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

The receipts Of the Illinois Central Road for the
week OF October, which Ia the largest
ever known on this road.
Tho steamshp Arabia, 1t Halifax from Liverpool puts
In possession Of three days later than those 70
ccivcd by tie last arrival. We have details Of the Cd
v;es she brings, but enough has TO hand 70 satisfy
that financial panic throughout Europe not far dts
liant The most important item Of by this steamer
10 the fact The Bank England lost In one week
enormous sum, In bullion, OF m,lon poands xsriisr
In the spsce week the Bank Of England hall
auch all the hanks 0. the city of New York hold
this moment More than tenth OF all sask Of
EnrApd specie drawn out In ak days. Tais
fact alone enough for tho Bank advance It's
rate OF interest and per cent During the whole
Of the Crinean drain TO this extent not realized
and u may we'll create alarm among duauciers Tho
slight recovery In quotations for consos the nAtaral
effect Of such q sudden and serious decline
realized The money market reported little easier
INN edsiey alter Tbs bank bad advanced tho ratio Of In
erest but Just previous TO the departure Of tho Arabia
the strDgency returned and the latest date in.
cressDg The enct Of such great increase In The value
Of money could nMsy DO o.bsrwise and grsa, driross
NUT follow. The course now pursued BY the Bank Of
France amounts almost TO complete aspension Of dis
counts. In England they yet little better OF
that but the osde rates Of interest must rule ru.noas
rates, and serious disasters In the commercial world
be the refuh An advanc, In the rate OF interest by the
Bank Of England from 10 per the space Of
:wo TO three weeks while commercial operations
restricted by the absence OF confidence likely 10 pro
duce difficulty Than under any other circumstances
I'm Great Britain and the Continent the utmos, pros
pcriy prevails In commercial affairs. very extensive
and profitable business has been carried b-
clusion Of tue arc private credit stood high and
wholly esttcted. In the mdst OF tns great ad
~ ~ft .hon{ To-
quiet camp. The notice given OF the banks intention
not sufficient TO have the slightest eject the move
Desu Of trade The expansion Of privae credits ba1
reached such high point, before any for an in
oreGe 10 the rate OF interest appeared that contraction
81 any Importance utterly out OF the question, and
now We have, with very active demand for mooey 10
Londcn to carry the general operations Of commerce
advance In the rate OF interest from per
There be hard times among business men. Cat OIL
tn their revenues payments must DO made under mn-i
adverse circumstances Haithe Bank Adopted this course
AFTER . org period Of conuacuos, whom cosnience
point, the enest woild not have bees at all
Injurious but will create grca, deal o. epssrrs'
merit and we fear great deal bankruptcy In France
all cssses su-r alike. Tho Bsnk ofFrance viii not de-
count anything sixty days, and require margins o.
the hypothcoation of public securities OH all
specuIssors and bring speculation At ono into the mot
contracted limits
We yesterday copied some resolution, passed Al a
meeting Of farmers end merchants living near the line
Of the Milwaukee and Horizon Railroad, pedring them
selves and their county TO the subscription sum SAT
ocen for the construction OF branch road from Point
Boss 70 Flowers distance Of twenty four miles
and connecting st the latter It's due 70 the directors
OF the main road to state that while they appreciate the
advantage or and will afford every reasonable encourage
ment TO- the building Of branch roads, which can become
but 10 many feeders they do intend TO divert any OF
their fun fs from the carrying out OF the original design
namely the construction OF railroad from Milwaukee TO
the head OF Lake Superior. Any number Of branches
may be built in fact the necessities Of the country are
such that they must be- but the sine~s VIII 10 every
instance be furnished by the people whose convenience
they are designed to subscrve. the Milwaukee and Hort
con Company hereby piedsns itself to give such encou
rsssmeDt In the way Of depos and connections as an
intelligent regard Cor their interests msy from time
10 time dictate.
The shipments OF cotton 10 Great Britain from all the
Southern PORTS and including ours September to
this date, only 1s,so7 bales, against soboi bales 10
this dste last year. deficiency OF $4,000 bales whcn
niy dollars per bale Sc 600 less exchange from