Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1857-10-29
The Result of our Panic i'm Eng
land,

The Europa, which brings our latest
dates, sailed on the 10th, and on that day
the Persia had arrived at Liverpool, her ad-
vices announcing the suspension of the
Rhode Island, Philadelphia and Maryland
Banks-which was merely the beginning
of the troubles on this side. The news of
what followed, eliminating in the suspen-
sion of the New York banks, the failure of
q number of leading railroads, and the gen
eral smash up among merchants, would
not reach there until some two or three
weeks later, and we shall have to wait some
time before we learn the full effect Of all our
disasters upon the public mind Of England.
and Europe. The first item of news how
ever, that to which we have alluded above
the mere harbinger of disasters which no
one there had yet anticipated-produced
the greatest excitement in all quarters, and
on that day-the lOth-led to gennal
suspension of business in Liverpool and
London. The following abstract of the
latest financial intelligence by the Europa,
we find in our eastern exchanges lit was
not vouchsafed to us, our humbug tele-
graphic arrangement not extending to the
things which people particularly wish to
know):
"Consols we're offered on Saturday at 80
being fall of one and a quarter per
cent, and the tendency of the market was
still downward.
The demand for money was active in all
quarters, and applications at the Bank had
largly increased.
Many of the orders previously sent to
the United States for Cotton, had eth
er been countermanded, or their limits ma
terially reduced.
The market at Liverpool, meanwhile,
closed in a desponding state, and the
eighth advance obtained in the early part
of the week, had been entirely lost. Mid
ding were offered on Saturday at 9@95d,
but only small sales could be effected.
Trade generally had received sudden
and unexpected check, and further advices
from America were looked for with the
mo painful interest.
The increase of the rate Of discount by
the Bank of England was regarded as on
ly the commencement of continued tight
ening of the screws, and many were predict
ing that the rates would 90 up to eight if
not nine per cent. The ultimate solvency
of the Bank was believd TO be unquestion-
able, although the drain upon it, even at
exhorbitant rates, could not fail of putting
it to severe test.
From Paris the accounts were also gloomy
money being in great demand, and the
stock market in a state of suspense.
Telegraphic advices from Manchester,
dated on Saturday, represent trade as quiet,
with much uncertainty prevailing, and mo-
ney very stringent.
The political affairs of Europe were a
secondary consideration in alp the leading
cities, in view of tie threatening aspect Of
the American crisis and its probable effect
upon the trade and commerce of the old
world"
We note that the Eastern papers are
specializing upon the immense amounts of
specie that will come to us from England
that she mast have our Cotton, and pay
for it in gold. We think it more likely
that she will quit buying of us, for while
at least. 1t is evident, from the conster-
nation caused by the first little instalment
of news that when the worst is known, the
panic will be as great on that side Of the
water as on this.