The national era. [volume] (Washington [D.C.]) 1847-1860, 1857-12-10


II port. She reports that the steamer Jason,
f m New York, bound to Southampton, put
! E. Q'''"''0"" on the 18th instant short Of
The Financial Panic.
On Wednesday, the applications at the Bank
England for discount increased rather than
Finished
The London Times of the l9th ult remarks
4 1T it understood that the application which
hrs been made within the last few days by
issdiug American house 70 the Bank of Eng
leod, for large advance on securities furnished
.fom the private resources of the firm, has been
mos satisfactorily met, aud that all the accom-.
mediation required will be fully granted. 40
cordlDg to rumor, the requirements of the firm
inquestion lone Of the most eminent in the
American trade) were nearly million sterling
aud, according to the Daily NeaoS, the assist
ance received from the b Ank, after long de-
Liberation Of the directors, will, it is expected,
eaable the firm promptly to comply with The
oonditions upon which the advances were made.
= The Daily Neics' city article OF Friday even
ny Gays:
" The funds, after obtaining rise of three
egh,hs rer cent. higher, closed one-qusrter per
cent. higher than yesterday. Upon the whole, the
feeling In the money market was to-day calmer
and more satisfactory. The negotiations for af
fordng assistance 10 wealthy American
house, with liabilities estimated at more than
two millions, were to day satisfactorily conclu-
ded. The temporary embarrassments of the
firm In question were solely occasioned by the
impossibiity Of procuring remittances from
some of the first houses in America. Provided
that no fresh important cases of embarrassment
occur, there is disposition to hope that affairs
will become more cheerful"
f.,llOu;po 60 odI a. -. =,
innate friend in New York of Messrs. Peabody
Il Co., of London
"Halifar, ~ s., Dec. 2-94 p. M-We
cannot gather more information than that con-
tanned in the dispatch already transmitted,
which embraces every thing contained in the
London Times. The name of Peabody is not
mentioned in the newspapers, but the eminent
American firm referred to is that Of George
Peabody & Co. 1t is understood that the Bank
of England has promptly responded to their
call, and afforded them assistance to the extent
Of one million sterling"
The London Globe of Friday says:
"There is now a much quieter feeling IN city
circles, and the absence OF further commercial
failures seems to have created increased conf
dence. Most persons are inclined to believe
that the worst is over, and that, although an
occasional disaster may occur, those mercantile
firms who found themselves embarrassed will
be enabled, through the assistance of friends, to
eX'ricate themselves. The fact that q ldTQe es-
Enlistment connected 1ih the United States
has been assisted by the bank, Schich has pre-
Cented serious failure, appears to have pro-
duced much satisfaction"
The list of failures WAS seriously extended
The following new suspensions are announced ::
f. Seidekng & Son, in the Swedish trade
Liabilities, $500 900 sterling.
Allen, Smith, d Co, in the Denmark trade
Liabilities, Gl00 600 sterling.
Gorrissen, Huffel, & Co., general merchants,
lin consequence of American dficulties.) Ii
abilities 100000 sterling.
Soendsen Il johnson, merchants Liabili-
ties, G40,0
Brocklesby & Vessels, corn importers Liza.
bilitieg, G40 600
Messrs. Scott & Co., OF Queenstown, have
suspended and their liabilities are estimated at
from one to two hundred thousand pounds ster-
ling.
On Thursday, the 10Th, the Times says there
vas decided amendment in all mercantile
quarters. Not single failure was reported
and some special causes of anxiety were re.
moved.
The pressure for money at the bank was IN
diminished; indeed, some authorities say it
more intense than ever bat the meeting
of the bank directors broke up without making
any advance on the rates Of discount.
Loans on Government securities were in de-
mand at 10 per cent.
At Hamburg, the rate Of discount had rece-
ded to 81.
The Paris correspondent of the London Post
says that several Partisan firms are reported TO
have. convoked their most important creditors,
70 concur with them In the necessary means to
prevent public failure, and probably to come
ID a provisional suspension of payment. This
mems of STAYING off difficulties will, the writer
thinks, he generally accepted in France.
At other continental cities. there are likewise
signs Of an approaching tendency to the revival
Of confidence.
A large and very infuen tial meeting had been
held in Glasgow, for the purpose Of expressing
confidence IN the Scotch banks. II was resolved
20 accept the notes Of the suspended banks as
currency.
Theshipment Of silver TO the east by the mail
Of the 2O;h is only G3l8 OOO
The London Commercial Daily List Of Fri
day evening, goth ult., says:
" Tie discount is ia some measure become
more settled. The timely assistance afforded
by the Bank Of England has arrested the dis
tress which would otherwise have occurred.
We cannot quote rates lower. From 10 to II
per cent continues 10 be demanded. There is.
however, better feeling in all monetary de,
partments, and good bills cease to be rejected.
We confidently look forward to the day when
confidence will be re.eatablished."
From the 10th to the 18th of November, the
stringency and excitement in money matters
was at the highest point, far exceeding any
previous pinch ever known in England. The
Bank of England required all tainted bills 1"
to be returned imm edistely, although strongly
endorsed Peabody, we are reliably informed
from a private source, took up 100000 OF
such paper in single day. A large amount
of it was that Of Dennistoun, Wood, Il Co.,
whose suspension caused no little embarrsss-
ment in all quarters. Mr.. Peabody remarked
to the Bank of England, in reply to their de.
msnd upon him, that if that rule was enforced
and other failures should require of him and
others similar step, nobody could stsnd"
IL 10 n matter of reioicinc that thia ap,;nant