The intelligence of the week, which not only rendered the
probe:. Why of war more apparent, but indicated the possible scale of the hostilitied and their consequences, produced a feeling in the City that has been unprecedented within the memory of many per- sons who now take an active part in commercial life. If we go back to the panics of '57, of '47, or '37, we shall fall to realize the comparison. Even '25 would scarcely serve our turn ; for although the prospect of disaster was far more immediate and more fearful to greater numbers, there was neither the sudden- ness which has characterized the present panic, nor were the immediate causes of the change so completely external to this country. The new visitation has come upon us without any previous fault or action of our own. It has almost compelled the City mind to recognize a dispensation of Providence in which it has no voice! The sense of helplessness has increased the dra- matic effect of the ehange ; and when Consols which at the earlier part of the week stood at 93 fell to 881 on Thursday, many thought that a period of financial chaos had arrived—the failures which took place increasing the alarm. These incidents are among the worst effects of all really great military complications; but their direct consequences are not always so universal or so • serious as those of the peaceful panics to which we have alluded. The trouble principally befalls those classes who are profession- ally engaged in money market speculations, and does not neces:.• sarily or essentially extend to the other commercial classes of the country. If some degree of check is given to the ordinary operations of commerce,—if, for example, the power of some im- portant customers to consume our exports is for a time con- tracted or suspended, there are other branches of trade which are called into activity. Vessels which are engaged in the export of goods may find a temporary employment in the transport of men or provisions ; and merchants who minister less actively to peace, may find themselves called into requisition in supplying the ne- cessities of war: Comparisons of the price of Consols at such periods fail indicate the relatiie'state of trade.
Previous page
