The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1891-07-24
FINANCIAL REVIEW.
HENRY CLEws THINKS THE OUT
LOOK GOOD.
Restoration OF Confidence all that is
Needed-Europeon Politics as Factor
in Finance.

In the absence OF 1nGuenccs nearer ~
hand, Wall street has followed with some
interest the extraordinary court inter
changes that have just closed il, Great
Britain Whatever may he calculated to
affect international politics in Europe has,
at the special time, an unusually direct
bearing upon financial interests. Europe
is now in state of armed peace. The
leading nations have divided themselves
into two hostile camps, each side COUP
ped for conflict and waiting only the az
cidcnt that shall precipitate enc ol the
greatest struggles Of modern times.
Under such state Of things and mme-
dately subsequent to the renewal of the
Dricbund it is an accident Of no small
Importance that Emperor William should
become the guest of Great Britain and
receive from that country extraordinary
expressions not only of national regard
but also Of court attachment. The event
is no mere exchange of imperial family
courtcsies, no mere excursion for The
qualification of the ambitions Of Il Young
and adventurous emperor. Coming, as it
does contemporaneously with a perpetual
ton of the offensive and defensive
alliance between Germany, Anstro- Hun
gary and Italy as against Russia and
France, the Emperor visit must he re-
gardcd as n virtual declaration Of at least
England's sympathy with the Driebund,
and rs implying that she has interests
which run parallel with those of the triple
alliance, and which she would find it to
her welfare to protect in the event of
their being endangered from any threat
cncd ascendcncy of Russia and France
over their triple opponents. Although the
secrets of the diplomatic conferences OF
last week ut London may not he divuiS-
cd, vet Europe will henccforth regard the
Drichund as virtually backed, at least
under certain contingencies, by the moral
and physical force of Great Britain. This
is change of profound Importance in
the situation of European politics. 1t
places Russia and France at such an
overwhelming disadvantage as to virtually
bind over those countries to keep the
peace on penalty of utter discontinue. 1t
would be an inestimablc blessing should
this new situation merely protect Europe
against the horrors of long impending
war; but it is not impossible that a COM
bination so overwhelmingly powerful may
also make it possible to bring about
reduction of the costly ornaments that
are now destructively draining Europe OF
its resources; or, in any event constant
increase of ornaments will become the
less necessary.
1t would seem reasonable to anticipate
that, after the first natural expressions of
chagrin and retaliation from Russia and
France, the political situations of Europe
will assume more settled and pacific
aspect. Public opinion is likely to con-
cludethat new guarantees for an cndur-
ing peace have been won; and that as
sumption will remove the most powerful
obstacle that now exists TO confidence in
financial affairs The cause that above
all others has crippled the larger move
ments of enterprise and has induced the
European kings Of finance to hold their
resources within ready reach has been
the fear that each recurring spring might
find the leading powers in the throes of
great European conflict. Whatever abates
that paralyzing fear makes for confidence
in fnancial circles, and for the achieve
ment Of the political and economic re-
forms that are now pressing upon every
European government. If these infer
ences are reasonable, it is permissible to
hope that the events of the last few days
may infuse into European finance new
confidence and clreck the discouragements
which the disasters of last fall have
spread over every branch of enterprise
in every trans Atlantic centre of finance
and commerce.
Such a result would bring direct advan-
tages to this country. All that is needed
to give full effect to the benefits of our
abundant harvest is restoration of con-
fdence in the countries with which we
have commercial intercourse. 1t would
mean better foreign markets and better
prices for our grain, as we'll as for all
other exportable products.
HENRY CLEws.
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