The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-10-29

OF thirty-fve, and delivered the city to the flames.
When the troops had passed into the northern part the
bridge broken up On the 9th September AZ the
evacuation, the explosion Of batteries and 10 took
place In the afternoon the battery OF Paul blew up,
and small powder magazines in the battery Nicholas also
II is thus that after siege of $40 days. the garrison
abandoned the south side Of ebastopol The enemy,
controlled by the impression produced upon him BY this
heroic and ssngunary defence did not even dream OF
tanned In passing to the north side.
The Financial and food Crisis In France.
from the Paris Patrie, Oct. IL
The Bank OF France has by decision raised its
rate OF discount to cent and decided not TO receive
notes on longer time than rs days The Bank of England
on its side has raised The rate 81 discount TO per cent
These evident symptoms OF existing tension OF the
monetary market OF the two countries The question Is
TO know whether this situation connected with
purely economical whether 1t Is the consequences of
the state o war in which the two great Western Powers
The loyalty with whish the French and English govern
ments have treated in the face Of their count and II
which they have exhibited in making known the
charges which the would impose upon the tax payers
awed them 10 enter fealeFsy the discussion as T.
the influence which the might have exercised
the economic situation Of the two countries 1t is beyond
coubt that the has had an apprecabe influence
production, on consumption, and on exchange.
But we may boldly say that it is not to war that
must attribute the greatest part of the financial difficult
ties of the moment IT. indeed anslyze the figure Of
the expenses of the war must recognize that the
productive expenses the net losses form the least part OF
Them and that the service of provisioning of transport
ing Of food of camp utensils &C., &c, support nu.
merous brar ches Of industry give work to housands
Of hsDds which would perhaps have remained inactive
we're 1t not for war.
whatever is done there will be always in rich coun
tries like France and England masses Of floating capital
tons Of agriculture in those of industry and regular
They seek only adventurous speculation,
life In risks well as in favorable chances. In time Of
peace is thrown away often the most futile Objects
and is delivered up to the most unlimited gambling.
suspicious These capitalists which formerly made adven
lures as may be said appear to range themselves In
demancs on certain products they speculate In them
Hence momenary void in the monetary market; hence
the fail This not because there is less disposable
pita but that II is less adventurous In ordinary times
uDcurbed speculaons brought to level at the end OF
four or five years. on an average by commercial crisis
sometimes pretext sometimes another the
force Of which is vigorously proporoned to the extent OF
the fnlles of speculation.
But that which commercial crisis does in times of
peace in rude and almost always disastrous manner
war; which never breaks out unexpectedly does also
though with less shocks. This point of view is
that the experienced editor of the money market article
in the London Times yesterday that the English CAPT
asts who engaged In enterprises of railroads. and
public works the ontuent at the time the broke
out, will have to thank Russia for havEg saved them
from q commercial crisis.
The measures Of prudence adopted by the banks of
England and France will probably have for Immediate eff
tct the restraining ofspeculaon but they will not sens
bly, affect the regular commerce which works on capital
whose products are Of nature not to be seriously re-
dueed BY an increase Of one per cent on the rate Of
discount
from the Paris L. Pays, Oct. lol
The crisis through which passing this year is
mot undsr
cleared happily by the simple application Of the most
elementary laws Of public economy In any case We do
pr found monetary crises which affect all the |
elements Of commercial activity. In all coun-
real productions the incessant mporaions of foreign
grain, notwithstanding the enormous which they
esi ms'tss Circulation Is easily sstsSiishs and thu
bank experiences serious in satisfying
all the eIigencies Of the commerce in cereals If as
said the deficit Of 1855 requires expense Of two hun
dred mioIs (of francs) for the purchase Of foreign
grain, what is such expense extended over perio
Of more than six monthsP What ia 1t county where
In less than ten days than three thousand millions
are offered to sustain the policy Of the government and
. 9, are
circulation without commerce or industry perceivng or
suffering from the efectS
Certainly is not the less regretable that we are con-
strained to have recourse for the public sustenance,
10 other producers than the natural soil 1t is not the
phases OF crisis which is alway- public misfortune,
even when it is not dangerous But from that to the
exaggerated alarms which certain mads appear to
rience there is, thank God great distance
From the la fatrie, Oct III Il
The deficit this year much below the deficit If 1858
nd only apI lies to the harvest of wheat Maize buck
wheat chesnus, vegetables potatoes in abund
ance. These commodities will deveope the cheap
movement which is READY manifested in great mum
ter Of arkets emily with the cereals which
are receiving from Algeria and which SPAIN Italy aud
NoT'n AWcIICA aIe preparing W sebu US
In North America the destined to expectation
caches, according to the latest news the enormous
figure Of fifteen millions Of hecolitres. But, to speak
only Of the grains Goats barley, &c and of far
naceous vegetables every one knows that these articles
have very important share in the support Of great
number Of departments; whole populations make them
the base of food and among these populations the
scarcity of cereals will i'll effect. Besides,
successive DEGREES have repealed up the 3st of De-
cember 1856 the various dispositions relative to the i'm
poItacn and expectation of grain, and the tonnage
n Of
been opened increase the budget Of public beneicence
The products Of the last harvest this report and
the large complement which may easily be added to them
oy the United States and other countries more favored
than ours TO population the provisions
ary for the years consumption Commerce. thanks to
The security the encouragement the facilities given ~
It by government, will be able TO supply msrke
and grain win where fail But its price, temporarily
high, produces suferings with which your heart is
moved and you may, to alleviate Them multiply, all
points Of the territory, work and aid.
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Our 81. Thomas Correspondence.
90