The New York herald., 1864-10-11

Tho news from England to-day proves the truth Of
prediction respecting the effect upon the financial
mcrcsl affairs Of that country OF tue impending
aspect of the military here It's bearings upon
. termination Of the We are informed that fur.
sher heavy failures had occurred, that Bank OF
Engand purchasing golc, that money dear and
general ds,rust prevailed and thai tbe rebel loan de
ined six and half per the receipt OF the
of Sherdan's defeat Of Early in the Sheuandoab valley
All these. need hardly say, indicate stale Of affairs
liable TO culmnate in panic any day. and which IL d.
sectiy trsceable the the United Statcs After
the rebellion broke and tho Southern blockade
established the British capital before employed 10 trade
with the South let unemployed, and,
naturally enough, il sought new cbannts OF
enterprise hese bappenea to be ~ the
form Of joint stock companies, established for all
sorts commercial and financial purposes Joint stock
mania thus originated which has undermined the
former stability OF the financial AFFAIRS the nation
Trade 10 cotton and other produce At the same time
stimulated with which absorbed large
of coin without any return ~ I,c increase in both
sxporI import trade Gscst Britain win b ap.
parent from the following psrison-
jan, 1864 Jane 1894.
Exports .ss.A3s 600 IL 97a 526
Imports o,IoastHs ZZ5SZ,oVl
The extra Imports have been chiefly frsm countries
like Egypt and Brazil which, as just stated, take god
and silver without returning H. the nf this and
other nations with which and cviiz ;ion
developed. The drain upon the Bank o. England
has been heavy and constant iaitsry it has seldom
had In It's banking department = equal u
third Of s liabilities. has OF discount TO
psr cent B,pk has advanced ts rate
to per cent but with regard 10 the former the
effect not been to replcnish crs rise In tie
bank Of discount failed 10 former times,
and therefore the sod Lacy OF Tnreadneede street.
forced to 60 into the bullion market s buyer. The
facs is thsre enough In Eng'aud TO meet the
wants OF the community and the from this country
Of our military successes, and tbe decline Of the
gold premium. csused heavy fall IA
other Southern rroducs In anticipation OK the
possibility Of early peace, wnica 10 event that
England regards with alarm preseu, condition
IL would 10 general crash, and tho Baak Eng
lard would bs compelled TO suspend specie payments
The Bank o. France would, iu seli.defence also
have suspend, and tho greatest panic Of
sbs age would spread over tho greater part
OF Europe. Ths heavy decline In tns rebel
loan indicates the powerful infaauoe which recent
events this country have exerted abroad The stern
logic Of these cannot be ignored and fresh news from
America is awaited with anxious interest, for Il,
more or lsss, hang the fortunes yearly the whoe
cation.
We have nothing 10 regret in such state Of things II
merely ords evidence Of power oaag The nat
O! the esrtS wneG terminates Southern cotton
and tobacco will be shipped l. Europe, and Europe VIII
accordingly be drained OF he till there is left
for shipment and then VIII ooe tn enforced suspension
OF specie payments; for IL would be absurd 10 suppose
that large exports from this country consequent N
the restoration o. peace could PAD specie in the
ordinary OF business matters stand or as th
are likely to be at any tim. Inc suspension Of specie
paymen, b the B IS o England may therefore be re
garded the inevitable consequence the eopenng OF
the southern d.
the greater the apprehensons OF impending
peace abroad the stronger viii be the coohdenoe 10 The
future OF this country and federal securities will be the
more rapidly absorbed 10 Germany aud elsewhere Those
on this eide who specie investments 10 England
will be less likely 10 allow them TO remain there
than affairs gave fewer Indications Of an impencmg
storm. and already know o. parties who have called
for OF their deposits, made With some Of the
richest banking - gee IN s..ee4 i lam.
Preparations bcinf f.- combination bids for
the new forty million loan ave twenty bonds The
oids will be opened Wa iD-tun on friday, the 4h
inst hair OF the arst nsai ent. or twenty i've per
cent Of the hole amount will We certificates
Of Indebtedness.
Ths money market is easy call loans at seven per
cent bu, be discount line th-r. Increased caution
owine TO the European The rates re pom'nally
fron nine 70 fifteen per ceot or good names. Tho
Quantity OF commercial paper offering is small.
Foreign exchange Is dull. Drawers and buyers are
holding back particulars Of the failures in Eng nd
nd the latter are dsrsu Of any but the best
,uksfs sixty days bills quoted s Ios and Ito for
.nrss DAYS merchants one per cent less.
The bank statement shows increase in the deposits
q S5l6 ,s3S not ~i,hstaEdIs tn large Withdrawals on
ysstsrr account The Statements this wesk and last
compare thus
fSso. fSsoi. ss!,.isi so'oss IS
fsrcwiat,on. ll57,SzS 4,i3l,1Il
nsposi,s .......... "a ,si6,0p7 14s333 OF
rbe business ~ The Sub Treasury to-day was ~ fol.
ssssin,, from oussovns. 500 600
-...l-.- A