The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-11-12

Wednesday large amount u specie, esti-
mated by some at million and half
Business at the clearing house reached
nearly thirteen millions exchange, and up.
wards u 10000 balances.
Stocks are again active. At the second
board prices were irregular Mo. Gs72la ;
n T. State $500 Erie IA; Reading ~ /;
q. Is C.G3 NJ. y. l2l4 !. G. Is +; &. Il
r. 1871 6. h RI. II Lac 4 MGs4
There ARE now loading at this port 80,
ships with grain and -four for Liverpool and
Glasgow.
We take the following from the Herad
Of the ath
The Arago. which arrived yesterday,
brings Us accounts " the effect produced in
Europe by the course Of the financial reyul-
sion in this country up TO 9Th October. It
will be remembered at that time there were
but few persons here who saw 40 far ahead
~ 10 forcsec the suspension Of the banks /;
il was not till the bank statement Of Monday,
18th October, appeared, that the design to
throw over the banks was formed ii was
on Tuesday, 18th, that eighteen city banks
closed their doors, and shortly before mid.
night OF the same day that the general reso
luton 10 suspend specie payments was
adopted at the Clearing House. tits likely,
therefore. that the private letters which
went out in the Canada. from Halifax. on
stb. held out no prospect Of the disasters
which occurred the week after.
Hearing this in mind the terror and ex-
element which prevailed In Europe at the
time the Arago Icft afford key to the pro
bable consequences Of the later and more
alarming intelligence which the English
would receive within the following week.
At Hamburg the rate Of interest had been
raised 20 80 at Paris 10 =, at London,
by the bank. 10 =, all Of them, We believe,
the highest rates known during the present
century. But few mercantile or financial fail
ures had yet occurred but tho mercantile
community was trembling in suspense.
The great subject Of terror In England
and on the Continent appears to have been
lest the gold should be diverted from its or
binary channels and attracted TO this ceun-
try But could the tide be checked? With
exchange ut New York on England at 9s a
1902, IL would require the Bank Of England
to raise the rate far above per cent to pre-
vent tho expectation Of bullion to this coun-
try; 10 or 2 per cent. indeed would only
oppose temporary and Intellectual barrier
Nothing can prevent the export Of specie
from England TO this country but the rcsto-
rntion Of commerce 10 its old channels; ex-
change on London must b. worth 100 in
New York before the tide will turn. That
consuInnaiion has not yet been reached
II IL obvious therefore that what the Eng
fish dreaded most when the Arago left will
have since belalen them. and that from the
2lst October to the Goth November, money
will be- steadily exported to this country
How far that may affect trade or the banks
remains to be seen. Without attempting TO
prophecy, i, uay I've said that the mos, M.
tural issue ont Of the difficulty would appear
To be "a suspension Of specie payments by the
Bank OF England,
We notice by the way that, though the
English papers do not begin to apprcheud
the whole extent Of the commercial disaster
here, they have discovered their error about
the causes Of the crisis. We do not find
tina, the latest papers are very strong con
verts to the theory that the Revision was
Matched in the hoard OF brokers, under the
wing Of the New York Hcraid Events
have somewhat impaired the crcdi, Of that
ingenious theory the list Of its ndherents
ia gradually narrowing down to the women
and children who are suffered to talk and
write about business. When the storm has
somewhat blown over. We shall begin to see
more clearly how the trouble arose, and
why the banks broke for the present, We
shall for some time have enough 10 do to
look after to-day without concerning our
selves about yesterday or the past,
The returns of the banks OF Georgia in
compliance with the Governors proclama.
,lon. for Oct. | ls51. show al aggregate Of
81 3?0,t2o in specie, aud circulation of
SI9il,59S.
The specie in circulation in France In the
time of CoLnwpr. in 1901. was 100000.
poof; in | EOS, il was s"00Oo, 000f in 1874.
100000 000f; under Nccker 1000, 900,
O0ot, in ls21, 2.,l3,0oo, 0Oof, in 1852. .
$4,000, o0of.; and a, present il cNcceds O..
0oo 0Oo 900, France has more specie than
England, Russia or Germany, including Ans.
iria. and hour times rs much rs is in the
lulted States.
The following IA an abstract OF the situa-
,ion of ,ke banks in Maine ~ they eNistc,l
ou Tho SATURDAY preceding the first Monday
in October
Capital stock. ...,............,s 1,sp2.p 800 90