The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-23

Of France that the true course TO pursued I'd
the rate OF dscoun-a conclusion, however, which doe6
not harmonize With the reports current this evening
the London stock Exchange. The arguments Of Of
the French papers for augmentation Of tho supply Of
paper will CRAFTY the opponents Of the Rank Chart act
facturers TO purchase MATERIAL and TO increase
instead OF diminishing their production.
From the London Times, Nov I0l
Bank Of france still in doubt One cause Of dicuty IL
found in the law of interest of 1907 Although the Bank Of
France has lately been empowered by the Emperor To-
advance beyond per cent the private and upcr
chants cannot legally charge than that rate Their
position therefore Is rendered very serious by every ad
The Paris Paie Of 9th instant proposes the following
remedies for the monetary crisis
Fretly-To decree tho compulsory circulation Of bank
notes and an issue or hfty franc notes
secondly-To raise the export duty on specie
Thirdly-As the necessary complement Of those excep
tona measures to reduce the bank rate OF discount 70
per cent
The Paris Patie had received warning for article
on the finances.
The French government taking consideration the
best OF enabling the Bank OF France TO assist the
commercial world during the present crisis You may
rest assured that measures for accommodation will ere
long be decided upon The Of the Bank Of England
having raised s discount TO 10 per did the
Partisan Bourse any great extent in fact thraes
close at e7f SC. Tho downward movement was very
slight
In the opinion Of the Steele duty export Of pre-
cious meta snecessary though not sufficient TO conurs
the financial crisis that journal pronounces Itself favor
OF measures stn more energetic, and thus expresses
self
The establishment of duty exports of specie in
ing special measure Of character to stay speculs,,on wo
and ns d 0sne nsifs 0G Of The
crisis demands vigorous action The path hitherto followed
no improvement in The situation Another policy must be
SnSsS9 wsas sshF % %s ne"ss e
snced obtaining funds ceased 70 purchase raw material or
sS On S as a.
not he allowed to The specuiaors In specie
warned Of the duty which may be imposed their
before The issue of The decree which now
bullion.
The directors of the Bank of France had had an
audience with the EMPEROR for the purpose Of proposing
metals or TO be allowed to raise the rate OF discount To
eight per cent The proposition, it is said was not
cepted.
THE VERY LATEST.
LONDON, Nov. II, 1857.
The accounts from Paris received this morning state
that there great hrmness the Bourse yesterday
consequence of rumor that a IS about TO bo
at present-at y per cent
The Archbishop Of Lyons has ordered collections be
made in the churches for their relief Of the sk Seavers
who are suffering from the present commercial crisis
DsoouST
PARIS, Nov. IA NJ
The Monieur publishes a notification from the Emperor
founded upon report from the Minister OF Finance
which he says, that he with pain imperled cher
cal fears propagaed and dcsve remedies proposed for
imaginary evil. The law permitting the bank 10 raise
disconn, must suffice 80 keep bullion 10 better condition
than last year His Majesty requests the Minister formally
TO contradict the rumors ascribed 70 the government
The bank has raised the rate Of discount 10 cent
for bills under thirty days per under sixty days.
and 10 per cent under ninety days
THE REvUISION ON THE CONTINENT.
Paris Nov. y correspondence Of Ionion Post
As might be expected, we have had another gloomy
monetary week The decision OF the bank authorities in
England 10 advance the rate of discount to cont i'm
mediatey acted the bank OF France. The directors
we're called together and after much discussion no i'm
mediate follow the uOllcv Rank
~ England but every here expects the rate Of ds
count will reach 10 per cent on your side Of the water
before the crisis IL and, under such circumstances
the Bank of France viii again increase s charges for
accommodation. We have modern precedent for such
astate OF things In this country, and the policy OF the
Bank Of France Is severely criticised by the com
merca journals Trade suffering all the country
sold orders eounsermaded and the Water trade
in manufactured goods considerably suspended. Paper
s coming back from the United States dishonored and
the state OF the European continental money market
every day that the pressure felt all sides
The German money markets are in worsc condition than
those Of England and France Failures taking place
In all directions During the past week conference has
taken place at Frankfort Of erman bankers order TO
come TO an understanding with each other, and, II
possible, TO create confidence. The establishments
represented on that occasion were those Of Darn
sadt Hamburg, Mcinngen, Luxembourg Gotha, Thurin-
gen, Homburg, Buckelburg. and Rostock. The coDfe-
renee which was presided over by Prince Felix de Ho
henlohe endeavored ~ ind out guarantees calculated
reassure the public 10 their stability The delegates
decided that the notes issued should be covered by
third specie and thirds In good bls with three sig
natures also, that Official should be published
at least once mcnth that mutual control should be
ercisef by the several establishments and that the
governments should be invited take part IN such
control. statement % the above effect ~ be
presented to the Zollverein. Meanwhile the latest
advices from Vienna say 80 Tho situation tho
same want OF confidence increases, account Of
the delay Of government measures long promised"
But what cangovernmcnt do but hope prevent NATIONAL
bankruptcy by reducing the armys And hore in a
dlicult political question, which, however, w. we
assured to be put aside measures having been taken
economi-c military expenditure Austria has gone on
borrowing money to cover her yearly deficits until no.
more can be obtained and especially AZ such cfiss
this. Figures worth all the spccuatons OF the
clever heads You have only 10 look al her deficits
since ls31 to 10 conclusion that Austria must be
pretty nearly nj the end of road which leads to ruin
add the table Of tue following hndRetA