New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-12-05
THE STATE OF EUROPE.
Is0g err own CcrIespondent.

Irpna err own CcTIeSpondent
LONDON, Friday Nov. 20, 1857.
The financial crisis continues sod sbsorbs every
otAer interest. The Bank has sva'led itself Of the
. Government letter TO considerable extent, and
given the u,ual accommodation BY Issuing notes
beyond the licnit Of the Bank Act Of lcH; and
stll every day the papers have to record s,ms new
failure. When the fret disastrous news arrived
from Auerics, not only The Times but all the Ell
sth papers expressed their full confidence that the
trade of England vas souod, and would therefore
have 70 difficulty in facing the American crisis;
but bow considerable authority in the city openly
aays:
at would seem az though the entire mercantile
would the chief component parts, had traded aud
speculsted much further than the capital a. command
would justfy; and there is now collapse on an ex-
tsnsive scale In all the principal commercial cites
trade has been pushed far beyond the proper limits
"Thst enterprise which certainly ought to govern all
countries which take an advanced position IA iae scse
Of civilization has been carried beyond Tue point
prescribed by prudence and at length reyulsion has
epsued which has not only resulted 10 considerable
losses but has temporarily ptostatsd the CO nnsrcla
relations of Europe and America. An opinion pre-
vailed that with the suspension OF the Bank Act
rapid improvement would be initiated but although it
nust be admitted that favorable symptoms are appar-
ert In some quarters, the effects Of the CONFUSION
which regards intensity, bias perhaps nsyer been
exceeded at any former period, are being slowly re-
yesed. Commercial firms, whose position was sup
posed TO be Of the most stable description are COM
PEELED to resort TO the humiliafing alternative OF
seeking indulgence at the hands OF their creditors,
nor is tbs distress solely confined 10 me american tn
fersst, which, more than any other, has been deeply
compton sed by the crash the other eide OF tue
Atlantic Some OF the largest houses in the me,rooo-
lie have been obliged to suspend; and if calculation
were made TO the aggregate amount of the iabii.
ties OF the failed fme weuld no doubt be found that
the total represents thirty or forty p'H'on p'ends
sterling. II may be suggested that when the estates
aIe.hqudated great potion Of this will De ZEAL
ised but it must be borne in mind that pending ill.,
sesbgation into the VARIOUS estates, these assets are
not available"
No chip from Australia has as yet arrived since
the publication Of the Government letter; accord
ipgy the experiment is still to be made whether the
40 per cent discount viii suffice 10 retain the gold
in EDglsnd or whether it will be drained off IS be-
fore. In the mean time the bulonIsts complain
that Sir Robert Peers act has not had fair trial,
rs the Directors Of the Bank seem 10 haze acted,
from the first beginning of the crisis as if certain OF
its suspension They have not curtailed the accom-
mediation, but only raised the discount, and thus,
according to the bulonists, they have protracted
the crisis while contraction of the Bank credit at
the right time would have at once swept away all
the totteripg firms, which cannot stand upon their
own legs and are now, by the means OF the liberal
accommodation, only able to prOtract their agony
without the pOeelDl1ty Vi Dtlig saNcu OH INC
other hand, we hear everywhere that the worst has
already passed, though We cannot but remark that
In all the manufacturing districts people are thrown
own of empl yyment, and that at Nottingham and
at Lurgan serious riots have taken place. 1t is
fearful to contemplate the misery to which
the population must be reduced during the VIM
ter, and as the calamity is not confined to England
Il 10 utterly impossible to foresee the consequences
The state of Europe reminds us OF lSH. The
apathy which succeeded the resctionary trumphs Of
Ie49 has now been shaken off by the nations, aud
just as ten years ago it the success OF Liberal
ism in Switzerland against the intrigues OF Roman
pr,estcraf and foreign despotica informed ding so
IL is now the battle of the same principles In Bel
Cium which rOuses the attention Of tbs nations aud
strs up their pocsl sympathies. The trial of the
Duke Of Prasln at that time Disguised the Parslans
with the meanness and immortality of Louis Phil
ippe's government Just like the trials of DOineau in
Algeria and of Count Migeon in France at present.
A liberal though weak Pope gave general impulse
TO schemes of reform, and reused the hopes OF the ma
tons; now it is weak and liberal Emperor OF
Rurtia who speaks 90 much about the emancipation
of the serfs that they will soon be emancipated,
whether with or without his sanction. There are,
besides the questions of the Prncipates and of the
Duchies European difficulties on the Danube
and on the Elbe, involving the control
Of the Sound and of the BOsphorus; in one word,
Europe is filed with explosive substances, and the
agitation among the working classes thrown OUT OF
emple yment may easily furnish the match for ig-
hitting the train. OF course these are mere specu.
tations, since nobody can guess the immediate fu-
.are; stil it is worth while to contemplate these
possibilities.
Prince Danlo of Montenegro seems to have be-
come mad. He is ruling bis principally in the style
Of an Oriental despot having the richest men of the
country murdered or banished and cOn6scatng their
estates 1t ia really curious that such deeds should
be tolerated in Europe when the tyrant is such
powerless chief. King BOmba Of Naples has brought
royalty into sufficient contempt, but Prince Danilo
does not even possess the halo of great descent and
the protection of family relations with the other
soyereigns Still, whenever the Porte makes prepa-
rations 10 ehastse him, he is saved alternately by
Russian, Austrian and French diplomatic inter-
ference. A. =. c.
EDA NCE