The Sun.
London, England, 1856-10-08 00:00:00

TIIE MONETARY CRISIS IN

The Times correspondent (second edition) thus
speaks of the crisis at present existingia Paris ,

"It is unfortunate that the financial crisis which now
preVails had not been foreseen and provided for. Igno-
rance can hardly be pleaded, for I believe timely Warning
was given by competent persons. The premiumnn specie
is now so high as to almost banish it altogether from cir-
culation, as it cannot be received but at the legal value,
It is calcUlated that during the last five years about
1,200,000,000 francs in silver have left the country,
while not more than 700,000,000 f. have entered. If this
calculation be correct, Franca has lost within that
period 500,000,000 f. of its silver coinale, and has ye-,
ceived double that amount in gold. The
.result is the
greatest inconvenience in commercial transactions gene.
rally, and particularly in the manufacturing districts,:
where silver is indispensable for the payment of wages
to the working classes. In truth, silver can hardly be
found anywhere. 20f. and 101. pieces in gold are only.,
to be had, and 5f., 2f., if., and 50c. pieces }Lave nearly .
disappeared. The exportation of that metal, is the
more rapid that France export., comparatively speak:
ing, but a small amount of manufactured produce, and is
conequently obliged to pay foreign merchandise in
specie. This is one of the consequences of the vicious
system of 'her custom-houses, which the Gevern*nt
seems of aid to' touch. It is evident that, if the mann.;
factoring products of this country could be sold
_at a relatively low price to the United... States, she
c .s.e.3d them instead of the Prccious rnetali
is
exchange for. Vie grain of the American farmers),
and such crises as the 'present would rarely- take
place, or would' be less severely felt. When it wati &seer-.
tamed that the harvest of 1855 was deficient the Moa,i-
leer announced that the Gdvernrnent had icsolved to.
leare to private commerce to supply that deficiency,
Full cnnfidence was at first reposed in that declara-,
tine ; tut it was remarked that in the month of May
or April enormous sales of ft,,nr and of wheat began
to take place at liavre, through the agency of a
well-known helve in Paris, and on account of parties
whose r:atnes, it is said, were carefully concealed. A.
fail, of course, rapidly ensued ; the trade took alaru,
and many who had kept their stock in expectation' of
a r'se were forced to sell at less than the first cost
of the article. The result was an enormous loss.
It was affirmed at the time that the mysterious
party on whose account these large sales- were
effected was the Government, notwithstanding.. the
announcement in the iff onPeur. Immense quan-
tities of flour and wheat wore purchased in the
United States, which naturally produced a greater rise
than if private traders bought on their own account, and
then sold in France, for the purpose of keeping down the
rn:irket. It was calculated that this operation was at-
tended with a loss to the Treasury of about 12,000,000 f.,
with the additional disadvantav of preventing the regu-
lar traders in the ports of the nor&li of France from
unddraking these operations, fearful, as they must be,
of again encountering so formidable a competition.

(Prose the Univers.) .
The financial crisis with which we are menaced does
not sui:prise us ; it is the natural consequence of th i
ex-
azgeration of credit. It is evic:ant that when we borrow,
this time for payment must come, sooner or later ; a per-
Fetual credit is a palpable contradiction. Stock Ex-
change matters go on fora time, and then comes the day
fur a settlement. It is then that Oa scaff.dding of 001-
is:i speculations crumbles to the ground ; bankruptcy'
succeeds bankruptcy, a Mass of shares ate thrown on the
market, the value of securities slepreciated,.&e., &e.
The dead are then buried, the wounded' attended
to, and the game recommences on the 'thorrevi,with re-
newed .vigour. The victims of the Bourse inspire us,
ith little pity, but it is sal to think that the fever of
,;,ecol ttion has gained the mass of the population. We'
have at this moinent before our eyes - certain establish..
merits which are worthy of Law's famous Mississippi
Bank. Their imaginary profits attract capital 'away
from. useful enterprises which would have fructified.
It mar be
.said that the capitals
,of France have Beenconcentrated 'in Paris ; the provinces are in a state of
p.mury,' Which is daily increased by the scaicity of .
prArsions. Moreover, thanks to the cepnaopolitan
culacko who overrun all the states of Europe' .Franch
capital 'has teen despatched abroad. 'Mniseyls becoming
more and more rare. The war absorbed much, and we
shall require more for the purchase of corn, as the present
barve.t appears insufficient. It is not in merchandise, but
in gold and silver, that payments for cOrn'are'made in pe-
ria(hsol alimentary crisis. It is true that the mines of Cali-
fornia still sped us their bars of gold, but it will soon be
fannd that the treasures of California have impoveriihed
Our Silver money is already on the point of disappearing.
Ecrionaista have allowed us to slumber on consequences
which might have been anticipated. Let matters'
pas over in their natural course; has .been their
motto. Now, today, we perceive that our. silver
coinage is vanishing and that it is too late to o°'
vent this emigration. In six months 525 millions.
iu silver have been exported from SoutbamPtts:
It is probable' that India absorbs all this
cur.
inpnse quantity of coinage. ' Gold which
%; and
reii,t in England is no longer a legal. tender in ;u the
itisi our silver which supplies the deficit experi,einog
experi.
4'a,t. Economists are witnessing an interesting
a demami
went. Money is directed to the point
dw
the
sank prin.
Y, Tl,aters return to circulation
exists ; is a recog.nised,priociple, an
tilde will bring it back again France.to-
lrsi cffiao‘viic-ej ItrdY::
tei will rld
turn ebarged with expenAes and trani.isapve
i
i
' it not have.been more prudent tthe :rabla
hich
raereivierotmriTelenstaleved
been taken into ennsideraititotib
ut in the mea sue,
begin by begging the .Erig-
theirdcolonies fur it is
esdpoiiled of, our
e can stnemit to be
primiti
n
seizes
's ou rho p{lblic lintiUet y. 'Phis
nsuat
sh
e-astic idea entert
evrneepP. serrstei 3tvrae t°bniul fortunes
olueltdj ef,:t uri
rig e n
c. y
impossible that
Tl'ie changes proposed by certain haienEeacs3t.
of success ; but go-
cnuaintl.td with the real value of the
silver
IndiaCompanyon
hl ya f,
er o
verr;nt~nt roust be
amssaured y no chance
ta'sts, and its intention is cm Vainly that
op
to theta.
of not listening

TI.o Couo.Journal,
.in ..-13,2a,king of Miss .11i,rhtinNale'a
pvsenee at the ball at Laltuoral last wdek, says .
gale wa3 tpecially invited to be present,
the Roval family - and the Court
a?dli v-'Ba lle
ieL;el a'ttend with
circle at one end of the ball. This young lady i 3 Usti"
than the p.rtraits patlialied of her would lead one•to
imagine, . In the statue attack of illness 51±0 suffered in
the Ilta, it was absolutely necessary to have all beg hair,
cut off, audit is now therefore quite short; but a ciao:T-
ing lit tic cap makes a very graceful bead-dress ;
the elegantand in
and lady-like figure there is
.everything
that blars.out the ideal picture of the :coral heroine of
the Crimea which most have depicted to theuiselve .