The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-10-29
From the n. Y, Evening Post.
THE FINANCIAL CRISIS IN EUROPE.

The by the Baltic just6es apprehensions of
revulson Europe Four days after raising its interest
to six per cent the Bank of England made further ad-
vance, the l2th to per cent the highest rate
since l84 and there is to suppose that by this
time the minimum rate is still higher Notwithstanding
these advances, the demand for discounts greater
than for many months past, showing severe money
pressure, well as great fear for the future.
At Hamburg the rate of discount has advanced to eight
per cent at Paris to six and half after reduction ef
e. 400 900 in specie in the Bank of France since June
49, with its rates at five and half and at Berlin, to six
and half per cent Every part of the continent is suf
ering from an unexpected and almost unprecedented
vulsion.
The extracts from the English papers in another
column show the extent to which business there is affect
ed Numerous heavy failures announced-chieiy at
Glasgow and Manchester-some of which, from their
connexion with Canada will have disastrous influence
on the affairs Of that province which heretofore has
capped the depression existing in the United States Paris
Lyons yienna-in fact nearly all the great mercantile
and manufacturing centres-have also shared in the gem
eral catastrophe. w..
1t seems altogether likely that there will be repeti
tion on larger SCALE throughout Europe of the
recently enacted in this country The revulsons here
were caused by nexpicabe panic in the face of album
dant material prosperity Our crops are larger than ever
before and none of the conditions of appa
emily wanting, except confidence.
In Europe on the other hand, there substantial
causes for revulsion England is engaged In bloody
and expensive war France has been running of
speculation under the lead of the Emperor and other
countries have been following its example AS natural
consequence the first moment confidence is disturbed
panic ensues and it is likely to be much more severe
than with u.s. because they have not the conditions of
| success which we have.
In addition to this financial crisis the continent
IL almost sure forerunner of rebellion revolution.
The despotsm of France for example, constituted
as TO stand thing better than financial rovusion,
and under other monarhcal governments parties formi
dable both in numbers and organization always ready
to take advantage of such times to aggavate and oment
the popular discomfort and thus TO retard still further
the return of business to its regular channels,
Undoubtedly Also the depression in prices in this
try will cause drain of specie from Europe. The Baltic
brought with her, freight about 60000 and proba
by much larger amount Of reinttances. 1t il reported
that 81 600 900 the way. Investments in
American securities have for long time. been common
among Europeans who dread the effect of revolution at
home With the renewal of confidence among us, pros
perity will also be Immediately restored while there is
every reason to fear that the financial troubles OF Europe
are very far from speedy satisfactory settlement