The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-07

day raised its terms to III per We fear that this
will prove sore dacouragement TO the French CONNER
cal classes who, previous this crisis accustomed
regard per cent as the highest possible charge al the
tank.
BIT the question ~hich every one now asks Nth extreme
interest TO rhdt extent mill the present extraordinary
strfngney Of money market check the dram 10 Ame1cd!
That the elux Of gold hiher will be stopped would be
vain expect The pressure the United States has as
sumed such proportions that the immediate object OF each
trader not to transact fresh business but to strengthen
his position and to weather the Storm and the may
be said Of each monetary institution Hence the seeming
recklessness with which securities of all kinds are thrown
upon the market for realization prices almost abulousy
depreciated II is noticed a significant feature that the
operations Of spcculators for fall the American stock
markets, by which the panic at first aggravated have
ceased for some time past or late the crash IN the socK
exchange has been precpitaed by bona tide sales LOT
cash. .4..
AS another consequence Of this universal rush for
money tho markets for description Of produce have
can scarcely be gathered from the accounts in the pubic
journals Private advces report instances in which hold
cIs OF sugar and other produce offer for sale AZ prices
even absurdly low Current engagements must OF course
be met and even If IL be necessary that the accumula
tons OF years be swept away the sacrifice must be Sud
mitted to less evil than suspension OF payment The
point that Immediately is that this Offering OF
produce and securities at an nornate depreciation GER
tain to attract English and continental capital and to occa
sion a prolonged depression OF the exchanges De-
tween America and Europe. Every Englshman
who is tempted by the low price to PICK up
few OF the American bonds shares which
only few months back stood at SO different value in
lie MARKET contributes to this process As gold i at
ractcd from this side element OF relief Will be
ntroduced-a course TO our temporary Inconvenience
tothe American market The Of the panic may not
be From end of the United states 10 the
other the public mind IL thoroughly mbued with feeling
Of blind alarm and venture to assert that the
fl Of temporary insanity Is yet cxhaustng ITSELF Yet
every feels confident that this excessive panic like all
pancs Of similar intensity, Is merely transient and has
been greatly 'overdone and that when the turn comes
the rebound will be almost equally astonishing Large for
will doubtless be realized by hundreds OF operators
lucky enough and to employ money at the right
moment Let MS not be supposed TO assert however tha
the effects Of the panic will speedily pass
As regards the foreign trade Of the Union, Which
ourselves, the disturbing Influence
0M probably be s0 felt, and the upon money
market s be Kept up Through the effect upon the exchanges
On the 18th nst commenting upon the rise in the bank
rate Of discount to per cent remarked that If to
foreign drain should become necessary raise
lie value of money to eight or even nine per cent
why should panic ensue?' 1t is most gratifying to
observe that confidence in the general soundness
OF commercial position is daily gaining ground.
The symptoms indicative of approach TO panic
were confined to early period Of the crisis, and
have since disappeared. II is universally rccog
nized that monetary condition must inevitably be
affected by the extraordinary CONFUSION on the other
side of the Atlantic but that the protective measures now
necessary will be Of prolonged DURATION since they
will be rescnded directly the foreign pressure is remov
ed. Cases of commercial embarrassment will undoubed
ly occur, since many firms here will be involved in a
,orton Of the LOSSES sustained America. Moreover,
each stringent phase of the money market brings to the
ground some weak houses, which may be said to exist
only through the orbearance of their creditors and the
removal Of which really adds TO the strength of the gene
raj commercial situation. The number of such firms is
believed TO be unusualy small TINS Is
another feature which strongly encourages the belief that
the will pass through the present crisis with unm
paired resources and with credit raised the higher in
proportion to the suddenncss and severity OF the ordeal
successfully encountered.
from the Manchester Guardian. Oct. %
We are DESTROYS OF correcting an error into which our
CITY correspondent was led by rumor which very
prevalent on the London Stock Exchange on Tuesday
evening to the effect that the Bank Of England had that
day hro1cn all American paper We we'll assured
the untrue and had its origin in the fact
that American bills known supposed TO be con-
nected with intended shipments Of specie to the United
States refused dscount-a which has been
adopted by the bank on several former occasions.