The Sun.
London, England, 1857-10-30 00:00:00

FRANCE.

PARIS, TELITRSDAY EVENING.
The Constitutionnel contains an article on the
Principalities question—signed by the. gentleman
who represents the semi-official character of that
journal—which is totally free from the imperious
language hitherto employed by our contemporary
in its treatment of that important question. The
writer commences by reproducing the conversation
held in the sitting of the Congress of- Paris of the
10th March, when C ,unt Walewski expressed his
conviction that the inhabitants of the Danubian
provinces were in favour of a political union, while
Count Buol entertaiued a contrary opinion ; it
then offers the following remarks "No doubt can be entertained on one point of
importance—the future c eaference which is called
on to discuss the reorganisaCon of the Principalities
will have a decisive character, such as was not
possesie 1 by the Congress of Paris. It will be
acquainted in a positive manner with the opinion
manifes'ed by the divans ; moreover, it will be
enlightened by the report drawn up by the Euro-
pean commission. We do not admit, like some
journals, that the question is definitively settled.
That would, in our opinion,- prejudice the intention
of the congress which provoked the meeting of the
divans. The latter have performed their role ; the
time has now come for the conference to act. The
divans had for mission to clear up doubts which
existed in the congress. They represented two
deliberative assemblies, and not legislative assem-
blies charged with the organisation of a govern-
ment. That task belongs to the conference which
has never contemplated abdiCating that right.
Assuredly the wish expressed by the divans will
be taken into deep consideration, and will exercise
great weight on the deliberations. The Plenipo-
tentiaries may have to take into account other con-
siderations which concern the stability of tho
Ottoman empire, and also European equilibrium.
It cannot be denied that Turkey, though only
figuring in the meeting as a signing power, will,
from her peculiar position in the question, com-
mand serious attention. The approaching confer-
ence, we repeat, will be perfectly acquainted with
the sentiments of the country which it is to or g inise.
When the ideas of conciliation which ever prevailed
in the congress are taken into account, a hope ma)
be entertained that the powers which are opposed
on this question wili.succeed in solving it without
fai)ing to conciliate 6. the iutiq.6ts of A/ cug Ted."
There has beet' great steadiness in Route and
other securit'es, speculators hoping that the Bank
of England would reduce its rate of interest before
the end of next week.

A meeting of the inglish residents was hq 1 this
morningatMeurice's Rotel to take into consideration
what should be done with respect to the Eng
church in the rue d'Aguesseau, which is offeie I
for sale. It WAS resolved that a sum of 5,00 G/.
should be raised in shares of 251. etch, and that the
Government should then be cilled on, under the
Consular Act, to advance an equal sum, whereby
the capital demanded for the purchase of the church
would he made up.
BOURSE, OUt. 29.—The following were the list
quotations :

Sardinian
Cash. fr. End of Month
14 per Cents .. 9O 50 —fr. --
3 per Cents 67 5 67
Bank Shares
530 -
2M Credit Foncier
Roman
CproeidAitccliro4uo:ib.
.e.
....
7°4 50 Austrian -
P 4— Spanish Threes 404
Belgiannse (5) 4 Rome Debt
RAILWAYB---FoR CASH.
Ir. c.
11. C,
Orleans
Nortborn - Strasburg -
Lyons and ...... New Ditto
Grand Central
COO -
-
NewGnevDaitto... .......
817
Austrian Corn. 675 -

PRUSSIA.
A letter from Berlin of the 26th, in the Cologne
Gazette, says ••••4 A note was yesterday despatched
to Vienna to announce t 3 the Austrian cabinet that
the representative of Prussia had received orders,
as already stated, to lay the question of the Duchies
before the Germanic Diet, and to request the sup-
port of Austria in that proceeding. It was made
known at the same time to the Imperial cabine;
that, in the event of the refusal of Austria, Prussia
would act alone. The Prussian cabinet has not
returned any answer to the last Danish note. It is
certain that the States of Latienbourg are also about
to apply to the Germanic Confederation, the Danish
government niat having paid any attention to their
applications." _

The Prince of Prussia has addressed an order of
the day to the army, in which ho expresses a 'hope
that he shall, on the recovery of the Kiug, be en
bled to report highly on the conduct of the troops
during his continuance in power.

AMERICA.

SOUTHAMPTON, THURSDAY EVENING.
The United States mail steamship Fulton, Capt.
Wotton, has arrived at Cowes, with advices from
New York to the 17th inst. She has 50,000 do's'.
in specie for London ; also 12 passengers for South-
ampton, and 72 f,,r France.
In reference to monetary affairs the New York
Morning Express of the 17th says :
" The as a Levvspaper topic is beginning to
run to seed ; by the next week it would not be surpris-
ing if readers as well as editors should try and think of
something else. The excitements we have tad this week
are altogether too violent to last long ; meanwhil9, we
continue the record under the proper heads of everything
fresh by telegraph and mail. It is almost certain that
there will be no extra session of the Legislature. Mr.
Samuel A. Foote and Mr. Samuel B. Ruggles were
heard at Albany on Friday in behalf of the New York
city banks objecting to it. The Governor sees no neces-
sity for it at present, but will hold the subject under.
advisement.
" At New Orleans the run on the banks continue:,
but the 'panic' and the 'excitement' are dying out.
" The Bridgport (C)nnecticut) banks have suspended.
The report of the failure of Doan, King, and Co., of St.
Loui., is authoritatively contradicted. At Boston all is
quiet; everybody wants to see what is going to turn up
next. At New Orleans, on the 14th, there was a gene-
ral run upon the banks, and several suspensions were
announced ; the run cuntinued on the 15th, and con•
tinues heavy, there being much excitement, and business
was paralysed. Money matters were in a very unsettled
state. Cincinnati and the banks at Nashville had sus-
pended."

A despatch from St. Louis of the 15th says,—
" That there had been a heavy run on the banks of
the State . of Missouri all the morning, and opinions
inflicted as to their ability to hold out."
The New York _Herald of the 17th, in review-
ing the state of the money market on the previous
day, says,—
" There was a very buoyant stock market this morn-
ing. Every ounce of weight has been taken off the
satety valve, and stocks are going up on the run. The
Stock Exchange appears to have had quite an accession
of operators from some source, and they take hold with
great avidity. At the first board to-,lay New York
Sixes, 1874, advanced 3 per cent, ; Ohio Sixes, 1860,
3 ; California Sevens, 3 ; New York Central Railroad
Sevens, 3 ; Erie Bantle, 1875, 3 ; Ditto, 1871; 2 ; Ditto,
1883, 4, Galena and Chicago Reilrsad, 4 ; Illinois CentE
tral Bonds, 1 ; Bank of Commerce, 1 ' American
Exchange Bank, 5 ; Delaware and Hudsons, 6 ; Pacific
Steamship Company, 2 ; New York Central Railroad, 3;
Erie Railroad, 1 ; Hudson River Railroad,- 2 Reading,
1i ; Michigan Southern Preference, 3 ; Panama, 2 ;
Illinois Central and Rock Island, 3. Here is an advance
equal to anything of the kind we bays seen for many
months ; at this rate a few days would suffice to bring us
back, 'as far as prices for stock securities are concerned,
to the palmy days of last spring. The .‘ hulls' have
beyond all question full possession of - the market.
Holders of stocks may not, as a generel thing, be
inclined to sell, even at the present -quotations ;
they • are looking for prices far beyond those
now current. These stock speculators are a very san-
guine set of persons ; the higher the stocksgo the higher
they think they must go. Parties who a few days bluee
were free sellers at the lowest prices, are now free buyers
at the h ghest points. The actual position of the bake
is not rightly understood by these speculators. It is
unfortunately the general impression that, under a sus-
pension of specie payments, the largest expansion can be
practised with impunity—that there is no restraint, nu
check upon an inflation, and that the banks have, in
fact, the largest liberty in all their operations. There
never was a greater mistake in the world, or one more
calculated to entail upon the community consequences of
a most fatal character. It is the impression that the banks
are at liberty to do ju,t as they please in the way of dis-
counting which has given such an upward impetus to
the stock-market. The sooner the public mind is satisfied
that the banks have, if possible, even a more difficult
and dangerous duty to perform than before the saspen-
sion, the better, for, if made fully aware of the conse-
quences, we shall see a very importaat and wholesome
change in the oemplexion of the stock-market and of
financial affairs generally. It must be borne in mind our
banks have to keep constantly in view the fact that sooner
or later a resumption of specie payments must. take place,
that this suspension must terminate, that the currency of
the country must come down to a specie basis, that ail
this paper inflation must expl de, and that prices must
he again regulated by the true standard of value. Any
extension of loans by the banks ie utterly out of the ques-
tion, and we are glad to see that no attempt has beau
made to raise the line of discounts. The position of the
, banks is no enviable one, an i they know it. They have
at this moment no legal existence. The proceedings of
our court in relation to these institutions exhibit a state
of things that must create in the mind of every god
citizen the most fearful apprehensions regarding the
future ; we have but seen the beginning of this affair ;
we are literally in a state of anarchy, and must look to
the consequences. There are other officers of the State
besides those of our courts who have a part to perform
in this drama, and it will not be many days before some
of the results of this suspension will be realised in a
shape very different from that anticipated. The banks
of the State of New York have actually absolutely sus-
pended specie payments, and they are now in the handy
of the law ; the controller, the banking superintendent,
and the State authorities, acting under special laws,
will be obliged to take certain steps in the discharge of
their duty that must force every bank of the State into
liquidation ; any order or decision of the SUpreeen Court
cannot stay the proceedings of our State authorities.
The pewees laid down by special acts for forcing banks
of issue into liquidation is so simple and so imperative
that our courts cannot prevent its operation. All law
fur the collection of debts, for the enforcement of con-
tracts, met be suspended in individual cases if done so
fur banking institutions. It is very easy to talk about
the necessity, on account of the great emergency, oh
favouring the banks in their extremity, tut it
is net so easy in the practice, and so our
banks will find before the lapse of GO days.
In view of the pains and penalties which roust
be inflicted upon the suspended banks, and in view of
the simple operation of the law which. every court must
recognise, we look upon the present inflation in price,
for stock securities, and the idea tbat fills the public
mind regarding the removal of the financial pressure, es
one of the most dangerous movements of the day. The
banks understand pretty well how they stand with their
creditors, and entertain the most serious apprenensi
that the controller may be cnneelled to act in the
mo,t summary manner, and compelled to force ovine
bank in the State into liquidation. The clearing-Lou-e
is getting rapidly in order again ; several of di! barks
wl ich suspended befor thegeneral break-town have come
into line, and a few days may see all but the two which
have borne liquidation
.come again is opsra-ion. The
balanceiebesween the different insti, utious are adjusted
by certificates issued by the Metropolitan Bank, and the
greatest facilities are afforded by the admirable system
and management of the clearing house. At the second
board the market opened and closed without much a'-
teration ; a fur amount of business was transacted prin-
cif ally for cash. New York State Fives, 1858, ad-
vanced 1 per cent ; Haarlem Railroad, # ; Cleveland and
Pittsburg, 1 ; Cleveland and Toledo, ; Chicago and
Rock Island, 14 ; Erie, g- ; Pacific Steamship Company,
; Panama Ita head, 1, Mil Naukie and Mississippi
Railroad declines per cent ; Hudson Railroad, 4 ;
noes Central Railroad, 1 ; New Yolk Central, ; Cum-
berland Coal, 4."
In their trade circular of the 17th instant,• undo
up for the Fulton, Messrs. Pond and Sage, brokers
of Wall-street, state—

" Sir:ce our circular of the Ist inst. our market has
continued much depressed, and the uncertaintyre2ardiog
creditors has almost caused an entire suspen.ion of sales,
with the exception of a few parcels for exoort and for
refining. It is very difficult to fix quotations, inasmuch
as there has been no regulerity in prices ; at the present
moment we incline to the belief that our market has seen
its lowest point., and that prices must gradually improve.
Our stock is becoming reduced by exports to European
markets of both sugar and melado, so that at the end of
the present month we anticipate gi►ing more favourable
ad vices."

A fiightful catastrophe happened on the Central
Railroad on the evening of the 15th, about six miles
west of Syracuse. It seems that the recent rains
had weakened au embankment at Nine-mile Creek,
so that when the train came along it gave way, and
the cars were precipitated one upon the other into
the-stseanA. To add to the horror of the scene :the
mail car Ctught fire, and all the mail bags save one
we're destrbyed. It was stated that of 60 passengers
who were in the cars two or three were killed out-
right, and some dozen others were shockingly muti-
lated.