New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-10-29

KiDp o, Wuriemberg snd Of the Regent OF Baden
TO King FREDERICK William ~ seems 10 he in
connection with the behavior of the Chambers.
The AsgsJurg Gazette Of Sept. q contains an
excellent crItque the military opera ATOMS Of the
allies. under the title of" he Dew Napoleon STRAIT
cay :" the gallant author, distinguished Prussian
officer comes to the same conclusion as the mill
tary reviewer of the war in The TRIBUNE, viz;
that the privstes of the ae1 army fight ike
heroes while the commanding officers are all under
med;ocrity. A Russian officer at SevastOpOl
expressed the opinion still more graphically:
1t is an army Of lions, sal1 he, led by don
keys"
Tie telegraph announces the bOmbardment OF
RHs Oh the 27th of sept. b, the Baltic fleet and OF
the north fort Of sevastopu1 on the Doth. Both
remained without any practical result.
LONDON, Tuesday, Oct 9, 1855.
Tie money market of London has been disturbed
for The last week by mysterious operation OF the
Bank of France which bought gold TO the amount
of about four millions sterling III London. The
sudden drain forced the Bank Of England to raise
its ate Of discount, to the great Inconvenience OF
the English merchants, contracting the circulation
suddenly AND apparently without sufficient Ie.sOn
MANY explar atoms have been suggested for the
French oper atons but all of them entirely atya
rance with the well. known character Of the French
Bank for sOuIdDess and foresight. The mystery
could not be well explained, but IL seems that even
the sharp money dealers of the London Stock Elk
change are not sufficiently informed of the state of
thing in Eastern Europe, which affords at once a
much more plausible reason for the drain of gold
The Austrian so called National Bank has lOog ago
become entirely subse,vient to the Austrian Gov
eInmet; tiDce 1880 il has bt en- nothing more than
branch of the ministry of finances The revolu-
ton of lS4S suddenly disclosed tue fact that the
Bapk was iDsolyent on account OF the money ad
vanced 10 the Government without such security
as would enable the Bank to pay her notes in cash
Accordingly order in council made the bank notes
legal tender and allowed the Bank 70 stop cash
payment. The currency III Austria was IN that
way converted into paper currency, and the e1ten-
sion of the issue OF paper soon put premium on
geld and silver, which since lcic varied between
twenty and thirty five per cent. Commercial en-
terprise stimulated for while by the increasing
amount of paper notes soon became kind 81
gambling and the etary difficulties Increased
day BY day IN the Austrian empire until bankruptcy
stared in the eyes of the Austrian ministers Ua-
der such circumstances Baron Bruck, clever
but reckless fnancier, was called 10 the admins
tration of finances He at once sas that tue
anomalou. position of the Austrian Bank was the
chief reason of the difficulties. The shareholders
made enormous prOfis on the bank notes issued,
which were not covered 70 more than ten per
cent by bullion. Still the Bank could not be
forced to resume payment in cash before the DEBT
of the State was cancelled. Baron Bruch there
fore offered the crown estates 10 the Bank to the
amount of one hundred and seventy millions forms
"a security for the debt of the State, giving tue
right to the Bank of selling them successfully for
bank notes, with the obligation OF resuming
cash pay nent in stated time, not yet
made known TO the public. The Austrian
Bank must now provide for this emergency
and probably makes use ofthe Bank of France for
such an operation. This would sufi ,ieutly explain
the drain of gold from London TO the Continent
The Austrian bank got beside charter for estab-
fishing sDotber institution, similar to the French
Credit Mobillier, which, without issuing notes, has
the power of lending money on real property, and
on securities quoted at the Vienna exchange aud
of borrowing money upon Its Own credit III order
10 give stimulus TO enterprise. The capital OF
this new branch of the Austrian bank is to be two
millions sterling, paid in by the shareholders in
gold. Whether these operations will be able to
prop up the credit of Austria remains to be seen,
but they make great influx Of gold to Austria
Necessary for the next few months, which, as to
the present condition Of currency Europe, can
not fail TO exert great pressure on the London
money market. The deficient harvest OF France
will likewise prevent American gold from lowing
to Europe, and crisis can scarcely be avoided IN
Paris during Winter or Spring. All the secur-
tiles therefore go down at rate not war
ranted by the expenses Of the war, since the
wandeIs into the pockets of government contract
ors and merchants; it is only the smallest part
which remains in the East, scarcely more than the
new Turkish loan, amounting 10 five millions ster
ling. The Greeks and Armenians in the East, aud
a few civilized Turkish Pashas make great for
tunes; the peasants of Bulgaria and Asia Minor get
handsome profits; but the custom of boarding.
which prevails in the East, absorbs those sums
from the circulating medium OF Europe. Silver is,
meantime, flowing TO China, where the civil
war likewise encourages boarding, and the pay Of
the two conteudiDg armies makes an increase OF
the circulating medium unavoidable. The silver
currency Of India has in this way been absorbed by
China and silver is rapidly flowing from Europe 10
Asia.
The operations of the Allied armies in the Crimes
have At last begun. The French took the
field on the 23d of September. They have made a
slight advance from the valley of B4idar toward
khutor Mackenzie, while on the 18th General
D'Allonville had smart cavalry en- counter
with the Russians on the way from Eupstoris to
SympheropOl he Russians were worsted, and
lost six guns and two hundred aud fifty horses aud
General KoTff hal to fall back toward Sympher.
opel road from the Baidar valley to the
nights Of the Belbek is now rapidly con-
st uctipg by the French, who trust 70 have
sufficient time for turning the Russian army aud
forcing II 10 retreat before the bad weather sets IN
The Western papers are most saosuine about their
success still the immense accumulation Of stores
10, snd the new works ri.ing every day around.
the north forts sufficiently show the intention OF
the Russians not 10 evacuate Sevsstopol sud the
Crimea
negotiations are going on and are nearly closed
10 satisfaction between spain and the Allies Next
Spring Spain is 10 send thirty thousand men 10 the
East on the same conditions as Piedmont, viz
guaranteed loan, and general guarantee If her