New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-11-04
THE FINANCIAL CRISIS.
From The London Times Guy -4rficle.
MONDAY EVENING, OSt. ~

MONDAY EvEsIsG Oat. 10, 1857.
The Bank of England have to-day raised their rate
of discount from per cent, which was adopted on
Monday last, to per cent
This tep IL solely in consequence of the American
news. According to the latest dates the rate OF ex.
change even for the best bills hsd fallen to point
which would give very large profit on gold from
England, ard, although owing to the possibility of
a sudden rebound, spectators on this side might
hesitate to undertake the operation to heavy extent
the amount of bills transmitted from New York. with
dire orders for returns to be made in specie coupled
with the being dispatched by our capitalists Tor
the purchase of securities, involve the certainty OF
further drain, against which the most prompt pre-.
cautions were requisite. The public were aware thst
the question of an advance to 3 per cent would
depend entirely upon these advses, and II the
Ariel had arrived at her expected time the move
ment would doubtless have been adopted three
or four dave back since the later accounts brought
via Boston, orc svarcry 81 bsd as those with which
che started. The rate now reached is equal 10 the
highest known in modern times, and our only expert.
enoe OF it for four weeks from the 25h OF October
lS47, when the railway panic attained s climax, and
Consos were down at 10, the Bank bullion having
been reduced to fS 3l2 900 and the reserve to 81 5
000. In the present nstance 1t ls unlikely thai the
pressure will last long four weeks, bat,
our condition must depend upon the of the Amer
lean diforder and it Impossible to conjecture what
may be the next turn of frenzy, we must hold ourselves
prepared for all contingencies. According to the
counts to-day every thing had been brought TO dead
lock. Debts could not be paid between blatant cities
because there were no safe means OF remittance, and
produce READY 10 Dc converted lDtO HOfu cOulu not
be forwarded TO port owing to the absence Of any
power OF obtaining advances upon 1t. Every one saw
that if the machinery Of ordinary castom could
again be set in motion all would instantly be
ighted; but in quarter there power to bring
al out such a result. Whether escape would DO found
through some final convulsion or through GLOW and
uctuapg coLvalescence, no one could predict, but 1t
was certain that matters could not continue long In
their then state Among the considerations on the
favorable side the fact that the stock Of specie 10
the NewYo,k banks stl stood at e., $50 900, which
is beyord it's average amount and more THAI f3O0 0OO
n excess Of the total held az the corresponding period
of sst year. while their note circulation less than at
tbs time The Californian arrivals Of about ESQ 900
each fortnight would also be retained and in less than
week the Vanderbilt would be due from Hsvre with,
it wss believed, GOO 0OO to be followed shortly by
the $3.50 900 lately dispatched from London and Liv
erpool. Against these prospects, the only alarming
poir is the possibility Of the run upon the banks for
hoard ing purposes, which had already assumed dsa-
greesble proportions becoming altogether upgovern
able. Meanwhile, IS regards our own position, in all
those branches Of trade not connected with America
there is q total freedom from uueasiness The Cur
disoount to per cert for few weeks to meet a
temporary evil in which all other nations participate
nspro dread the part of any solvent houses.
The difference between that and per cent even for
two months would amount only to an extra los. per
cent on all the accommodation they might require,
and if their capital and current profits ina
for such contingency they can scarcely be considered
ht TO be in business at ali their account OF
tracts having been entered into, or other similar
causes the effect may be peculiarly severe, but these
are atogeiher exceptional. AS general rule there
ought among q sound mercantile community to bs no
kifors IN per cent any other rate Of disc
mpposing il rot to have been occasioned BY a reck.
LEES course OF national extravaganza and hence there
Iesson TO believe that the announcement of t,-day
VIII be received throughout the country, as has
been N The Metropolis, without the slightest indie alton
OF confusion or alarm.
The fuDos opened this morning at decline of half
per cent, in consequence Of the impression that the
American advices would increase the drain of spsce
and the spectators generally disposed to press
sales Mott Of the brokers' however we're still buy
es on behalf Vt tie pubic, aud recovery took place
nlni about In the afternoon when the resolution of
the Bank was notified i, the Stock Exchange. and a
isl occurred TO an eighth below the opening prices,
nom which there is recovery. The first tcansac.
tons in Copsols at So fossil whence they ran
IDLY advanced to ssh They then welt TO IS 10 ISL.
which was the last official quotation and after reeo
lar hours there were sellers az IS. For the 10Th Of
November the fDsl price 8Si 10 SS1. Bank stock
left eli at I'D 70 2l3i; reduced, 81 to 81; nav
Three per Cents 81 TO SO; indis Stock 2O7 10 300.
India Bonds, 1901 10 2OI discount; and ExcAs luer
bile, 81 10 81 discount.
CONNIE cement Of busin. S. and loans on Goverrmeot
Securities were obslnsbls al per csot Ultinsteiy
the charge 81 to 6. At the Bank, 10 the course
Of the morning there was very active pressure
many persons Anticipating that the New. York iptel
pence you'd be followed by speedy advance OF the
rate The supply thus obtained seemed 10 be- bsyoni
any actual quremens and at the end Of the day toe
balances in toe hsnds Of the banks and discount
houses were large.
The discount houses have iboessed their rata Of
allowance to 7psr cent for money a. Gail, cod u Tor