The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-12-04
THE DISP rGH.
skNAuA - mufShlN8.,....... 4 IsSl
EUROPEAN MAILS By THE FULTOY
AND KANGAROO.
THE loNEY e5RISIS ~ r,po,y

4 45s ss
| AND KANGAROO.
l :
THE 1oNRY CRISIS Nv EUROPE. :
Tbs steamships Fulton aud Kangaroo arrived ~
new York, Tuesday, with dates from Liverpool 70
the 18th ult The news ls four days later than by
the Vanderbilt: =
HyAscriL HsTrsRs II nuroyx
tFrom the London Times (City Articis Nov n /
lbs panic u gradually subsiding and the easrts
OF those who boast OF the mean dsceptiops ana con
slyanees % by which Il was promoted are now iura-
| 90 Ia an opposite direction. The funds have A.
cordngly closed this evening at further advance
OF . baif per Cent.
Therats for short loans on govsrnment securI.
aes ai IA ,ae stock Exchangs to-day wss per cent
~ the BANK Oh England aud in the discount mar.
Let the demand although extremely heavy again
showed dimiuuton.
AS the Bank Charter act had not been infri.ued
up 10 thursday evening il thought pessible fhe
same result might be witnessed as In ls47 1bsr
aIpou9h the authority was given, IL was not f,und
necessary TO use 1t. 10 aotc eppe1rs. hou,r,r naf
te rfgar t.s,se has been ezcssded, aud at an act Of
indemnify vii hare to be obtained from, T4z,,an,et
Las escess Of credit setss ia beuood
e prescribed fourteen millions E1S0OO0 and To-
Day Is beticred the amount ,oiU be found 10 6or. b,e
further increased
The transactions in foreign stocks have b.en nm.
usuahy numerous, but the market generally con-
tinues depressed.
The final quotations OF the French Three DER
cents on the Paris Bourse this evening were 66f.
| Soc for money and 66f 55c. for the end ~ tha
month, showing fractional improvement. AZ
VIENNA the pressure increases. At Hamburg tie
rate. OF discount has receded from 10 to Of DER
| cent. ~ P0i
There were gold Withdrawals from the bank
/ $1,000. 0 ~ '''oAi Vi
The West India steamer Atrato has brousbt
| fI55,0 ,00o sA'
The suspension was announced this morning ot
| Messrs. Jellicoe Wix, Turkey merchants also NJ
Messrs Jose p De Sa Co., in the Brazilian trade.
Ihe liabilities in the first case have not been stated
IA IA ths latter they are small. Messrs. De sa 4
Co, have been brought down by the faiIure Of
back. WV N"'
The news ofthe suspension of the Bank Charter
act, taken out to America to-day by the Africa,
from Liverpool, will probably be received At Nsv
York before the arrival there of the Atlantic
which sailed on Wednesday last. the Admiralty
having giving permission for the Africa to touch At
cape Race, New Foundland, whence communica.
ton will be made by telegraph As the adyicss by
, the Atlantic were Of very gloomy cb.ractes
comprising the advance Of the bank rate to 10 per
\ cent, the stoppage of the Western Bank Of Scot
1 land, the City of Glasgow Bank, aud Messrs San
| derson and the drain Of q couple of millions of
gold to Scotland and Ireland they wouId be caIcu-
lated to excite fears of approaching convulsion,
| and thus create relapse from any improvement t
that might have occurred in America. Hence it
| Is very important they should be antjcipsteJ If
| possible, by the Of to-day. The Vanderbilt,
rom southampton, also sailed this afternoon, and
it is believed that she likewise will call at Cape
Race
-Messrs. Coutts 4 Co. have intimated that their
allowance for money on deposit will be limited to
. per cent, Notwithstanding the recent advances
In the bank rate of discount they consider this
the maximum compatible with perfect security In
| its employment.
| From the London Times (City Article) Nov Il I
The intended summoning of Parliament is the
most satisfactory announcement that could have
| accompanied the suspension of the Bank Charter
act. While the of that event are fresh they
must be thoroughly sifted and exposed.
In England every contract is made in gold Any
man VINO comes under an engagement to pay
certain sum, on certain day. pledges himself to
deliver SO many soyereigns. lie cannot be releas-
cd from this. except by the consent of the ether
party. and consequently nothing can be legal ten
der In discharge of debts but gold. Gold, there
fore. is the true currency, and every attempt to
substitute anything else, is simply an attempt to
break contract. Government may legalize such
process, just as it may compel man who is en-
titled to 2Os to take l5s instead of horse that
has been sold to hm to receive a COW; but it can
do this only at the expense of every principle of
public morality.
When the Bank Charter act was established. 1t
placed England upon the footing of having an en-
tirely metallic currency. The total circulation
was about t3o,ooC.G00, and thenceforward no addi-
tion to or substracton from that amount could
take place, except precisely in accordance with
| the natural flow or effiux of the chosen metal
| Here was something apparently inviolabe 1t made
no difference that the f36,000,o0o comprised GER
tain existing notes. namely, fl4 100000 of those of
the Bank Of England, and 9S 100000 OF tbose OF
country bankers, and that these instead of being
| actually representatives of gold iu hand merely
represented credit. 1t was enough that an assn.
rance was given that this element of credit would
remain at the point fixed, aud would never hence
| forth be allowed to fGctuate The movement. OF
gold for the future would exclusively regulate ev
| cry transaction.
| 10 ontr MI
position of nation with a pure currency subject
| co no disturbance from the caprces, Injustice or
exigencies of governments, and varying only ia
| accordance with its natural supply. Unless any
one can be found to contend that person who has
contracted to deliver one thing may be allowed TO
substitute another, all mankind will admit we had
thus attained perfect system. Every engagement
being based on gold gold be left to its natural
course. No man who had contracted to deliver
| II would be subjected to any other risk than that
e.ulting from the legitimate variations in its mar
ket value He might find, when its payments fell
due, that the use Of il worth 10 per cent per
| annum. or per cent, but that would be a risk
| Voluntarily undertaken when be entered into his
contracts. What he would lose the other parties
to the contracts would gain, and rice rersa. Gov
erument could no more interfere with Justice to
alter this relation than they could seek to give re-
| lief to a man who had promised to deliver ausi.
ter of wheat on certain day, and who found IL in
| convenient to do 80, because he bad accepted $685.
and the price had meanwhile advanced to 8o..
| of relaxation is now to be finally raised The
posocr has dl,cays been tsvce illegally eae7ted the oo
ernent taking The responsibility, and Parliament toia
be called todecfde ~ shall be permanently established
The proposition is simply whether the Minister or
certain Com missioners shall be delegated to declare
whenever it may appear to them expedent that
| all debtors who may have committed themselves
| to make payments In notes representing gold
| shall be allowed to substitute notes representing
credit, thus injuring the prudent creditor, who
has calculated that all that time the demand for
gold would be such a. TO render his position one
Of great advantage No doubt ifte gorerssnent let
kr had not appeared on Thursday money tcould hare
been 20 SO per cent, osoig to the general panic that
Do,id hdre been created; bat is to be hencefo
LdW Of The country that IL, all cases Of disturbances Of
prices from panic and misconduct, gocernment tctH
step tn beUeen those o tc0itld respectively gain and
lose By that panic, to the senet Of party and the
injury the other! If so. the principle must be ap
piled consistently; and the farmer who has made
an improvident contract to deliver grain, or the
| manufacturer who has promised goods, must, If
ever he should be threatened with ruin by an in
teryeping rise of prices from wild alarm at a pos
sible failure of crops. or deficiency of raw mate
rial of labor, be entitled in like manner to such
suspension of the law relating to controcts will
extricate him from his painfal situation.
| rHs BIRMINGHAM IRON TRADi-sFPHcrs OF rHs RS
vULsIos.
birmingham (Nov. ~ Correspondence of the Lon
don Times.
The commercial panic has at last affected South
Stafordshire. Up to yesterday, credit was, as far
as outward appearances went, maintained; but this
morning the doors OF the Wolverhampton and
Sonth staffordshire Banking Company were closed
and the suspension of Messrs. Riley Son, in the
iron trade, announced. The latter firm attribute
their failure to want OF "the usual acconmoda-
tion" and the suspension Of several firms indebted
to them. Their liabilities estimated at f400 coo
or f50ooo0. This is strictiy corroborative Of the
fact we stated last Monday Four months bills are
becoming due and cannot be met. The proprieta
ry of the Woverhampton and Stafordshire Bank
ing Company is the wealthiest company in the
neighborhood. The misfortune Of the district is,
that the circumstances Of the present crisis have
induced suspicious against many other houses
which are not at present justified.