The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-11-12
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The s1sasy News by the Battle.

FROM the n. r Times, :4,A.
We have stirring financial news BY the
Baltic. On the arrival out OF the Persia
from this side, the Bank OF England Directors
met on Monday, Oct. IL, and advanced the
rate Of discount to seven per cent. making
rise OF one and half per cent. in four
days. At the regular meeting on Thursday,
the day preceding the steamers departure
from Liverpool it was anticipated that the
rate would again be advanced to eight per
cent. and some Of the London authorities
look for even ten per cent. before the crisis
is fairly met. II must be born in mind,
however. that a clamorous party exists in
England against the principles and sliding
scale of Sir Robert Peels Bank Act OF
/ ls44, and their organs Of the press never
fail 10 take advantage Of emergencies like
the present to anticipate the worst results
from the working Of the Act in question.
The sudden scarcity Of money in London
and Liverpool and the enormous applica-
tons at Bank and TO the discount houses
for accommodation, are undeniable facts, and
the probability Of large number Of failures
among the Scotch and English manufactu-
rers, from the poor returns and backward
collections from the United States, will
probably be greater than we have hitherto
anticipated. Nor is the apprehension un
timely that the trouble in Lyons. Paris,
and in some of the German capitals, from
the same cause will be Of serious char.
acter.
Nothing is said by this arrival Of the pri.
yate banking interest connected with the
United States. The worst was not yet
known from this side, but even when the
subsequent accounts ere realized, i: "a q;les
tionabe whether, from their great strength,
any of the houses connected with our trade
will give way. IL is only from the c0mpli-
cation Of the India exchanges, which, not
wlthstanding the encouraging war news from
that quarter are quoted worse for London,
with the American troubles, that serious
danger TO these houses, under double pres
sure on the money market, is to be appre-
hendcd. If their own abundant means, and
a strong array of wealthy friends, will avail
the probability is they will 70 through with
credit
The gold brought by the present oppor-
tunity is about three hundred and sixty
thousand dollars The Persia, due on
Wednesday, is expected to bring million
or a million and half more. One Of the
Australia packets had just delivered four.
teen hundred thousand dollars in London.
The market at Liverpool for the American
staples is reported steady. particularly for
cotton. and if anything ike the prices quoted
are sustained. or even good demand in
sured for the next month or two, the fact
will be Of more Importance in righting money
affairs on this side than the receipt of the
English gold TO hasten the export movement;
for the sufficient reason that our surplus
crops were never larger.
There is one other feature in the present,
news not to he overlooked. The American
Stocks held in England will not be returned
on sale here. On the contrary q disposition
was evinced to speculate in the at the low
prices, the London market being kept there
, by in advance of our own for three or four
prominent railways, stock and bonds.