Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1864-10-18
from tt, London Times [clty srtcls). Sept. &C
TIE FINANCIAL CRISIS IN ENGLANI
THE STOCK EXCHANGE BALLOONS PRIcEED AMI
SOME GAS LET OFF.

THE STOCK EXCHANGE BALLOONS PRIcKED AND
s0At GAS LET OFF.
All ..isssas &C securities to-day (Sapt 24t(.,)
haze again rslGpsod to state OF extreme de.
prcss,un, anil in tho fGreign AID share mar
kets a further severe fell has bt on established.
Happily, however, there is nothing to sxoite
tho slightest disquist in the minds VI ordinary
investors.
Tie probability ia that aorns Of tn. psrties
who hhve suffered frUrG ppeGulaIiona in cotton
Or from the fragrant dsliaqu:poe5 in oonnec-
ton With thu Leeds Banking Company, huvs
been also operators to q certain extent 10
banking and other shares, sn1 are forced to-
realizs Immediately, while the public are go
scared ihat there are 10 buyers, and the deal
era consequently con make their own terms.
On TO within the lest few weeks not word
has bsrn heard during the present year other
than of cOpgrhtula:ion ct the prosperity of the
country. Tho question now H. was this I'M
preston deus9n, or, snpposing 1t to have
been correct, what haa occurred suddenly to
slter it, and to throw evsry one into alarm p
There is absolutely no reply, except tia: q
banking concern which was formed 80 years
ago on the old system Of unlimited liubility,
has, after many years of reckless deception,
been arrested in its career, and that at the
same time heavy fall has taken place in
cotton, thu high price Of which was previously
the only ground Of complaint the population
Of this country could find.
For the past two years we have hal com
mand af the manufacturing and chipping BUSH
ness 81 the world TO. Al eItent never before
attained, uad there ir not symptom Of any
impsnding ehhrge Our profits, aided by two
excellent haTvesLs lave been of unprecedented
magnitude. and all that has taken place latsly
has been that the capitalists demanded in the
shape Of high interest his fair proportion Of
them. In such circumstances it would be dis
crsditab!s to the commercial intelligence of
the nation II any thing like discomfort or fright
sh0nld be manifested. Of course, our great
access Of wealth has been attended by rush
into many improyident commitments; but
thers is reason TO believe that these have not as
auned proportions to lead to any disasters
more than Of local and individual character.
First, as regards cotton, the fall in price will
save millions in The clothing of our popula-
ton, Rpa7. from snJ STIMULUS it rney give 10
our ex port trade. while the only sufferers in
this country must be few speculative holders,
a majority of whom ought to be in position,
from previous large gains, to bear 8 partial
reverse. The bulk of tho cotton imported into
this country during the past two or three
years has been on account Of the Indian and
Egyptian producers. and one constant cause
of an adverse state of the exchanges has con.
sisted in the large Gums required to be remit
ted to these shippers in excess of the amount
originally advanced to them by the English
mercantile firms at Bombay on bills Of lading.
Eve5 at existing prices toe Eastern grswer
will, in most instances, realize large profit,
50 thst the reliet TO accrue to as from the
PRESENT fall will not be siloysd by the thought
Of lid being resuls of the ruin of other par
ties.
Next, with respect to the panic from
tbs Leeds disclosures, there is equally