The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-14
THE MONEY CRISIS IN EUROPE.
The Eject In England OF the General Bank
SuspensiOn In the United Stntea.

-o~s~~O~~o~-,ee~~No-~-s
The Eject In England OF the General Bank
Suspension In the United States
From the London Times (City Articie), Oct 20,
The three days later telegraphic from New York
worse, caused the funds 70 open his morning slight
reaction from the firm prices of yesterday hut the
ket again partially recovered its tone Consos for money
which closed last evening at first quoted ss ~
and the final operations atss $50 for money, and
ssZ ss5 for the 10th Of May Bank stock left OF at POT
2lO India stock 2Os TO 21I India bonds 35s a 2bs
The demand for discount at the bank and elsewhere
very moderate, but the transactions Saturday
never furnish any indication state the mar
ke The fact that the amount Of notes the hands OF the
public is comparatively great while the business Of tho
country is everywhere Undergoing curtailment, shows
that large precautionary supplies must already have been
secured by many OF our Leading firms
The arrival OF the American and Indian mahs now duo
wM most likely settle the question 70 the prospect Of
any further immediate movement by the bank. In some
quarters bot only among small minority It rs contended
that the most cxpedent course, in case any further
sictions sh prove necessary would be to keep the
rate at its prSnt point and limit the class Of bills
be discounted To shorter term than 95 days Tie errtu
son hewerer # description Of paper upo,, wAich Ae
be eztreney hurJm and coldd, in fact be the only mode
~ whieh pressure could BE- converted into panic Every
house having good bills in ts portfolio should be
raged to feel that will under any circumstances be
allowed to find its suddenly cut or Under par
heuar conditions there can be no objection to higher
charge being made for long bills than for short may
be questioned whether those conditions be
sidered to exist at the present moment
The short message from New York this morning
eved by it, containing no announcement OF any paTticu
lar catastrophe The fact hoeerer thai The Of
the houses hich had hitherto at all sacrfee ,ck-
t od the storm hare bren reced TO three further days
q increasing pressure has added to he prevailing anry
those best acquainted with the American temperament
have hitherto hoped for rebound sudden the panc
but although great change may still at any moment be
announced is srident thai the disturbance has pre-
rallied too lGng pass dicdy tchout Of des-
tion uhich only nths years remedy The nltmat
results far the losses be sustained this country
concerned will depend chiefly upon the honor of the
mercantile community that side since, with unpre-
cedeDtcd grain harvest and cotton crop that will
bring the largest sum ever realized, y s impossible
opportunities To meet every claim. But meanwhile
the extent Of default must be enormous, and
fd6rrs and shippers must be- errosed 10 the sh0rpe trial
erey eS1erienced The IN which has hitherto
been subject OF honest generalization and Affords
the promise for the future, but the stage of
the affair has yet To come the ceaselcss maturing
the absence Of remances
provide for them. Any firm with fair capital and credit
always prepared 10 meet short strain, but few bc
for weeks and weeks discharge the coet of
wages, material and all the other items in the
the goods they have shipped when the returns
for those goods stopped by violent and
little so be foreseen that lkened on the spot 70 an
attack Of epilepsy We must be prepared therefore, un-
iess the next few arrivals report decided Improvement,
to hear OF many difficulties among respectable
establishments IN all parts Of the country; eu.
IT to be hoped that IN the majority OF
cases they will be found W admit Of relief, and
MAT where hh h not practicable the breakdown
eirrumaanoes Jr any fin. % suspend Slo nag d a @
shor that they hare conducted their upon ordinary
neant,e pvIneiyies aud viii oe ihe duty q e-ed.o' IN
roneemenf that may render continuance g tusinsa rdc-
cobe Much indeed, Of the prospects OF future
res from the United States will depend the discretion
thus manifested Above all II Is incumbent every
remember that this side there the ainst
for general alarm, much less for panc Our merchant
with the United States are merely called
meet the Inconvenience of high rate of discount Their
no discred and at the fair market rate they ge
much money they want n any house is in oopd-
ton TO be extingushed by mere Increase during
a month or two Of a few pounds per cent in
the charge for such accommodation as Il
~ eNInQuNhed
better The fall in the produce markets, although heavy
neither been rapid extensive rs 70 justify
the apprehension of difficulty any quarter where there
may not have been undue speculation. In the principal
cases, It has simply been reaction from high
prices which had previously led 10 great profits N
descrI ions o goods too the stocks In hama are small
with abundant harvest and the present price Of bread
any wide spread distress would be anomaly. "
moment 10 test courage and self posscsson but moth
ing We have obviously u as before but such
We should be prepared 10 meet with cheerfuness No
ndten uds er placed in postn sich a. thai wAh from
the fadian muttny and the Im~icnp crash occspy
but these disasters have found sound Internally, and
we can therefore face them with dignity and by mutual
confidence keep them within control
Foreign stocks continue nrm, and in some cases an ad
vance has taken place
on has taken place most OF the larger descriptions Of
sccks Canadian shares wcaker, and further de
cline occurred In Buffalo and lake Huron. Fast Indian
again advanced The American securities
limited At the close Illinois Central quoted AZ
a reduction, while Michigan southern showed increased
nrmness. Al meeting Of the Buffalo and Lake Huron n
stated thai great exertons are being made N
portion Of their line 70 Goderch the 1st of January.
The receipts Of the half year ending 3st o July amount
sI24 552, and the expenses sl22 e23; the OF
working tho additional forty five miles will bat
small Increase In the latter item BY of steam
ferry across the Niagara communication win be obtained
between Fort Erie their starting point and Tho railways
at Buffalo The engines and rolling stock
reported 70 be In thoroughly good order call c f2
los. will be made IN November. Al meeting T No
Grand Trunk Of Canada determined 10 raise f 500
sangune A. 70 the future prosperity of the undertaking
The receipts for the past half amount N G2SSe,
ana .ne 70 oe'r y, ,b s,,s on.v
by extraordinary repairs on the leased lines
Montreal Portland and In the renewals of bridges
The system OF through booking for emgranu has been
adopted with great success.
From the London Times (c,y Ar,ice), Oct n
The entire suspension of specie payments ~ the New
American mail tx the satisfactory
that could have been locked for Had e rep been trcn
,s.. a,,rf,d Tbs banks after having by their mi-ms.
nasemcn, brought about the of affairs which ren.
the panic possible sought to themselves by
Inc sacrifice of the Whole mercantile community ta the
psbi al Lost has tater tie waiter ~ n>fr hans and
forced thew b ua5Ja0s, Which will r,oce Aem IN s
truccle. Their had been simply thi-By q sys.
en- of most mprudent advances they had encouraged
he public 10 rely on abundant accommodation not only
N bns Of exchange but on the bonds and promissory
otcs Of railway and other corporations When
ssues Of this latter class Of securities began 70 excite
liarm, and was by knot of spectators that
hey could be brought sudden dscredn general ccnfu
ion would ensue, the banks turned round upon those
hey mao deluded, and not merely refnSeh ,ur'neI -
but called In, FAR A. p~eioe ~ use
rad been granted 0f course, universal frsm iouowed
but firm after nrm down the banks sun ooastea
hat they were determined 10 maintain themselves and
actually excited some sort OF alstion At the grandeur
o their resolve Bu, was plain they could not succeed,
and that even supposing their preservation possible
might be paid for too dearly IN the opinion OF calm lockers
an another week was alone required 70 stop every house
The s.ate Apprehcnsve, however, of the
penalty Of losing their charters ana animated oy IN
community Al hast appears with an instinct OF despair,
resolved 10 bring them 10 an end A concerted run
w.s .,,angcd by The dep,~itors, and the evening
besre ,be departure Of the packet general stoppage
ascsralned 10 be inevitable Eighteen ~ these establish
roepts had already been brought down. and the thirty
ibree that remained that another day would seal
heir fate deputaion o. the Presidents of three of tho
therefore despatched 70 the Governor Of tho
state Al Albany 10 pray for the necessary legislative
tepe 10 egaIze the SUSPENSION and meanwhile nothca
ion OF the given IN all the New York papers of
he morning the lath inst Us effect instantaneous
very II IL said seemed 70 feel that the ordinary
hnnnels hnslnnes would forthwith be restnrah and