Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1857-11-07
s,yee,gn Nelps.
RIVAL OF THE INDIAN AND
ARAGO.

fdvorabie Harvest.
The steamer Indian has arrived with Liver
pool dates TO the 2lst nit. She furnishes
nothing later from India.
The steamship Arago, Capt Lines, which
left Havre and Southampton on the 2lst oil
October, arrived at New York yesterday
morning.
She brings 239, 900 dollars in specie.
Among the passengers by the Arago are
Auguste Belmont, U. s. Minister ut the
Hague, Charles Loosely Consul to Austria,
the family of Colonel Fremont Lorenzo
Starr, Bearer of Dispatches, from London,
and Bishop Marnhant, Of New Orleans.
The Bank discount at Hamburg had ad-
vanced to 81 per cent. AT Bremen the
tightness of the money market was more
severe.
The Legislative Assembly is to be con-
voked about the end Of November. The
Council of State was 10 resume its labors on |
the 2Otb of October.
Breadstuffs in France had fallen to ordinary |
prices in consequence of the plentiful crops. |
Lord Howdon is said to have had q long |
private audience with the Emperor Napoleon. |
The King Of Prussia was slowly improving |
A royal ordnance signed by the King OF
Prussia, is daily expected in Berlin, provis- |
ionally delegating the Regal powers to the |
Prince of Prussia. This would avoid for !
NAL Regency to which the consent of the tive
Chambers would be necessary.
There was q marked improvement on
Change in Vienna, on the 18th ult.
Information from Madagascar confirms the
report that the Queen had expelled all Eng |
lish and French residents. The reason as
signed is that the Europeans entertain a
project Of dethroning the Queen and placing
her son on the throne.
From the London Times, (City Article,)
Oct. 20
The Bank Of England have to-day raised
their rate Of discount from 7per cent, which
was adopted on Monday last to per. cent.
This step is solely in consequence Of the
American news According TO the latest
dates, the rate OF exchange even for the best
bills had fallen to point which would give
very large profit on gold from England. and
although, owing to the possibility of sudden
rebound, spectators on this side might hesi-
tate to undertake the operation to heavy
extent, the amount of bills transmitted from
New Y ork, with direct orders for returns to
be made in specie, coupled with the sums
being despatched by our capitalists for the
purchase OF securities, involve the certainty
of a further dran against which the most
prompt precautions were requisite. The
public were aware that the question Of an
advance to per cent would depend entirely
upon these advices, and if the Ariel had
arrived at her expected time, the movement
would dosbtless have been adopted three or
four days back, since the latter accounts,
brought via Boston, are scarcely so bad as
those with which she started.
The rate now reached is equal to the high
est known in modern times, and our only ex-
perience of it was for four weeks from the
25th Of October, l947, when the railway
panic attained its climax, and consols were
down at 80, the bank bullion having been
reduced to G6,3l2,000, and the reserve to
sl,547OOO In the present instance it is
unlikely that the pressure will last even SO
long as four weeks, but, as our condition must
depend upon the course Of the American
disorder, and it is impossible to conjecture
what may be the next turn of frenzy, We must
hold ourselves prepared for oil contingencies.
According to the accounts to-day every
thing had been brought to q dead lock.
Debts could not be paid between distant
cities because there we're no safe means oil
remittance, and produce ready to be converted
into gold could not be forwarded to port
owing to the absence of any power Of obtain.
ing advances upon it. Every one saw that il
the machinery Of ordinary custom could
again be set in motion, all would instantly be
righted but in no quarter was there power
to bring about such result. Whether es
cape would be found through some FINAL con
vulsion, or through slow and huctuatine
convaescence, no one could predict, but il
was certain that matters could not continue
long in their then state.
Among the considerations on the favorable
side was the fact that the stock of specis il
the New York banks still stood at 60 ,280,
600, which is beyond its average amount, ant
more than 9500,000 in excess Of the tota
held at the corresponding period Of last year
while their note circulation was less than u
that time. The California arrivals of abou
f250,000 each fortnight would also be re
tanned, and in less than week the Wander
bilt would be dne from llavre, with, it wal
believed, G200000, to be followed shortly by
the e320000 lately despatched from LondoI
and Liverpool. Against these prospects, tn,
only alarming point is the possibility OF thu
run upon the banks for boarding purposes
which had already assumed disagreeable pro
portions, becoming altogether ungovernable
REvERsE OF FoRTuYE.-- Among the list o
those who were obliged to yield to the pressur
and suspend payment there was the name o
one gentleman published last week who's,
case is peculiarly severe. Some years ago
when gold was first discovered in California
he went out there, and by his eXertions accu
nulated upwards of 100000, which he in
vested in real estate and returned to this cit
and engaged in active business here A fe'
months ago, when there was financial pani
in San Francisco, he sent out an agent t