New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-12-22

IN ASIA was flgDeu ~ COusbnuCu0pic on tao obl
instant
The arrival yesterday morning Of the mails Of the
Canada and the Adriatic puts in possession of 9
weeks history Of the European financial crisis.
This history may be summed up in few words
Hamburg still formed the center of the convulsion,
which reacted more or lees severely on Prussia, and
was gradually reducing the English money market
to the unsettled state which it seemed to be rec0v-
eriDg from. Some distant echoes Of the storm had
reverberated from Spain and Italy. Through the
whole Of Europe the palsy Of industrial activity
and the consequent distress Of the aborng classes
are rapidly spreading. On the other hand, the
comparative resistance which France still opposed
to the contagion puzzled the political economists
as riddle harder to be solved than the general
crisis itself.
The Hamburg crisis was thought TO have passed
its climax after Nov. q, upon the establishment Of
the Guaranteed Discount Association, the total
subscriptions for which amounted to 1900, 900
marks banco, destined to secure the circulation Of
such bills and notes &c should receive the stamp Of
the Association. Still, some days LATER the recur
renee of some failures, and events like the suicide
of the bill broker Cows, foreshadowed new disas-
ters. On Nov. &c the panic again had full swing;
and at first the Discount Association, 90 now the
Government itself stepped forward to stem its
current. On the 9th, the Senate proposed, and
obtained leave from the freehold burgesses OF tho
city, to issue securities bearing interest (exchequer
notes), to the amount of $4,000, 900 marks bAnco,
fOr the purposs of making advances upon goods OF
permanent description, or upon State securities
such advances 10 amount to from so to 663 per
cent Of the respective value of the pawned COM
modities. This second effort to right the course OF
commerce foundered like the 6rst-both resembling
the vain cries Of distress which precede ship
wreck. The guaranty Of the Discount Associa-
ton itself was found to need another guaranty in
its turn; and the advances of the State, limited ia
their amount as veil as the description Of COM
modites to which they applied, became, moreover,
by dnt of the very conditions under which they
ware made, relatively useless, at the same ratio
that prices were going down To up
hold prices, and thus ward of the active cause
of the distress, the State must pay the
prices ruling before the outbreak of the CONNER
cial panic, and realize the value Of bills Of e1-
charge which had ceased to represent anything
but foreign failures. In other words the fortune
Of the whole community, which the Government
represents, ought to make good for the losses of
private capitalists. This sort Of communism
where the mutually is all one side seems rather
attractive to the European capitalists. On No.
vember 90, twenty great commercial Hamburg
Ia
down, the discount of bills had ceased, the
prices of merchandise and securities became NOM
nal, and all business arrived at dead lock. From
the List OF failures it appears that FIVE Of them oc-
CURED in banking operations with Sweden aud Nor
way the liabilities Of MesIrs. Uilmann & Crsmer,
amounting to 1900, 900 marks banco, FIVE in
the Colonial produce trade, four in the Baltic pro-
duce trade, two in the export Of manufactures, two
in insurance agencies, one in the Stock Exchange,
one in the ship buildiDg trade. Sweden depends 10
entirely on Hamburg as her exporter, billbroker
and banker that the history Of tho Hamburg market
is that Of the Stockholm market Consequently, two
days after the collapse telegram announced that
the failures in Hamburg had led to failures in Stock
| holm, and that there too Government support hid
proved unavailable. What in this respect holds
| good for Sweden is still more true for Denmark,
wtose commercial center, Altons, is but suburb
Of Hamburg. On tho let of December extensive
stoppsges occurred, including two very old firms,
viz: Conrad Warneke in the Colonial trade, es-
pecally sugar, with capital of 100000 marks
banco, and extensively contested with Germany,
Denmark and Sweden; and Lorent am Ende a.
Co, carrying en- business with Sweden and Nor
way. One ship-owner and general merchant CON-
United suicide in consequence Of his embarrass.
ments.
The general exten. Of Hamburg commerce
may be inferred from the fact that at this very mo-
men. about 500, 600 900 M b. in goods of all kind,
are held in warehouses and in port, on accoun. Of
l it, merchants The republic is now recurring to
the only remedy against the crisis that Of relieving
ia citizens from the duty Of paying their debts.
law granting respite Of one month on all bills pay
able at maturity is likely to be passed. Az to
Prussia the distress Of the manufacturing districts
| Of the Rhine ard Wsstphata is hardly noticed by
the public papers, since II has not yet resulted In
extensive failures the latter having been limited to
the corn exporters at Ssettn and Dantzis, and Ia
about forty manufacturers at Berlin. The Prus'isn
Government has inteferred by authorizing the Ber'
~