New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1856-10-28


comes tie dsy for settlement. IL l. then that the
,eafolding Of foolish -pscuatlons orumbes "a me
Ground bankruptcy succeeds bankruptcy, mass OF
shares are thrown the market the value OF -ecur
res il Deprecated SC. The dead then buried, the
wounded attended TO, anj the game reeommences on
the morrow with renewed ygor. The victims OF the
Pourse inspire with little pity but II saf to thlnk
that the fever OF speculation has reached the mass OF
the population We have at this moment, before our
eyes certain Establishments which are worthy OF Law
famous Mississippi Bank Their imaginary profits ct
tract capital away from useful enterprises which "onld
have ructiiied.
"It may be said that the capital of France has
been concentrated in Psr- the provinces are n state
Of perjury which il daily increased by the scaTcity)
provisions. Moreover, thanks 70 the Cosmopolitan
cuacks who Overrun ell the States OF Europe, trench
capital is dispatched abroad. Moneys becoming more
and more rare. The war absorbed much, and we shall
require more for the purchase OF as the present
harvest appears insufficient Ii il not in merchandise
but in gold and silver that payments FOR corn are made
in periods of amenta crisis II is true That the mines
Of California still send their bars of geld but WI
soon be fouLd that the treasures Of California have i
powerful cd Our silver money is already on the
point OF disappearing. Economists have allowed US 10
slunber consequences which might have beo Aoticl-
mated Let matters pass over in their nat80 course.
has been heir motto. Now, today. We pe+o1fve that
our silver coinage is vanishing, and that II Is TOO late
TO prevent this emigration In six months % mlIoos
in silver have been exported from southampton IL Is
probable that India absOTbs all this Immense quantity
Of coinage. Gold, which j. current in England Is n
longer legal tender in India and il is our silver which
supplies the deficit experienced 10 the East. Econo-
mists are witnessing an interesting experiment.
Money il directed 10 the point where demand
exists; tbs is recognized principle. and the same
principle " III bring il back again 10 frrne. Only II
will return charged with expenses and transport charge
Would it not have been more prudent to have saved
these expensive trips Have the innumerable difficult
ties which arise from sensible dminuon of coin in
circulation been taken into consideration Matters
return 10 their primitive state in the end bu, IN the
mean while ruin seiZes private fortunes and on the
public finances. This must be prevented. Let Us
Commence by begging the English to re6stabish gold
currency in their colonies for il Is impossible tha We
can submit 10 be despoiled Of our silver only from
fantastic idea entertained by the East India Company.
The changes proposed BY certain economists have
suredly chance of success but Government must be
acquainted with the real value of the opinions o. econo
ss and it, intention certainly that of not listening
TO them"
From The London Morning Herald
The report of the French Minister on the financial
condition of France is document that must oe re-
ceyed at the present moment with considerable de-
gree of cauten for, although we have no desire to
sggravate the financial difficulties which at present
cause great embarr issment TO the Government OF our
aIy we cannot blind eyes against fact. which pre-
sent themselves to the world in an UDmlstskaoe iem
nor do we intend to adopt the pursued by some
of our contemporaries in thinking our own system OF
fnarce and banking as vastly superior to that OF our
neighbors. The relative positions OF the two coun
tries do not admit of an equitable comp arson, be-
cause they represent states of things which are en-
rely dssimar. That part of the report addressed 70
the Emperor which has reference to the state OF French
commerce speaks for ise and on the @h Die IL salts
factory clearly showing the elasticity of the resources
Of the country under great emergencies and the state
uents with regard To the revenue are equally en-
couraging bat these are not the points wnch are
likely embarass seriously the Government Of France
The difficulties to be encountered are spread over
wider field, and are, in the abstract, almost indie
PENDENT of the financial position Of the Government
though they are certain Is involve ii in their conse
Guences France has engaged in a course Of speeU'
lation which s immense in its ranlh 'ailons that
il extends great portion OF Europe we do not
accuse either the Government or the Bank OF encoar-
aging this evil but the fact remains indlsputabe ana
how ever willing we are to admit that the natural and
industrial resources of France are very great THESE
gigantic specuatioDs cannot be sustained without an
adequate amount of moreyed capital for tnelr oasis
Have We any satisfactory evidence TO show That these
immense credits placed upon satisfactory founda-
ton! Most assuredy not. If the speculative move
ments To which we refer had been confined to France
alone the danger would have been much less, and a
remedy would have been far more easy OF accomplish
ment but they scattered over the whole continent
Of Europe i'll almost every couCclE able io!m dld the
day of reckoning is at hand a. must assuredy come IN
all such matters; and 1t IS not improbable that some OF
the best institutions of France may suffer by the toes
which have been committe All eyes now fixed upon
the Bank of France and those who have oated 10 the
sea of speculation looking to IT for support or deliver
apce How thisi TO BE- accomplished remains 20 be seem
that vast supersucture of credit which has Dee1rased
by the leading Spectators of Paris. think toe result
certain II will not be long possible to prevent the
with travail of the principal amount OF specie from its
Golfers and with that a suspension Of cash payments
would become inevitable. But, looking AZ the condi
ton Of the Bank independently of these speculatlons
there appears 10 be less cause for alarm by the last
return, which was on the 18th of September, the
amount OF bullion in the Bank was 80 $4,000 and
although this sum was less by tl69,0OO than the
amount given in the previous return, il was con-
sidorGbly in excess of the amount held at the com
cement of the present year In the monthly re-
turn for January the amount of specie was t. Sl OOO
and in February ii was increased TO fS51j,OOO; bat
this increase of EJ9 600 sustained by purchases
made by the Bank az cost of tf2,57O during
the month and the Bank has only been able to sustain
lis specie by similar up to the present .lme, at
a total cost for premiums paid which amour. to
fi9J570. SO long France engaged IN an ex-
p,nsve war, there was some legitimate reason tor ls
sdoping this course to maintain it, metallic resources
but 10 continue il TO maintain an "exaggeraton OF
speculatons, they are termed, must ultimately
prove fatal TO the Bank Itself and lead to the most
ruinous consequences The remedy therefore, seems
10 be 10 separate itselt from these TRANSACTIONS by
gradual process of liquidation, and restore that equ-
Gbrium between its specie and circulation which IL
necessary TO maintain the credit OF the INSTITUTION.
We cannot that a suspension OF cash payments
can reasonably be suggested unless very unexpected
diminution OF specie be shown in the forthcoming
return; and we inclined to believe that such
suggestion can only proceed from class OF persons
whose hope of support is placed entirely in the assist
ance afforded by the Bank. But as the repor; has
been received wthlgreat confidence in certain quarters
il is necessary that the question should be fairly stated
and we think would be a singular anomaly III the his
tory of banking for bank TO suspend cash payments
with eight or nine millions sterling of specie IN IT.
vaults That the difficulties which threaten the Bank
are Formidable must be admitted, and that financial
crash would also involve the Government IN ts cOnse
ouences: but whatever phase they may assume II is
evident that restriction must be placed pom that
spirit of speculative enterprise which, II not checked
Io.... - .hr1nr.