The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-07-08

SYMPTOMS OF DISTRESS IN EIR0PE.-Ne no
ice with considerable apprehension that the
took of the Credit Mobilier has already fallen
rom l,o45 to 1862, fall Of over 20 per cent in
he course of few weeks. simultaneously with
his, some fifty operators on the Paris bourse, in
Guiding several well known names, have just fail
Cd, and as usual in such cases, have left few or
no assets 1t is stated that these accidents were
caused by the failure of NJ. Henri Place. But as
We understood the statements made at the time in
the French journals, the Credit Mobilier claimed
not TO BE- loser by NJ. Place, though he was one
Of its directors; the fall in the stock therefore If
In any way connected with his suspension, must
have been 50 indirectly, as, for instance, by an
impression gaining ground among the public that
NJ. Place was not likely TO have managed other
mems affairs better than be had his own. And
az 10 his failure causing that Of the operators
who have just gone to pieces, the thing cannot
be reconcied with the fact that his creditors were
few in number, and all for large amounts; state
Of things which the knowing were prompt to OBJ
serve reflected credit on his management.
Another fact il brought to light by statistics,
which arc now being published in Paris. The
Bank Of France had at the opening of the war
with Russia about sl22, 900 900 in specie; during
the war-that i 10 say, during period Of two
years--about sixty millonswer imported. raising
the total amount to sls2OOo,O 900; yctat the close
Of tie war the sum in vault was only $40. 100000.
The specie that has disappeared has gone in some
part into boards the rest Of II to the East. 1t l.
hoped that tic former. al ak events, win return
10 the tank: the reserve il certainly increasing
but 20 slovly that the fact l. hardly perceptible
II would seem a. though every one was not tho
roughly satisfed that tic empire would BE- able to
cndur, the wear and anxiety Of peace.
We lave stated on former occasion that the
principle Of the institution called the Credit
Mobitr il tad. and That H. ruin Is mere ques-
ton Of time. II l. perfectly certain that men d.
a. a general rule. manage their own affairs better
than those If other people, and that when men
cniust the management Of their money to Others,
they may expect to lose ii. These are principle
o. extraordinary simplicity, and broad common
sense yet il j. certain that they cannot be con-
troy,rtcd, and that applied 70 the case Of the
Credit Mobilicr. they render II matter Of mere
time that Il must lroak down.
Thtre j. no suspicion Of the event in France.
Tie Credit Mobilier is just going into a new
railway in Austria--the Francis Joseph Railway
which i to cost they say, thirty millions OF
dollars. and shareholders are fighting for scrip.
We do not hear lately Of the Turkish and Rus
sian projects; had they been abandoned we
should have heard Of IT, And quite lately we
understand banking association has commenced
business in this city, under very modest. unas-
Stunning title, but with the support and some not
generally understood connection with the Credit
Molilier.
All persons who have read narratives Of past
tras or speculation in Europe must have noticed
how the speculative fever expanded aud swelled
and grew wider and wider until the very mo-
ment it burst II may also he remembered that
while most Of them took their origin in public
emtsrrasments. they began to do the mischief in
the temporary aush Of prosperity which followed
peace. The resemblance, indeed, between the
era Of the land y oulations and such former ex-
periences i to trking not TO have been noticed
before. A. ilc rate he world i going we NAV
soon realise Le second portion Of Tic parallel