The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-10-20

Bcnlogne. ............. 20 o.
/" Belgium. ...,,,...... 14o OF.
+" Bar for Hamburg. ................... GOO OF.
and e., 21s
The shipments from the outports have been
10 the extent Of about CSC, 600.
The adviees received day from Paris speak despond
E a. 70 the position and prospect Of affairs p that
ssa upon the banh OF France and other institutions is
reported TO be severe requiring most energetic and
very unwsesy interfered to the Bank
81 France into adopting measure which only the
%as make
cks much when 1t does take place. The effort to
create for brief period artificial prosperity must,
LATER involve the necessity Of increased sac
fees and greatly augment both present and future d
sUiies The only jadcious action rescred to BY the
cover the present crisis has been prevent the
Credit Mobier from creating further Of bonds.
Pc syysem upon pkch tie has been established is
As.e.y, q 50 tad eAayacter as must Ptorce ncoloe IN
psrod Of prosperity and abundance Of money, credit
may made to take the place Of capital but when the
aDd active and credit, without capital to support it. be-
bankrupt. There are however, very great efforts
ssns made 70 support this establishment remains aims
question promises 70 BE- serious affair than had
es anticipated. The dearth Of grain freely acknow
sty, he much greater than the government has ad-
nated, is DESTROYS should be generally known. Con-
ssqueny much heavier drain will be experienced for
Gsid; the value Of money viii become derer, do what
Ne government may to keep it down for . times and
sns.sy suffer. It has been said that the severe drain
which has been felt aud Is yet to be experienced 10
this country 10 connection with the state OF affairs
h France, must sooner later cease and the gold
which being withdrawn from hence must return again.
without entering into this part of the subject 1t be
serviceabie to remember that there 10 far
inpor point Tor consideration, namely oAat s0 in
Ae meantime be Tie effect IN this country 81 this usta
posGLst state Of things IN France We cannot but feel the
eseure that antcipatons Of the natural order Of
events entertained by our most prudent representa-
ives q me and h n are but
hitheI TO, and their Judgment may, therefore, be relied
alon az to the probabilities of the future.
The state Of the money market during the past month
u thus described in the B0nkers AdgGsine and CONNER
e0l Diast-The OF financial affairs during the
month Just concluded has been by some re-
aArkabe changes which have produced partial alarm
most quarters sudden and almost unexampled drain of
bullion to the Continent and the East set in at the close
Of August and having continued with severity since
TIE directors Of the Bank have been compelled to make
hree advances in the rate Of discount which from 3
has gone up to per cent Whether any further applca
tasn Of the crewn viii be necessary canont well be de-
terniDed because further alteration will depend great
y upon the state Of the corn trade, the foreign
changes and the prospects Of the There those
however, who consider that may yet have 10
YER tighter money market, particularly fresh fnan
sal operations brought forward early next year,
The provision hitherto made for the allied services
England and France, although sufficient for current
Pesdi.ure leaves little margin for future contingencies
and consequently, ii even the preminares Of peace
were TO be speedily announced, arrangements would
have to be effected for settling the outstanding ba-
lance, and adjusting after late experience, the ratio
Of outlay TO maintain creditabe military and naval
position The intelligence Of the fall Of sebastopol and
d the forces in TIE Crmea fortunately arrived to arrest
the dependency which would have otherwise epsued had
and q he anev Of e ou
nc respecting the ultimate success Of the expedition
IS almost impossible 10 say chat Dould haze boz, the coadi
~sn excitement protaeed had the late stngencg inter
seaed Uhtle This event remained undecided; for. is
mere has tee difficulty restraining preEondraee
ef that gloom ,ch,ch inca such o0aton
q Aings. At the latest moment, the demand for accom-
nodaton continues active and although, at present
have been snguary free from mercantile disasters It is
ha hat I'm snfnr
pass,ns through such an ordeal, will escape wholly un
The Chronicle then has the following
The French government it appears finds it
adopt very prompt in order TO check the nnvor
able growth faars in Paris In addition TO the assistance
has already rendered to the Bank Of France and the
credit Mober, ii has announced its intention to
grant NO more concessions of kind for the present
and has prevented the latter institution issuing obga
tons IT had resolved upon getting into circulation. All
Nhis, however does not suffice for the emergency We
believe that IL is intended that the capital Of the
Rank Ct France shat be doubled by ,cich issae
longer amount of notes, and thai shall not IN future BE-
scapulsory c IL 10 pay It's circulation IN qo,d This is
Of much import that too much consider
Hcn cannot be devoted to the subject. amounts
hing than hs-an aeit TO nake credit supply ne
piece u money more fetons and dangerous process 70
s,res PRESSURE and caytaa embarrassment oH D.
aogned II Is an extension to the Bank Of France Of
Abe policy which called into existence the Credit Mober.
It's immediate infect however, is to arrest the panic feel
ing and avert the crisis which mrered the ntry.
For the time being the effect produced will be beneficial,
but remains to he seen what will be the final result The
French government doubt, anticipates that before
the reaction takes place matters win have gbted them
selves by yet unforeseen favorable turn in az
nrs. The government is evidently resolved that no
panic shall take place it can by any possibility be
avoided.
lFrom the London Chronicle (city asticle), Oct 81
The demand for money and the export Of gold
hDue. The dealers in money Of every kind and degree
ed by the Bank OF England Of limiting its accommoda-
ten to the commercial interest by the discount OF bills
rally followed This fact bespeaks degree Of Caution
which, although 1t adds TO the prevailing and
tightness, has nevertheless beneficial Influence. Rb
peaks however The UnmiadkeGJie impression that nonev
s0iii become dearer the demand greater and he supply less
Yesterday morning the demand moderate, and the
rates In consequence easy parties freely lending at
Per cent but during the afternoon great alteration took
place The inquiry became very brisk and the
az to per cent some houses did no business whatever
throughout the day at less rate than per cent whilst
some lew others did business at the uniform rate Of AZ
per cent; but the latter exceptions and the
kon taken from the Bank Of England yesterday
and to-day and further have yet be
The continent in continuation of previous operations
Thus again have illustration Of former re
MARKS that the export will go despite the adverse
state Of the exchanges for such operation The
investigate this very interesting and most important
subject, the greater do find TO adhere to
previous convictions. From inquiries instituted both
home and abroad derive ample facts confirm our
previous impressions and support expressed views
iopdon which Is the centre Of the wealth Of the uni
yerse has for length Of time been drawing to itself
the precious metal in both its natural and arti-
habitabie globe where England has not some trade
trade is but a system Of barter. Whda peace IN.
ISIS, the rayf,d phases hioh trade Is easily
readily regulated and kept in harmony ty the MANIFOLD
sprctions nhich need not b. inquired inoey repre-
seuted By he schdnes The ,cdr has, houesr, entirely
altered the aspect of affairs II has checked trade both al
home and abroad, deranged the markets for every
sevab,e commodity represented by produce, manufac-
lures and money and caused entire change every
thing. The precious metals, which the snews Of
trade also the sinews OF Gold tchich LATELY
scanted fer productive PEACEFUL pursuits Is wuntod for
Snprodndire 'ccriiks purposes Its circulation having
ham frirfod frat NV fha 1arl,u n( frado anl
secondly by the reserve which attends Interrupt
ton to the ordinary process OF business operations,
inducing holders to keep IL in hand, from
the fear that lest, when parted with, 1t
may not quickly return--s now being absorbed In
the various channels which provides for its
employment; and they all, more less, Of
unproductve character. They do not enrich the
country, but impoverish il. Trade produces wealth.
consumes II. Attempts have BEEN and still
being made induce the belief that when the present
drain gold upon this country the gold will
turn again. This is very erroneous view OF the sub
ect is too restricted and has its origin in combining
consideration Of the matter 10 the mere formal pro-
cesses Of ordinary trade But II Is not commercial sub