Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1859-05-17

The PANIC on TIE LONDON Stock ExCHANGE-
THE SENsELEss ALARM or TUE LoNDoN TINES IN
REGARD TO THE Russo-FHENCn CONVENTION
TREATY OF RUSSIA WITH SARDISIA; Nor WITH
FEANCE-IsOLATIoN OF AUSTRIA.
Correspondence of the New York Times:
LONDON, Friday, April 80 1859.
The English money market has, during the
last two days, been the scene Of one of the most
remarkable and, must add discrcdtabIe pan
les upon record, owing mainly, if not all tngeth-
er, 10 the publication by the Times OF certain
statements regarding foreign affairs, now asceT-
tainrd to he in the most part entirely groundlcsS.
The brokers and spectators III the Share aAd
Stock Markets become seized with the widest
and most unreasonable alarm. From hour to
hour the mania spread and grew more and more
intense, until public securities were dri!cn down
to the almost unprecedented extent of six per
cent. in less than twenty four hours. Turkish
bonds, which stood onSS Tuesday last at 81, were
unsaleablc at 45. Every description of Cont
mental stock fell in nominal value, as though
Europe wrapt in blaze of anarchic Tcvn-
luton. English railway shares suffered Sympa-
thetically though to less disastrous degree;
and what may and will doubtless seem most in
credible of all, ConSols not merely dropped sud-
denly as much as have mentioned, but there
were moments during yesterday when they were
literally unSaleabc at any price. The ruin caus-
cd aTong the iobbe1s and dealers, as we'll as
among some OF the most rGSpectabIe OTokcES'
is lamcntablc.
| could mention instances Of men whose
wealth Is notorious and whose character has
never been doubted, who have been forced to
suspend payment under the bewidcIing pres
sure they have thus Suddenly been exposed to.
As for the smaller people they "havc gone by
scores And now while the wrecks Of credit
still stand the golden strain, people wake up
already from the senselcsS delusion and discover
that " ar has not yet begun after all in Italy;
that the Anglo French alliance offensive and
defensive, has TO existence III fact, tHat the
Austrians had not crossed the TicnO* nor are
very likely to do so at present; and that the
Russian Government is, like that Of England,
bent apparently on trying to put out the flame,
rather than kind!c it, do not wish to Lc mis-.
understood as saying that in this attront the
Court of ST Petersburg will succeed. On the
contrary, I am persuaded that war between
France and Austria is inevitable. But have
the strongest reasons for believing that the
treaty which binds Russia to declare war against
Austria within fifteen days after the invasion OF
Piedmont, was made with that State, aud not
with France several months ago At that time
the Picdmontcsc Government had begun to be
alarmed as TO the effect Of their attitude on the
temper of Austria, and they were naturally nn-
willing to leave themselves wholly at the mercy
OF the Emperor OF the French.
1t will turn out, ere long, that soon after the
ccssion Of the port of Villa Franco to the Czar,
and while the Grand Duke Constantine was III
Italy the Convention was signed by which
Russia virtually undertakes to protect Piedmont
against her hereditary assailant. Nothing can
be more legitimate than such 4 compact or less
calculated to preserve peace. 1t was, however,
kept secret from the Court OF Vienna until about
ten days ago; and it was the unexpected rcvea-
ton of its purpOrt that arrested the march of
the Austrian troops when about to cross the
ricino. Their doing so would have constituted
an immediate cGSiix isiIj and exposed the Whole