's policy peace and scrupuousy respects the treaties
concluded win Germany As TO tae inroe Nor nor
wish without any reason whatever TO attack France and
e. aupc upon themselves the system Of political Status
thc;I agreement
All this is not merely very creltable to the French
pr,Ss bit leads one to inquire, who can those ex-
ceptoaally we'll informed and intelligent French
Politician be whom The Tiacs's letter writer de-
far as one can Judge their distress would never have
been heard OF in public, had not Tic Times chosen to
make il public. Such lack of discretion almost
persuacs one that there is something in the recent
stories of Mr. Deane's ill health, steadily denied
though they have been. His discretion is not wont
10 fail bin on such occasions, nor was there ever
man who had greater talent than he for not print
Ing things, That lie was well enough to be on his
horse in Hyde Park three days ago l can say of my
own knowledge.
SO far as these fears have any relation to the Bel
gian dliculty they are neutrazed-nOt to use a
stronger worldly the speech of NJ Frere-Orban in
the Belgian Chamber of Representatives on Thurs
day. NJ. Ff@reOrban unhappily is no longer Minister
but he is, by common consent, the wisest and most
experienced among Belgian statesmen. He speaks
beyond doIbt not for himself only, but for
the whole Opposition, in approving unreserved
ly the conduct of the Belgian Government
in it's recent negotiations with Germany
He is of opinion that all ground for apprehension
respecting the independence of Belgium, her insti-
tu,ions the liberty of the press, has disappeared
lie approved the engagement to inquire into the
dti0n of tie laws essential for the protection of !
other Powers from attacks within Belgian jurisdc- |
ton. III, intimIie1 a doubt whether Belgium had |
done ali Germany could rightly demand of her i'll
the Durheslr affair, and uttered a needed warning |
and prJtes against the eXaspcrating policy of the /
tltanontanc press in Belgium toward Germany.
NJ. Hcrc-OrbaA is the head of the Liberal party and
his adhesion TO The policy OF the Government is the
best proof that the Government does not mean TO be
the1ool of its own supporters. The Catholic ma
jority III Belgium is large, but the Ministers, who
know they hold power because Of it, know also that
submission to the Ultramontane faction pretending
10 speak III the Of Catholics generally, would
mt flq in, ~, a.