The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-02
THE FINANCIAL CRISIS IN EUROPE

IRON the London Times (Cty Article) Nov. 161
The panic gradually ubsdng, and the Efforts Of those
who boast u tie deseptons and oouiryances BY
which promoted are now turf cd in an opposite di
The funds have accordingly closed this evening
AT q further advance OF half per cent
The rate for short loans on government SC 'ures 10 the
stock Exchange to-day was per cent SO the Bank o.
England and the discount, market the deuand although
extremely heavy. agalu showed a diminuiion.
A. the Bank Charter act had not been nfrnsNi up 70
thursday evening was thought possible the same result
might be witnessed a. IN 1917 when although the auiho
rty gwen, II was not found necessary 10 use H.
GJTed1t itnts nat ne regular s, has ben e1coed
~ and thai an d n Indemnity teiH hnps b ~ oJ1iHef
from Parliament lat night de Of credit a9es in
circulation tesgd ~ fgsscrJcd foartcen millions ods
ESQ 900, and 70 day belieued ~ amount all y found
Tie transactions IN foreign stocks have unusually
numerous, but the market generally continues de
The 6sa quotations or the French Three per Cents
the Paris Bourse this evening were G6f zoe for money,
and 66f $50 Tor the end 81 the month. showing frac
tonal Improvement. At Vienna the pressure increase
Al Hamburg the rate Of discount has roeeded from 10 TO
moro were no coldfwhdrawals from the bank 10 day,
tho; ouly rausacticn bcnf sale tothcm Of 13- 600
Tie West India steamer Atra,o has brought 1lb500
The suspension was announced this morning 81 Messrs
Iclcoe A wix Turkey merchants also Of Messrs jose
4 H. "a Co in the Brazilian trade. The liabilities in
the Dr., case have not been stated In the latter they
az snail Messrs he "a Co have been brought down
by tie failure q Glumaraes Co., Of Paris, mentioned
me new Of tho suspension or the Bank Charter act,
taken 70 America to-day by the Africa, from Liver
roo' vii probably be received al New York before The
last The Admiralty having given permission for the
Africa 60 touch II Cape Race Newfoundland whence com
muncnnon vii be made by telegraph. As The advices by
the Aautc we're ~ very gloomy character comprising
the advance 0 Me bank rate 10 10 per cent, the stop
page Of tie Western Bank u scotland the CITY of Glasgow
hank and Ne4rs Saudcrsou and tho drain Of counlc OF
M lions " gold 70 scotland and ireland the ~ ould be
calculated a. excite fears Of approa hing convulsion
and thus create relapse ron any Improvement that might
nave occurred vi America. Herco il i very important
hey sLsa4u be an e.pdil X - ''l, The news Of
today Tie VI ~ (. iEon oip.on Al allied
this Afternoon, sp- $ a he Ike, ,s will
CAL a. Capc RAJ
Ne srs Couts q c. #.t animated tina, their allow.
nee for fno,,y on GeIBs be limited 70 per cent
tttthstapdnr lie recent advances the bank rate N
discount A. they consider this the maxmsm Compatible
with perfect security In u employment
IRON the London Times (Cty Article Nov. Ill
Tho Intended summoning Of Parliament Is the most A.
factory that could have accom- aned the
suspenson the Bank Charter act While the causes Of
that event are fresh they must be thoroughly sfted and
exposed -,.-,, -,
In England every contract is made in gold Any man
ho comes under engagement 10 pay certain sum 90
certain day pledges himself 70 deliver so many soye
regns lie cannot be released from this except by the
consent Of the other PARTY and consequently nothing
he rs al tender discharge Of dcbts bat gold Cold
aherefore Is the true curresy. and every attempt 10 sub
yttue anything else Is simply an attempt ~ break con
tract government may legazc such process, just as
NAV compel who s entitled 20 2Ds ~ take l5s or
instead ~ horse that has been sold b him 70
COW but do this only al he expense d every pn
ciple Of public morality
when the Bank Charter act VI established II placed
England upon the footing Of having an entirely metallic
currency The total circulation about CSC 900 0O0
md tenceforward addition 10 subtraction from that
amount could take place except precisely accordance
~th the natural now efux q the tbosen metal Here
eas svingIlung APpessHty GY0iasls, Y made ~ die