The Sun.
London, England, 1857-11-09 00:00:00

THE WEATHER-StIN OFFICE, NOVEMBER 8.

THERMOMETER, IN THE &UDE.
58—highest since noon yesterday.
49—lowest this morning and during the night.
51. —this day at noon.
BAROMETER, 30.37—rising.
WIND, N.E. ; light, inclining to frost.
NOVEMBER 9.
53—highest since noon yesterday.
52—lowest this morning and during the night,
54—this day at noon.

BABO3fETEII, 30.39.
WIND, N.N.E.. ; light, with dull weather.

*1
474),ti
.•

[LONDON, MONDAY, NOV. 9, 1857.

The crisis is proceeding. The merchant princes
are beginning to succumb beneath the overwhelm-
ing pressure, and the impossibility of obtaining
discounts at any price. The latest suspension is
that of Messrs. DENNISTOUN and Co., of Glasgow,
Liverpool, London, New York, and New Orleans.
Their liabilities are estimated at the enormous
sum of two millions sterling, but it is said that
their assets are ample. The Times says, " The
private property of the partners in real estate,
and other possessions, is known to be of great
magnitude, and it seems scarcely possible that,
even under the worst circumstances, their em-
barrassment can be more than temporary." This
suspension, following so closely on that of Messrs.
NAYLou, VICKERS, and Co., of Sheffield, also of
unimpeachable honour and unquestionable sol-
vency if adequate pecuniary accommodation
oould be obtained—has created equal discourage-
ment and regret. When such houses have been
unable to weather the storm, in whom can implicit
confidence be reposed I That question is uni-
versally asked, but unfortunately no satisfactory
answer can be returned. The panic is therefore
spreading ; and unless a summary and suitable
remedy be forthwith applied, we may anticipate
a period of distress and dismay more terrible
even than " tho week of terror" which preceded
the issue of the Government letter of the 25th
October, 1847.

The Times is still true to its vocation, striving
to sustain the obnoxious by the most specious
fallacies. Grave misgivings are, however, ap-
parent in all its arguments, although it still ob-
stinately excludes the real cause of all these evils.
It asks what has caused Messrs. Naylor, Vickers,
and Co., and Messrs. Dennistoun to stop ? add-
ing, "not any difficulty in the rate of discount,
bat the simple fact that each succeeding mail
from America arrives without bringing them
remittances of bills to enable them to apply for
discount. Their capita/a are ample ; and if they
had had the bills, the question of 9, or even 20,
per cent. would not have troubled them. As-
suming this to be correct, it proves, beyond
the possibility of doubt, the fact that it
is the monetary code of 1844, which has
occasioned all the mischief. Why, wo ask, in
turn, should firms, whose capitals are ample, and
whose " honourable standing has never been
called in question," who are admitted to have car-
ried on their extensive business prudently and
discreetly, be reduced to such a humiliating and
ruinous alternative as the suspension of payment,
and possibly the fearful losses incidental to a
compulsory winding up ? In ordinary times there
could have been no difficulty in obtaining the re-
quisite funds on the abundant securities which
these firms had in their power to offer. The
mere delay of remittances would be of far less im-
portance than a heavy rate of interest. But credit
is annihilated. There is a famine of currency,
and every man looks to his own interests, and
holds with tenacious grasp the notes that may be 1
essential to his own preservation ! We allay re-
peat what Mr. Moors, the Governor of the Bank