The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-01-21

scrupss TO enter heartily INFO the course aioptei
BY the three Powers, IL ID observed that he cauDot
permit himself to be under illusions as TO the meal
culsble dangers with which the whole OF Europe Is
threatened By the Interior unchaining Of warlike
passions" and that In the interest OF a prompt
and equitable peace" he wishes /" 70 cement a
pscuying accord" II we understand this passage,
whicn Is more ampliied. but not less obscure, In
the original. King Frederick william still desires
and lopes to &C; az certain regulating weight
between the two contendDg parties. He processes
satisfaction at the conclusion Of TIE treaty bet
Austria and the Western Powers; but " Prussia
he says, 70 adhere eventually TO the general ten.
deDcy OF this Transaction and 10 some of its plr.
cusr stpuiations, IS DOT IN position Co accede to
tresty already concluded, but rather TO conclude If
II ~ open 10 Ter, an analogous arrangement"
II we could receive any satisfaction from this
analogous" assurance il we could suppose our.
selves 70 have az last ived at some deinite CON
cepnon OK DIS MsJestys purpose, our ideas are sen
tibly scattered by other pasages In this despatch
We are there told that in regard To the trans actions
az August the analogy OF attitude with the Pc 9ers
who signed the treaty OF Dece nber I'd, already
exists" we have, therefore, the present experience
OF the future promise. But IL order to thro light
upon his eventu Al decision" his Majesty invites
once more the Interpretation OF the tour points,
agreed upon In the month OF August as the basis
OF negotiation between the Cabinets Of Paris, Lon
don, and Vienna, rec:ted by them in their treaty,
supported Of st. Petersburg by Prussia and now al
opted without reserve In ther primitive construction
OedactioD) by Rus ss" To prove the sincerity with
which klpg Frederick william makes these PROPOSE
tions, his representatives a. Paris and London are
epjoined TO lend 70 their language q character of
frankness and d6aadon.n And lest we should re.
main in Doubt as to the effect Of the interpretation
we are informed what il will be- at Is evident that
this Interpretation Is destined to FORM 90 to speak,
the centre around which will turn the steps for the
re estrblishment Of general peace"
few days back We gave summary OF this i'm
por,ant document, sufficiently indi catiog its pur
port; but no summary could do justice 10 the pc
culiar genius Of its language. The Interpretation
invited by HIS Majesty has been furnished by the
representatives. OF the three powers, and those
powers VIII OF course receive with pleasure the ad
heson OF the PIussisn King in that &C ye course to
whose tendency" he gives so much approval
Whether an analogous arrangement" will satisfy
the require ments OF the situation We cannot under
Ike 70 say but we must leave Prussia to speak for
herself In expounding the analogy into which she
desirts the three powers to enter With her,
The New French Loan-Its Erect ON tho
Funds.
The Paris correspondent Of the London Globe.
writing on the evening Of the 4th Of Janu ary, says
There has been rise today Of 80 ceBtimes at the
Bourse, but do not think 1t can be ascribed to
anything In the way Of news; for If the conHrms-
ton given by the Mon'teur to the report, that
the conditions for negotiations for peace, given to
Prince Gortschakoff, were signed by Count Buol,
was Of nature to cause an Improvement in the
funds the extract from the manifesto OF the Emperor
Nicholas, brought by private telegrsphc despatch,
was generally considered az Indicating his de,ermi.
patton to reject the propositions that have been
made to him. We must attribute the rise, there.
FORE to the efforts OF the government to sustain the
new loan. 1t Is reported, indeed, that there is a
combination Of bankers 20 keep down the funds.
They have offered il Is said to take all that may
not be subscribed for by the public In the new loan
at 6of and are, therefore trying TO beat down the
Paris three bankers who would expose themselves
10 the conss quences OF such combination.
The Paris Co~aitutionnei, of 4th instant, has an
article on the new loan, In which, after making
other appeal 30 the patiiotism OF the French nation
II enumerates the chances Of profit which are held
out W subscribers. IL says:-
Let us Tow see what advantages are held out 10
the persons subscribing. TIE -Four and a. Half per
Cents are to be isued al OFF,, and the rnree per
Cents AZ 65f. 25c. But there are two kinds Of de-
ducioDs to be effected In theee figures In order TO
arrive at the real rate OF the emission the first aris
ing from the time accorded for the payment, aud
ire second acciuiLg from the amount OF interest
paid to the aubscrbers before the integral payment
OF the capital. In fact according TO the sysiem
adopted the pay ment OF the ca oitsl subscribed will
BE- Effected only In eighteen months, and Jet the
subscribers, treated from the very first payment as
bona fde holdeis Of Rente, will receive from the
Four .snd.a Half per Cents rom the 22d 5eptem.
Der last, and for the Three per Cents from the
22d Of December last. the totally Of the int.
snda Half per Cents, the advantage arising from
ttemode Of payment Ii equivalent to o redu,
ton of q. Sc, aud the anticipated inte-
rest on Tue SUN paiu represents An0tler re-
duciion Of IT, 25c. ON the rate Of emission, 40 that
the -Four Bnd Half per Cents will be really deli
veied rot at 92k, but AZ. lSc. less or aI s7f SIC.
Az TO the Three per Cents, TIE redu ,tion to be
effected Is smaller; but II still amounts TO r. &c. for
the time allowed TOR pay ment and to &c. for the an
tcipaied interest, or r. lie. in all, which brings
Gown the rate Of emsson from 65f. Csc. TO 63L SC.
Consequently the real rates Of emission are
and 63f. &c. for the Three per Cents Certainly
thete ere conditions calculated 70 attract ali
the disposabls capital, ss the Four and Half
per Cents. OF s7f. 82c.. offer an inducement OF
an interest Of more than five per cent, or ia
strict terms 5l2 per cent and the Three per Cents
at 63f &C., leave large margin TO such persons a.
desire 10 gain on their capital, when that stock
shall re 4cend 70 Its natural level II we compare
these prices with the quotations at the Bourse on
the day WIEN the decree for the loan appeared,
namely, e2i &C., ard 66f, 60c.. We shall find that
the subscribers have profit Of H. CSC. for tue -Four
and Half per Cents, ard one Of 81 SIC. for the
Three per Cents. IL Ia true that the comp arson viii
not be 30 favorable If we take the quotations OF the
presen. moment. But In addition 10 the fact
that mere temporary decline ought not 10 be at
tended 10, there still remains, 10 spite Of that de-
cline, marked advantage in subsc ibng TO the new
loan. Besides, II any one d. sres 70 appreciate pro-
ely the advantages offered 20 the subscribers, he
must place himself In point OF view less narrow
than that OF the present moment. Every one knows
that the subscribers to the former loan made good
profit 81 IL, since they were able 70 sell their titles
v It'll advance OF Is per ceut. But IL the general
situaticn Of credit be examined IL will be found
that Il il much better at present than II was las.
year before the ssue Of the first loan. Let u.s. there
lore, leave aide tie prices on the days preceding
the announcement OF the emission prices altogether
accidental and which, being determined By a tenn.
porsfy cBuse cannot be considered a. a real indi.
cation OF the state Of credit. Let 60 back fifteen
or twenty Gays, ana what shall We ind That on
the 10Th q February, for instance. or fortnight
before the emission Of the loan OF march, the
three per cents we're quoted at Gsk only whereas,
on December Is. or fortnight beioie The emission
Of the present loan th, were quoted at from 70L 10
7lf., and that some days priviously they were
nearly al 73f The same IA the case with
sil kinds Of securities, and In particular With
,siuay shares, which at pfeseIt snow an
nelorsiIon Of from lO0f. 10 20O0L each, "A com
AIRED with the quotations 9. The CONNIE ncsmert OF
at year. Is not that an evident proof that the
genera state OF credit IL better at present. The
~ tre = .fv IA