The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1858-03-22
FROM OUR LONDON cORREsPONDENE

depression in the funds, and lack of confidence in
the stability of national affairs that two weeks
have failed to amend.
The reflections of the Cabinet Ministers have not
yet taken place, but all expected to be returned
and generally without change of position. Since
my last letter the trial of the British Bank Direc-
tors has closed and resulted in finding all of them
guilty. HUMPHREY Brown late Member of Parlia-
ment, HUGH INNEs CAMERON, the Bank Manager. and
EDwD EsDAILE for their ''infamouscrime, as stated
by Lord Campbell in his sentence, were sent to the
Queens prison for year, misdemeanants of the
first Glass; RICHARD HARTLEY KENNEDY, Alderman of
London, received nine months; WILLIAM DANIEL
OWEN, six months; HENRY DUNNING MACLEOD, three
months, and JOHN STAPLEToN fined one shilling
These sentences almost universally considered as
too light for the enormity of the offence.
1t Will, however, answer every purpose that
more severe punishment would. The men are
crushed forever. They will no longer figure as NJ.
P.'s, London aldermen, or bank directors; and they
will no longer walk the Stock Exchange. All man
ayers of banks, railroads, and other joint stock
Germs, will see the handwriting the wall, will
hear the voice of Lord Campbell sentencing the
British bank directors for an " infamous crime"
whenever they tempted to issue false report de-
clare dividend out of capital stock, and tell share
holders and the public that their concern is doing
well and making money, when it is doing neither.
The winding up of the affairs of Edward Oliver at
Liverpool, who failed in 1854 for million
sterling, and who was certainly ''going to pay 20s.
in the pound has resulted in dividend of shill-
ngs, entaiing loss of over four million dollars on
the creditors. The Times takes credit to itself for
the sagacity of predicting at the time that it was
bad failure, and for which prediction it got con-
siderable cnnnure-
'Snme American insurance offices, from whom
large sums are due, not only neglect to pay, but
refuse to furnish even an account" Such is one of
the statements made respecting Mr.. DIVERS af-
fairs. 1t would have been no more than fair to
have named these American insurance offices, so
that all of these institutions among YOU would not
rest under the stigma of dishonorable dealing
There appears this morning statement from the
London house of the American commercial agency
of Japan and McKILLoP, showing that of the 227,-
O4S American firms whose names and condition are
recorded in their books, 6,O22 failed during twelve
months, and of these 941 were total or fraudulent
The aggregate loss the latter is stated at "a 0OO
600, and of the 1921 forming the balance ESQ, OOO-
900, on which the average dividend will not exceed
40 per cent. This is a total loss of f34 900 OOO or
$4,000, 000 from American failures in one year
This does not include the houses that went into a
temporary suspension or asked for time, nor any
railroad companies, banks, or other public under
takings.
The Times financial writer, speaking of these
facts, adds that neither New York nor any other of
the principal States have bankruptcy law or any,
thing analogous to it, and consequently .'the larger
part of this sum has been squandered without the
slightest accountability being enforced against any
party do not know that credit from this coun-
try to that has been any shattered than it has
here, but such is probably the The whole
voice of public opinion here is that of lack of conf
dence. ono one is disposed to put reliance on any
set of individuals Money gets invested in consols:
the faith of the nation is confided in, and stands
higher than ever, but no dependence whatever is
placed on the classes who may be said to have the
direction of its enterprise its capital. 1t is not
merely that the provincial banking system has been
exposed and the directors of all sorts of companies
proved unworthy, but that the general disposition
of the mercantile and financial community has
been to conceal and condone the delinuuen-
cies on every side. The good must share the penal
ty with the bad even the best names are now in
suifclent to attract attention towards any new
scheme, although it may promise the most satisfac-
tory results. This state of feeling is humliating to
ALL but there is no help for it. Severer laws have
been called for but an increase of national morality
can alone work cure, and that must be an affair."
not OF day, but generation. The supposed ne
cesslty for penal provisions that existed be-
fore, affords complete evidence of our retrograde
movement"
Such is the plain and humiliating language of the
Times newspaper. Can you not apply some of this
not very fattering portrature to Yourselves on FOUR
side OF the water? 1t is clearly evident that YOU
nave not the safeguards against frauds in America
that exist here's and if the state of affairs here is not
good with you it must be deplorable. 'Pay as YOU
go or show good security" must be the order for
very many mercantile transactions in future, par
tcularly in matters of moderate amount.
singular state of things exists between this
country and China, quite as it was last November
sending specie to the other. The Pera brought
mail.
Assassination is at discount. ORsINI, PIERRI
and RuDIo are sentenced to the guillotine and Co.
MEz to the hulks for life. DR.. SIMON BERNARD is
brought up at the Bow street Police Court here
nearly every day, and witnesses examined to show
ms completely with the maefactors Just convicted
at Paris. He was undoubtedly one of the party
engaged in the fabrication and sending off of the
grenades-those ingenious shells that passed all the
frontiers OF Belgium and France as some new pat
ent gas apparatus. They were even displayed
openly on table in Hotel of the Rue Riyoli
The sympathy with Bernard is very strong here,
and Mr.. HENRY, the Bow street Magistrate, and Mr..
BoDRINs are getting more censure than praise from
the British public opinion. l hardly believe the
prisoner will be delivered up to the French author
tiles, and think if it were done there would be at
least an effort at a rescue.
The late stringent regulations in the French pass
port SYSTEM and the unanswered dispatch of Count
w ALEwSKI, have created certain amount of cool
ness IN Great Britain towards France but all agree
that LOUIS NAPOLEON has carried himself with true
the whole affair."
. There were some false statements made against
oRsINI in the bill of indictment of the Attorney Gen
eral-at least MAzzINI says So in letter to the
Times; but M. JULES FAvRE was allowed to defend
the prisoners, and make frank plea. He however
never asked for their acquittal, but attempted to
show that the motives of the actors were good
while their conduct was wrong There was much
surprise that GOMEZ got off without sentence of
death.
P@neh advises all the railway companies and
hotel keepers in Great Britain to grant very
liberal passports to all the beautiful mountain
lake and river scenery in the Kingdom and urges
John Bull to accept them in lieu of passports to the
continent.
Late accounts show that the hotels in Paris, most
by British travellers, almost deserted.
Mearices, san awful blank" the Louvre little better
Off and the hotels in the Rue Castiglione without
table dhote because there is nobody to sit down to
it. Every thing finds its level and that passport
system must some day fall. When ORsINI and his
companions will be executed is uncertain 1t is said
that the chief of the consprators quietly and calmly
smokes his cigar, and confidently expects the En-
peror will reprieve him. He will soon be a head
shorter.
The affairs of the HUDSON BAY COMPANY are, by
the accession of Lord DERBY thrown into state of
uncertainty. Lord PALMERsToN had stated to the
company the terms on which he would give them
lease OF Il years more of life and which terms ru-
NOR says were at once accepted by the representa-
tive OF the company. The prominent wish among
all classes and persons who not interested and
are consequently impartial is that the should
be botted out of existence. The validity and le-
gallty of their charter more than questionable:
their rule has been INSCRIPTIONS, fraudulent and
yranncal, and their abuse of the extension of their
power great and unmistakable. 1t is one of those
trading companies that however desirable its func
lions may have been in the reign of CHARLES ii, is
now more than useless. If the Canadian Govern
ment and press insist the extinction of the
pany, no government in Great Britain will renew
the charter.
The reports of some of the railway corporations
OF Great Britain for the last six months are of more
than usual interest. The companies generally de-
clare dividends of from 81 to ~ per CENT aver
aging about 3s per cent. for all the railways in the
Kingdom. Latterly there has been, for some weeks,
most bitter rivalry and competition between the
London and Northwestern, and the Great Northern
companies. epublic have gained by the squabble,
as passengers can go from London to Manchester
and back over 200 miles, for five shillings and to
Liverpool and back for twelve and six pence. The
Great Western have now put their fares down to
the latter sum for passage to Chester and Birken-
head, or Liverpool and back. The lowest fare be-
tween Liverpool or Manchester and London, has
heretofore been about sixteen shings and twenty
four shillings, except by third class Zone train
day.
The London and Northwestern is the most power
full and wealthy railway company in the world hav-
ing capital stock of Sl64 1926 $780, and it also con-
trolls the Midland railway, with a capital of $685.
h99 065. the two having lennth of dnnhle track of