Hawke's Bay Times. Nullius addictus jurare in verba magistri. MONDAY, SEPTEMBER 12, 1870.

Hawke's Bay Times, Volume 16, Issue 821, 12 September 1870, Page 2

Hawke's Bay Times. Nullius addictus jurare in verba magistri. MONDAY, SEPTEMBER 12, 1870.

Among popular fallacies, one of the most common is that " a good war " is calculated to induce prosperity. Like most others of the class, this idea is founded upon the false stimulus which Government expenditure temporarily creates in respect to a certain class of productions,— the truth being that such stimulus is necessarily followed by a dreadful reaction, leaving a much more than compensating state of depression in its place. The stimulus, too, is merely local, as well as temporary, while the resulting depression is wide-spread and lasting. The nations of the Old World appear just now to be entering upon one of the great war periods ; and, as more correct notions of war's effects are held, the first result of the news has been to itnrow the mercantile community into a state of alarm, and cause a feeling of insecurity and depression. The news we receive by this mail is of falling prices for the staple products of this Colony—wool and flax; and this, too, close upon an improved aspect of the market, which piomised better things. The bloodhounds of war are loosened, and no man can tell to what extent the passion for blood will spread. At present, only the two Powers of France and Prussia appear to be involved, and both seem somewhat ashamed of the position they held, as they strongly deny their responsibility for what has occurred, and each of them throws the blame upon the shoulders of the other; but though onlv those two are yet en-"•ao-pd, there is no certainty that

other Powers will not be drawn into the vortex with them. It is, indeed, hard to see how they can escape becoming committed to one side or the other, in consequence of the exceedingly intricate political relations existing between the various States. Great Britain at present occupies a neutral position, but opinions vary much as to whether she will be able to maintain it. Her attitude is a question of serious moment to her Colonies, and it would seem r-hat our neighbors in Australia are making preparations to meet an adverse contingency. England's own politicians do not seem to be over sanguine in their hopes, as a sum of two millions has been asked of and granted by the Imperial Parliament for war purposes during the current year. We can only § hope that , the better sense and feeling of the belligerent PoVevs will prevail, and that ere long we shall hear of peace and confidence restored. In either case, we believe that the notion of I wars conferring benefit upon the public will be dispelled by the stern logic of facts.