Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-05-23
FINANCIAL & COMMERCIAL.

TUESDAY EvENIEs, May %, 1855.
The very moderate effect excited by the
news from England upon the New York
market to-day is calculated to create gener-
al surprise, since there are probably none
who had not expected far more decided re-
suits. The general belief among business
men was that Gold would inevitably adj
vance to-day to at least 40, and this
impression rather gained strength as
the portentous character of tho in
telligence was more thoroughly realized,
and the probable influences of an unre-
strained panic in the English markets were
more closely canvassed. Il Is only neces-
sary to reflect upon the worldwide ramif-
cations of British trade, and the close cen
nection which all the markets of the world
bear to those of England, to appreciate the
catastrophe of an unbridled revulsion in the
financial and commercial affairs of Great
Britain, and it was in this view that all
were lead TO expect a state of things in the
commercial metropolis of this country quite
different in degree from what was devel-
oped to-day.
Just what to ascribe this unexpected re-
suit to, seems difficult, and the conclusion
rather forces itself that the first looked for
effects are yet to come. There are a few
considerations, however, that are worthy of
attention. And first, We are, under the cir
~cumstances, favorably situated in being the
debtor rather than the creditor of England
We're the situation reversed the event would
excite much greater fear. But being on the
debtor side, and in the possession of ample
means to meet all the immediate demands
upon us, much of the apprehension that
would otherwise exist is allayed. The gold
held by the Treasury, amounting to not less
than forty millions, is deemed not only suf-
fcient to meet all present demands upon
us, but it is reasonably supposed, and this
view has doubtless a controlling influence.
that by the time half of it should reach the
English market the feeling of distrust would
be overcome and confidence succeed.
Again, it is impossible not to feel that
there is a safety and security in the i'm
mense bank power of England, resting as
it does upon the strong arm of the Govern
ment, which almost puts out of the question |
a long continuation of financial disturb
ance; and when to this is added the further
that the Government promptly stepped
to the relief of the bank, by re-
the chief bulwark that existed be-
tween it and the people, there is still greater
reason to forego fear and look to C prompt
restoration of order and quiet.
But above all, our own financial system is
in itself so secure, and our people are so
confident in its security and the credit upon
it rests, that they are not susceptible
10 sudden shocks from the turmoils that
disturb other people. It is probable that
.hese leading conclusions have much to do
with accounting for the very mild effect
produced by what was at first regarded as
disaster of the first moment.
Our dispatches from New York tonight
-eport Gold as opening at 1904, from which
t advanced to 1874 through various huetua-
ions, and closed at 1889. The Government
to sell st 10 O'Clock, and it was after
his hour that the chief advance occurred.
The markell is well supplied with coin, but
he exports are expected to be very heavy,
md should the Treasury continue off The
market matters will probably get into .the
lands of Spectators, and the price be run
Up. 1t is understood, however, thatthe gov
rnment will be prepared to check any ex-
RENE movements of this character and if
UGH prove to be the fact, the calculations of
many upon a very high range for gold may
70 disappointed. Meantime, however, we