THE NELSON EXAMINER. Tuesday, June 26, 1866.

Nelson Examiner and New Zealand Chronicle, Volume XXV, Issue 78, 26 June 1866, Page 2

THE NELSON EXAMINER. Tuesday, June 26, 1866.

Journals become more necessary as men become more equal and individualism more to be feared. It would be to underrate their importance to Buypose that they serve only to secure liberty j they maintain civilization. DB TOCQCEVILLB, Of Democracy in America, vol. 5, 230. Until now "we have refrained from any comment on the intelligence conveyed to us in our last telegraphic Summary of English news. Local incidents of great social importance have carried away the attention of all from events of a political character which are occurring in Europe. For many years the European news — short and concise as it must be when the wires are the principal means of communication — has never contained intelligence which is more likely to cause alarm in all circles. The Summary before last spoke of war between two of the most powerful European nations as being possible, but at the same time led us to believe that the mediation of other powers would effect a peaceful settlement of the questions at issue ; the last Summary scatters such hopes abroad. By tbe words which are employed, war is considered inevitable on the European Continent. Since the conclusion of the Crimean war — a war which saw two nations, hitherto considered as natural and inimicable enemies, joined together as allies in the defence of a tottering nation against the aggression of a powerful and growing Empire — the policy of England has been that of non-intervention. In the quarrels, and the battles which arose out of them, between France and Austria, in the year 1861, .England took no part, but remained as a silent spectator; during the civil war — a war unparalleled in extent and in the number engaged in modern warfare — which has been but recently brought to a termination on the American continent, England still stood aloof. Her commerce suffered, and thousands of her subjects were reduced to poverty ; yet the policy of the Government, so ably initiated and carried out by the late Premier, carried the mother country clear of the difficulties which were gathering around her. But it is impossible to look forward without anxiety to the struggle which now appears unavoidable in Europe. It is almost impossible to believe that England will still be able peacefully, to view the contests which are about to take place around her, and still to adhere to the policy with which her Government of late has been identified — that of abstaining from all interference in Continental politics, unless they immediately affect the interests of the British nation. The maintenance of a balance of power amongst the various nations appears now to be a secondary consideration with England. Her resources are husbanded more "with the intention of guarding herself from direct aggression, than of obtruding the weight of her authority, in order indirectly to prevent the possibility of such an aggression. But it is doubtful whether a country can long maintain a position such as this and still rank in Europe as a nation of the first class. Although she may be prepared to protect her own shores against invasion, it may be doubted whether in the act of attempting to alone consider her own internal safety and interests, she may not be drawn into a struggle with the other conflicting powers. As yet the result of the increasing squabble on the Continent, and the difficulty of bringing affairs to a successful close without an appeal to arms, has made itself only apparent in England by the depressed state of the money market. Both in France and in England we are told that a panic exists. The Bank discount had at one time risen to twelve per cent., and, had it not been for the suspension of the Bauk Charter, the result of which is virtually to make the Bank of England note a legal tender for which no specie can be claimed, we might anticipate the receipt of intelligence of still greater importance in the commercial world than the failure of some of the well-known banking houses of the metropolis. The effect of this measure, by enabling the Bank of England to afford more accommodation than it was able to do when compelled to keep within its cellars an amount of specie in proportion to the paper it issued, was at once apparent by the Bank discount sinking to nine per cent. It is impossible to speculate with any great probability of arriving at a correct conclusion as to the result of theextraordinary complications in which, at the present time, European politics are now involved. The interests of the different kingdoms appear to be mixed up with every move, however apparently unimportant, of their neighbours. The struggle will not alone be between Austria and Prussia. Both Italy and the German Confederation will be pulled into the embroilment, and it is impossible to forsee to what extent difficulties with other nations may arise. Europe at the present time has in one respect the appearance of a chessboard, where not a piece can be moved without the position of the others being affected by it.