Daily Mississippi clarion and standard. [volume] (Jackson, Miss.) 1866-1866, 1866-05-25

dated May 18th, states that the DanS
of England Yesterday { 18th raised
its rate of discount from 8 to per |
cent, and its charge for special al
yances to 10 per cent. The pressure
even at these terms was enormous,
and it was only on unexceptionaple
bills that accommodation could pc
obtained; meanwhile additional ana
most serious disasters were announced
the most serious of which were those
of comparatively small banks, inclu-
ding the English Joint Stock for
fS0O,00 sterling then came that OF
Peto and Belts for f4,OOO,OOO ster-
ling then that of William Thompson,
railway contractor, for f29O,OOo ster-
ling. Finally, it was understood that
the Imperial Mercantile Credit Asso-
citation, whose paid up capital consist
ed of f5OO,000 sterling, and the Con
solidated Discount Company, with
paid up capital of f25O,OOO sterllng'
must, with extremely heavy amounts
pass into liquidation.
The London Times, in an editorlol,
says if anything can justify the sus-
pension of the Bank Charter Act the
panic which rocked the city to and fro
on Friday, the 18th of May, will ex-
cuse the step. Although we believe
the reign of terror was approaching
its end and would speedily have ceased
had no infraction of the Bank law
been permitted, even now it is posi-
bic the license allowed to the bank
will not be used. 1t cannot, however,
be denied that about mid day yester-
| day the tumult became a riot. The
doors of the most respectable banking
houses were beseiged more perhaps by
a mob actuated by the strange sym
pathy which makes and keeps a mob
together than by the creditors of
banks Throngs heaving and tumb
| ling about Lombard street made that
narrow thoroughfare impossible. Such
excitement on all sides has not been
witnessed since the great crisis of
1925. -
Each man exaggerated the suspicious
of his neighbor, and until a report, at
that time unfounded, was circulated
that the Government had authorized
the bank directors to issue $4,000, 900
sterling additional in notes, it seemed
as if the fear and distrust of the COM
mercial world had suddenly become
boundless. The statement was base
less at the time, but it served to allay
the panic, which had no solid founda-
ton Even the announcement of Pc
tos suspension did not revive the pan
ic in its first intensity, and the state
ment of other stoppages produced lit
tie effect
The London Times adds: 1--WE
need to be persuaded that had the
Government stood firm the panic
would have subdued itself, and if, as
we are lead to expect, confidence will
be speedily restored, we shall attrib
ute it to natural causes rather than to
the interference of the Executive Gov
eminent. The action of the Govern
ment was announced in the House of
Commons on Friday at midnight, by
Mr.. Gladstone, who had been engaged
all the evening in consultation with
bankers and others, who represented
to him that the panic in the city was
without parallel in the financial histo-
ry of the country. Mr.. Gladstone
said he had addressed letter to the
Bank of England to the effect that if
they should find occasion to afford re-
lief to the wants of legitimate com
merce and make such advances as
would require the issue of notes be-
yond the amount allowed by the act,
| fha (N0VH ont o,11o1 than
nst to hesitate in doing so, and intend
ed, in the event of that emergency, to
make immediate application to Parlia-
ment for an act of idemnity.
Several failures have occurred in
Liverpool.
New YORK, May 23.-The steamer
City of New York, from Liverpool the
9th and Queenstown the 10th inst, has
arrived. Commercial news anticipa-
ted.
Intelligence in European papers pei
City of New York represents war in
evitable. There is no confirm alton Of
European congress, or signs of me,
diation. Earl Clarendon, in the House
of Lords, said the English govern
ment would not engage in war, direct
ly or indirectly.
Napoleon, in a speech delivered al
Auxerre said: 81 detest those treat
les of 1915, which are now sought tt
be made the sole basis of our foreign
policy" This declaration is consid-
cred signal of war, and the bourse
was panic stricken thereon.
The London Times in commenting
says, "Only Napoleon can prevent war
but unfortunately the arbitrator of tn,
continents speech is only to spread
dismay.and in the way to change Coun
!. Bismark's doubtful utterances."
An attempt was made to assassinat,
Count Bismark in Berlin, by the son o
the republican refugee, Carl King. H,
!, fired five shots Intellectually. Bismarl
seized him and gave him into custody
Havana dates to the 18th inst, hav,
been received; also, news from Ver'
Cruz to the 18th.
No Juarez force of any consequence,
: remains at Guanajusto.
New bands of guerrillas had appear
ed in different parts of the country.
Cara was threatening Tampico witt
large force
The Estafette says that the situation
on the Pacific coast was daily becomin!
more alarming.
The imperial troops had returned Il
Oaxaca, from an unsuccessful expedi
, ton against Diaz, their forces having
: been defested by the Republicans, nea
Ensato in Guerrero.
Six villages had been burned and tn,
, inhabitants killed by Indians who fore
ed their way through the Imperia
lines.
In Havana read g aloud in stores anC
. manufactures had been prohibited b,
order of the captain general, so as tt
! prevent any revolt.
Very little rain has fallen in Cub:
! for the last seven months. The to
bacco crop is lost Starvation stare
, thepoor in the face, and subscriptions
are being made in Havana for their re
lief
Havana correspondence alleges for
midable preparations for a revolution
. with expected aid from the South Anne
= rican republics.
The government monopoly on to
bacco in Cuba has been abolished.
Another revolution is progressing il
Hayti.
COMMERCIAL.
4 LOUISVILLE, May 23.-Tobacco un
: changed Flour 81 1908. Corn. Zoe
Oats Ate. Bacon; shoulders 14c
r clear sides 19c. hams 2l4c. Lard
> &c. Pork S31 Whisky 80 81.