The Effects Of A European War

War in Europe does not menn wilimited prosperity in America. When the war-druma throb, nnywhere in the civilized muid, sume aliare of the suffering and loss must full soonor or latea to every nation. Modern finance and modern commerce have bound all nations together with tios that cannot be seen but cannot be broken, nnd the trae interest of each has beconie the best interest of all. Jay Cooke cotild not fail at New York without causing Ktarvation iu many an English town, and the Sublime Porte cannot send devout Muasulinans to be food for Kussian cannon without bringing disaster, near or remote, to pious Christians in Maine or California. It is very much the habit to tnke it for granted that war in Europe will be a great Messing to this country. War between civilized nations necds to sustain it grain and gold as well as blood and iron, nnd the immediate demand for the support of combatarits, in food, clothing, and munitions of war, will not be inconsiderable. But the main and obvious f act is that ports f rom which about 42,000,000 bushels of grain are usually aeut to supply European demands will be closed by a struggle betweeu Russia and Turkey. The number of consumers will be unchanged; tho number of producers will be greatly diminishcd. Grain, meat, clothing, weapons, munitions, and many manufactured articles will be purchased from this country in much larger quantity because of the war. Already cargoes are dispatched by telegraphic or der ; already faetones open their doors, and the prices of our chief products for export ndvanee. But tlie medal has two faces. We are certain to ship lnrgoi quantities of products at higher prices, and in the exchanges of nations these products are as good as gold, and yct the premium on gold in American markets rises swiftly. Inasmucli as we owe nearly or quitt $2,000,000,000 abroad, in the form o bonded debt, the credit of corporations and municipnlities not known to be strong is likely to be severely tested Not a few railways, which have strug gled until now against bad nianagemen or adverse fate, will be forced to surren der at discretion long before the Turk lay down their arms. Stocks of al kinds, miniug, rnilway and manufactur ing, are also largely held abroad, and in nmny cases are likely to come back. I is unfortunate for us that this disturb anee iu Europe so closely follows event which have impaired confidence in the management of many American corpora tions and municipalities. But we mus face facts as they are, and it seeins prob able that, for somo time to come, a larg share of our exportcd grain and produce will go to paj' for bonds and stocks re turned to this country. - New York Trib une.