Year: 1876

Perhaps the worst of all arguments
as a reason for positive action Is that
things can be no worse than they are;
nevertheless it is not a bad solace when
accepting that we can neither bring
about nor prevent War is deplora-
BILE, and means a deal of individual
suffering, but as the inevitable we must
make the most Of it. War is waste,
and whatever temporary advantage It
may be to one or another portion of
the world, it can but result IN ultimate
loss to the world, in So far as it Is waste.
Russia may, for instance, take double
the grains and breadstuffs, and pay
double price for them, of the United
States. The benefit is temporary and
spasmodic. There will come time OF
corresponding depression, when ex-
hausted she will take less. The tenn
porary effect of war in Europe is like
ly to be beneficial to the United States:
A very slight impetus to trade, IN good
prices for over stock OF breadstufS
would go very far towards restora-
ton of prosperity, if represented by
such government policy as will give
confidence and make prosperity possl-
BILE. 1t is true also that such an i'm
petus would go a considerable way to-
ward mitigating the severity OF a ruin
Gus financial policy, by postponing It's
evil effects and affording a respite IN
which correct financial principles can
be applied by new administration:


The effect upon American securities
is likely to be good. In a war OF the
character of that about to be inaugur-
ated, involving so many interests, the
powers of Europe are likely to be near
iv all involved. The depression IN Sc
curities indicates the effect contempla-
ted by capital, and American securI-
ties, removed from the effect OF war
and with nothing in the future to men


ace American credit, are likely to be-


come favorite investments tor the sur,


plus capital of Europe. Yhis would


have an immediate and favorable effeei


upon American industry of all kinds


It would be direct stimulus to Amer.


lean industry. Great enterprises would


spring into life again, labor fno
employment, manufacturing become


profitable, trade revive, always sup


posing that we are to have change o


administration and new and healthtu


financial policy.


While a European war usually has


depressing effect upon cotton, there Il


little danger and little apprehension


that it can go any lower. So the Soutl
has little to fear from war. The larg.
surpluses of breadstutfs in the Soutl
as we'll as the North are now the re
source of this country. While crop
have been enormously large, produc
ton has been cheap and the large sur
, plus indicates to the farmers and othe
, holders an enormous margin Of prof
: if war prices prevail, or if even
reasonable export demand shall brln
, fair prices. In case the expected wa
becomes an actuality there is ever
reason to hope that the effect upon on
: country will be at least temporarll
0 and for several years new impetus
: industry and commerce, if we are bu
r true to ourselves at home, by inaugul
r ating a new and prudent rule whic
e shall have less of great moral idea an
i more of that attention to materii
b prosperity which is so essential to tn
: happiness and the morality of peop!
e Nash. American.