Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1859-06-14
Office NJ. lll Superior q Street.
,i,'I Ki...EIADEFs5.. n n.


" f.iudePendentAaysls being behed bylthe
cvfnts Of every sucesedibg aay2 It's fnancalI
artiCIsof tuBs 9th takai tbe folliowipg view r.
the gathering stormihO 10 3eassiu sfi al .aa. I
All the advices from the great European con b..
tiIent are fdIt NJ gl5Bm and evil iorsbNdingss--
Tie contraotions Of oredib @id4he currency are
having the effect OF collapsng trade and com
| mfrce by reducing everything TO .cashp prices -
! TIE demand for specie everywhere is the effect
of thisiwar, which is bringing disaster on our
| mercantile relalqps and a heavy depreciation on
the value of our cotton. The difference to the
l00wners OF the cotton on hand and coming for
ward IL 20 be coiintcd by millions Of dollara -
| rhe losses have already produced serious
| buhlozzHha Charleston, banks have, it's said,
| come forward TO the assistance Of one Of the
houses in that city having connections in New
| York and Liverpool. In Germany, as we'll as
! Italy, an entire want of confidence prevails
throughout Tic whole community. But whatis
| su moTe'seIiops TO us in the United StatesSas
affecting the absbfpliOn bf specie, this want tof
| confidence hasspread throughout the masHesoi
lie people. The saVmga baiiks in Germany are
beittgTq pHopl Ihe WORKING Glasses are slp7
| uating for payment OF itheir wages in,specie be-
| fore they cotlsentto work The forced loans by
| Austria on her own sEbjeots and the pmhdet
and rapfne she innicts ON Sardinia, have aroused
arevoiutiouary feeling for revenge, and filled
all Central Eutope with alsrmq The damage of
the Austrian inroad on Piedmont, destined hap.
I'ply 10 by but temporary, it is stated already
| anoupts to hupdroJs Of millions Of dollars.
| France and Ssr1iniai IT IS hoped will not retail.
| aiein like manner on Austria The point, how
| ever, which troubles us is that all claeses-afe
| graspng at specie, which is the only property
that is really Safe or in their power to sccrete
| ald hoard.
| Already securities are being forwarded from
| Frattfort-to PARIS, ahdithe proceeds drawn III
| spsoio. Specie is forced from Lopdon and Paris
| tl Germany, and to Paris and London from New
! York, while it is foreed on 20 New YOfk from
| every other.part of the United States. Specie
ib thus made to roll in large volume to or round
| about the seat Of war; the greater part to be
| re-embowtled in the earth for safe keeping, from
whence it was first dug.
! Every mai from Europe brings peremptoy
| orders to ship specie or sight drafts from this
country, and specie win go for the present
| though sixty-day commercial bills were to fall
| TO lQS or still less. .I.. tN..u
| All this forcing of specie forward at any cost
Involves a contraction of trade and realization
of assets, which popt steadily and gloomily to
d coming eohyplsiop only poraleledby by the wars
Df the French Revolution or of those of the first
FRUehJEmpiFhe Historical parallels arc in
| Btructve. The movements of the mighty ar
mics have consequences IN common,
lThelwars arsingl out uf,the Frenoh Revplu
ton occasioned suelua ,heayy drain of specie
from England from l792 to 1897, under similar
want Of Confidence and hostdmg as is taking
4 placehow that ID the year 1907 there was a
suspension OF specie payments which, though
only voted to be for four months by the British
Parliament. lasted f0rtwenty two yoars,--until
in the year 1919, by the act known as Sir
Robert -peel's act, specie payments were re
sumed-thG violent irehcton OF which brought
iu 1879 ruiR Rnd ba9hrgRtQy in its train. , c-
New York felt this even Then but now New
York, fromits gigantic strides in commerce, is
lmore Intimately and intrcately involved in all
tho intshbs Of the web OF the ciylizcd and civ
llizingCnmnercetof thu world. ,r..t.
IL New York is second only TO London, and
a doubtless cannot escape from the consequence
, of its commercial gr6atnessA4the alternatiohs o
prosperity and adversely ..u.
Events seem TO be fast hurryipg us to a simi.
lar position 10 tfat- Of England In the time Of
the great IrGeneh vars aI,I
Debtors will be pressed by their creditors Ia
settle, and the usual credits extended to ns wil
be withheld, from the inability of Europe tC
e graft them, The Bank Of England, which is
the great regulator of currency all over the
world, is warning the mercantile body to curta
.--curtail-curtail
Our importAtiDns tins fall, instead of being
sold on the usual credit of four months, extend
ed by the Usual Gtng system second foui
months, and then Bettled for by sixty-day bill o
oxchauge-thus making a nine or ten montht
e credit, will be fequiredV6 be in cash, ahdgoodi
consigned here for sale will be ordered 60 be sole
l6reash, ,-at anylpr lpriee--gold, gold-the need o
d 'war-the prncipal Instrument of war--beinl
\ tbemost imPQrtaptwPptt if food be plenty as 1
Y is yet IN Europe. .aU
II Nextfalf, fiom October to January 1860, WI
shall baye 10 meeta demand to pay an amOun
oil indebtedness that exceeds enormously that o
any year in our history
Let business men attend to the following
figures ....
rBb3ds nom tiaa, to June, Is5o..ae slSt55 %
t.AAh.luYa.y Vi IY aal 1111 ,-
syoco GIPoTt ia Jt6, 10 ist J6lc, 1850 ss S
Against aJ4e psol last lysaru..,,',,..,., li'66 90
IhfrqaA4 .,.,.,,ot ...-............. 1885, Oo
Our May importations show no curtailment-
Ass ASGS9oHEE Haj, -. '114S 4 q
s" fddtdaSt (5vor ITO idreout l25ODt
d The teaching from all this is to place our
selves IN as safe position as possible .
The banks have contracted in loans this week
over two millions Of dollars, but have lost thre
millions Of deposits with about 100000 0
specie. This is accounted for by the bank,
\ calling in all their balances from other cities
which had been allowed to accumnlate from
the difficulty Of placing funds in this city 90
The banks also have realized a large propotial
~ of the Treasury notes they held turning them
- into cash--the Treasury issuing new notes lo
= 2 months alto per cent, which were paid ou
q of the deposits in bank,
E, Tho prospects Of tho harvest are thus iaI