The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-08-29
Important News from Cuba.


The intelligence which we publish to-day from
Havana Is important in commercial and in a
political point of view. 1t will be remembered
that q panic in the stock market occurred there
recently, when q run upon the banks took place,
several Of which suspended, and a general para
lyzation of business ensued. Money. which had
been abundant at an interest of from three to five
per cent per annum, suddenly became very
scarce and much sought after at from twenty to
thirty per cent In order to meet this sudden
crisis the government authorized the Spanish
Bank to issue pos. notes having six months to
run, and accruing an apnual interest of ten per
cent 10 the amount of six millions of dollars. In
guarantee of these notes the merchants and plant
ere of Havana have given to The bank their indi-
vidual security for amounts the aggregate of
which exceeds twelve millions of dollars.
This measure stopped the panic, but has not
restored general confidence The post notes were
not readily admitted into circulation and in Or
der to meet the new difficulty the merchants of
Hav ana have been under the necessity Of COM
bining in the public announcement that they will
receive them in their business TRANSACTIONS. We
learn also from private source. that it was gene
rally determined among them to admit American
gold, the circulation of which had hitherto been
prohibited by the government, because it was
supposed to familiarize the people too much with
American ideas Iris measure Of issuing post
notes is only putting off pay day for time,
which must surely come.
Besides this, however, it is an effort to keep
up the fictitious values Of property and mer-
chandise, which has not succeeded. This is evil
dent in the complete absence Of transactions in
the sugar market, as is demonstrated not only by
the prices current, but by the curious articles on
the subject which we have translated from the
Havana papers ard publish in another column.
1t is further evinced by the great rise in the
rate Ct exchange on New York, which has
advanced eight per cent in thirty days.
determination of the merchants to admit Ameri-
can gold TO circulation; but in our view it demon
strates really q depreciation Of the currency,
which now consists almost entirely of the post
notes Of the Spanish Bank. Whether this cur
rency will continue to depreciate must depend on
local causes, of which we cannot judge at this
distance.
In the political sense the news is important,
from the fact that it brings US the FIRST article
which has been published in the Havana papers,
since the removal of General Pezuela, announcing
the adoption of the policy of the abolition of
slavery in the island. Under the strict censor
ship which exists over the Cuban pres, such an
article can be published only with the consent Of
the government. 1t was just such articles as this
from the Didro de Ia Marina that reused the
Cubans to conspiracy in 1854, as we have fully
explained in recent articles on this subject 1t is
fraught with difficulty and danger TO the existing
government in Cuba, and to our own, in the pre-
cent unemployed state of the flibusters. We look
for stormy times in Cuba, both commercially and
politically.