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

cnlties meet 10 from both India and Ameros, ant
uDfatupa,ely q . yitioA period OF the year rne
position Of ths Bank d England bad Il sell oAn oe
the dbe0oss deliberately lend the India Oomosny
81 900 ,0co. Awossa and suicidal course 70 tnesn
osivabie how ihsy ever can have done suon thing
the India Comp,Dg Y In ~ani Of money lei Il c,me into
me open me- ks. WIN oAn, or better sun. ss oosain
per cent interest," hey mat deranse the whole Of
nensasy siAva and seriously crpp every trade mo
an advance hs charge for tos discount OF oia
pa or per cant In the course OF four days. and sne
more than probability Of iis gong higher In The
wappirg and oauuon tha, he utmost caution q Absc
lutey necessary BY boldly meeting and resou sey
bssnDs With our difficulties se can aud may oversoue
ths m, whst 70 deny their existence and negec their
worknss w entail oalamItous resulx Al before said
nonetavy and comne,o Gal crisis America
without our feeling t. Lei therefore rsees 1t boldly,
and ~e may DO carried safely hrouga. 0ae cause az
pyesent danger ID the AccrrSed s.ate or Ia
which regulate ne currency they 1e not sudioon. J,
u arrives. Ga ths contrary, they rsiaer msgniry
the evil Win so,hing bat another crisis Arouse The
upon sem BY the Bank CSsrter .oa Iu boalad
SUPP emacy and perfsccn was unable 10 copt-ol the
Of events In Sal Win do now IN 1857, the
cy OF time whch appears 70 with fatal pro
cision 70 ivy our stability We ear ro' nay, kuo~
that II cannot rbe bani In ls47 obliged to Epply
government Tor help and must do again, ur loss viii
fry allows thsgs 10 isho lheI, course and ruia ,bs
whole country Bat shiss protesting can adonoe in .eir
efficacy the sdvoca,es Of the retention Of the bank onarter
win have to tActy admit he inherent weakness Of Il aws
and ask for their lem porary abfrgaon Ia the ncsae
whilst "Hercsto" and his osss e growing rich, shc
aon
The pressure FOR money has continued to-day and s il
cnly tho very best bills lha, done pr cent, much
Geo eco in gold ss ieu f,on, he bank On .,arcsy sua
fi0oG0 t,osy. Tie movements of the prociou' metals
.nd s 9
including the receipts Of from Conoen, and
the latter the private shipments Of gold to the Cutnent
s cted h iss usmos, ose % Keep them usSnosn ore
bouse know employ ing clerk entirely for the pur
pore, and enforcing seNesy on ali connected With ,hs
same.
The fcllties yef rred 10 In the Morning Chronicle of
o day have sad MT tesn surmoua!ed by me houses
In Scotl nd nd no ess than the Of four nrme
re oried todsy to have failed one of which has branch
In Lordon.
The deta Of the adyixs brought nom America br
Persia Prove TO bo even worse than cypeoled bus II
highly IAtfactory 70 md that ooh merchants and oauk
manfu)y striving their utmn nt 10 meet he oi
or The wors cnaracter'hose .ho pont by tao wiu ae
strucuon OF Cedit. HsDy more fnores are annonncod
and The exchange on Ensand had dc ped % 100, ~hch
leaves 80 large msygn OF pron the thi ,nt OF
gold from hence Tor America that largo expor y b
expected
From tao London Post, (Cty ArlicIc) Or ,al
There has becp almost panic .ho Larke, Tor E1s,a
funds to-day, occasions by the advance the mir
rae or iasrtss and discount 10 rer coat bY the
suihori les Of the BalA or England This extreme
s1re has taken large pcron OF the public by su.ose
iussnucb ~ uas scarcely dp-<Pded that the position of
o6air' ras 80 unsasfecory os induce t Goog"or 9 h'
rate Of inter ho1 icag, as ordinary eouTse,jy
reso,aion Of ths Bo1rd1 directors Hares's, however,
made and the extent TO which has been carried
Governor Of tho Bank oorsfdcrs no has foand, IN tho
position Of the affairs Of the Bank o tae Goie Of
whole mercantile community OF hls country the sdduanAl
burden Of one per cent In The Ate Of n.eres within i've
Gays Of tho limo when sdvan,o 10 SIX per mad
i0rU usd
commercial sus ia The Ud States most ansatlJactay,
and is squaly trs that unier ordinary circumstances
large oufoW Of olion Uouh take place from ,As country
,rlh much loye ate o. prott han ogre2 By the state
9 the ereharges; but st may be Questioned shener
the despsch Of uulion thher will be very large 10
sequence Of the feeling insecurity whicn would sssend
such operations The divturbe condition Of anacosl A.
fairs on the eontinen OF Europe me Immediately affect.
%, but 10 noswthstandng opsn TO much debate upon
the datc rsesacd By tho publc,) uhssher tho evils
that can scarcely fal 70 DO caused by merciess
addition 70 tho rasc OF dscoant" per CONT waiu
less than week win be compensated by tae results or
ps cted follow ssrioua and tcsernncd stop For
the pass hrro vssrs have had periodio rs;nrn Of
mercantile munty have however, been able iup-
port hc pressure viii degree OF lpun ~ hi hero,
fro The hisn state Of credit conourrery mansan ID and
fac lily WITH -hch modities we-e absorbed gy the
on ef MAJ kes or the world G ,bs rate OF pro
espors vas su' small u VS. oompen'ased fr % con
mcntiny pressure in other ocuntics, ataocgh so
we're, wss not excessive, and no, nearly 90 sereral
Iusis and the United sa,cs slways ofcref . ssf,
outlet ior productions, and capital could alssys
be raised n the nMhes foe carrying Commercial
operaiions Money, though dear, was easy. uno,ta
nalely, the has snma bat ohanred. pdia IL
dsracDe By vide spread rebellion and trade 10 great
measure 10 gsrAlyzed. In As United sdtes A a0onis Of
reason 10 hops that the ~ors, mas mu os clear
10 all that commercial confidence viii nct be ny
IeicT 60 a. has bccn torn dosn, and hat ell perhaps
be rnsrbs before dit I'll be rarisly esS
lshed 10, therefore. Impossible 10 look upoa tue I'D
vance OF the rate Of Rsres srd discount 10 oay bet
grave and ,tcp. We co,,oi ship gods al
n
the amtlabe commercial capital Of hl country Is
ma s'tauy naroo,a and A.noush !hs y 40.
the time seriously cripple lhe oomrcrcisl wo,d, an
doubtcss bring down many firms of uandog ana res,sc
liability e general con plain, ihs. money lot 81 bs
had bankers curaing their advances and oscouos
~ rspid, ~ prucencc win perm sod prrpsfng TO- tho
phase In The Inspect OF commercial Affairs rnis ir
undoubtedly en- uncomfortable situation bat much rs 70
be hoped from the prodeaoe OF mo mercsnule comma
n,, and the facilities vhon mast be the dellrs OF all
bankers and capitalists 70 aoId In tne ruppy Of capi
ia for legitimate busircu Seven per cent is . giant
In the rath, and viii require slnoa unparalleled
osuuon oonaumms,e judgment Jon the part Of tae
public 70 avoid the perlh ~hiou are Q, thick srcwn
on ell ,des rho .'currensy system" or hc late sr
Pee and The present Lord Ovsrsnne Agas ON trial. snd,
20 far ~ can DO foreen, vxh bat te better casnee Of
working than in The evenifr year OF 1sS7 when, will
be remembered, II found nscsssarT 70 scsps nd iu
opcraios By be goVerpneni a1er sh'oh affairs I'm ns
ssbc abs, rce n an, ,hng ie Wild speculation VIII have
the effect OF preventing rersttion os such dssstars ~
characterized ihst prod ard In that there good ground
sant ugh to suppose thai no shock win be given
10 commercial credit and disasters socrue from the
circumstances which nnuence me money market bhs
time
The public funds have erpsvisnesd uDusral dssrse
OF hucuscr ocmtqcsnce OF tbs changes msde In the
mosey ma'kst
fFrcm lrn L,ndon EsEs (-y Artcie), oa ~
Al immsnse rerssslon Vas txctsd In ths sock Ex
change and ihrouahsu sui the city by tnc annoanosmon,
sbory ser n O'Clock this morning, mat he a.
OF the Bank OF Easaud have rsked minimum rave OF
dlscouui rom pcs csnt which u VA axsd on fnurs
day st &c per cent for rst class bills up 70 he ususi
limit of naety I'VE Gays Tfb 10 the highest known
Oh Ioe 1s4T sni ne rapidly toih phfcA ne alteration has
been made ggDisiety ind,cdts Aoginon snsrain- b N.
tank arta0rnrs Of le erae rnarp character Of "A,
geny. rhf opinion too, 10 clearly shsre1 10 general
circles, for In quarter entities to regard
directors subjected W toe accusation Of A5pg with
hsrshness The pressure upon she institrsoa for
morey last week ana ssrccaly asturdsy. OF TIE
mos. .errsordirary-hdeed almcsi unp; eoedsn edklad
md ihe stock OF oon and bulon nhevise strod,y
rencbed upon, partly for expectation aud patty supply
the reccsses relieve the anxiety Of country BANKERS
The trsr mof cover, Continues almost ,stcd up tns
day. The demand for Discount socon nod4ron at tue
bark 10 DAY was extremely heavy, and almost s.aAl 10
thst iiessed on saturday. 10 bar gold coly about
oco vas 70 day ~lihsrswn from lns Institution nut
A asxeAs .wts~ prp.