The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-26

deposits Of the public In The balances a. the govern
ent augnsnton hes occurred Of 600 In the cd
vance soc there been stsraion and In those
% railroad secn,is. tho movement has bsea limited 70
The nna quotations Of the French Thrse per Cents on
the Pxis Bourse this evening were coz 500 foe money
aAd oof. SOC. for the account showing no alteration
EY.sALrERrHwAIrE's CIRCULAR
LONDON, Sept IL, 1857.
Bnoe our advices or the 4h tho money market hes
= for and
00x for account The diRastrous panic Ia New York
caussd hoders Of American securities sors snrey Tss
holders OF the securities or New York Central Michigan
Cenua nol- Central, Reading Peunsy ". mia. Baltimore
and Ohio and Ltlo Miami railroads have purchased these
ana clear the po or all Of Them ID we'll unders ood
The absence OF proper accounts in the Michigan Southern
has destroyed confidence In the manage nen but not In
the poeton OF the limo for business Attention been
called 10 the pernioo effects OF the system OF aoaiisg
debts This system mo prevailed In Englan but
was abolished BY Parliament and manifest the OWLS
Of the stem In Anne rca ths hereafter tho absence OF
floating debt will be primary condition for future In
vsators OF money In railroad stocks.
DEPRESSION ON THE PARIS BoURsK.
From 'he Par. specaseur Sept 10
TWO circumstances may explain the present industrial
the prodrc cton Of the country having been upusuAly
stimulated during the las two years and particularly In
1866, under the Influence Of the Universal Exhbiuoo,
very natural reaction has declared ITSELF that the
movement 10 now objeoionAby slow, because II TOO
rapid previously In the next place, may se declared
~
which arc destiren In the end TO produce most effect
Thus We borrowed 500 millions In 1865 and 1855 for the
var; We expenoed during The ..ne period yearly 900
large 70 foreign countries for corn; and yet the
difficulties which were to be wreailed with during
that period wero scarcely perceptble II 10 now al
ovable 10 believe that ir the burden was 30 light
In 1855 and 1866, the that II was be heavier
during the years which were 70 follow Societies, Ike
ture In matters Of credit We have somewhat abused
that faculty and we now pay the penalty OF our having
done So The year 1857 nqudates aneri engagements,
end perhaps expia es some acts OF rashness. Sch
conceive to be the Of the present crisis In industrial
and commercial matters The same !. not, however, the
funds and particularly Of Industrial securities Here
c'ufes are added 70 the old ones Without doubt the de-
probation in the funds Is also the consequence Of the
rsriiy OF capital which has been absorbed stated
sbove; but II arises also from the notable dmi-
mutton Of receipts, which il connected with the
.acincss existing In commercial matters. These are
not pcrhapI, the only oauses which have exercised
their influence In producing the present depreciation.
We conceive the principal to found In
erent attitude OF the goves nmans and Of public opinion
with respect 10 industrial companies and above ALL those
OF railways The sovcrnn ent dfst remodeled the tariffs
sud conditions OF the railway companies then imposed on
then special lax snd lasy insisted the
branch lines more or es expensive As these measures
concded with financial difficulties and iosth the shifts
uhch The companies forced for the purpoie of oan
ing the funds necesory for The contr uaton Of h.ir ooks
alarm ed ard men began 10 ask 0her II In
cGEtral secufes not seriously Aced their
future prospects No astonisbmept felt IT, under
ne nnaeIce OF tnese pre- hs shares Of the
copjoiny responsb bio In pabhi credit ana the weight
with which railway ahAres csded also bears down
Rente
THE CREDIT M0BILIER OF PARIs.
From the London Tia -, (Ciy Article sept. Ill
The private letters fro Paris slate that the diff
culties In connection with the mansgemsn nj OF Credit
Mcbier have been smoothed Ernest Andre, the
director BY whom, the refusal Of his colleagues
cent his re'ienaon notaral noscs Of withdrawal had
been Issued has been induced return while the other
trecofs who understood 10 be desirous Of getting
out have for the present. all events abandoned t6eir IN
tention This result was - have beer expected
auspices under which tho establishment was formed
we're such a. 70 forbid the idea OF i.a being
allowed 70 break up from any internal disscn
sions that would admit OF being healed by su-
peror influences. The financial world may be oon-
graduated the turn the affair has aken. II was on
public grounds only that the Institution bo viewed
with dsfsvor; and that ne eyes sf all persons mus
hare been opnd 10 the Unsouni character u is original
Yretmsions and ps dangerous poer has consequently been
dtsspoed, there could be her feeling Than re-
gret at Witnessing any nd, iduAl dsAxters might
auend is change Of condition. Tho nope thai
win gradually brig ts shrcbodcrs te be With
comparatively hznbe dividends and that instead OF g.
prDg 10 regulate and mcnop,lze the encvprise Of the
empire, II win recognise that extraordinary gaIes can
be oontinuousy made without extraordinary sambl.rs
ard thai bad better accept the opportunity quietly
conducting s affairs the safe old principles current be
fore banks Of Credit kobilier were heard or