The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-08-09

coming to the assistance of schleswg. Hostein tn
Danes took shelter behind the Danish line Of battle
ship the Skiold which appeared te make sail. Tn
BONN pursued the Danish steamer to sea- and Sc
veral shots were exchanged; but IL not though
prudent to attack the of battle with small
II IL said the Russian feet of eleven line Of battle
ships had been seen of Moene.
The Position or the European Money MI n rIx EFF
From the London lines, July 20
The position and prospects Of the money market
singular than at the prese Mt nome Mt
Everything is tending in direction to produce strik
ing changes in the relations OF capital but in the
hetic trance resulting from our late exhaustion
they are scarcely noticed. With an increase in the
quarters revenue Of f5ls0o0 over the favorable re
Turns Of last year an augmentation in the declared
value OF exports Of between f3OOO,OOe and
IA 100000, during the period stock of bullion
in the bank which has remained with slight luctua-
TONS at larger amount than was ever before known
and the prospect thus Tar, of an abundant harvest
there also number of more exceptional circuo
stances, which furnish still greater indications that
state of affair If approaching which must awaken the
best energies of the country, and which, il wisely
watched, may give impulse TO the spread ciyili-
zation such has witnessed at no former epoch
Each account from California not only confirms but
adds. to all previous anticipatons Of the growth of
that territory and of the Of those who have
thronged to it, and the reflex action of these move.
nts other parts of the world now beginning
to manifest themselves with daily increasing force
In the Sandwich Islands in Australia along the whole
coast OF the Pacific. from Valparaiso to Vancouver
Island and even in China. the stir is distinctly felt
ana the awakening life thus maniiesting itself at the
extremities of the commercial system. must soon
b. acknowledged most powerfully at its centre
Even If California were announced tomorrow to
be a delusiop, 1t would be years before the ef
fects that have already been created by il would
cease TO operate but the tidings resolved for a
long time past have convinced all persons that
riches have never been estimated and hence the
inference is unavoidable that what has taken place
is only the beginning OF he changes to Accord
ing to the accounts from New York, il is cont
IDENTIFY believed that the gold received in the United
States during the next six months will exceed the
total Of all that has yet arrived The silver mines
South America too are yielding largely increased
supply railroads being constructed for their fur
Their deyeope quicksilver Is likely to be
In unusual supplies and i'm proved methods of working
resulting IRON the application OF capital derived
from the pronts of trade with San Francisco Coupled
with these facts We have accounts of other gold
gions in Bolivia, Venezuela South Australia The
less noticed but steady increase in the supply from
Russia Las likewise to be borne in mind and 6nally
the substitution aud silver for the gold coin
age in Holland amounting it is understood to between
f2,0t0 eco and f3 ot00C0.
Under all these circumstances the rate Of money in
England Is about Ia per cent, and at New York,
although they are now sending us large amounts of
bullion by each steamer 1t is also lower than IL has
ever be en- for any continuance 81 OF Der cent bsne
the highest rate that be got for temporary loans
At the same time, two things have operated in Eng
land to prevent the gat OF money being greater than
II is. The remittancss ON account Of the Russian
loan OF f5OOOOO0 and the Danish loan of fS00 900;
the on the first of these completed
and In the course OF the next two months such small
amounts may remain account of the second will
also be discharged. There will consequently far
as We can at present be hencerth nothing dis
turb the existing tendency towards accumulation.
step by step with this tendency the rate OF interest
to lie obtained by capitalists must decline There
no over.speculatios in trade to prevent H. and no
quarter OF the world where the exchanges likely
turn against us The only questions therefore that
present themselves are first to the point to which
the value OF money will descend without overcoming
the present horror Of all investments which involve
found when the overflow Of capital shal at last become
irrefressible
That the present state of affairs, in which invest
ments that yield scarcely return but that require
the exercise neither Of thought faith preferred
to anything CHE. will yet continue for considerable
period, seems certain Railways, in the midst of all
prosperity, show symptoms of revival, aud the
gloom which they create will spread morbid distrust
until the shareholders shall have resolved to admit
what everybody recognises-pamely, there Ia no help
for them but In complete reorganization OF their
modes Of management FROM this. and other causes
there TO anticipate that the revival OF CONT
dsnee viii not BE- sudden, and that, before II shall
occur to such extent as TO lead To a ecided
appearance OF tho spirit Of adventure the period
be sufficient to enable the Chancellor OF the Ex
ehequer to propose reduction in the government
funds
For the present therefore look for striking
deviation in tt routine channels for the ploy
OF money ana hence there viii be plenty Of time to
In the intermediate month"; there may be n variety
of small gambling movements In OF the low priced
foreign stocks or shares but nothing OF a character
that viii not be limited and transirory The cid burns
In that respect have become matter OF history, and
when the general mpatience Of one or one and ahalf
full force, field will be required for its develope-
ment IL will then be found thai though the Of
capital bad seemed TO to have narrowed to such
point 20 render II almost valueless. such idea
was Inconsistent with the onward of Affairs,
that IL In TACT. merely ths silly reaction from op
posite delusons add that although the opportunities
for the employ ment Of money declining In one
quarter, they we're rising up with increased force in
another. Among many new features, the crossing won
ders Of the world ON the Pacific will at that date
be rightly interpreted, aud IL will, perhaps be
ture utterly exhausted private individuals have been
making large fortunes by running steamers by work.
ing coal by facilitating the transit Of emigrsnts and
merchandise, by testing new kinds OF produce aud
means Of cultivation, by building piers aud docks
ana villages that are capable OF becoming cities and
by all other occupations that opened up wherever
. nee population IL suddenly attracted. 1t will aso
most likely be- desvered that the gains thus achieved
by quiet entsrpris might have been greatly increased
by a more liberal command Of capital A period OF
hopes and OF rapidly Increasing intercourse will
risnee would then BE- listened to- future might tell
Of nothing but still extending property
MesGwbile, although this would be too bright
view and 10 IA certain that just In proportion TO the
prosperity TO be enjoyed will be the strength Of the
IA snis by which IL will be Hbused aud checked there
be doubt OF the occurrence OF long interval
before anything like national folly In the way Of pecu
aton again be Witnessed ard there IA also
TO hope that when the eight years at which
the usual convplses may be looked for shsll have
passed the principles Of notary science will have
those Who blndly rush upon thsir destruction agsinst
the loutest warning to be much more limited than h
In 1s47