The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1855-11-14


trade, directly and indirectly, more than
a hundred millions Of dollars, generating
suspicion of governments and their finan.
cial agents alike, and rendering the latter
at any time liable to the Withdrawal of
large deposits, which constitute an impor-
tant item in all banking institutions.
We regarl the financial disturbances
which have created so much alarm as on
ly the beginning Of what the future is to
unfold. In the present condition of the
6ellIgereuts, their immense public debts,
the enormous expenses Of the war, the
critical and excited state Of the public
mind, the history of the past, the short
crops, the union of the great banking in
stltutions Of the Continent with the gov
ernments, there is quite enough to ac-
count for the sudden Withdrawal of TWEEN
ty millions ofd dollars f. ON the money cap
ital Of the world. And there is evidence
in this that the war itself will be protrac.
ted. 1t is made by the allies upon Rus
sian territory; aud by Russia upon Eng
llsh and French commerce, trade and in-
dusiry. The withdrawal Of the funds Of
the Imperial family from England, the
stubborn and unyieIding spirit of the Rus
sian people and government, the charac-
ter OF their industry, the immenSity Of
their resources, the economy of their ex-
pendtures, fighting upon their own terri
tories and subsisting upon their own pro-
ductions, none of which will be permitted
to fall into the hands of their enemies,
are enough to show what will be the fu-
tnre course Of events. Upon the subject
OF money thrre is little sensitiveness in
Russia; on that subject all history shows
that England is more sensitive. -...
When Russia, in violation of the treaty
OF Vienna, IN 1882, absorbed the King
dom OF Poland, the very thought ola gen.
eral war produced so marked an effect up.
on the Bank Of England that Lord Pal.
| merston and s;- RoheTr- 3,uel-p-on,n,I,
came forward in obedience to the delua"j.
OF commerce, and to avert the threatened
calamity to the bank, and announced the
submission Of the government to the fall
or Poland. Tire crisis .ph;aK than ,hroe.
encd the industry of England is fully up
on it now. In the present instance, the
funds have been kept up, and the fnan.
ces of The countries involved in the war
sustained by the delusive hope that Rus,
sia would yield and peace be restored. In
the forty years OF general peace-forty
years of unparall .led ndustry-England
has only been able to reduce her nation.
al debt $20O,000,O00. 1t has become
manifest that the load she bears is all that
she can sustain. France has gone on in
crcasing her debt. The suspicion of cap
itaists rightly sets IN at this very point.
Russia knows this, and she knows full
well that n great financial crisis. which
shall compel a suspension Of specie pay
ments, and throw the public securities
into discredit, with no prospect of peace,
will inhict upon the Allies a calamity far
more serious and incurable than that
which she has suffered in the loss of Se-
bastopol, and may suffer in the loss of the
Crmean peninsula. ....
The failure Of the crops in England,
France and Germany, is not less than If
ty-fvc million bushels of wheat, This is
full as much as the whole surplus Of the
United States, and cannot be supplied
with less than 81 100000. The with
drawal Of this sum alone will be sufficient
to put the great banking institutions of
the Continent to severe test--a sum
nearly double that Of the specie basis of
the Bank Of England, and greater than
that Of the two banks Of London and
Paris.
The fclly Of the union cf financial and
political interests is now made appare ent.
The former partake Of the discredits, of the
latter. As the war progresses, and ex-
pendltures accumulate; rs individu u sus-
picion of the ability Of the governments
to meet their engagements increase; as
taxes become more and more oppressive,
peace more distant; as commerce and gen
eral industry incur shock after shock from
their great enemy, war-we may look TO
the banks for shortened resources, aud, f.
nally, TO an entire suspension Of pay
ments.
In July, 1889, by the force Of CONNER
cial diScredits alone, the Bank of England
had less than fifteen millions Of dollars in
specie. She then procured assistance from
the Bank Of France to an equal amount,
and thus saved herself from bankruptcy.
1t is manifest that she has no more Than
sufficient power TO grapple and overcome
commercial vicissitudes alone. She finds
herself embarrassed now, in advance Of
Of the requirements which will be made
upon her TO procure needful supplies OF
food, aud in the very beginning Of q war,
which, 80 far has had litlle effect opori
commerce, and b as required comparative.
ly but small means TO put 1t in operation.
fhe-very nervous tremoF which seises the
public mind on the occasion Of the meet.
ing Of the bank directoTs-s-the slarm and
agitation Of the fiusnc;ers about the rails
ing Of interest from 8 10 10 O per cent;
is a most remarkably feature Of the Lon
don Exchange, eyiucing an obIiyiousness
TO the ,peresion Of causes outside, in com,
parisoa with which the proceedingsof the
bank, one way Or the other ave Of nj
possible importance. Let prudent mer
stand from under. IN. Y. Herald.