The Evening Star SATURDAY, JANUARY 15, 1876.

Evening Star, Issue 4021, 15 January 1876, Page 2

The Evening Star SATURDAY, JANUARY 15, 1876.

c- —^— Jj The European news is so pacific that there should be good reason to hope for a continuance of prosperous times throughout the civilised world. The dream of philanthropists in past years was that the science of war would render the destruction of those engaged in battle so probable that no one would 8 be found to become Full of strange oaths, and bearded like the pard; !t Jealous in honor, sudden and qaiok in quarrel, k Seeking the bubble Reputation D { 1' ven in the cannon's mouth. id The inventions of late years seem nearly to have realised their expectaI* lions, so far as warlike science goes; but yet men, either voluntarily or compulsorily, form armies, and when "needs must," they fight even more resolutely and determinedly than their - forefathers. What fear of death, however, fails to cure, want of funds seems likely to accomplish. The late to Richard Cobden appears only to have w been wrong as to the time when he J prophesied that the cost of war establish- ' ments in peace would bring nations to their senses. The beginning of the end has come, and though only two European nations have thus far declared themselves insolvent—Turkey and Spain—the hopeless indebtedness of several others is a very heavy surety for their good behaviour. Men may blame the ambition of monarchs or the lust of dominion, or what other human passion imagination may suggest as the motive to war. In times past those uncontrolled emotions may have led to strife, although intrigues of Courts and Ministries, and mistaken ideas of national interests, have had their share in inducing the world's foulest curse; but the greatest sinners in this line have been the Continental Bourses and the English Stock Exchange. We only remember one good deed of theirs in checking bloodshed and enforcing justice, when withheld subscriptions for the Russian loan intended to crush the liberties of Hungary. As a rule the only object being profit, the value of the security and percentage fur risk <u*e all that are calculated; and these being settled thy Republic of Hayli or the Empire of Turkey have been alike trusted.. The iniquities of the Stock Exchange wetfe kid bare through the late investigations on Foreign Loans by the House bf Oomtnons,

and their rules and regulations characterised by some Members as having a tendency so much towards dishonesty to the public as to require revision: but no change has been made. The only check upon them is loss. It is a severe teacher, but it is a faithful one. It is bringing the tottering Mahomedan Empire to destruction and establishing Alphonso on the Spanish throne. Guns and men come to the front ami the latter claim the praise ■; but it is the pocket that gains the victory. Don Carlos is weaker there than even the Spanish Government, and his ce.use is hopeless, lhe Tuikish Government is insolvent, so cannot effectually; withstand rebellion ; and those who* would a few years since have fought atK j 'uarrelled over its partition, are seeking f ° ** * n the path of virtue and to teach the Moslem hpw to rule. ; A* the doi k nixiMlt

race in Europe numbers but one-sixth of the population, it seems doubtful whether the meddling of their teachers may not hasten dissolution, The sense of a comuioii danger has united the King of Italy and the Emperor of Germany. They are both engaged in establishing the supremacy of the State in all temporal matters; Russia is pushing her way eastward and southward in Asia ; and England, having the offer of a large interest in the Suez Canal, is quite content to have rich customers rather than keep the world in and is by peaceful means extending her commercial relations with China. The power of trade is j proving greater than that of the sword, V et quiet as the nations seem, and dull as trade has been, a change has come over the money market and the rate of discount, instead of standing at 2 or 2£ per cent., as stated a month ago, has risen to 4 per cent. This change will probably not prove of long duration, as it seems to have been caused by a demand f<>r gold in one Or two Continental States, consequent upon an alteration of currency, On the whole, should no unexpected . change take place, the prospects of commeic3 for 1876 are [cheering. So far as New Zealand is* concerned, the decreased rate of immigration may have a detrimental effect on wages, although we trust it will not be sufficiently marked to produce, bad effects.