The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-05-03

ether that good for countries ,ha. be WINS here
(her, hear)-thas he grssped in his right hand aud
tne oner IN ms eft Sir assure him that we are always
Is proud Of him as II he U.S. we are proud or
noble and enlightened benedcense Cheers This as, IS.
the deed concei ed in the very spirit and done in The
very spirit in which enlightened bcneacor sbou sea
70 benefit his countryby considering the means by which
ne might best promote human happiness throughout The
world Gentlemen thank yon Cheers.
Effects or the Money Pressure n, Es,,,,s
The Bullion Drain and Markets or the.
[From the London Times, Getty article J Arr,,,z.l
The perplexites OF the money market seem, create,
to the present period that at which turn in he
unavorable course OF bullion balances uight be en-
pected and instead we have the bank revern to amos
It's highest rate OF discount, while its stock of gc is re-
duced to point lower than at any time in tie last Ter
years The question Is, this sudden increase Of pres
sure be attributed to temporary causes il cry re-
guar sas Of condition which already existed for
two or three years and must be considered perma-
rent. On the favorable side have the fact thai loot
rate OF discount in England averages ehoNt fon7y
er cent and that consequently any advance be
owed by n proporonate reaction next that the,
rade Of the country kor las, twenty seven months
cen OF unprecedented magnitude and healthy in nearly
very department. next that, notwithstanding the profits,
thus made, there has been an unusual abstinence from.
pecnative commitments either at home abroad and
nally, that the agricultural returns Of Kingdom have.
the last two years, ray the least been perfectly
isiactory With profitable export business, 40 econo
mica expenditure, and good yield OF home produce tho
circumstance that the balance Of cash payments between,
ourselves and the rest Of the world is unnterruptedly
against us seems an extraordinary anomaly Last
the conviction that position in these respects could Load
only 10 rapid Improvement in money market
strong that the perseverng warnings were necessary
TO prevent the public from at once running wildly into.
every description OF foreign adventure, and their
surprise, therefore, may well be great, when after
find themselves Increasingly debt other nations Tho.
chief explanation offered is that the great commercial
fheo
causes has created demand for capital beyond all former
experience This however, is little better than superhcal
population of the world any Of nations from
barbarism 10 civilization TO warrant the belief that
magnitude that entire yearly gains Insufficient 10
supply the extra capital requisite for carrying them
aton Of those colonies is still insignificant large portion
Of them continue their old avocatons of prou sing wool
and aow and the occupation Of the remainder who
engaged in gold finding can have no material effect either
in increasing diminishing the wealth Of the world
leading alteration Of the rate Of interest," however
ordinary may be its influence the other relations OF pro-
peri is true that exports last year $4,000
600 any recent average, and that augmentation
is slK sing place; but commercial! with whas
slight crease of actual money improved trade to this
extent ~, in times when credit Is perfectly sound, be
cariei1h large part of the addition, moreover, is
merely consequent upon higher prices and although these
involve proportonaie increase In the movements of CAPT
tai, their effects in most balanced in the
OF few months; since If we have 10 pay
for material have also to receive our
manufactured goods, and the ultimate bullion balances
the doctrine that the spread Of commerce will for
the phenomena now in progress must be discarded
must be sought, and they will probably be found
much in consonance with the ordinary OF
affairs failure Of crops in some part ct the world,
is generally at the bottom OF all monetary disturbances
and in the present instI CO this solution is among
others The loss of silk last in Italy and France tho
vine biz h the deficient ield OF wheat France, tho
Peninsula many parts Of Germany the destruction of
the crop the United States in 1855 and the transfer
consequent upon The Of part of Russian trade
India. enough The official
conceal from The peo e their real position in Ess of dis
asier have prevented the extent Of mpovershmsn
taned by France and other countries during the past
from becoming accurately known; but no one doubts thas
il has been such would explain very rcvusion
distress in that country have been perfectly apparent,
she has escaped with degree Of monetary nos
greater than that Witnessed IN Engsnd. Has nos
this result, however, been solely consequent upon.
the extent which she has drawn upon English capital
1t Is believed that Ii, fall in her funds aud
railway has solely by irvestmen
from this side. Political order being maintained, while
possible concealed the confidence OF English capitalists
Der securities has not been shaken and with every fresh
decline London investors have been disposed increase
heir stake IN this way we have mtgaed the pressure,
and taken IN great degree shoulders. At
The same time, the fact Of most important portion OF
European trade being diverted to China and india has
caused temporary lookup beth Of money ard produce
ince probably at no time throughout the past year has
there been at sea less than 81 500 600 of spece an,,
equal value in silk, tea hemp, &c., beyond
what would other wise have been situated. Along.
with these circumstances there have an, beer
many minor The conviction that with the
Prevailing prosperity OF the country was impcS ee tha.
The pressure for money could continue has been pcrse
yeringy held that ENTHUSIASTICALLY large and
cautlous-in American stocks have been continued Ia
much heavier extent than has been supposed order
ecure the advantage OF low prices in New York The.
gradual absorption Of bullion by the Austrian Bank pre-
IaTaon for resumption Of specie payments January
bex has likewise had an influence well ~ he search
for silver to supply the China market, which has kept
large quantity OF gold an rdsu throughout Europe and
south America lately, the Persian and Chnsse wars
have added to the demand, wh3c for a eng ueriod the.
calls have been steady for the Grand Trunk Railway OF
,aLaoa and also for the Indian lines These Considerations
appear ample to account for present psen without
resort 20 any particular theories, and they all of
character to encourage belief THAI affairs viii acr some
time resume their or iinary channel Good crops, how
ever can alone be tho foundation Of any permanent
change Az present the silk harvest promises wu
too early TO form any conclusive opinion. The soaos
appears ao to have been generally favorable for grain
but that must be AN anxious question for several months
Under no ctcum tances, however, n return ~ cheap
money be Anticipated for several years While the
mercial has been going multitude oc chins
for useful public works in colonies and cewre with
large guarantees have been held allegiance and these
win oer opportunities cause all persons TO coogranlat
themselves they have kept their capital available. Thai
any one viii be found under such circumstances viii
ling to commit himself 10 ndehnlte outlay Russian
with many possibilities to interfere even IA that is O.
/, contingency that can hardly be entertained.
The Great Eastern NEUTRALITY-SUSPICIOUS.
for the Launch Of the Moastsx.
Prom the Manchester Guardian, April 1871
Of ship now building at MIwau from The designs Of
Mr. Brunei. Is published by Clarke CO., Strand. L.
says-Ihe preparations for launching the ship rapidly
progressing, and IL expected that she viii ready for
launching carly in July. The plan attended 10 be adopted
is thus described by Mr.. Brunel-ln constructing tho
provision made at two points 20 insure sufficient strength
TO bear the whole weight OF the ship when completed
those two points, when the launching has be effected
two cradles VIII be Introduced and the entire fabric will
be lowered down gradually to low water mark WHENCE
on the ensuing TIDE, the vessel viii be aosed or Ths
her kQ