The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1856-10-31
Financial.

The financial crisis in France has assumed
new aspect and the change in the course Of c
events may have a serious bearing upon none
tary matters in this country speculations IN all
sorts of Railroad and joint stocks, credit Mo-
bier and fancy operations, have, the last two
wears, been carried in France to an inordinate
extent, till nearly the whole capital and COM
mercial credit Of the country have become
involved in them; and as they had reached
point, that seemed to render general fnan-
cal explosion inevitable, it was determined at
first-to save all interests from such a calaml-
ty-to permit the French National Bank, to
suspend specie payments and make her notes
a tender. By the last arrival, it appears this
policy had been changed, and the Emperor OF
the French had resolved to sacrifice the specu-
lators, rather than alarm the country by revlv-
ing the memory of the days of the old asslg-
mats, and Of revolutionary commissions and
disorganization The Bank has been ordered
to protect itself and continue specie payments.
/ 1t has begun course of rigid curtallment IN
all its business. For the future, it will only
discount in small sums first class paper, not
over 60 days to mature, at six per cent
Longer paper it will not touch at any rates of
interest it will advance only 20 per centum
on the present market prices of Railroad
stock, hypothetical to it, This measure,
it is said, has placed Paris " financially, in
state of siege" The operators have been
dealing mostly in fancy and Railroad stocks,
and the paper they hold is such as is created
by such operations, and is commercially and
legitimateIy of the lowest class. Under the
new order of the Bank, these men are cut off
from all money accommodations; their ruin
therefore is apparently inevitable
The drains from the vaults Of the Bank Of
England caused by this crisis on the Cont
nent, has been nearly $5,ooo00o per week.
To protect herself, the Bank of England has
raised the rate of interest to six and seven per
cent. And if this stringent measure does not
arrest the exhausting process-and it is feared
it will not-the rate will be further advanced
10 ten and even twelve per cent; and if neces-
, sary, she will shut her doors upon all borrow
ers.
! l. he eueCb Oh IllCSe IuclSuTGS UluSL De ulSdS-
trous and wide spread in Europe, and their
consequences will soon be visible here. They
cannot fail to have serious and depressing
effect upon the prices Of cotton, by the effect
they will have upon the manufacturing inter-
ests abroad. The struggles Of the English
Bank and capitalists to maintain themselves,
6 will rapidly draw specie from u.s. and
compel our banks to curtal. The last steam
!. er for Liverpool took one million and hal
: in gold. Our securities will become unsafe
/, US in large sums, and the proceeds of theil
> sales will go back in gold; drawing from Us
IN large amounts, the basis OF our currency
= A severe financial crisis in Europe, must b
i, felt here, and it would be prudent to make
due preparation for it, and calculate its effects
;, upon our banks and on our staples; it will az
= feet the interest of every farmer as well a.
merchant and capitalist If the Bank c
France had suspended, and continued to issu,
her notes in unrestricted sums, speculation
would have been Observation-Disclosures would
have advanced trade, in all it's ramifcations
& would have been unwontedly active-ant
j. money abundant all over the world. w
i should have realized advanced prices on cot
l. ton, and all our staples; and our seeuritie
h. would have found ready purchasers at adyan
ne cling prices in Europe; and our roads and pub
n. lie improvements would have advanced al
o. most with the desires of their projectors
1y But this specious and delusve prosperit
to could not have endured but for a season. Tn
of more expanded the delusion had become, tn
a more destructive and fatal would have bee
o. the explosion. when the bubble finally burst
he ed 1t is Fortunate therefore, that the pro
nd cess Of credit initiation has been stopped, Will
NC its evil effects will be chiefly confined to thos
ey who have been its authors.
IN OEF The Hon. Cyrus. l., Durham, who die
ms at his residence, in Jackson county in tn
as State on Thursday, the 23d inst. was for sel
nd eral terms, Representative of the Third Cor
mt gressonal District in the United States HouS
is, of Representatives He was a man ofdecide
in ability, and occupied the foremost rank anon
the Democratic politicians of Indiana.
was native of CORTLAND county, New Yorl
Ill
- OF Serious complaint has been made to |
- that by publishing the Hon. 0. H. Smiths le
). ter to the Council and the action thereon in
90 separate column-from the other proceeding
A. of the city's fathers, we mutilated the Recor
nd of the Council. We beg any reader, who ha
he by this offence Of ours, got the matter dis oin
,od in his own mind, to apply to the City Clerk
~, come to US and have the dislocation reduce
!, at once without fee, and we think