The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-12-26

experi,nc, gained through previous transactions, and
the limited benefit which the Porte seems 70 have ae
rived from the p,cuniary assistance already Afforded
To show however, that some progress has been made
with the loan nay be mentioned that NJ Mires, the
contractor has auihorzed the Turkish government 70
draw upon him 10 the extent OF f4O0 OOO
The bullin operations at the Bank OF England to-day
have comprised an influx OF fo5,OOO ana witndrawai
eos Coo in sovereigns for TRANSMISSION 70 America
very small remittance, viz: ~ 800 has been sent 70
the United States to-day by the Jura but the Fulton
expected 20 TO take out f200 600 II Is imagined,
however that the movement will subside, although
the exchange al the latest date stood at point
which, if maintained, would enable exporters 70 90
tain very satisfactory profit. In the course OF
a fortnight, however, a material alteration may
occur and considering tho risk attending Of the
remances merely in exchange operations, u u
thought that they may have been made by firms estao-
shed here strengthen the position OF their
the United States until Affairs return to more heathy
condition.
During the official hours of business change was per
cepble the quotations for the English funds but sales
being subsequently, effected, further decline of fully
per cent took place The aggregate transactions how
ever, exceedingly limited The movement referred
to took place too late in the AFTERNOON 20 produce mu
effect on other stocks although they also tended down
American railway securities the Stock Exchange
were rather inactive. Illinois Central shares with $50
paid declined to % and u discount Michigan Central
eight per bonds realized 9OA New York and Erie
per cent sented bonds brought &c. and the shares
From the London News, Dec, 1Ol
Whilst this is the position OF affairs from the aspect in
which it chiefly interests usnamely as affecting the
course Of trade between England and America and the
movement of specie between the two countTies-there
many features in connection with the domestic in
erna relations OF the United States which likewise
suggestive of caution. Amongst these Is the unsound
system of American banking In America at time OF
confusion the banks fall first In many instances this
has sufficient of itself TO force pressure into panic
The banks, in fact lead panic instead of staying IL.
Upon the present occasion vast number Of banks in
the Southern and Western States have collapsed
like card houses. There Is far too much paper,
ard far narrow basis of specie, In fact, the
amount of the metallic currency throughout the States
is greatly below the requirements of the banks and Of
the community at large There Is no national bank Of
unmpeachable credit to fall back upon like the Bank of
England the Bank Of France The American currency
system Is In other respects defective The extent To
which issues secured upon State stocks which
inconvertbe precisely at the moment when their
version would be desirable agravaes the confusion
in the stock market There s another consideration, too,
Whilst set Of banks are "throwing OUT other
banks notes the phrase runs, preparatory to their all
descending together in grand crash, some very
scrupulous writer's in not over scrupulous press have
the idea Of introducing the reputation of debts
a weapon In the warfare between the North and the
South. 1t is only just 70 remark that in the great mao
rty Of circles the notion OF reputation 10 itself indignant
y repudiatedbut the mere word has an ugly sound II
is one of Americas old sins recoiling upon her.
We have not space TO this part OF The subject
further but think have urged sufficient TO show
the mprobabty Of the expectation expressed in some
that the effects of the panic will disappear with
rapdity.
during the past week report increase Of activity ON
the contrary in several branches particularly in the
hardware and trades the tendency has been dull
The cotton manufacture still in an exceptionally
favored position owing TO the large extent to which pro-
ducton Is engaged in advance m few quarters Is there
complaint OF suspended industry, or OF abor being
thrown out Of employment but what, with the unset
tied state the money market the unavorable char
acer Of the season. and the check to Amercad orders
certain slackening is observable in several localities