The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-23

tered upon this the last phase of the movement and
that will terminate all Others have before If it
does not IT will be the only exception within our re-
collection.
The steamship Atlantic at this port from Liver
pool brings ms four days later news. The aJvices in
financial and commercial point of view are highly
important. The Bank of England has raised the
rate of interest to ten per cent The Bank of France
has advanced the rate of interest to eight per cent
a point higher than ever before reached. These
events in connection with numerous heavy failures,
produced quite panic in financial circles The sus-
pension OF Bennistoun. Wood Il Co., with liabilities
amounting to ten millions Of dollars. created the
greatest sensation. The failure Of the Western Bank
CT Scotland is also announced. This bank has one
hundred branches, and is said to he largely connect
ed with the American trade. The suspension of this
bank caused run upon two other banks. A large
amount Of specie had been despatched by the Bank
OF England to meet the demand. 1t was the belief
in London that the rise in tho rate of interest would
prevent any profit on the expectation of gold
to the United States The Atlantic brings $l27 1923
in specie. The cotton market was very much de-
pressed and q decline of one cent pound is report
ed. 1t follows, of course, that very limited amount
of business was transacted at the decline. Bread
stufia were lower and the demand not at all active
With such rapid advance in the rate Of interest
and with such large failures, unous to confidence
it must be expected that the markets for our staple
exports and for merchandise generally will be Sc
rously depressed. The failure of Dennistoun, Wood
X Co. must fall we fear, with fatal effect upon many
houses in this and other cities Of the Union As ex
change drawers they ranked next to Brown Brothers
N n IF Il1 net ha
aaoat. The extent of their liabilities shows this.
This failure must fill the minds of many houses here
engaged in the import trade with apprehension, and
create great anxiety regarding future arrivals from
Liverpool The advance reported in consols of one
per cent is not at all strange under existing crcum
stances. The general dstrust in commercial affairs
would naturally turn the attention of capitalists to
government securities the improvement in
prices for consos.
The expectation of specie from this port during the
past week has been as follows -
SHIPMENTS SpEcIE FROM TrE poRT or NEW YORK
Steamship Daniel Webster Havana doubloons OsS 90
Steamship Star of the West, &c /" l25 900 90
Steamship Adratlc, Liverpool, gold coin. 15s 900 90
f Ens sn' gold - I 81 900 90 90
Previously reported. "a, o5o,7s2 50
Total for 1857 s3i 5se,726 As
The bank returns on Monday will, II is supposed,
show further increase in The specie reserve. Since
the last statement the receipts have been large and
we should not be surprised TO report of twenty
one millions of dollars in specie at that time in the
bank vaults Such an accumulation cannot but be
very burdensome to the several banks, and must add
very largely to the wrong side of the profit and loss
account. We do not see what stands in the way of
general resumption of specie payments. We have
accounts from all parts of the country that
the banks of the different sections are only
waiting for the banks oil tnis city to resume.
The banks of all New England are ready to
resume in twen.y-four hours after those of this
city. The banks Of Ohio are ready also those of
Illinois and Missouri. In New Orleans resumption
has already taken place, and all things have worked
favorably. The banks throughout the country gene
rally have now more specie in hand than at any
time previous to the suspension and there IL no cut
side demand for it. The only influence at work in
opposition to the immediate resumption Of the banks
OF this city is the position of financial affairs on the
other side Of the Atlantic and the probable effect of
a serious and wide spread revulson over Great
Britain and the Continent. The managers OF our
banking institutions may deem it the wsest policy
TO wait further Developments from the money mar.
kets of Europe before taking such an important
step, and that may be the safest TO pursue.
A few weeks will determine the probable movements
of the Bank Of England aud enable olr nanciers to
form a more correct opinon regarding the future
So far as the condition Of the banks themselves ia
concerned, there is no need for moments hesta-
tion. The specie reserve Is so large that no fears
can be entertained of drainage for any purpose
All apprehension Of demand for expectation has
long since passed away and there is very little doubt
but that can, at the worst, retain our California
remittances.
The exchanges at the Clearing House for Sa.ur.
day were sll,7l9,s20 AZ, and the balances paid
s7i5,092 SC.
The current quotations for specie are as follows.-
Pvo. Eng. silver, &. 81 oas4 10
- quarter " :. 102 American coin with tho
Coined previous TO 1853. motto 4" Pliribus