Northern Times.
Liverpool, Merseyside, England, 1857-10-31 00:00:00

AMERICA.

The
Fulton has arrived at Southampton, with
4(1,0"00I'rk advices to the reah inst. She has Brought
Th 4°12. in specie, for London.
Weerike 'deices are of a much more satisractory
With teitler. Most of the large banks were liberal
Itse. eh' dealers. The appearances of relief in
Ittettera were gradua'ly on the increase in
teaPartments. They were most prominent oh
ek"; cook and the Corn Exchange, and least felt by
'tee ts negotiating paper outside of the banks.
ttesee foreign exchange:. --ere moved with more
Osti)eelat but the first advances in rates after the
ktoelleiDD were not retained. There were buyer
vs° 1021 out London, but drawers were asking
10410'110er rates. The facilities in the way of
13eiestie exchange and Eastern and Southern
ene!ee, were gradually increasing. The bus:-
hre, "°fle in gold on the 16th instant was
)•
The California packet delivered
a 0,,„
41,110 dole. dols. on San Francisco account, and
tree 2" dela. from 1-lavatmah. The latter came very
811461. Y to some of the Spanish firms-, whose
hole payments were fast maturing. Most of the
alt re of California drafts presented on the
issta'lrs took cheques current at bank. In other
tels46eB gold was paid out. The quotations for
2pee'saaboutoe to 1 percent. premium buyers, and
the ecent- sellers; the market was so unreleavable
tattse`°l. the small premium offered, that a good
Or ie Parcels Went directly into Bank, on special
ltie7eueral accounts. There were no important
to
4"8 reported ; but the New York Times regrets
Poellanelince, that another of the few remaining
liee'istie Exchange Banking firms, of long estab-
tf credit, had suspended payment on the drafts
4eN'
l' IVestern correspondents. We allude to
s. Dale;Windsor, Lamei, and Co., until recently a
they ,fleat house in railway negoniatione. Indeed,
to
ties per
among the first of the New Yolk B tinkers
floi-er largely and consistently into the prosecu-
-10 the system in Ohio, Indiane, and Pennsyl-
li4' According to the New York Herald, the
het Lane has exhausted itsele and the reaction
!lee Illreenced. It wasrvery perceptible in Wall-
°.lace," , Stocks advanced, and the Banks were in
tl'el7;44e spirits. Flour also advanced; in fact,
43, " "'nig was on the rise. That paper of the 17th
s ;es
erne
AVertre Was a very buoyant Stock Market this morning.
t,e.,°,tee of weight has been taken off the safety valve,
Ila.e.'`'e9 are going up on the run The Stock Exchange
eke, -8 to have had quite an accession of operators from
fi.6e'llree, and they take hold with great avieity. At
tree
Doard to-day 'New York Sixes, 1874, advauced :3
e4te-et ; Ohio Sixes 1860 3; California Sevens, 3; New
eitt ral Sevens, 3 ; Erie Bonds, 1875, 3 ;
ce,i1r,,',,°71, 2 ; Ditto, 1883,1 ; Galena and Chicago
ektre""ei 4 ; Illinois Central Bonds, ; Bank of Com-
American Exchange Bank, 5 ; Delaware end
`laeriteui; Pacific Steamship Company, 2; New York
road 4ailroad, 3 ; Erie Railroad, 1 ; Hudson River Rail-
g44; ; Pee.ding, ; Michigan Southern Preference, 3;
fEtd,a' 2 ; Illinois Central and Rock Island, 3. Here is
ra'lluee equal to anything of the kind we have seen
to te3°3 months; at th s rate, a few days would suffice
!sae °$ tie back, as far as prices for stock securities are
',l,ed, to the palmy days of last spring. The
market,t,hive, beyond all question, full possession of the
-baelders of stocks may not, as a general thing,
they eettled to cell even at the present quotations ;
teatre all locking for prices beyond those now cur-
eleeieeesse stock speculators are a very sanguine set
hiCiisns; the higher the stoke go, the higher they
he eeeeY must go. Parties who a few days since were
'she s;`61:8 at the lowest prices, are tow free buyers at the
tee- 13°Ints. The actual position of the tanks is not
the e ltudersood by these speculators. It is unfortunately
4344,eral impression that under a suspension of specie
Ittesep& the largest expansion c'n be prictised with
toee".l- that there is no restraint, no check upon
lee Leek n, PLA that the banks have, in fact, the largest
el all their operations. There never was a greater
the en,° the world, or one more celculated to entail upon
tt'Cute. unity consequences of a most fatal character. It
,act a Itoeression that the banks are at liberty to do
has ~11 they please in the way of discounting which
nk„'`vEn such an upward impetus to the stock
uaete The socner the public mind is satisfied that the
,°llte uleve, if possible, even a more difficult and dangerous
4frel° terform than before the suspension, the better, for
44, e fully a.wnie of the consequences we shall see a very
ito',Je 'taut eed wholesome tharge in the complexion of the
ortittereareat,
serd cf financial affairs geperally. It must be
?set leireteeLe our banks have to keep. constantly in view the
°lest tee °)ner or later a resumption cf specie payments
the elirr °Place; that this suspension must terminate ; that
'l%is -elleY of the country must come down to a specie
-kt PrtcEsell this paper inflation must explode ; and that
4.11),,?'"t he again regulated by the true standard of value.
lesse-e"lien of loans by the banks is unerly out of the
mode
"d we are glad to see that no attempt has been
leee4 e raise the lite of discounts. The position of she
%tee is no enviable one, and they know it. That have
ttlt moment no legal existence. The proceedings of
4t)te Ae°,aft, in relation to these institutone, exhibit a
eta things that must create in the mind of every, good
!Pe h ri the most fearful apprehensions regarding the future ;
,14 kl`.te but seen the beginning of this affair ; we are literally
The, ate of anarchy, and must look to the consequences.
tOti: era other officers of the Sta' e besides there of our
°lee: who have a part to perform in this drama, and it will
till ~°any days before acme of the result sot this suspension
Dee ee realized in a shape vary different from that *nem-
-llleet, The banks c f the Ptete of New York have actually
te:Ve suspended specie payments, and they are now
'ase' Lee of the law ; the controller, the banking super-
Larioc,l'„' end toe State authorities, acting under. special
°Il t 47111 )De obliged to take certain steps in the discharge
"ciltie,r.dute th'tt must force every bank in the State into
eten,"l°ll; any crder or decision of the Supreme Court
stay the proceedings of our State authorities. Tae
laltts-i° 'aid down by special Acts for forcing banks of
that 'exit° liquidation ; is so simple and imperative
ei
1. -111' courts cannot prevent its operation.
merit for the collection Of deb's, foe the enforce
fee .e,,f contracts, mast be suspended in individual
4
t 11,4 dells so for backing insti:utions. It is very easy
°l4sl.ee about the necessity, on account of the great
,
i'€lle.le of favouring the banks in their extremity, but
W'll not BO easy in the practice, and so our banks
;et le°e4 before the lapse of sixty days. In view of
titiasn and penalties which mint be inflicted upon
,"' tleellend-d banks, and in view of the simple operation
:lee-teaw which 'every court must recognise, we look
'll4 tO° Present iniletion in p ices for stock securities,
ehaseee idea that fide the public mind regarding the
et' the financial pressure, as one of the most
whatie°lllMovements of the day. The banks understand
Zia 3r how; they stand with their creditors, and enter-
e'ekeeei tee Oct serious apprehensions the-controller may be
:Zaire to act is the most summary mantles, and he
',l,llileaeeelpelled to foree every bank in the Sate into
'ol4erie'e,ll. The clearing-hcuse is getting rapidly in
hba'La ; several of the banks ittic# suspended before,
i,94-u-era break-down hare come .into line, and a few
s'te Or see all but the two which have not come in borne
;tete Yeidetion and again in operation. Toe balances
.41141.4thediffarent insti ntions are adjusted by eertifica•es
415 '7 the met litaa Bank, and the greatest facilities
tea sele red r_opo
by 'he admirable system and management of
1 o'4g-house.
erl Vest. ,
t,rade circular of the 17th inst , let tee
i ten, Messrs. Pond and Sage, brokers,
eiese-street, state :
tittase° °lle circular of the let _net, our market has con-
..
.e,tarli'tht-est:'l,.eh depressed,' and the :uncertainty regarding
ee'ea almost caused an entire suppression of sales,
e.teceeption of a few parcels for export and for
!tebare tag et, is very difficult to fix quotations, inasmuch as
e.taset been no regularity in prices; at the present
wa incline to the belief that our market has seen
t)e„°lre
' P"ltand that prices must gradually improve,
stock ,
alltee' Is becoming reduced by exports to European_
both euger and melado, so that at the end of
'171.44/ alit month Nra anticipate giving more favourable,
A 8.
Pail
tOaci eatastrophe happened on the Central
ie On the evening of the 15. h, about six
etties 117 Lest of eyraeuse. It seems that the recent t
;:'teh.l4 weakened an embankment at Nine•mi e
i°'ty'ntu that when the train came along it gave
alter the cars were precipitated one upon the
ems ace -t° the stream.. To add to the horror of
aetti-ile the mail car caught fire, and all the mail
r)t 4tVe
mlk:‘, one were destroyel. It was stated that
f'Qe w" passengers who were in the cars two or
ste osete killed outright, and some dozen others
41, ,h y mutilated.
it oe ettes claim to have triumphed in the re-
IP-1 'I-1 "I°ll in Kansas. The Chierrgo Times of the
~,iBe,vt:lllie,hhoi,,wever, publishes intelligencle frem
the announcement of the e ecdtir
trit•2 ou'rroP, the Free State candidate, for
than
pwio. by a mei trity of not lees lan
t:ise 22 t he, r
e4egislature, it is also stated, will fat is le `jetneterats and 30 Freesoilers. The con-
-1411 been so close that the result can