New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1856-10-27

the Governor of the Bank of France with the fol-
lowing feature in his monthly account
Gael in hand. .......... II O62,9lO ll3l26,7O'
CasE IN branches. .....- @,4Oi,Vb l-2,oIo ,U'O
Bills discounted. ........2I 99, i2b ~, SOC, lyl
Bills at branch banks. ..239, 36G! 2ll ,Sg,@
Prem on gold and silver. 2,l2S,9i l,'b,5l3
In other words, during one month the cash on
hand had diminished by 60, 30 545 francs discounts
ofbills had increased by ~ AL 30 francs; while the
premium on the purchase of gold and silver exceeds
the figures for September by 632, Gal francs In
happily, also, it is the fact that boarding of the
precious metals is now going on TO an unprece-
dented degree among the French; and that the
rumors of suspension of cash payments at the
Bank are daily gaining ground. The intervention
of Napoleon proves 10 be about as efficient on the
money market as his intervention in the inundated
districts on the waters of the Loire
The present cribs in Europe is complicated by
the fact that drain of buliOn-the common hsr
bipger of commercial disasters-is interviewer with
depreciation Of gold, as compared with silver.
independently of every other commercial and in
dustris agency this depreciation could not but R-
duce those countries. where there exists double
standard of value, and where both gold and silver
must be received in payment according to proper
tions prescribed by law but declared to be false
BY economical facts 10 export their silver to those
markets. where gold is the standard of value, and
where the official price of silver does not swerve
from lis market price. This being the relative po-
sition of England and France, silver must naturally
dow from France to England, and gold from En-
gland to France, till the silver currency Of the lat
Ter is replaced by gold currency. On the one
hand, it is clear that such substitution for the
usual medium Of exchange must be attended ~
temporary difficulties, but that these difficulties
can be met, either by making gold the standard,
and putting silver out Of circulation, has BEEN
done, or by demonetizing gold and making silver
the only standard, as was done in Holland in ls5l,
upd more recently in Belgium. On the other hand,
it is evident that if there were other agency at
work except depreciation of silver compared
with gold, the general drain OF silver from all
Europe aud America would have counteracted and
paralyzed itself because the suddenly setting free
ana tskDg out Of circulation of such a mass OF
silver without any particular reservoir to supply H.
must have lowered its price in comparison win
gold, the market price of any commodity being de-
tImined temporarily BY the proportion between
supply and demand, and only in an average Vi
years by the cost Of production. HE demone'Aa
ton of gold in the Dutch and Belgian banks couid
exercise but very slight influence on the value o'
silver, as il had been the principal means VI eA'
change in those countries and therefore the cnshSe
VAS Of legal rather than an eeonomica character.
il NAV BE- admitted, however, that these changes
have opened small market for the supp. OF al-
YER and thus in slight degree sllevisted the en-
bsrrassment.
Within the last four or five months the specie in
tho Austrian National Bank has il is true mere ased
from 900 OOO, 900 to $43, OK, 000, the whole OF
- b,eh Austria not having yet returned to cash
nsvments !, boarded u the Bank vaults. The prin.
cpal par, OF this increase OF S3 900 900 has teen
drawn from Paris and Germany for railways bought
b, the Credit Moblier. Tbis is certainly one OF the
causes which explain the recent drain Of silver but
would be erroneous 10 look upon this circumstance
rs in any large degree accounting for the late pine
=, mens in the money market. II must not be for.
ottea that from lsie TO l>rj, one hundred and five
lillons of gold have been thrown INTO the money
II srkets of the world by the production Of Calfor.
uia and Australia exclusive OF the yield OF Russia
end the other old established sources OF supply. OF
these one hundred and FIVE millions the more san-
eune free traders suppose that ffty-two millions
have been required for the modern increase Of com.
nerce, whether as currency, as bank reserves, az
bullion for the settling OF balances and the correc-
ton of exchanges between different countries, or as
articles Of luxury Of the other fifty three millions
they suppose, and We think them rather below the
mark, that they have merely replaced a similar
amount Of silver formerly in Use in America and
Frsnee-ten millions in America, and iorty-threr
iIons in France. The manner in which this dis
placement ba. worked Itself out, may be- seen from
the Official Customs Returns of the movement OF
90 "a ard silver in France during the yeer l-:li:
Coli L4:or.ed IL las. S!s,r i7Portrd - 80
II o. 81 I.sot............... L7l7t9
10 e51i SoID. l-l&JJ
To,.l ..4 - 81. - Total. ...........si ,GSS oSs
CD E-PpTfec - lsSo- SURF fiPofifo isSai
1914 IGEOfs AOoI, -
ufS'o ''-''' 's'-'f't'
Toia............ ih,tsHil Iois-. siSsJo5H
Re- to.d p',s Gssi5jl Bsanes silver EkPd 70 oisT5