The Washington union., 1857-11-14
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ARRIVAL OF THE EUROPEAN MAILS BY THE
STEAMER ARABIA HIGHLY IMPORTANT IN
TELIIGENCE.
The European mails by the steamer Arabia reached
this city this morning The Arabia left Liverpool on the
morning of the slst ultimo
The Siamese embassy consisting OF four ambassadors
and numerous retnue had arrived in England, and
were attracting much attention.
Tie American horses Priore and Babylon made an in
glorious performance in the for the Canbrdgeshre
stakes az Newmarket Thirty -one horses ran, and
Babylon came in last Mr.. PARIS Odd Trick was the
winner
Several shipwrecks had occurred on the eastern
Of England during the prevalence Of heavy gales The
ship Ontario of Shields lost and twenty three per
sons ON board drowned No American vessels ap-
pear to have suffered, y s ssss.tt.,g ~, l3ti5ii
The morning of Tuesday, November 3d. had been
finally fixed upon for the launch of the Great Eastern
The London Times in making this announcement, says
Since our last notice the whole exterior OF the hull
from deck keel has been repanted and finished OH,
according the appearance she Is intended to present
when in the water The change has made q great Inn
proyement instead Of red, looking pile,
heavy and awkward to the eye her beautifully modelled
form and slender tapcring bows are now brought forth
in all their perfect symmetry She painted three
eoorsel lead up to the 20 feet or light load water
line for rs feet above this up to the heavy low-waer
line copper color and the remainder 2 feet up to the
top black The painting OF the vessel slight as
ihe may appear when mentioned involves iaDor o
no common magnitude for the painting surface OF the
Great Eastern s inside and outside, nearly iZoooo
square yards in extent than "a acres The num-
Der Of tons of paint which it requires calculation ON
which dare not venture. tgf
The Qneen had approved of Mr. Wyman b D. Moor to
be consul general in the British North American proyin
ces for the United States.
The Leeds Mercury in noticing the visit OF the Hon
Charles Sumner to that place, says that Mr. Sumner
health has been very greatly restored and that he viii
return to America in the steamer OF the 7th OF No
yebe and be in his place in the Senate on the opening
of Congress
Sir W Gore ouseley had received his credentials spe
cial minister to Central America. He goes first to
washington to consult with the American government
and the British minister Central American affairs gen
orally
On Monday, the 23th .ult., the Rev. DR. Cronyn, OF
London. Canada West, was consccratcd Mt the Lam
hetb Palace as bishop OF the new diocese of Huron
Canada The Archbishop Of Canterbury performed the
service.
MONETARY AFFAIRS ENGLAND,
Tho Ayabia's advces were published in London on
Monday the 26th !t and the money article of the Lon
don Times dated that evening says The entire suspen-
sion of specie payments by the New York and Boston
banks is the most satisfactory announcement thaC cou
have been looked for.
The papers generally regard che matter in much the
same light
On the stock exchange The news was ~ st TtSafueu
as nnfavorable and consols opened at decline of an
eighth but 1t than recovered, and, on the
capture of Delhi becoming known, the market became
very firm and the closing price was 80,
The demand for discount at the bank was excessive,
under the apprehension o further rise in the rate, but
took place
The suspension of w. and II Brand & Co., of London
engaged in rge American transactions was announced
Liabilities stated at fl40,000
On tho Stock Exchange the funds declined per cent
under the Liverpool Borough Bank failure, 5r y
On Wednesday the adyces by the City of Washington
were pubshed and served to strengthen the favorable
impression made by the Araba's The funds fuc
tuated somewhat during the day and money was in very
active demand u .
The East India Company We're borrowers OF 800 900
TO provide for silver remtances about TO be made by
them to Calcutta.
On Thursday the stock market was bpoyant, and an
advance in the funds well maintained Money was
in active demand the Bank, but was quite abundant
in the Stock Exchange at to per cent.
The failure Of James Condie writer Perth, an
Eounced Liabilities about ESQ 600 Assets very small
On Friday October 30 fhe stock market was active at
nm advance and consos closed at 89s 699 for money
and s9A 500 for account Money continued in good
demand at about per cent The bullion in the Bank of
England decreased during the week fl54,6s4
Nothing is definitely stated in regard to the Liverpool
failures They are believed to be mostly connected with
the trade Of the British American provinces
TIRE LONDON TIMES ON THE BANK SUSPENSIONS.
On the subject OF the suspension OF the banks here the
London Times OF October ~ says ~;
The entire suspension of specie payments by the New
York and Boston banks reported this morning by the
American mail is the most satisfactory announcement
that could have been looked for Had the step been
ken fortnight earlier immense amount of ruin might
have been avertod The banks, after having by their
brought about the state of affairs which
rendered the panic possible sought to themselves by
the sacrifice of the whole mercantile community; but the
public at last have taken the matter in their own hands,
and forced them stoppage which will place them in
the same condition with their Victims and thus terminate
the struggle.
Their course had been simply this BY system OF
most mprdent advances they had encouraged the pub
lie to rely abundant accommodation not only bills
of exchange but the bonds and proissory notes of
railway and other corporations When the issues OF
this latter class of securities began to excite alarm and
was by knot of speculators that if they could be
brought into sudden discredit general confusion would
ensue the banks turned round upon those they had de-
luded and not merely refused further accommodation,
but called in as possible all that had been grant
ed Of course universal fright followed, but as firm
after firm went down the banks still boasted that they
were determined to maintain themselves and actually
excited sort of admiration at the grandeur of thei
resolve But it plain they could not succeed and
that supposing their preservation possible it might
be paid for too dearly.
In the opinion OF calm looSers-on another week
alone required to stop house throughout the State
Apprehensye however, Of the penalty of losing their
charters and animated by individual rivalry they
tnued blndly stubborn The community at last, it APP
pears with instinct Of despair resolved to bring them
to an end converted arranged by the deposi
tors and the evening before the departure of the pack
ct general stoppage ascertaned TO be inevitable.
Eighteen of these establishments had already been brought
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