Expected financial trouble in Europe.
--The New York
Journal of Commerce remarks thus about the position of matters in
Europe:
The prophets in
Great Britain have sneered over much at our financial troubles, but from present appearances they are quite as likely to be caught in the jaws of a momentous crisis as their more reckless cousins on this side of the water.
The trade with
India for nine months leaves them a deficit of over fifty million dollars to be paid out in specie, and the continued arrival of cotton at high prices, are adding to the embarrassment.
To buy cotton of a people who are hungry for nothing but a liver, and who swallow all sent to them without a promise of discharging a dollar, will be found a very different tack from buying of the
Yankees and paying in sundries at a handsome profit.
It is true that a large amount of English capital heretofore used in the
United States has been drawn home, and a still greater amount added by the timid
Americans who feared to leave their all in their native land, amid these scenes of commotion and bloodshed; and this will partly bridge over the
English difficulty.
But it will not give permanent relief; and if our difficulties should be settled, and this money called back, the pinch in the
English money market would be anything, but laughable, however funny our trouble appear in English eyes.
There are those who predict the suspension of the Bank of England before the close of this year; but whether this occurs or not, it is certain that there will be sufficient stringency over there to turn the attention homeward which is now occupied concerning American affairs.
France may share in the same trouble as her imports from new avenues of trade have not been counterbalanced by exports of French products sufficient to equalize the current of exchange.
