The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-11-09

Texas hut Of the votes which they would confer in
Congress and 10 whatever point OF the compass the
arms Of the republic were turned, the victory she
sought was really over the North. The tactics of
the South were crowned with success, the nation
suffered itself to be caueht by the lure OF foreign
conquest and the South might have succeeded in all
lis des gDs bad not the rashness generated by i'm
pnnity together With he meanness of its most pro
mnent political antagonists. excited it TO pitch of
pre- sumptuous folly witch has reused the free States
to sense OF their danger, disipated the visions of
conquest and glory, AID excited a sentiment the
strength and depth which will never be truly
known until il has found full utierance in the presi
dental election
The sound Dues Settiement--How Is the In
dssnnits Ia ne Paid
CorTesp1d1 encc a the London News.)
CoPENH AGEN. Oct. l6, 1856.
Nov thar Ellland hss accepted the proposals of
ermark for tie sptalization OF the Sound dues,
the question to he principle involved may be
considered as hay rg received favorable and prac-
teal soIntioD. Btt ill there are yet many diff.
culties TO be ovtI before ships may DC permit.
TED to pass III without let or hindrance
In the first pisc. ere ale still many States WHICH
have net yet given r neir adhesion 10 tue arrange
ment. Prussia J. ule 81 these; and though there is
good reason To aeleye she will throw no diff
cu.ties IN the .ay, yet she has not hitherto made
aLy Official comm al alton on the subject to
the Danish goStrnucat. la the next place England,
in accepting the Danish proposals. has only done so
SUB sre ratlhc an 0ns-that Is, subject to the rat
hcaiion Of Paranfns; ard as the ensuing session
viii probebly Tot ,0rnmence before the month OF
January or FeDrueTy neXt, delay of some months
must necessarily take mace. Thirdly, nothing has
Yet tlanspirsd as to the future intentions of the
United States alter The expiration of the temporary
renewal OF then treaty with Denmark.
In the meantime Fery important part of the
question remains 70 be ettled and has long formed
the subject Of ministerial deliberations and out
Of door debates. without having yet fourd salts
factory soluron. ! refer 10 the mode OF payment OF
the indemniHcaten ard lhe'quession that presents
itself s whether o. 70 eigl states shall pay over the
~, ha,l f4 rr tax IN he a
certain part OF tie Danish Gational debt. the Sound
dues having btsa Gagged as security Tor foreign
loans. OF the I'M ISL three per cent. loan, nego.
tiated N 1926 and lS26, by the house OF Messrs.
Thomas Wikon n Co. in London, for seven mil
lions and halt serrg (s5 800 600, at rs per cent,
ard e. 600 600 al 60 per cent?, fl92,5O have been
repaid annually according 10 stipulation and the
whole viii be pa'd of BY the year 1885; and Of the
five per cent loan, negotiated in 1871 by the houses
of HOldemapD and Goidschmidt, for three millions
sterling, the whole has been repaid except about
half million, the 3mortiSation of which will DC
completed in the year 1862.
II appears, then, that the still outstanding
amount OF the above loans is about thirytwo
millions Of rix dollars, which would he fully covered
by the sum To te paid by England az her share
OF the indemnify or the loss of the Sound
dues. How far e legal transfer Of the re-
naming portion Of iNese loans can be made | am
not able to say taing acquainted with the stipu
atons of the contract la whatever way the pay
ment be made, there however, no reason TO expect
that the Sound cues Office az Elsinore will be closed,
and the guard ship withdrawn from her station in
the Sound, before the middle OF uext year.
Should the pay ID be made in a ronnd sum or by
short instalDeuts 4 i not unlikely that the money
viii be employed ID he construction OF the lcng
contemplated Jutiond Railway, although voices are
heard in favor o. ~ beng piled to building the
detached forts, sad Otherwise improving the forti
hcations Of this city, a measure which has also
been decided OIL for some time past, and which may
now be executed with tho proceeds OF the indem-
nifty soT the S,und daes. and an actual surplus Of
two millions o. rix dollars over the estimates of the
budget.
The Demand and supply OF Specie In Europe.--
Critical Position cftoe Bank OF France.
Drum tts London N -. 0u. - 1855
The present position Of monetary Affairs bears in
many respects reinakable resemblance to that
witnessed at the corresponding date of LAST year
On the 18th Of October ls55, the directors OF the
Bsna Of England aised TIE rates OF discount 10 tx
per cent for short, sod seven per cent for long pa
per. On the son. day TIE Bank CT France also
raised the rate 81 GiscoGnt TO six per cent, and re-
stricted It's loans rentes and railway securities 70
thirty per cent o. their value. In these facts we
have 50 close similarity 10 the present state OF af
fairs. that comparison OF the balance sheets issued
respectively by the two banks at these Gates i Of
general interest
The comparison Of the return OF the Ban. ~ Eng
land for the week G. ding the 18th inst, with that
for tie week ending the 18th OF October. 1855, i
somewhat affected by the Circumstance that the lat
ter inc uded the first day or the dividend payments
these disbursements having commenced TO the public
on tie Saturday: whereas the return for the llth
inst. shows no such payments the DIVIDENDS due 10
the current month of October not being payable
unit, Tuesday, the IL b. With this exclamation we
appe-d the result Il contrast iour Leading
items q the Bank account, viz
$3.50. Cc'.Fs,d ..a
Con an brlion.... fe.lsooo7 Decrrase. - el2aSs
Nein 2 ressrse...... "ea,t;e nesreass.. i'es,s.V
Goverr -aert .ecari.ies li.s7ssos decrease s-2s6s
The bullion is upwards Of o million and a hali
less than last year. the stock Of unemployed notes
Il n~Q mil and of 40 L.. IN
commerce ard the stock exchange show an increase
Of one miii,n and fhrte quarters. II Is clear from
this examination tina the pressure upon the banks
is conside ably more severe, and that is
available means are much smaller than of the cores
ponding period OF 1855. when the directors were
compelled 10 take steps almost Identical with those
adopted now. II is singular that war at the one
period, and speculation on the continent al the
other-ceuses 20 apparently observation-disclosures be
attended with almost the same effect upon the money
market Bearing In mind that In the return for 1855
the one days divided payments occasioned oons.
deraile dimnuon in the coin and ofnotes and
that the effect the diyi end payments Of October
1856, viii not be exhibited III the next return Is
issued The position Of the bank Z shown TO be still
more enlightened. THIS comparison quite iustifes
the balk directors in the which they have pur
sued, and even warrants The belief that unless the
monetary drain BE- shortly reduced within more
moderate limits, fresh aug Of the rates Of
discount Il probable II may be pointed out, how
ever that the comparative addition Of fs22 ,,s5 TO
the stock OF government securities held by the
bank suggtst means by which the directors
may, 20 q certain exten,, strengthen their posi-.
ton. BY either borrowing money upon, or
actually selling, this surplus Of government
securities, the bank can withdraw notes from
the market, and pro fdnfo, increase it, reserve OF
notes The recent resolution Of the Court not TO ad.
vance money 1t all upon government stock, indicates
the urgent necessity under which they lie of holding
their resources more Immediately under command.
Prior to the adoption Of this extreme measure the
bank could not BE OF its position for II might
withdraw eotes from the market by selling stock,
and the very pcxt hour capitalists might apply for
loans on cons Dis &c and 70 bring these notes back
from the tank ii,o circulation.
A comparison ~ the balance sheet OF the Bank of |
England with tiet Cor the corresponding period OF
last year Icing thus strongly indicative OF a very
stringent money market, and of the necessity Of |
great caution let now institute similar compari-
son ith resysct 10 tie Bank Of France. Contrast
ing the rcturn for the mJrtb end ~ the 9Th inst
with ,ha. fer the month ending the llth Of October
1885, we arrive st the variations shown lelow,
Wiz
Cynydref Wifb