The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-06-27
The Money Markets Of Europe and Financial
Schemes.
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RI rom tho IonG,n Chronicle, June IL
Tie spirit enterprise is fast breaking down every OBJ
stace to it, free aud active exercise. Tho capitalists Of
Paris and Lemon already combine 10 foster the industrial
energies Of Austria Russia Spain ami Turkey. Even a
Sw Credit Mobiler N opo.cs scheme to rensate
the ancient ror Of Flushing in something than its
former commercial and consequently political import
This Port. rchab..atcc, is to be con-
neced with net OF railways, spreading is ramiiicaons
throughout the Whole Of Northern and Central Europe
Ext n-iye schemes OF mining operations IN England, Bel
GUM and Turkey arcin anayanced state OF progress with
view stimulate the working Of mines in these respec-
tive countries. Tho great scheme Of forming railroad to
India, by way Of the Euphiaos Valley, is before the
public. Tie only temporary check given to the now
revyiDg spirit OF enterprise N every city IN Europe the
state Of the money market in Paris which, after many
months Of continued excitement has nj length suffered
a tenn orary COLLAPSE
III the LONDON market VIC are happy to say that no
such sinister circumstance has developed itself On tho
contrary w this time the prices OF every description
of funded ,curites in repute have been maintained with
uncxampcd stability. The influx OF more than million
and half OF the precious metals dnrpg the last fortnight
frcm various parts OF the world, has impaired sur
prising confidence in monetary circles. Irrespective of
any supplies nom Australia not less than one million
sterling has flowed in during the last week from the West
Indies, Mexico and the United states The foreign ex
changes continuing still favorable tie increase OF bullion
in the vaults Of the Bank Of England has been comen
suate notwithstanding very extensive continued expor
tations 10 the Fast Indies and China The increase OF
bullion hy the last weekly rcturnswhich Of course, do
not cmbi the late arrivals-has been again above
fsc0 oC0 making total more than 81 500 600 during
fortnight; thus bringing up the stock Of bullion in
both departments from considerably below ten millions
10 fl1,ss4ts6. This il, indeed, sudden rcvul-
Is by very large decrease in the private securities in
dicaes most salutary change the aspect of the posi-
tcn OF the Pank of England. II l. worthy Of remark
however that the increase in the treasure OF the Bank OF
England has its main origin in the accumulated arrivals
OF gold and silver from the original sources OF supply
and Lot In the smallest degree from any refux Of the
precious ms ais from Turkey Or the conermnous states
where II conjectured by parties that vast hordes
have been collected ready 10 pour back in continuous
stream the tide shall again set in to-
wards Western Europe. The solution or this problem of
the eux and reux Of the precious metals has vet 10 be
a NJ thp rlo and fha ralatiy
stocks in the Parks OF France and England, will be
( watched during the next twelve months with undmin
shea interest.
We shall not follow contemporaries in their specu-
atons on the probable immediate reduction still further
in the bank rate Of interest OF course the bank will
continue 20 pcrscverc in it, modern policy, adopted since
1874 Of citing with private capitalists in the general
money market. IN days OF money scarcity the bank
InonnI oses the entire business. The of this
takes place in periods Of abundance Of capital. The
esgcrnes of the Bank OF England TO participate in the
profits of discounng paper ttLds perhaps TO de-
range the prices OF commodities, and TO promote specua
ton. than the screw accompanies in times Of such
peculiar pressure those through which have srug
ged since October last. very evident that, notwth
standing the additional capital required 10 carry the
vastly increased, and ti increasing, commerce OF the
country, the Of the mercantile body far
adequate perform all the functions Of commerce.
and 10 give extended credit abroad, than they
were st any antecedcnt period OF our history.
Therefore, whatever Iaseng clouds may supervene TO
dim our present prospects Of trade with the United States,
thing else Is bright and clear before u.s. Attention
H. OF course, beginning 10 be directed to the probability
q good deficient harvest. II evident that,
whatever email stocks Of grain exit In the various ports
Of the Black Sen ard in southern Russia very great
supplies can flow in before the harvest Upon the
or ess satisfactory prospects Of an abundant crop will
materially depend the prosperity Of the ensuing season
This blessing conceded TO by Providence may fair
~ anticipate uninterrupted course Of commercial ac
witty during many months 10 come Some anxiety may
be experienced with regard 30 mebasng relations
With the United states; but with firmness and patriotic
unanimy on part OF the nation exhibiting integrity
that win not offer, and spirit tia, viii submit to-
injury, the present difficulties will vanish. Our
tile prospects, with regard 10 the rest Of the world
most auspicious.