New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-11-30
pepinal, and that the interest reaJy r.id By f'st-


.,,elf " ,ays n. Morsing ChronicS, does not dis
count st the rate Of 10 per cent, except in very
"f,w es.es-,be exception, not the rule; while out
",f doors charges are VIGOROUSLY dspropOr'iena's
TO the alleged quotation "The insbiity OF
".coDd ard third class paper 10 obtain accommo-
"da,iop Cd any terms, says The Morning Herald
sis already producing immense mischief 10
"con,equspce Of ths - az says The Globe, "shairs
are being brought TO dead lock; firms are fall
"ipg whose assets exceed their liabilities; sod
there seems to be q general mercantile revolu'
"tiop." What with this pressure on the money
market ard With the infaI Of American pro-
ducts, all articles in the produce market nave gone
down In the course Of few weeks cotton has
fallen at Liverpool 20 n % per cent, sugar 20
per cent. corn Is per cent and coffee, saltpeter,
tslIow, leather and the ike, have followed 10 the
wake "Discoun's snd advances upon produce
rays The Morning Post, "are almost upattaiasbe
IL Miuepg Lane" says The Standard, "busi-
"pess has been turned inside out. It 10 no longer
possible to sell any goods except in the shape of
"barter, money being out Of the question"
All this distress, however, would not have so
soop brought The Bank Cf EOgland to her knees il
the Bank panic in Scotland had not occurred. At
Glasgow, the fall Of the Western Bank was fol-
lowed by that Of the City of Glasgow Bank, pro-
duciDe in its turn general ruu of depostors among
the middle cla,s and of noteholders among the
working classes, and finally resulting in riotOus dis.
turbsnces which induced the Lord Provost of Glss
cow to obtain the aid of bayonets. The City Of
Glasgow Bank, which had the honor Of being gov.
ersed by no less parsonage than the Duke of
Argyle, had paid up capital Of one million sterling,
reserved fund of 600, $685. and ninety six branches
spread through the eountry. Its authorized issues
amounted to 1921, while those of the Western
Bank Of Scotland were f225 292 making together
1893 2l3 s'erlng or nearly one tenth Of the entire
authorized circulating medium Of Scotland. The
capital Of these Banks was to a great extent fur
nshed in email sums by the agricultural popula-
tiCn.
The Scotch panic naturally recoed on the
Bank of England; and $500 900 were taken from
its vaults on Nov. IL, and 1900, 900 to GOO, 900
ON the 18th, for transmission to Scotland. Other
sums were also withdrawn on behalf Of the Irish
Banks, while large deposits were called in BY the
Provincial English Banks; 80 that the BAnkiog
Department Of the Bank of England found itself
driven to the very verge of bankruptcy. tits prob
abe that for the two Scotch Banks above named
bs general crisis merely afforded pretext for effect
ing q decent exit, they having long been rotten to
the core. Still the fact remains that the celebrated
Scotch Banking system which in 1886, 1869,
al in l6i7 weathered the hurricanes that swept
away the EDS lsh aid Irish Banks for the first time,
under the auspices Of Peels Bank Act, which WAS
forced upon Scotland in 1916, has met with
general run; that for the first time the cry of
"gold against paper" has been heard there and
that at Edinburgh for the frat time, even Bank of
England notes have been refused. The idea of the
defenders of Peel's Act, that if it was unable to
ward off monetary crises 10 general, it would at les,t
mcure the cOnvertbliy of the notes in circulation,
b.s DOW been exploded, the noteholders sha'i1g the
fate Of the depositors.
The general state of the British manufacturing
districts cannot be better described than by tSo
extracts the one from Manchester trade circular,
printed in The Economist, the latter from private
letter from Macclesfeld in the The London Free
Press. The Maj chester circular, after giving
comparative statement of the cotton trade for the
last fse years, proceeds as follows:
prices have this week been falling WITH day by
day mole summary GcceerstioD. For numerous de-
scfiptiors 10 prices can be given because none could
find buyer, and generally where prices are given,
they deper mole ON The position or apprehensions OF
the hocer than on demand. No current demand
czistS. The home trade have laid in more stock
ftao Winter prospects now give hope OF clearing.
tt at foreign markets have been ovestocked, the cir
cuar does Of course, not say. Short time has now
been currently adoped as Iecessityi the amount Of
its adoption Is computed at present to exceed one:t
Of the rhoe production. The exceptions to extending
it adopt, ale daily becoming less, and the erped
e.cv noe debated Of rather closing the mills for
lime 0hOiip."
The Msccesield writer tells US:
AT lesft 5,OC0 persons, consistrg OF skilled srt
and their families who get up each morning aud
know net where TO get food 10 break their fast have
spptd for relief to the Union, and as they uoder
the Glars of able bodied paupers the alternative is Of
either going TO break stones at about four pence per
day or gorg into the House. where they are trestsd
Ike prisoners and where unhealthy and scsnty food
Is given 10 them through hole in the wall and - to
the bieskIg OF ttopes 10 men that have hands Only
capable OF handing the finest of materials, viz silk;
10 complete refusal.
What Epglish writer's consider an advantage of
their present ctsis, as compared with that of 1s47
that there is no paramount channel of speculs-
tioD Ike the railways for instance, absorbing their
cspital-is by no means fact. The truth is the
English have very largely participated in specula-
tions abroad. bOtn on she Continent of Europe aud
10 Americs, while at home their surplus capital has
been mainly invested in factories 20 that, than
before, the present CONFUSION bears the char
ac:er OF an Industrial crsis and therefore strikes
at the very ioots Of the oatioual prosI Gritty.
On the Continent of Europe the contasion has
'pread f,om Sweden to Itsly IN one direction, and
from Madrid TO pesth in the Other. Hamburg,
fniDg the great commercial center Of the exports