The New York herald., 1864-10-11
THE r.aARclal CRISIS IN EsolaaD.
The Stock ESchangs Esiiursyy Picked
sand Sons .ias ltes [pn.

The Stock E1change Eaii3erSS Picked
Sard SONS uas i4es [eh.
[Frcm me London Ttnas CITY aItlcel s-yt eel
Az classes sacufities today ts.ps,nbcy Isl have
again reiayaed state Of ezeoi, ,ieprsss,on
establishes. Happily, hcwo7sr, tbere is nothns to
cite the slightest d4s2net r the minds Of orfssry p-
vosors The probability is that some o the ySlrtios
who ha-s susref from specuasaons n cgt s,oI size
rgrdpt dss,t II conner-Hn the Leeis 2lna
teat Ia banking aud oner sheres ard ae freed 10
iise Immediately. white the pae9 scared that nors
are no beye-s, aud the dealers ogeeQuent!y car make
'beir terms Up 10 within hs few weeks nrt
word hss hesu beard during tho 7aest ether tran
o. congrssulaon At the prosperity uf the country Iae
question nov ie "as TINS Impression sc usiou Or s.p-
posing 20 have been l occurred suddc7
70 after IT, aaa sothrow every ono iut' ssfn There 10
anSoiu'ey no repsy, except thLt u sanhns coacefh
wh,cn ;h,sys yeS,s arc sa Tue o'd 81 sys,s %
csfe'on been 10 i;s car"e and thas at TIE
aane Time heayy fsl hss allea Place in cotton, tie
hgh price o! witch VIVA previousy lh only ground os
Complaint tse pepsatioa OF this country could Dnd
f"rs;hs pms tipo yors we have nad command OF the
manufacturing and shpip9 busiass o. ss rortd to
e..ent never before attained and there ieaot symptom
OF any ;ording change. 0nr profits ai.ed By
ceen hryess, have been OF unprecedented magnitude,
aud all :ha. has taken race lately had heen ins the ca
tast has demanded te shape high interest his lair
proportion of them In such crcuInstanccsit is would be
d!sc.editahle To the commercial inei'igeace the
nation II anything like c,lcoh,cnt fright should
no maniiesiea. OF course, our great access Of
imprsvlasns cse,.ni.msa,s: bls there is reason I,
bsleve thai these have not assumed proportions TO
lead 10 nny more than OF local and ndivdua,
character. trst regards cotton, Tbs fRh prtce
will save mins in the cotninS Of our popalats apart
from any stimulus give TO oar expert trcie while
the only sufferers in this country must be few specu
aiive holders, majority or whom ought 10 be ia posi-
ton from previous large gains TO bear partial reverss
Tie bulk OF the cotton imported into this country during
the past two three years been the
Indian and kgypsin proarcers and ccnstint
o adverse state OF exchanges has consisted in toe
large required TO be rsnitted to thrse shippers
ovcees Of tho amount originally ndvacced TO them by
The English mercantile firms o. Bombay on bsiIB OF
fading. Even existing prices tho Eastern grawer viii
10 most INSTANCES realize large profit SO thai tho relief
TO to us from the pressut ai win not ps alleged
by the thoushs OF ss being result o! the ruin OF ether
parties.
closures, thers equally snls foundation for pnoic
although .or the moment, With the unansity
uHusy exc,.es BY prominent sopiS the p0ssbisisy %
is curious fact that. while perscps have been
aisposod to predict al sorts OF owls from the intro.
dactian OF limited abity tho only twu failures OF
alarming proportions this year have consisted or
banks founded on the opposite principle The oppo.
nenis OF that principle ALWAYS argued that IL
acted snare i65tesd OF safeguard aud every husi
must bs aware that IL tie Leeds Bankng Com
pauy had been under tho law Of limited liability, is
wcud, instesd OF being able 70 push out its endorse
the extent Of f2 900 600, with paid up capital
E1e0 600, and to maintain this for series OF
years have found itself brought 4 stand within few
months OF It's commencemept IN tbs consideration lies
now The ground falling vaguc Jfths
banking aud Rnarce CON anies lately stcteIaec TIE
oncs-bad been formed with unlimited liSbility
there would have been cause 70 appfehspa an ultimate
casS that nigh. have Involved The entire commerce +
the country but al VINO cnversant with the London
money market can sssAdy perceive how small m tss
their business and ,ns amount OF their paid
capital are narrowly watched, and 10 short sne there
is rot bill broker in who tell the
vaie OF their papor and the safety otherwise
which might be held in times OF general pressure
dstrust Whatever danger may exist Ia these drec.
tons therefore, will be tved, and the probability
is that IN instances where through isnersnt or
even the shareholders vii, sometimes find
that they have been saved from complete iose.
Looking at ell these points il will bc that there
time when, Speaking in broad co,aUie,ci1!
SENSE apart from e lille Interests Of share promoters sd
produce pecMdors, the country was entitled 10 look
s sitlon with greater contdee and satisfaction. Lot
traders remember ;hs; largo pits 10 bc made by
mercantile financial busress The rate ae paid
use capital by which that bus,nes lie tied
be high; tAat they have only 10
all their arrangements and costTacts full
milton Of this fact aad tbs. theu whatever may as thc
terms which the rate OF discount may sbail
simply have congratulate ourselves that all crsaea
the u,erc chant she agsieuurat and the cspitas;srs
equal sharers IN the national weiibeing.