The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-27

pay the deposits WHICH they had called on the
previous days The supply Of gold at that establishment
. far beyond its necessities.
meeting OF the principal shareholders Of the Western
Bank held to-day, which il said that consider
able blame thrown upon the directors for shutting
bank without first appealing to the shareholders for
support II is said that guarantees to the amount Of
f6OO have been subscribed by the principal partners
70 enable the bank TO pay off small depostors Whether
the bank will resume distinct establishment or ANAL
gamate with another bank is not yet determined.
The directors Of the City of Glasgow Bank are ready to
resume business soon as they can ascertain the feelings
Of their depostors They are quite solvent provided no
unusual run is made for gold
THE FINANCIAL CRISIS IN FRANCE.
The Paris Moniteur publishes the following letter,
addressed by the Emperor to the Minister Of FL
MONSIEUR Tx MnrsrRENI see with pain that without an
apparent real public credit is assaled by chime
real fears and by the propagation OF sol disdn remedies
for evil which only exists in the imagination In pre-
sedng years must be owned there were some grounds
for apprehension. succession of bad harvests COM
Delled export annually many hundreds Of millions in
specie pay for the quantity of Of which stood
need, and yet able TO meet the crisis and TO
defy the sad predictions Of alarmss by few simple inca
sures Of prudence taken momentariy by the Bank Of
France. How it, them that at the present moment s
not understood that similar measure rendered still more
by the law which allows increase OF the rate OF
discount, must suffice cttor to preserve TO the bank
the specie which wants we are in much better con-
aon than in last year having had an abundant
harvest and most considerable metallic reserve in the
bank?
therefore beg Of you publicly to deny all the absurd
projects attributed to the government the propagation Of
which easily causes alarm. II is not without some
pride that may state that France is the country
Europe where public credit rests the broadcast and
he solid bass The remarkable report you address
ed thereon is the proof thereof Give heart to those
Who vanly alarmed and assure them that am firmly
resolved employ those empirical means which have
emily been had TO in circumstances happily so
rare when caiasrophcs beyond human foresight have
befaen the country,
Nay the Almighty have you in his good keeping.
NAPOLEON.
PALACE on CoMrrpGSE Nov. 10, 1857
The Moniteur publishes the following decrees:-
The decree OF the ed Of September, 1851 revoked
sP as regards the ns SssssSes o. ne export q
ehestnuts and tho -four Of the same
The decree Of the Goth Of October, 1854, which pro
bb dstaton from co and from any other
substance used as food, is revoked (rdpportt).
The distlaton from from any other farnaceous
substance used food must be managed that the resi-
due thereof may be used "A food for cattle.
ANY disregard OF the above regulations may lead 10
prohibition TO dsu from iarnaceous substances oo., .,
The DEGREES Of the l,h of February and the Soh Of
july 1857 also revoked (rdppor) as regards the
dstation from rice and foreign grain
Paris (Nov. ~ correspondence Of London News
The Emperor has done il all himself The letter
70 M. Magne the Finance Minister, dated from Com
piagne Nov. 10, will he one of the most remarkable
acts Of his reign whatever the result OF IT may be-
Should the assurance contained in that letter that
the financial crisis is mainly imaginary have the
effect Of dspeling idle fears and should the strong
and unexpected measures taken be followed speedily
by abatement Of the symptoms do not hesitate to
say that the Emperors character for wisdom and fore
than il has ever yet done. Should the predictions OF
those fnancers against whose judgment the Emperor
has acted be realised the consequences may be disas
trous but in any case il Is impossible not to admire
his energy and decision OF character. l do not
mean To say that all his ministers were against any
further augmentation Of the discount OF the Bank
Of France, but | know pertinently that some oil
them were and doubt whether there is q states
man in France (the Emperor excepted) who would
have had the nerve while the council of the Bank
Of France vas painfully debating whether Il was
lance, in the wake Of the Bank Of England, to
advance per saifum, to the Bank of England
level and raise the interest OF money at once from
"a TO 10 per cent. The measure announced in the
Monifsur amounts substantially to this, Tor
although there IL graduated scales per cent for
bills OF thirty days and under and per cent for bills
OF from thirty-one to sixty-yet IN practice there
are very few bills at short dates Tor which discount
is required and the great question Is whether trade
can 70 on without immense disasters with bills
having two and three months to run ut 10 per cent
Ten per cent for French commercial people, who
never in their lives before paid at the bank more
Than six. Hitherto the cry has been, IT is true,
"Charge us what you like In reason but for heaven
sakedo not shorten the usual time allowed for bills
70 rum II remains 10 be seen whether ten per cent
for ninety days will be thought reasonable To
chew how little such measure was expected yes
tersiay may mention that M. Lauvray, the fnan.
eial writer OF the Presse. in special article Of yes
terday evening" written after nc had heard all the
rumours and opinions Of the day at the Bourse,
described any further raising Of the discount as a
.desnerate measure y which would paralyse trade,
and hinder the prospect OF the discount being
reduced 10 s per cent the Bank Of France being
Gin a position to separate itself from the Bank
OF England 10 not being hampered by the peculiar
constitution Of the latter The Emperor, however,
whoee title 10 the throne he occupies II the breath OF
popularity. has had the extraordinary courage TO
attack at blow the interests Tor preJudices) OF
the bourgeoisc OF Paris, and the masses OF the rural
districts While raising the discount OF commercial
bills 70 an unprecedented amount, he has removed
and, ~ venture 10 say, most wisely-the prohibi-
ton against the expectation Of corn, than which
nothing is more obnoxious 10 the prejudiccs OF the
ignorant peasantry, who, az has often been seen,
removal Of load Of corn from village. This part
or the legislation of to-day will be speedily
tested, for although many people fancied, in
spite OF the calls for the removal Of the pro
hibitions made by the great landowners, through
the Union and Spectafeur, that no market could
now be found In the world to which 1t was worth
while 20 export cereals, hear that -four has risen
CIR this very day and bread must be expected 10 be
dearer Those inclined TO take gloomy view pre-
dict innumerabe failures among the Partisan shop
keepers and say that very many manufacturers
vill sbut M their factories and discharge their work
men People figure 10 themselves 1000 operatives
upon the pavement OF Lyons, ont OF work and with
bread rising. This, however, Is by no means the
Oorpral tone of conversation. In ordinary society
where possiby the real extent of the danger may be
moderated il IL certain that the emperor confident
tone of speaking begets confidence. -.
Al the Bourse the news Of the day was far from
being IN received The Rente was very steady, with
but a moderate amount If business doing.
OPINIONS OF THE PRESS.
From the Paris Union Nov ID
The present period " full OF astounding surprises.
We have reached the height OF perfection IN many
gives way. England, the naughty, gives the signal
of decline V,y po,rey ,cds great imp0sftfre, and