Northern Times.
Liverpool, Merseyside, England, 1857-10-26 00:00:00

THE AMERICAN MONEY MARKET.

We have no intelligence from New York of a later date
than October sth, of which details can be giver, except by
telegraph, which states that financial matters had become
worse, so that the -anticipations of a speedy recovery to a
more satisfactory state of things, is at present remote. If
we may judge from the last returns of the New York
Banks, the financial affairs of those institutions possess a
less favourable aspect. The last four weeks of the returns
are as under, to the 3rd of October :
Loans. Specie Circulation Depcs:t
Sept. 12 $109,985,572 12,181,857 8,322 316 57,334,121
19 .. 108,777,421. 13 556,186 8,073 801 57,851,931
26 107,791,433 13,327,095 7 838,308 56,918,803
Oct. 3 .. 105,935,499 11,400,413 7,916,102 52,798,865

It will be seen by the e returns that the weakest point
in the Banking system is giving way, and this will pro-
bably bring down a tremendous crash. The deposits in
the above accounts show a decrease of 4,120,495 dollars
in one week, reducing the amount under this head
10,000 000 dollars below the am unt it stood at the corr..s-
ponding date of last year, and nearly 20 000 COO dollars
below the amount on the 6th of June. It is seen also
that the determination of the Banks to extend accommo-
dation has proved a failure, the decrease in loans being
1 855,234 dollars ; and in the face of such a demand upon
them for deposits it was an absolute necessity to curtail
their disccunts.

The effect of the crisis has proved most unfavourable to
the manufacturers in Philadelphia, where nearly the whole
of the cotton and woollen mills have stopped, and the
remainder are only continuing to work up the raw
materials on hand. Some have b en totally deprived of
funds, and others refuse to work up goods at a loss. The
consequences to the working classes are of a very distress-
ir g character, these stoppages hiving thrown out of
employment more than 4,000 persons whose weekly wages
amount to 25,000 dollars, or £5,000 a week, to which a
large increase will ba added should the remainder of the
mills case working.
Nearly the whole of the cotton and woollen factories
throughout the States are either standing still, or are
working short time. The difficulties of the manufacturer
cannot be otherwise than great at such a crisis, which can
only be overcome by enormous sacrifices. Those who can
hold their goods under such cireums'ances will be much
more fortunate than those who 11,.1d paper, which cannot
be negotiated at any price. The fall in many of the
principal Bank Stocks has been very g eat, arising
frcm the universal desire to rea'ise them in
money. But looking to the state of trade and com-
merce generally in the States, it may be very clearly shown
that this convulsion has had its origin amongst a reckless
set of men, whose greatest gains are made by the creation
of almost universal distress. When the violence of this
storm is over, America will do well to ascertain how far it
is desirable to place her commercial dest:ny in the hands
of a band of unprincipled gamblers, whose success is de-
pendent upon the overthrow of all legitimate transactions
in money and trade.—.Pan4re Circular.