The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-05-29
COMMERCIAL AND E1NAsc1AL.


MOBILE, May 25-sales TODAY. 500
baies; Market firm, with fair demand.
Midatlng, SEC. Receipts for the week
Z,oyS bales. Stock on hand, Al. .407 bales.
Gold, 39@l42.
The commercial and financial panic
was foreseen and foretold by calm observers
many weeks ago. An article in the London
Tunes sounded the alarm of Corning
crash last winter, and gave striking reasons
Tor its views. Among these was the fac:
that british capital had been scattered
In all manner of schemes and specuIations'
and that credits had been extended to Al;
undue amount to all foreign Governments
&c, LII iiie purchase OF their bonds and
other securities. The expansion Of the
credit system was 80 very great that il
must meet with reaction. Now that
the reaction has commenced, it is the
opinion OF men well acquainted with the
state OF things in England, that it win 20
very FAR, and produce revnlsion OF uneS-
ampled severity. How it will affect the in
terests Of this country is matter of in
qulry., Our securities have been sent
abroad, instead OF gold, to pay for our i'm
Ports. !he exports Of cotton-to the
amount OF s176, 6,000, 900, in gold, since last
Septembermhave also aided us to pay for
and may fall still further, and our Old
crops ste nearly exhausted, while the new
one is OF poor promise. Of breadstuffs. We
have nothing to send out. We are com
PEELED TO draw upon European granaries
Ior our bread, as we were in 1887. At least,
Hour, because they are sold here at a
proht. The prospect Of our wheat crop
1or tins season Is not good. This is the
general tenor of adyices from the West.
mus 1T will be seen that we are drawn to
our five-twenties and other securities a,
our chief means Of paying for our imports.
we nave S4OO, 600 600 in amount Of these
bonds now abroad. It is very possible that
many will be returned on account of the
pressure for gold which European wars
rope with paper money. The experiment
would not succeed long; and the hard
money antagonist would deal the hardest
blows. The present panic may subside, if
the war clouds now so imminent shall pass
over; But II war occurs, everything that
over. The American securities will come
back, at least to large amount, and
vast quantity of goods and merchandise
Will come, aud be sold at perhaps, half
their cost. No tariff that is likely to be
adopted would keep out these goods. Ths
domestic manufactures could not co,nnets
with panic sacrifices and forced sales. The
useless, except for foreign exchange and
duties, and interest on some portions of
IHe oept, Will cause the purchase and con-
sumption OF vast quantities Of foreign
goods at reduced prices. or course, under
all these conditions, gold will run to o high
rate in our money market. It is now ad-
Ivanclng, with some fluctuations, and it is
known that large amounts are to be shipped
this week. Finally, if importations are to
continue at the present rate-and they viii
pr0Daoly he increased in amount-eold
Will become so scarce, for the purposes for
which it will be needed, that it will advance
to high rate Of premium.
National Intelkgencer.
New ORLEANS, May 25.-Cotton un-
cents. Sterling, So. Gold, A.