New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-11-04

-asea s rs.e o. si-scubt 20 o! ".r fs'tne, iess
q Gisoco IL sSm 80, i Sios is s sSs ~ '
me anouD. Of spgeis sd Illl1n brought ~ 'Le
Ns,S.Isns foca Toe West Ild.es sld lsta1us -
soout CLOS coo, Of which rather mere hao o1e-nsi
tn. o,ser imports cf TIE precious metals reported
,bis v..S have comprised f26i 900 by the Ned
Jacket $3.50 coo by the Roysl Charter, and . re-
ported total Of fc 600 sy the King r.Rlp a. seS
from MeibOurns fi6 600 by the C s.Iu. ssd,ey,
i6O, OOO by me Berwick and $1,000 BY toe Laci..i
both rom ST. Petersburg g 30 by the Brehas aso
f60O0 by The Norma, both from ConstsmihoPo,
fl3so by the Alhsmb's, from tne feninsSis =, Ge1
csses OF specie by the Neste, rom OpoHoi al" %i'
by The Midway, from the Bfszis LA. than
The to.el value Of these arrivsle ~ not iess u
q O54 OOO Of which cess o0o .ng .ne r.un
tsnces by the MsgdseDa K!ns mp o ssa nv va. he
iasnsmed vessel win probably resch hsnd lon on
MondsT' In addition, q total Of about 1000 10
silver i Known TO have arrived in the Ihsmes nis
week from The Continent, exclusive oil the quantity
received by railway from the outporH'
From The London Ne1,, Of Oet q.
Fi9h. DER cent at the Bank! Our market at length
s,tusilv experiences the effect epprebended nom the
American panic That the blow just struck by the
B,pk Is sioed agans. the attempts OF the Americans
10 supply themselves with capital here, which nave
ars a6y led to serious 6eclue in tns resources OF tn
establishment, is evident from the fact tnAt tne
measures previously adopted have been found amply
Continent With the exception OF III tmburg, where
silver forms the basis Of the monetary system, ana
WHERE C )nsequently, sudden demand Tor s'ver from
two or three different quarters VIII someunes carry
the rate Of discount TO extraordinarily hgn pont,
the value e nc Jney in the leading Continental nafksts
has In no cgs exceeded per cent; indeed, IN most CT
them the terms are below that figure. G)ld there
ffre no longer flows from the Baak OF England TO tue
Continent and portion OF the gold received from
Australia is ever retained here Up 10 tn's polnt,
the monetary mo 7emebt has borne striking Iesem.
blsnce to that ytne seed in the Autumns OF 1880 and
1885, and, did the existing arrangement arise mainly
-as at those periodefrom the state OF anans on the
Continent, the extreme Necessity imposed upon US
would ave been merely that OF maintaining our rate
Of discount at Y cent until the Contihehial aus
tuIbarc CO had subsidized But with the increased pes
sure Low exercised upon our market by the American
panic and with the consequent rise In the Bank rate
10 8 y cent we have entsred upon an entirely new
phase. The Bank Of England, which, IRON the Inn;
menee extent Of the commerce between England aud
the United States is the first to be affected by the
American difficulties, will now, probably, instead Of
following set the example to the other great Banks OF
Europe OF course il will be for the latter to watch
their position very narrowly but if they do not raise
their rates in 20 the movement OF the Bank OF
England, the adoption of the = cent rate
here will inevitably give the exchanges PEI Seen Lon
don and the Continent fresh turn IN favor. In
this way we may be enabled TO attract rtan pro-
portion of Continental capital, as seton against the
Drain TO America. But it is very possible tnat tne
markets on the Continent will not be in post on 70
permit such diversion of their funds and in this case
their only course is to adopt in self Defense fresh re-
strctive measures. Already the Bank OF Frame mas
made another important movement IN that dlrecuon,
having yesterday raised its terms to u cent we
ar that this will prove sore encouragement: TO tue
Frerch commercial classes, who, previous 70 rms
crisis, were accustomed to regard 8 Y cent as the
highest possible charge at the Bank. .
Bnt the question which every one row asks with
extreme interest to what extent Will the present ex
traor binary sDgeLcy OF our money market coeck the
drain 10 America That the ef11x OF gold thither
L. -. a. TAn
pret sure in the United States has assumed such pio-
horizons that the immediate object OF each trader ls
lot to transact fresh business but to strengthen hs po-
siton and to weather the storm; and the same may
be said of each monetary institution. Hence the
seeming recklessness with which securities OF all kinds
are thrown upon the market for reslzs at prices
almost fabulousy deprecated. II is noticed as sig
nicaD feature that the operations OF specuiaots ior
a fall in the American stock markets, by which the
panic was at fist aggravated, have ceased for Soma
time past; Of late the crash in the Stock Exchange
hes been precpitated by bong tide sales for cash.
AS another consequence OF this uoiversal rusn LOT
money the market. for every description of produce
have sustained further important FALL the fdll extent
Of which Can scarcely be gathered from toe accounts
In the public journals. Private advices report 10
stances in which holders Of sugar and other produce
offer il for sale at prices absurdly low current
engagements must OF course be met and even II 1t De
necessary that the accommodations of years be swept
away, the sacrifice must be submitted to as less
evil than suspension of payment The point that
immediately concerns is that this Offering OF
produce and securities at an inordinate
lie certain to attract English and Continental capital
and to occasion prolonged depression OF the ex-
charges between Americs and Europe. Every En-
elishman who is tempted by the low price to pick
up few Of the American bonds or shares, winch,
only few months back stood at 80 different value
in the market contributes 10 this process As gold is
attiacted from this side element of relief Will
be introduced-Of course to our temporary lIconve-
nience-into the American market The worst of the
panic may not be over even yet From enc ena Oh the
Sfotoo u, Tho oil eY he
oushy imbued With feeling of bind alarm. aud no
one can venture to assert that the fit of temporary it,
sanity is yet exhaustng ITSELF Yet every one feels
confident that this excessive panic, like all panics OF
similar intensity, merely transient and has been
greatly "overdone,' ard that, when the turn comes,
the rebound will be almost equally astonishing Large
fortunes will doubtless be realized by hundreds Of
operators lucky enough to possess and to employ
TO assert however, that the effects Of the panic viii
speedily pass away AS regards the foreign trade OF
The Union, which more Immediately ourselves
the disturbing Ifuerce will probably be long felt and
the pressure upon our money market will be kept up
through the effect upon the exchanges.
On the 18Th instant commenting upon the rise in the
Batk rate OF discount to G cent We remarked that
If to avert foreign drain il should become necessary
to raise the value of money to or even e cent,
"wby sbould panic ensue?' 1t is most gratifying to
observe that confder ce in the general soundness Of
commercial position is daily gaining ground. The
symptoms Indicative Of approach to panic con-
6sed to an early period of the ciisis and have snce
disappeared. It is universally recognized that our
monetary condition must inevitably be. affected
by the extraordinary convulsion on the other
side of the Atlantic, but that the protective
measures now necessary will not be of prolonged
duration, since they will be rescindsd directly
the foreign pressure is removed. Cases of commercial
embarrassment will undoubtedly occur, since many
firms here will be involved in portion of the losses
sustained i'll America. Moreover each stringent phase
Of the money market brings to the ground some weak
houses, which may be said to exist only through the
foreeasnes Of TIER creditors, and the removal of