Mr. Pike to Mr. Seward
The 50th anniversary of the expulsion of the French domination was celebrated here yesterday with great eclat. It was a striking ovation to the House of Orange.
The subject of the proposed European congress occupies much attention.
The powers are engaged at present in ascertaining, in advance, just what is to be done, and how. If they can come to an agreement on the points of difference, the congress will meet to ratify this preliminary understanding. But this is simply trying again to settle by diplomacy questions which diplomacy has been endeavoring in vain for months and years to adjust. Still, if there is a will, there will be found a way. * * * * *
The cotton question in Europe is assuming a new phase. The production, which last year furnished half the ordinary supply, is expected to be increased to three-quarters this. The enhanced price is producing an extraordinary outflow of the precious metals from northern and western Europe to the east—to Asia Minor, to Egypt, to India, and even further east. Extensive railroad enterprises, necessary to facilitate the increasing transportation, co-operate to the same end. The result is a sudden and sharp money pressure, which threatens to be aggravated. It will probably react on us, and stimulate the drain of gold from the United States during the year to come, and the more that Europe is going to require but little of our breadstuffs, by reason of the abundance of the late harvest.
I have the honor to be, with great respect, your most obedient servant,
Hon. William H. Seward, Secretary of State, Washington.