The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-26

WEDNESDAY, Nov. 25-6 L. nj.
The stock market was in very unsettled condition
this morning and the transactions were confined prn
cpally to two three of the leading railroad stocks
At the first board Panama Railroad declined per
cent Gaena and Chicago Z. Ohio 6's advanced
l per cent Michigan 6s, l; Missouri 6's, 1 !;
Cumberland, a. New York Central Railroad, l !;
Erie, q; Reading, 2; Illinois Central Railroad, Z :;
Cleveland and Toledo, 4; Chicago and Rhode
Island, l. In Reading, Cleveland and Toledo
New York Central, and Erie there was an active
movement, and prices closed firm. The market on
the whole was well sustained The European advices
by telegraph from st. Johns have not as yet had
any material influence upon financial affairs. Specu
lators do not seem to understand what 1t all
means The steadiness in quotations for consols is
considered criterion of the public mind in England
and so long as they are not depressed no fears
entertained about our fances There is in fact, no
more comparison in the class of securities than be-
tween the midday and a rushlight, and they are
not in the least governed by the same influences.
The financial accounts brought by the Vanderbilt
are Just about what we have for some time antici-
pated. The Bank Of England has virtually suspend
ed specie payments. The Order in Council suspend.
ing the bank charter IL nothing more nor less than
suspension, and the establishment for the time Of
inflated irredeemable currency. The Bank Of Eng
land has been authorized to issue notes TO any
amount on approved securities. While this may
secure the bilholder from actual loss, IL does
not alter the character Of the note taken. 1t
is not convertible into specie at the pleasure of
the holder, and is therefore deprecated, rredeem
able currency. We predicted weeks ago precisely
this state Of things Upon the suspension of specie
lyt he gft III cit
the opinion that both the Bank Of England and the
Bank of France would suspend. The Bank Of
France has not yet-Nov. li-succumbed TO the
panic and revusion but IL must, and the sooner 1t
does the better for the people and the most important
interests Of France. The suspension Of the Bank Of
England will compel every important banking instr
tuition on the Continent Of Europe TO suspend.
Great Britain IL creditor nation to all the rest Of
the world, and a suspension Of specie payments by
the Bank Of England would lead to drain of bullion
from every country undertaking to maintain specie
currency The only alternative IL suspension, and we
shall have accounts, beyond all question, before the
lapse Of sixty days, Of the suspension a every bank
ing institution Of any magnitude throughout the con
tinent OF Europe. The Bank Of England has by an
Order in Council been authorized TO issue notes TO
unlimited amount. Its charter has been suspended,
II could not suspend specie payments without forfeit
ing Its charter, except upon Order in Council The
penalty Of that act is forfeiture The banks Of this
| city were similarly situated. They could not sus-
pend without forfeiting their charters, but our
courts did not exactly grant an order freeing the
banks from the penalties, but they refused all action
calculated to place them within the process Of Law
In this way, so far az their Jurisdiction extended
they legslzed the suspension. The government
| Of Great Britain have done no more. The Bank Of
England and the banks Of this city and State are
precisely IN the same position. The suspension Of
each is Illegal and the charters q each are forfeited
but policy makes II necessary 10 legalize for the
moment an Illegal act. Under this state Of things
II Is the height Of folly 70 look for any improve