Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-11-02
Important from EurOPe-The Panic in
England and on the Continent.

II
England and On the Continent.
The advices from Europe, received LIST night by
the steamship Baltic, sho" that the intelligence of
the progress OF the Revision here had already be-
gun to produce its effect not only 10 England but
all over the Continent Che latest dates that had
been received in London from New York. on the
departure of the Persia was the 3Oth of Saptem-
Der, up to which time there had occurred only the
bank failures III Philadelphia Baltimore and Prov
tdence. But what most awakened the public alarm
~ Europe was che great decline in our rates of ex-
change on England which brought home 20 il the
fact that should establish drain Of specie from
there The tone of most of the journals was still
hopeiul that tnlS would not be prrmanencV, and
that affairs on this side would rally. They had
therefore fortnight more of our panic to come up
on them, with all its attendant disasters and fnal
result Ia our complete suspension of specie pay
ments.
The steps that we're being taken throughout the
great capitals of Europe indicate the commence
ment OF panic as violent If not worse than ours
The Bank of England had advanced its rate of dis
count 20 seven per cent, and it was publicly stated
that fears were entertained OF further advance of
one per cent. The Bank of France that had lust
been expanding, suddenly raised its rate from 81
TO OF per cent, and in Hamburg the rate of inter-
est was already at 8 per cent. The London ChrOn-
teLe states that while the Bank OF England had q
stock OF only four millions OF pounds of notes which
10 could issue, the demands for discounts amounted
IN one day to one million of pOunds. In Paris and
gun; and IN Glasgow a number OF houses engaged
IN the American trade had already suspended their
liabilities amounting to million and half sterling.
In Manchester from sixteen to twenty failures are
announce. Under the panic caused by the first
hush OF the news that should draw SPECIE to
this side, the public funds fell little over 81 per
cent, touching S64, being per cent. below the
low st point they had reached this year. In Berlin
and Vienna our letters show a similar disastrous
state of affairs, and the existence of a rapid deprs.
citation 10 railway shares and public securities.
This state Of things on the other side Is what we
have anticipated and repeatedly announced, and We
see no reason to prevent its continuance till it has
perhaps Frustrated all their banking institutions.
Upon US IL will produce little effect. The evil has
been experienced here, and panic has done its
worst. The fow of gold that must set in from
Europe to this country will now probably continue,
and strengthen our position while il weakens theirs
We have abundant harVests and cotton, which is
the key Of the current of specie and the arrival
OF the large sums which may be expected by every
steamer, will continue TO improve our situation.
The present reVulson will no doubt sweep over the
face Of the whole OF Europe, and completely change
not only It's financial condition, but also It's political
aspects. When the Emperors met lately at Stutt-
gardt and WeimeT, they doubt thought they hal
settled all che affrs OF tue Continent; but panic
has nov come aud unsettled che whole thing and
they will have their work 60 do over agaiu.-N Y.
Herald OCT. 26th