Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-11-27

IA The news by the Atlantic is even worse than
that by former arrivals and shows that other causes than
the crisis on this side must have existed and been
in operation to effect the stability of mercantile and
pecunary relations throughout Europe
Most readers of history will recolect the desperate
resort of Corvallis at the battle of Guiford Court
House, we think when his own advanced forces were
driven back in confusion and threatened to Overwhelm
his position. He turned his batteries upon the mixed
mass of American pursuers and British pursued inds.
1minatey, stopping the torrent which rolling on
him, at the sacrifice of his best men, who fell under the
fire of guns discharged by their own comrades. This
finds parallel in the course now pursued by the Banks
of England and France who, to save themselves and
check the export of specie to the United States and to
the East have raised the rates of discount to ten per
cent. rate never before reached to knowledge
They have fired alike into friend and foe They may
check the eux of specie but at the expense of all but
universal suffering and extensive failures at home.
The Bank of Glasgow has suspended specie payments
It was rumoured that the Bank of France had suspend
cd. The last rumour may be unfounded SO far, but it
is in the nature Of rumOrs of this class as it Is OF certain
pre- phecies to work their ulment. 1t can hardly
be questioned that the whole monetary system of Europe
Is trembling in the balance Another turn of the screw
must complete the ruin which is in progress. The
banks cannot increase the strain without swapping the
cord. Let refer to a matter from which may gain
familiar illustration The Geographic cable was rum
ming out too fast from the coils board the Niagara,
and the engineers attempted by putting the brakes
to check it. The strain too great the cable parted
and the enterprise was failure for the time at least
The specie is flowing too rapidly from the Banks of
France and England They have put terrible strain
upon their brakess The delicate cable Of commercial
credit can bear no more 1t cannot bear this long. If
end proposed we cannot but think that suspension in
whole in part must be the next resort That, under
these unfavourabe circumstances produce should decline
IL we think natural
The fall Of Delhi, the capture Of the old King and
the shooting of his sons form budget from India which,
at any other time would have excited attention. but
lost sight of in the general pressure and the
mon distress. Still are glad to hear that Lucknow
has been relieved and thereby spared the fate of Gavin
pore
The exrayagant military establishments of European
governments no longer be maintained. Louis Ma
pOeon is now at the crisis of his fate If he can meet
this emergency-if he can ward off starvation and sui
ering from the workers of Paris and the departments
his position will be safe If he cannot it must he crit
ical
The next few months will be eventful ones.
P. S. We notice that the Bank of Glasgow " and
the Western Bank of Scotland are spoken of as sus
pended. The same institution seems to be referred to
under these different names.