The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-11-04
The News from 'Enrope-Continued Depre.
sion.

MI1iOPe-CONlknUeU
sion.
The point of the news from Europe is again
commercial. The representations of the
bears ON this side of the water have been
verified: the Bank of France cOntemplates
suspension of specie payments the Bank
of England has raised the rate of interest to
six and seven per cent; She scarcity of bread
stufls all over the Continent is confrmed and
the prospect Of a famine and panic are very
imminent. In comparison with these startling
items of news, the intelligence of the bonn
bardment of Kinburn, a seaport at the mouth
of the Dnieper and on the western extremity
of the "Steppe of Crimea," and even the clos
ing of the Allied armies round the Russian
forces with view to final battle for the
mastery of the southern portion of the Cri-
mean peninsula, gre events of secondary i'm
portance. A commercial panic in London,
with the rate of interest raised to seven or
eight per cent, and suspension of specie pay
ments in France, would exercise more extern
size and lasting influence on the Interests. of the
world at large than even the capture of Gort-
schakotf with all his army. To us especially it
would be immeasurably more important.
According to the published tables, the Bank Of
France lost in the month, from 18th Sept. to IL Oh
Oct, over eleven millions of dollars in specie
even more than that institution had lost
during the month previous. During the
same period the Bank of England lost in spe-
Gle sum which may be given in round nun
bers at ten millions of dollars Thus, in TWEEN
ty-eight days, these two leading financial in
stitutions were deprived of twenty one millions
Of dollars--say double the amount of specie
on which ell the banking of New York is car
ried on. There is, strange to say, but little
inquiry in Ne European journals as to where
this money goes It is fair to infer that the
writer's were afraid to alarm the public by
pointing on the one side to the want of
confidence which was inducing many to hoard
up their coin, Or on the other, to the means by
which Russia &c stripping her opponents OF the
sinews Of war.
Six and seven per cent are not as high as the
Bank rate OF interest has been. So late as
lS47 it was eight per cent. At that time the
bank had barely eight millions of pounds in
specie in its vaults; it has now twelve The
of short duration. Commerce, being really on
a sound basis soon recovered from the shock,
and the discovery Of California aided, it is
said, by princely investments Of the Car in
the British funds knocked down the rate Of
interest to three per cent in q year. aud from
thence TO two. No similar relief can be ey-
pected at present. When the steamer left
England, the continental drain Of gold con-
tinued without hope of cessation, ana the Bank
of France was so Strengthened that it had
denied all its customary facilities to the
trading community. Commerce is embarrass-
ed; all over Europe the crops are deficient u
large proportion Of the usual supply of labor
is employed in uuproductive occupations.
What is to hinder suspension?
In military point of view, the capture of
Kinburn is important. 1t will close the mouths
both of the Dnieper and the Bug, and will
fairly seal up the southern coast Of Russia
already closed towards the Principalities, the
Sea of Azoff and the Caucasus. In the Crimea
the Notifications Of the northern side of Sebas-
topol are going on with great vigor and there
Is little reason to doubt but that it will soon
be in condition to stand as long n siege as
the south side. Liprandi will retreat upon the
Belbec, and possibility the close of
the season, the Allies will. for the first time
since the invasion, have an opportunity of
commencing a real siege.
JONI Van buren,, THE CABINET ORGAN AND
THE EVENING P0sT-The Prince never deye-