Europe and the War in America.
The following is from the Paris correspondence (Jan. 17) of the New Orleans Picayunes:‘ The distress in the manufacturing districts of France, and especially at Lyons and St. Etienne, "In consequence of the civil war in the United States," (so all the papers state) has reached such a height end is so wide spread, public subscriptions have been opened even in Paris for their relief. These misfortunes press upon the French Government with irresistible force to enter immediately upon a bold policy to wards the Federal States Were the Emperor to delay acting for any length of time now, there would be not to say a revolution, here, I find in La Press, to day, an interesting statement of the condition of the cotton trade, which I proceed to translate "Since the pacific solution of the T affair, cotton has again be come the object of the attention of the commercial world. One-fifth of the working population of England is employed in the several manners of manufacturing cotton When the question is stated in these terms it almost becomes political question. Therefore, some information on the importance of the cotton trade in Europe, and his variations of price, may prove interesting. The stock of cotton in Europe on these following years was as follow 1856. 419,000 bales; 1857, 626,000 bales; 1858; 557,000; 1859; 671,000 797,000; 1861, 872,000 bales; 1859; 8,908,000, bales were imported into Europe — of these 2,890,000 bales were from America; in 1860, Europe imported 4,818.000 bales, of which 3,675,000 came from America; in 186, Europe imported 4,400,000 bales, of which bales came from America. Of these to importations, England imported in 1859 2,829,000 bales, against 416,000 imported be France; in 1860 3,368,000 bales, against 685,000 imported by France; in 1861, 3,035,000, against 604,000 imported by France The amount of cotton consumed in all Europe has reached these amounts during the last six years: 1856 3,627,000 bales; 1867 3,079,000; 858,3. 16,000: 1869. 2,651,000; 1868, 4,224,000; 1881. 3,811,110 bales. in 1859: England consumed 2,294,000 bales, against 526,000 consumed in France; 1860, 2,638,000, against 621,000; 1861, 2,253,000 against 578,000. The diminution which took place in 1861 was owing rather to the anticipation of a deficit of the raw material in 1862, in consequence of the American civil war, and to advance in price of manufactured articles, than to a decreased demand on the part of consumers. The price of Middling Orleans cotton has been as follows at the close of each of the following years: 1855, 5 1856, 7 1857 6 1858 7d; 1859 6 1860 7 126. It is ownerly 144, in 1844, its price was 31; during the first Empire, at an epoch, it is true, when it did not imply as many hands even in proportion as it does now its price was as high as 81d; but since 1820 is has not been as high as it is now; even in 1826, it reached only 121, and in 1886 it attained but 13d,"
’ The announcement made in the Western papers of the utter bankruptcy of the Federal treasure and Northern banks has not taken Europe by surprise, as such an event was long ago foreseen and predicted; but, nevertheless, the news has given a heavy blow to confidence in the Federal Government. The truth is, every steamship now brings disastrous tidings for the North. The times holds this language on the subject" Europe has been waiting with curiosity for the spectacle of two great invasions. They were both to come off in America, and they both seemed inevitable, but the doubt was which would come off first Gen. McClellan, with his army of the Potomac, was a ponder which could be measured. We could number his forces and we could form some notion of their efficiency. Gen. McClellan, however. is just where he has been for the last four months--about to advance to-morrow or next day. Delayed expectation has pulled the edge of curiosity somewhat as to this great invasion. But the invasion hanging over the Federal States is one in which Europe never lacked faith. Independent of rains and fever heats, it is to be kept out by no lines of for ificitions and which is rather tempted then repulsed by batteries of rifled cannon and buzz assemblies of highly paid armed men. That great, gaunt general, "insolvency," has for some time past been hanging over the North American States and the army of the Potomac more imminently than the clouds of Cossacks hung around the retreating columns of Napoleon the Great. The only question was which tempest would be the first to break? Would General Insolvency take General McClellan in the rear, and disperse his army before it advanced, or would he wait until McClellan had won a battle, and had marched southward, and then content him self with cutting off the victor's supple, and ravaging the whole country during his absence. This question of precedence is now settled. The invasion with which the North has been threatened has now taken place, and New York, Boston and Philadelphia are in complete possession of the enemy. The United States Treasury is a prey to insolvency; the New York banks, with rare exceptions cease to pay their debts, and the third installment of the Federal load falls. For the ugly word ' insolvency,' a gentle phrase has underbelly been substituted, and we are taught to call the reinstall or incapacity to pay, ' a suspension of specie payments.' Call it however, by what name we may, the result to the creditor and to the credit of the debtor is the same. Instead of gold, the creditor is put off with a piece of paper more or less worthless. We apprehend that no insolvent would ever declare his insolvency, if the world would go on accepting his signature to promises to pay. Like many other long-anticipate even's, this has startled us by the suddenness and the great scale on which it has at last occurred. These threatening and ambitions Federal States could not even contrive to stretch the corners of their credit so as to cover up the old year and bury it respectably. The United States Treasury was compelled, on the last day of December, to refuse specie payments for their demand notes. Banks of New York, Boston, Philadelphia and throughout the country, have followed the example. The Federal States of America are at this moment as insolvent as Austria. But the insolvency of the Federal States has this essential difference from the insolvency of the Austrian Empire--the Empire has a large revenue, which is regularly paid, and which, under prudent management might be made available to buy back its credits; the Republic has no such fund, and no very certain prospect of ever obtaining one. The Austrian paper currency circulates at a discount within its own artilleries, and is value less elsewhere. The American currency, having no revenue from taxation to support it, must inevitably sink down and down in depth of discount, and be valueless everywhere — as valueless as an old French assignat or an American State note of the first revolution. It is very sad to see a great commercial nation reduced by its own wild passions to such a pass at this. What chastity is to woman and courage is to manhood solvency is to commerce. A nation, which is an aggregate of interests, has its final state point of honor no less than its belligerent point of honor. Both these may sometimes suffer eclipse by some unavoidable crist; but in this case there has been necessity, and there has been no compensation . For all the millions which have been wasted, Federal America has not one creditable naval or military exploit, to show, nor one deed of which the sons of the present generation will be proud. This is a spectacle so and that, while we look upon it, we feel in no mood to note the points of ridicule by which the subject might be lightened, nor to use the temptation to laughter afforded by obscure mountebanks in Congress, who choose this moment of deep depression to make impotent threats against England and France. The only compensation for such a disaster as this must be peace. But even this may not be immediate. For a moment it may happen that everything will be ambulated by the great power suddenly snatched of coining wealth from paper. So long as the old habit of looking upon paper as money last so long as the population of America have not thoroughly realized the difference between convert this and inconvertible paper money, there will be no more lack of funds in the Federal States. A man who has found a gold mine is nothing to the man who has just discovered that the discounters will cash his bills, So long as Mr. Chase can peranche the volunteers to take their monthly pay in United States notes, he wants nothing to carry on the war but a good supply of paper and a printing press. So long as the contractors will supply uniforms and rations and military stores, in return for Government promises to pay, no army ought to be so I vishly supplied as that of the conquering North. Nothing flares so readily as a heap of straw For a little time we should not be astonished to see a flags of fictitious prosperity shooting up amidst the ruins of American credit. A dollar in New York and Washington no longer means a round piece of silver with a fixed alloy and a standard weight, but it means a piece of paper, which, like a parish dog in the East, has no local claim upon anybody. Reckoned in these new dollars, stocks and all manner of securities will, of course, go up. If we were to sell a house for a price to be paid in brass imitations of solden sovereigns, we should naturally expect to receive a great many more of the false sovereigns than we should be ready to take of the genuine color, There will be heavy hearts at New York, out perhaps there may be joy at Washington. Hot how long can this be hoped is last. Not long enough for the corn seat of the South.--Shall we give the volunteers two months to the period necessary to enlighten them as to the difference between silver dollars and paper dollars Is will be ample time. We need not give the contractors nearly so long; the will probably meet the difficulty by raisin their prices immediately and going on as as the paper is saleable. But what is the result to be expected as the end of the for weeks necessary to spread through America as appreciation of the exact difference between the words convertible and inconvertible? All went well so long as the million and half dollars came in every day. Contractor and volunteers and camp followers a good silt and cried ' Patience to the outsiders, and filled their pockets ' Money is made around at the French, 'that it may roll.' But the money is no longer round and will a longer roll, what then will happen? We may depend upon it, there will been more clothing, and no more regular and no more such service as a free and enlight American citizen will care for there army of the Potomac will, if it should have the good fortune, to be still on the banks of that sacred river, rely away insensibly; of if it should be so unfortunate as to he down South, it will die away unfed and in the swamps of Se The beginning of the end is come. Money has been every thing to the North, and it that is felling, chinches of conquest are at an end. Batter for better now to fight their long claye battle and win it if they can, lost it if the ; but to any case, put an and to this contest before, In disease and starvation and dreadful mortality, the war end to itself."
