The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-10-24
TIE EuRopA,s MAILS

The mails by the Liverpool steamer Europa reached
this city last evening The following extracts from the
London Times Of the sth on the financial troubles oh
both sides Of the Atlantic, win NJ ttdd with interest
The Bank OF Ets.ssand have advanced th"ir =.
count to-day from 81 I;cL 4. -I L~I :, . uls
- -...os tne 10th Of July, 10 per cent ~ ' -
The suddenness of the renewed drain of gold which has
led TO this step has taken the public by surprise, because
they were not PREPARED for The Extraordinary by the
two last American mails Allowing due weight to that
intelligence, there nothing in the movement to create
alarm, although there is high probability IL may
have to be repeated The trade Of this country with the
United States represents an ANNUAL total of f40 900 600
and II Is impossible for any financial trouble TO occur
one side without its being deeply felt the other Dur
ing the last two years We have had many Opportunities Of
observihg the senstveness with which respond to
monetary peturbations in France but relations Of
and capital with that country altogether
insignificant in comparison. panic in New York,
therefore, which sends the rate Of discount TO point
ranging between 20 and so per cent and which is
nued with intensity for five or six weeks, must nccessa
y subject to temporary pressure and If the
inconvenience should be limited to rise Of half
per cent in the value of money shall have
to congratulate ourselves and TO accept the fact anoth
or proof OF the inherent soundness OF general position
For than month past not only has every payment
due to from America been far possible suspended
but special credits have been eagerly made of, calls
railway stocks largely held here have been announced
lin one alone for amount approaching quarter
of million sering and drafts authorized for the pur
chase of securities by English capitalists tempted by
fall in prices from which they conceive there cannot fail
to be an early reaction. o
Upon the whole, therefore, It is possible that the
bined operation of the American panic and the Indian in
surrection may for the time have affected
to the extent of two three millions. decline of
about million in the bullion of the bank is usually fol-
lowed by advance Of half per cent in the rate of dis
count. 1t would consequently that these adverse
influences they have borne upon to three times that
amount, might have caused rise of one and half per
cent, and that it is only through favorable
eractng circumstances that that result has been delayed
prevented. These to be found in the abundant
harvest and the change in the silk market, well in
the supplies of Indian produce which has in some degree
diminished the specie shipments by the last and the
cedng overland mail Had the relief thus afforded hap
pened in ordinary course, should now probably have
the rate of discount at per cent As it is it has
simply enabled to limit the rise for the present at all
events, to 6, instead of carrying 1t to per cent
Under these circumstances this is no small salts
faction but there is to believe that even
if further stringency should be experienced, We
are not in any danger of seeing the approaching winter
ushered in by very extensive series of commercial dis
aster Of course the American failures must have told
heavily on individual houses this SIDE and there
also several branches Of costly produce which have expe
enced wide fluctuations that may disturb the casual for.
tunes of spectators. There likewise Mt all times
number of inrm establishments carrying their bust
ness from hand TO mouth to whom rise of half per
cent in the rate of discount after any long period of pres
is inevitable sentence of destruction, and it Is
oped But regards the broad trade of the empire, it
is impossible to discern of fear Month by month
commercial payments increase in magnitude and yet
met with puncuaty surpassed, and all the
leading bankers will testify that thus far there is alb
Of those premonitoly symptoms which inva
raby them of the possibility of coming struggle
long before the community at large have become awaken
ed to it. Hence the belief may be confidently INDUCED
that although with universally diused transactions,
must necessarily participate in every shock that
ours elsewhereand there never was time when pru-
lence essentia--our commercial prosperity,
Notwithstanding the sepoy mutny, is destined still to
continue marvel to the world at"lh&
4aS THE REGENT loss OF RUSSIAN aAs-oF-wAR.
The Journal de St. Petersburg of the LIST instant pub
fishes the following official account of the loss of the Rus
sian shpof line Leor already mentioned in the let
ter of eur Hamburg correspondent gN
1t has pleased Providence should participate in
OF the greatest disst that can happen at sea- and to
make witness of the instantaneous and mexpcable
loss of one of the vessels in my feet few minutes
have sufced for beautiful sip-o the-linc thoroughly
worthy to be engulphed by the waves during tenn
petuous night Not cry of distress reached from
the scene of the disaster, although but four
cables length distant to windward. No survives
10 explain to us the of this unparalleled caastro-
phe. f..# .Esya& ~ '@st t& rs 5.-
son the 2sth of August September 81 four ships-of
helinehe Imperatricc Alexandria the vladimir, the
Lefort of "a guns and the Paiat Asova of IA guns,
which in the Point of Revereceived orders to
and return to Cronsadt Ten days afterwards the Pamat
Asova quilted the roads, towed by steam frigate The
three other vessels ready to set sail two days later
they had water and provisions for month and their
stowage the at the end of their cruise in the
preceding year the Lefort thoroughly repaired at
Cronstadt in 1852 had received instructions to profit
by the favorable weather to set SAIL without waiting for
the steam-tugs On the 9th of September (2lst got
under sail with beautiful weather and favorable breeze
from S.SW, the barometer making 1919 English
little later the wind eshened and abreast of the island
Of Roskar obliged to take in two reefs in the
top-sails. a fEa9 'fssa Et rg#k #at rssF ~
.'At half past 8, p M, after passing the island of
Hochland, the fleet making more than eleven knots
The wind increasing, ordered third and then fourth
reef to be taken in The barometer being at 20 15 and
the weather foggy, sailed close possible to the
wind endeavorng to keep by short tacks
til morning each time i gave the signal for the
nouvre. At half past III the wind shifted to the west,
at midnight to the northwest and at clock to the
north, with squalls and snow. At daybreak
the island of Grand Tuters The fleet ON the
starboard tack the Imperative Alexandra little to
wndward and the Vladimir in the wake of the Lefort,
with four reefs in her topsa
"At distance of five miles from Tutcrs, we veered
during the Jeort appeared to if wish
ing to veer suddenly violent squall laid her on her
side Though her sails let go, she leaned over
much to larboard that expected her masts would 60
but she continued gradually to lean till she founder
cd in the short time that the Vladimir took to tack about
The keel of the Lcfort appeared once, and was then
swallowed up in the waves, m
Exclusive of the commander and twelve officers, the
vessel had board T43 seamen, fifty three women and
seventeen chdren-all persisted
This disaster took place September TO- 22) at 23
minutes past m, ut 81 miles to the north northeast
of the island of Grand Tnters at depth of 30 faith
After this unparalleled catastrophe the wind con-