Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-12-03
The Foreign News.

At length we are enabled to form some adj
eOuate conception of the magnitude of the
"crisis" in Great Britain. The Geographic dis
patches from Cape Race, on Wednesday, gave
US a glimmering of it, but the steamers mails
now let US into the whole truth. But for our
own bitter, and very recent experiences, it
would be difficult to realize any combination
of circumstances sufficiently CalamitOu5 to re,
duce one of the wealthest and greatest ma
tions in the world to a condition bordering
upon positive CONSERVATION and fright. But
the facts are there to speak for Themselves
and we (having just gone through the same
ordeaD have not word to say.
Though the national pride is slightly hurt by
the suspension" Of the charter, yet all the
leading organs of public opinion, it will be OBJ
served applaud the government for coming to
the rescue. If there is any exception, it is the
Times, which had taken so decided a stand a.
ganst the measure, that its applause" is with
held, though the Bank and the Government
are not blamed. The mercantile community
are censured for compelling the Bank to have
recourse 20 government indulgence, accOmpa-
MED with certain blunt limitations that, but
for the calculation of procuring relief by that
process, the mercantile public and the minor
banks would have pursued policy more hon
orable to themselves and the commercial credit
of the country.
Nevertheless, it is conceded on all hands,
that the great object Of the suspension Of the
charter is achieved, that is to say, the paciti-
cation of the public mind, and, TO no inconsid-
cradle extent, the restoration of confidence in
business circles. The doubtful legality, or
questionable policy,-or morality Of the act
is thing TO be subsequently, settled by the
Doctors of Law, Doctors of Divinity, and
| Doctors of Finance in Parliament, already
| onvoked,-especially to give their official
sanction to Lord PameTstOn's communication
! TO the Governor of the Bank. The reasons
| assigned by the Government for the step they
! have inst taken are-the consequences which
! have resulted from the recent failure of certain
| Joint stock banks in England and Scotland, as
| well as of certain large mercantile firms,
! chiefly connected with the American trade, y
| those consequences being "discrt dit and dis
trust, and the withdrawal of large amount OF
! the paper circulation authorized by the exist
! ing Bank Acts
Turning from the Bank to the mercantile
and manufacturing interest, the complexion OF
! affairs is at best dreary. Failures and suspen-
! siOns of houses connected with American trade
! are unpleasauUy numerous. II there Is any
! consolation to be found in the commercial cir
| culars at all, it must be looked for in the as
sutunces that things have at last reached their
| worst-and that there being no lower deep 10
! descend to, reaction Tor the better Is an ln-
! evitable necessity,
On the continent, the storm bowls ou,-from
| Paris to enua,-without percepuble ata'e-
meut. The crisis being over in Euglaud-all
| eyes are now anxiously turned towards France.
! The letter of the Emperor TO the Minister VI
| Finance betokens uneasiness, If not ALARM
| aud when there Is uneasIness OF alarm IN such
| powder magazine France-wbo can tell
! what day may bring forth IN. !. Eb-
! press, Nor. 27.