THE PANIC-PAUSE IN EUROPE.

Otago Witness, Issue 832, 8 November 1867, Page 1

THE PANIC-PAUSE IN EUROPE.

(From the Daily Times Nov. 2.)

Thebe are states of uncertainty that affect commerce and international relations almost as disastrously as "war itself. Europe has riot yet recovered from the panic of last year ; and instead of alarm and apprehension subsiding, they are evidently on the increase. Almost every journal from England contains accounts of rumours tending to unsettle men's minds. In the early part of the year it was predicted, in many quarters, that peace would be preserved during 1867, on account of the International Exhibition of Paris, but that closed, war would not be far distant. It was assumed that the national pride of the French, so ruduly assailed by the position taken and maintained by Prussia, would not be satisfied until that now powerful country was humbled, and French supremacy acknowledged. This idea still prevails to a great extent, but it is not now-a-days the fashion to engage in national dueta to determine which of two powerful countries is the stronger, better skilled in arms, and capable of inflicting the greater amount of damage upon the other. But while this idea "may be dismissed as unlikely to lead to international feuds, many complications exist, and others are constantly occurring that tend in that direction. Every new contest, although apparently settled, leaves behind it the seeds of evil, that in a few years bring forth a plentiful crop of difficulties. Most of the disputes that have led to the recent wars were legacies, left by the Congress when the map of Europe was settled at Vienna, after the close of the wars of the French Revolution. The monarchs settled questions which the people have re-opened. Acrain a peace has been patched up by addingpart of Germany to Prussia, and depriving Austria of her provinces in Northern Italy, but the work is still incomplete. Scarcely has the sword been returned to its scabbard before fresh Questions have to be

determined and new arrangements made, which iti their turn will involve further changes. So conscious are all in Europe of this critical position of affairs, th.it trade is paralysed, and money almost valueless. The Examiner says "Europe " is again witnessing one of those gloomy " periods in which people are doubtful " whether the clouds will breakin storm, " or di&perse in sunshine."

The chief matter 1 that caused alarm was the visit of the Emperor Napoleon to the Austrian Emperor, at Salzburg. The pacific professions of Napoleon are not believed. The traditional reputation of the Bonaparte family is difficult to change, and there is strong disinclination to believe that the Nephew will continue to follow a policyso diametrically opposed to'the spirit of the First Empire. It is not enough to reassure doubters that a peace policy has evidently proved to be the interest of France ; that her people are richer and happier, her revenue increasing, her manufactures, commerce, and resources de veloping. The grim war spectre is believed to stand, behind all this, kept in the back ground for a season, but ready to take immediate action, at the bidding of his Imperial lord. The interview at Salzburg is looked upon as a sinister omen. Louis Napoleon has endeavored to show that the visit was one of friendship, and condolence; and taking into considera+ion the bereavements and calamities lately suffered by the Austrian Emperor's

House, nothing, could be more natural. , But Emperors are never judged like ordipary men. It js not denied that they, .have , human feelings, but Royal households appear to be considered nests for, hatching plots ; and therefore when monarchs meet, situated in regard) to the rest of the world as the two Emperors are, although, words of condolence and expressions of regard may be exchanged, it is assumed that these are only the cloak to cover designs against the thrones and dominions of their neighbors and contemporaries. With* such ideas prevailing, it is not surprising that such a catalogue of forebodings should be drawn . out as that, from one or other item of which, it is apprehended, trouMe may spring. , . With regard to the insurrection in Crete, that once was looked upon as so likely, to prove a cause of war, rumor has. died out. It is scarcely even known, apparently, whether it is yet blazing furiously, or whether the conflagration Has been quenched. Another outbreak, far more formidable, is reported in Bulgaria, which bode 3 trouble to Turkey ; and Spain is in a rather more than tisual state of disorder. What might possibly crop out of these movements is not speculated upon. They are not considered .likely to disturb the general peace. But this interview at Salzburg seems to be precipitating new alliances ; and the Examiner, without committing itself to an opinion as to the -correctness or otherwise of the flying reports, summarizes them thus:— "We hear of a Russo-Prussian " alliance on the one side, to which thi3 " one between Austria and France is but " the counterpoise ; we hear that Turkey "is preparing herself by admitting " Christians into the Council of the " Empire ; that England and France " have notified to Greece that she must " not further disturb by her proceedings " the tranquility of Turkey ; that Rus- " sian agent 3 are exciting the populations " of Turkey and Austria against their " respective Governments ; that the Bul- " garians are already in insurrection, and " that the Sclavonics of Austria are " soon expected to be ; that 9000 " Prussian guns have been seized on the I " Hungarian frontier ; that a change of j " Ministry has taken place in the princi- " pality of Rouinanja, which is said to be " Tot unconnected with the general plot ; " that the French Government are pur- " chasing large quantities of horses in " Hungary ; that French journalists have " been making a political demonstration "in Denmark, and that the King of " Denmark actually received, on. the " 17th, in the Castle of Bernstorff, " ' these apostles of discord,' as they I " are called in the North German j " Gazette. It may be that all this signi- " fies nothing; but when we take these " statements and facts in connection " with the rumored alliances and actual ! " interviews of great potentates, they are " not without weight. We do not say " that a war is to burst forth all at once. " The men at the head of the designs " which now divide Europe into two " hostile camps will not strike before " they are ready, but once ready the " order will he—frapjwz vite et, frappez "fort. Until we see disarmament, we 1 ' shall have no confidence in the main- " tenance of peace."