The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-22

sol TO lO5f. the ltres. Burgundy from cUt
1l0f the 272 res There is but little business doing in
the Bordelas, and prices are no, well established The
following are the quotations Entire deux Mers, white,
1907 to 2o0 the cask Of 22 tres Grasse red 300f to
a00f Hergerac, ordinary $500 TO 40Of superior 550f
TO 6ooG; St Emilen l,oOof The vintage the Rhine
has exceeded all expectation and prices daily decn
ing. There is no business doing in brandies
THE MONEY EXCITEMENT OF HAMBURG-LEGrsLATION
OF THE BURGEssEs AND FAILURES.
Hamburg dec ~ correspondence of London Chronicle
The Bourse was in state of great agitation yesterday
and TO day. and assumed at times such tumutuous char
after that the active intervention OF several respect
ed individuals necessary quiet the assemblage in
the building and neghborhood Various orators mounted
10 the galleries to harangue the public aud them To
sigma petition to the Senate for State loan to reeve
commercial distress They then repaired to the Chamber
of Commerce, which is in permanent session during the
crisis TO beg the members 10 70 up to the Senate in
body, to impress them the imminence OF the danger
that threatened 10 overwhelm all branches OF trade AT
ter the audience the Chamber Of Commerce posted up
the result of this STEP which that the Senate han
defaken to assemble the Bughers for the third time and
consult with them
II was announced on the Bourse to day that the Earrings
Of London who have immense banking connections with
Hamburg had made offer by telegraph 10 advance
merchants sum Of f2 900 900, condition that twelve
Of principal houses, whose names were given should
guarantee the whole which was to be paid in three
years. The offer not deemed acceptable, Of
the twelve houses TO be severay as well as jointly
liable for the whole
Ihave unfortunately to notice series Of eight or ten
failures announced during the last four andtweny
hours The counting houses OF many OF the brokers
obliged 10 be closed TO day and the crowd then beseged
their residences demanding the return OF their deposits
necessary prevent the actual forcbe entrance Of the
mob certain counting houses The savings banks We're
also beseged from early morning till late in the evening
of people demanding their deposits and the
directors in the greatest straits 70 find the large Juan
ty of coin necessary for paying many thousans Of oe
positors.
! gave you in my last the current rumors among the
public up TO the Sd nst and also the result OF the last
meeting Of the freehold burgesses for the purpose OF sane
tonng the proposals Of the Senate IN relation TO the wind
ing up the affairs OF such firms as have suspended and
may not be able to resume their payments.
Now although the renewal of obsolete laws that were
enacted during the fearful crisis which the community I'M
derwent in the year 1899 may have been wisely conceived
favor the general Of creditors under present cir
cumstances and may much uns preference being
given to creditor another yet nothing has been
done to prevent accumulation OF failures the number
of which had already been fearfuly augmented, and
seGuently the state of the public mind is extremely
gloomy no less than thirty additional bankrupt
ces having taken place, among which are many
firms OF old standing. The fact too, OF many OF the
bankers and bill dscounters having been compelled,
in consequence Of upon them TO suspend ali further
payments has caused still greater excitement among all
classes and far has this deporable state OF things
creased that Thursday plan proposed by some Of
the merchants and others the Exchange that unless the
Senate did something TO re establish public confidence
they should all Of them suspend their payments at once
preference seeing houses absolutely forced to do
by dozens at time, when trling monetary aid might
have prevented the necessity.
In the meanwhile the Prussian Minister Won der Heyde
and Prince Esterhazy have beenJhere is said TO consult
with the Senate upon the best means for remedyng the
present difficulties and speedy return Of mer
camille confidence: bur anything beyond this known
There is sufficient money in this city to meet all
demands, even were they greater than they are,
public confidence on anything like a par with
the means that private parties, and even many mer
chants, might employ in the discount lne but
nothing prevail upon these persons to afford any
the face of the failures OF such firms daily a
pcarpg in the list Yesterday fourteen occurred making
upwards of 100 In short, such IS the effect OF the
present panic that is with The greatest difficulty Prus
sian royal bank notes. however small the amount can be
exchanged for silver and then only by allowing Is per
assembled TO receive the proposals OF the Senate for
establishing temporary State discount bank, with CAPT
tai Of 80 900 600 Of marks banco and 10 give their mme
date thereto But the burghers generally Of
opinion that, the mercantile community have been the
main cause Of bringing the difficulties upon themselves by
over speculation they must do the hes, they can to get
themselves out Of the and have right TO cali upon
the freeholders to pay their losses
Another failure has just been announced having taken
place this day-Messrs Way en- the bankers and bill
discounters II is, however supposed to be only tempo
Hamburg Dec. g correspondence Of London Timesl
After stormy sitting which lasted ten hours, the
Assembly Of Burgesses rejected all the proposals Of the
Senate for relieving the commercial crisis by the creation
of new bank. Another sitting will be held to morrow.
The majority proposed forced circulation oil notes Tor
[from the London shipping Gazette, Dec 81
In those who acquainted with the trading relations
Of the States both sides OF the Atlantic the CONNER
cia crisis Hamburg and Altoona will create neither
surprise nor dsmay Hamburg having the larges, con
nexion OF any European port with the United States
certain or later 10 feel the eco OF the pressure IN
that country The revuson has set in, and the long list
Of failures announced within the past few days the
direct and inevitable consequence Hamburg Is, as we
all know the great entrcot Of almost all Germany'hc
port Of shipment for that vast tract of country wacrcd by
nc Elbe, The exports alone Of Hamburg amount TO
$50 600 600 annually and the greater portion OF those
exports goes 10 the United States When we hear there
fore, that twelve firms have suspended in single day.
representing many millions OF marks banco We can only
hope that the extent of the mischief at least Is known,
and that few days will bring US better tdings. But
wonder which since the first intelligence
OF the monetary disturbance in America could have been
prcdcted-werc predictei-wth positive certainty.
IL
the American rcvuson must be, they have not To be
countcred alone. The failure of the house of Uberg
Kramer largely connected with the trade Of Sweden aud
Norway suggests the strong probability that an extensive
speculative trade has been carried on with those coun
riesa suspicion which is further confirmed by the
pension of several important firms al Altoona The latter
town, which situated In Hosten nj the junction of that
Duchy With the territory of the republic Of Hamburg
possesses cotton and other factories and what
- OF still greater consequence Is connected by rail
for American produce destined for the Baltic would
no doubt be OF considerable importance. and will ac
count for its participation IN the pressure which has
visited It's neghbor. The intelligence, however, that
Hamburg and Altoona mixed up with the chief ports of
Sweden and Norway In import trade or unprecedented
magnitude opens chapter in the narrative Of the
commercial crisis OF 1857 which we canno but regard
with interest and concern. The currency OF Hamburg Is
surely metallic one--a fact on which NAV rest their
hopes If the speedy release a. the Of that city
from the existing difficulties " Is strange that, nowh-
standing The panic and the severity Of the money
pressure, the exchange, az between London and
Hamburg, Was, up 10 yesterday, in favor 81
The latter place. Notwithstanding all the failures
al The dtscrcdn and commercial CONFUSION TO which
Hamburg at this moment prey, gold dearer here
than u i there Discounts IN general way by the Ham
burg banks told out Of the question, but the
senate has consented 10 authorize the issue of notes OF
credit 10 the extent o million upon tie security Of
produce This IS the only relief whch has been afforded
10 the distressed merchants OF Hamburg, although the
Ssnaie there has the power al any moment OF authorizing
unlimited paper issue; but far, at least, they have
shown determination not to interfere beyond granting
the permission 10 which have referred. Whether
they may lie induced relax this resolve 10 leave the
Of their right itself remains TO be
TIE senate only relieve those who overw aelmed
by this collapse by accepting the liabilities OF such per
and hardly suppose that Is the duty OF
governing power 70 incur under any circumstances
grave a responsibility.
The british Parliament.
OPENING or TIE SBssTON--SCENEs IN THE HOUSE
or LoRps--QUEEN vrcToRIA's SPEECH.
ffrom the IoudonTimes, Dec.
TIE Imperial Parliament was opened today by her