The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-10-24

The News by the Arabaa-Apprssch Of the
Financial Crash In Europe.
The mail which was telegraphed Yesterday
from Halifax, confirms in the most striking man
ner the views we expressed some days since in
reference to the course of the Bank of France.
1t is now quite apparent that the Emperor Of the
French has resolved to sacrifice the SPECTATORS
rather than alarm the people at large by mea-
sure which could not | ave failed to remind every
one of the days of the old assigats and the Reign
of Terror. He has authorized the bank to protect
itself, which it is doing most effectually. First
class paper, with less than sixty days to run, it
discounts at six per cent; but that only in small
quantity; paper at longer date it will not
touch at all; it requires margin Of eighty per
cent over the market value to cover its adj
yances on railroad stocks, and margin OF sixty
per cent on government stocks. These measures
may be said to have declared Paris financially
in a state of siege. Very few of the operators
at the Bourse can command short first rate paper;
they operate mainly with railroad securities,
some classes of government stocks, and second,
third, and fourth rate paper. An idea may be
ormed of the alarming character of the crisis
from the reflection that under the new bank
regime, these men will not be able to get money
at all, on any terms.
We see how hard they are struggling from the
Bank of England, equal to million ster-
ling in week, and requiring the imme-
date increase Of the rate of interest to six
and seven per cent. But it is not to be expected
that they will obtain any permanent relief from
this source The Bank Of England, acting freely
shut down the door upon borrowers, if, to do SO,
she is compelled to raise the rate of interest to
ten per cent or even higher. And after a
struggle, the length and character Of which
must depend upon the financial strength OF the
operators involved, all these Frenchmen mast
inevitably be strangled. AT least, we can see at
present no other issue.
or course it is hard to say how far a crash of
this kind would extend The Credit Mobilier
going, probably some Of the roads in France
would 90, and other enterprises in which British
capital is inv olved No doubt a vast number OF
commercial houses would be unnecessarily sucked
into the vortex and submerged. For a time the
distress in monetary circles throughout the Eu
ropean continent. and therefore also in London
and here, would undoubtedly be severe; but az
ter the first crisis, the suffering might perhaps be
small in comparison to the extent of surface
cleared. Our ultimate injury would be in exact
proportion to the concealed rottenness Of our
n
speaking our direct interest in French convu-
sion would be slender; but our hazard, arising
from analogies between our position and theirs,
would certainly be great
MORE BRUTAL LETTERS FROM MASTER McMAs-
TER.-Master McMaster, Of the Freemans Jour
nal and Catholic church, viii require another re-
primaDd from his superior, the Rev. Archbishop.
ltappears that he is inundating the whole coun-
try with private missiles, couched in the most
brutal vulgar and ungentlemanly language which
man pretending to decency could use Several
Of his letters have already appeared, but the
latest Of them we find in the Lockport Courier,
addressed TO some neophyte there, and couched
in The following strain
From the Lockport Courier, OF Oct. Ill
DyAp sR-i have OF pubished'n the Freemans jour
nal that Col Fremont . goof Catholic. De Is NOT
thoic, a know from bis own most intimate pereonai
friends-amorg them his groomsmau at his wed
obr spd me ,soy a snose house De vas maniea-wno
ubdolbied evidence.
The number OF the Sreeman tina, has the sracie you
raw quoted. altogether exhausted. an sorry you are
net regular subscriber 70 the fireman. and you would
lad many articles OF great importance In the
way q Catcc principles as relating 70 political matters,
xI M
A TO fremont be s 10 the same case
~hh he sospers in Ireland dc playing Pro,es,an. for
rr that be never was Czshonc he Is hasrlot lar.
Yours, &c, J. A. keMAS TER.
We have no doubt but that Tetzcl, the famous
monk in Germany, sent there by Leo X to sell
indulgence would have denounced Luther in
that day as fragrant liar and miserable bypo-
critic in the same way In which Master McMaster
10 this day. and in the same vein, denounces Ere.
mont. Mean, dirty, contemplate, preposterous.
Religious fanatics, whether Catholics or Protes-
tanis, always present the same characteristics.
McMaster however, in his missives comes nearer
70 the evidence on which he relies and speaks OF
The groomsman at Col. Fremonts wedding and
Of the lady at whose house he was married. rs
being both Of them Catholics. Now, it happens
that that lady is living in this city, and is the
mother Of Mr.. Cumming a Catholic priest. She
kept boarding house on Capitol Hill, at Wash
ington. where II is said the Colonel boarded whc1
be was married. Mr.. McMaster has been tugging
at the apron strings Of that respectable woman
for several weeks until be has brought out all he
waited for witness to his gross charges; but VIC
have not yet heard what she says upon the mO-
ject. We have every reason to believe that both
the groomsman and lady will rcpudiate in pro-
per way the impertinence and insolence OF the
man who thus parades them before the public.
W. III. SEWARD Orr WITH ANOTHER SPEEcH-
Mr. Seward has just delivered himself, at An
burn Of another Of his peculiar speeches, In the
form Of magazine essay from the stump. It i
labored and heavy argument on the party OF
ffetlgra and tho Marty nf elaxorv va aro In.