The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-26

the mpoMns advantage which the coantxy now on ~
proves no absurd the Inference that whilst the rest
I, the Continent, - well - England and America, ac In
preserve financial condition undistrrbed Al
ndns period OF last year when the value Of money
ar Likewise rbing thyeugoou. Europe the bullion 10 tho
Bank or France fell 00 the return for the single
ending the 9th October sho Wing tas ala ming de-
rrcse Of f277S o0o true that this sudden drain WAS
~. ~. 20 rs s - ns sssyG: :s il
rates o. dbccunt In Germany and Holland and the
a9es feature u witnessed now In degiee equauy
the Frepch Bank the necessity OF adopting the mort ex
taordinAry measures. The expenditure In premiums on
bullion during period OF months averaged ELS 600
per month, or the rate or f3c0 900 pc. ana
fublic Anxiety was estreme And hsrs We would remark
hat but for the mprudent extension OF the bnks ssuos
Rurs~, tho requisite meaures instead OF seriously az
ersvstpg the dsrAI cement OF the neghboring markets,
N September $50, when the drain q bullion began 10
grow rious the Banks advances government and rail-
way securities reache The large u Is 0o ana the
Ia DC ober hs total su 00o bit November,
when The crisis IN the money market pretty well over
reduoaon ss2 oCo had been eGeced and BY Dscsm
BY experience, however, the directors ssey persevered
I'M restricve policy until The middle OF March, when the
total loans stood At only FL $4,000.
II ihs French would read the present financial
c,mssncsa OF Europe By the light Of experience, they
oy psu Os the g.ssns
sy,Mm atopnd In Ffanse hAt the pen OF the Journalist
has, In 800 many instances fallen from the hands OF mon
or eevssd ve~s and patriotism Into those OF GLASS
chnse ambition seems 10 be confined to picking up the
crumbs that fall from the speculative mora;res table
FIR m the london News, Oct II
We have pointed the unetan Will ID
LEAD to believe that serious the existing monetary
pr is trcre no apparent ground for pAnic and
thai ne natural course OF events Will 10 Few days ma
erAly Ieeve inc rrexen excessive ssrtDgency OF the
money market Al natural consequence Of the increase
OF he bank rate to per cent here the Bank OF France
hss aLo rantd rate 10 8k par cent which,
IL 10 would ave
not - 50 great an cxtsr had not the higher powers
70 .s Of - IL. ct q
. large dn,np'lon Of the bullion, Notwithstanding
Furt bases which re nay est e ct above two millions,
Is diisult 70 understand what grounds the bank
tended the margin OF ts loans stock and shares. Il
be little sc,sd on and 1t is certain thai the increase Of the
advasc's on those securities Vas bat OF tridng amount
IL, nevertheless oesain that money hes for some time
past been Ga and less abundant In France noswthstAnd
ing the excen sccounts received OF the wine and grain
crops In general The tr lo the ways has dimnsh
Cd, ana although the comneical returns published by
the The WHOLE very sathfsctory there
undoubtedly state OF hiugs existing which causes 20
Hons anxiety.
been that Of hs nenbew, to believe that oy I'D minis
nstive sctcp. by edo ans orders in council, pros
per might be maintsined In . country unhampered by
psrl amenary bodies free pres tn, quotations OF
he FUNDS under he uncle, and OF the Bourse tiles in
general under 'be nephew were regarded and are still
resarceo a. exporeu, not only OF the national prospe
v, bu Of the individual tk and po pulary Of me
reign Every measure therefore, hswever vice. tending
diminish the activity Of course operaioas-those q
lesu which are admitted TO DO giima ones-has been
view ed With dsavor evidently tending produce fall
In quotaas Go the other hand eaiuros OF questionable
prudence and prepYety have been Initiated wIked
1t by the ruler, when they promised to give at least
an appearance of reviype prosperity and ,oL fdence
and the rally prices uhich Jolloped IT, at the least
singular coincidence but alnoagh very active messufes
have bten taken ry those who are su,pned to be some
what overca led with shAres the Paris Bourse has only
been galvanized and the reaction 10 rot healthy So long
hose told only tbs operations Of those who
Tain ex,eD. successful but new element has been In
Produced Our sdyces inform NJ that bona fde
GALES -, arc oo,.inuDs and nSrss.ns :, CONSCIOUSNESS
Within the last fro eeks ieveol failures hau taken place
among bakers, and han firm Of high standing
co~neced Us for eutrcaon from Is mos pressing diff
clti>s IL impossible 70 disguise the iAas-Frsnoe 10
suffering under weight q hosuDs secariti.s represent
other en.ay centres OF Eur,Ps are unfortunately unable
to relieve hfr.
We look upon France nn'ncally eminently an
ample OF "un,tsblo equihbru and We dread every
event which throw the balance on the wrong side We
mi So
would be given 70 the rapidly Increasing prosperity Of
country with which We have bean 90 intimately Allied and
whose veil being Ia OF sucn general Interest 70 We
uo.t, hnore. HtA great ansify the e6ecs Of hu CONNER
etdi coto,bThe in Ameytcd upon The Manufacturers Of he
s Soy me- asas rsr = se es ssrs .
nun erous class o. The producers In Paris. The Lyons
houses are beginning already 70 feel severely the fall In
silk RoIeraly toe culty Of andog purchasers for
eoods manufactured from material s csssivcy
high price Increases from day 10 day is only by the
fsces that exist obtaining credit ibal they
bed to pass through this difficulty aggravated OF
ent unknown By the fsg In the United States
sna we sincerely bopo that The sod OF crisis through
which 40 are pAog may not produce most disastrous
dccts In France
me two countries are in very different financial cir
nskBg every alo.ancs for lie aDsorpron or our oang
means by the var oaos We have Of any rate avoided
excessive speculaor and the press In England has kept
active watch the etary sgns or the INES and
has nesaied 70 sound the note OF warning regard
les OF tho effect might have the soos and sts
Franse, On The oheT hand, meets general demand for
capital ,nroughou Europe burtheaed MOI only with vsu
amount OF floating inveatmenv but With liabilities In the
way Of can, attached 70 them 70 an amount which
though not arming In ordinary rmes, may In days Of
pressure prove 70 be tho feather mat breats he
csm.Ps back. And &c must agsn call ai,sn,on 70
n,oursged this rcfous speculation and has kept or
slght its dangers Even any one who shonld form
an opinion from the financial articles OF tho French our
mails -ould conclude tina, tho present depression
porsry ind little importance, and hst any preca
the rari OF oiiists utterly unnecos
rnakesoe facts voIunsr f,s.ered the dsuson that no
day Of reckoning would overtate community that had
ever sceculaed, or thai had infesIed I've floating capital
with perous rapidly, tney have grossly mistaken The
responsi oities sni dutcs o. public wrrra r. the
contrary, hey have done II because truth and
would brig 60 N upon them Tho In ceral wrath
for darrg 70 irsinus,e ba, all vas not perfectly sound
and wey nsnssed-shy, tan. pts for France. We have
10 voice In the matter, and hardly know whether 10 pity
70 oondcmu fellow Journalists over tho Channel.
We do, however 'ust thst The folly OF such system will
become al sntth apparent, aud that those vho
capable &C point ng Out not only the evil but s
and remedies may be encouraged 10 spssk out plainly.
Some vsries viii be wounded, some Idols vill be
turned como obsns'e prsjadioss shocked but Onen this
he blusr bals which have hsrcoiore been severely
fell by ournl Ives.
From Gslenani's Messenger, (City Artice) OCT 10
some important purchases made nj the opening o.
the msrke; the Indian csspatches were considered
OF cheering tenor; bus ~ the Engfsh consos
rived with further decline of r. u supported that
hty had boon regarded In different light by the London
oct Exchange. despatch announced that the board or
the Bank OF EngAnd had raised the rats Of dIsooan 70
per cent and n thought that the Bank or France
would raise ~ discount 70 per cent Threes after
having been done 81 Sin 100 and eff 25c recsicd
Ell Be honier vnied from se0rr 10 $40 r.; Orleans
stofr 70 1851 Northern, sTbfr. 70 STofr Iyonf,
s4cfr s22. sec duo new, 521fr. toc W S22fr eoc
Austrian eTofr. 70 t65fr.
The marie, continued looking down 70 tho close