American union. [volume] (Morgantown, Va. [W. Va.]) 1855-1859, 1857-12-11
NEWS BY THE AMERICA.
the FINANCIAL PANIC.

On "Wednesday the spplicstions at The
Bank of England far discount increas.
ed rather than diminished
The London Times of the 18th ult.,
remarks that it understood thot tho sp.
Plicati"n which had been made within
tho la,t few dsys, by leading Ame,i-
can house TO tho Bank Of England. En
a large advance on securities furnished
from tho private resources Of the firm,
has been most satisfactorily mei, and
that oil the accommodation required
will he fully granted. According I" ru.
NOR, the requirements If tho finn in
question Zone of the most eminent in the
American trade) were nearly million
sterling. and according Ia tho Daily
News, the assistance received from the
bank, after long delibera,ion Of tho
directors. will il is expected. enable the
finn promptly tn csmpy with the con-
ditions upon which the advances were
made.
Tho London Globe Of Friday says:
The is now a much quieter feeling in
city circles. and absense of further cum.
mercial failures seemed to have crea.
ted increased confidence. Many persona
are inclined To believe that the wnrst is
over, and that although an occasional
disaster may occur, those mercantile
firms who found themselvs embarrassed
will be- enabled through the assis, ance
ofIiends to extrica,e themselves. The
fact that large establishment connect.
ed with the United States has been as
sisted by the Bank, which has prevent.
ed serious failure appears to have pro-
duced much satisfaction.
On Thursday the 10Th, the Time,
says there was q decided amendment in
all mercantile quarters. Not u single
failure was reported, aud some spe cial
causes Of anxiety were removed.
The pressure for money at the Bank
was undiminished indeed some author
tiles say it was more intense than over
hut the meeting of tho Bank directors
broke up without any advance on the
rates of discount.
Loans on government SECURITIES were
in demand at ten per cent.
Tho Paris correspondent bf the Lon
don cst says that several Partisan Fl ms
are reported to have eonvoksd their
most important creditors TO concur with
them i'll the necessary means to prevent
d public failure. and probably to come
to a provisional suspension of payment.
This means ofstaving off difficulties. will
the writer thinks, be Generally accept.
ed in France.
At other continental cities there are
likewise signs Of an approaching teh-
dency to the revival Of confidence.
A largo and very influential meeting
had been held at Glasgow for thb put-
pose of expressing confidence in the
Scotch Banks. 1t was resolved to &C
cept the notes Of the suspended banks
as currency.
At Madrid it was not considered like.
ly that the financial crisis would effect
Spain. The situa of the bank con-
tinued highly satisfactory.
GERMANY. ..
The powder mills at Msyence. on
the Rhine. had exploded, destroying a
portion Of the upper part of the city
Thirty persons were killed and nearly
500 wounded. The damage is estima.
ted at 100000
AUSTRIA.
A Vienna letter Of the 14th says -
The financial accounts from the fnanu.
featuring districts were exceedingly
affecting. No greater panic was ever
known at Vienna.