New Orleans daily crescent., 1866-06-04

moderate assistance be entirely averted One
reason for this comparatively satisfactory cohdi-
ton consists in the fact that the crisis has come
after three on four years OF real trading prosperity,
when the country was inherently more wealthy
than at any previous date, while another favorable
circumstance has been, that threatenings OF con
tinental war on the one hand, and the sautary
ODerAtiOn Of our currency system on the other,
have for months past tended to arrest the mad
career of the speculative public, and TO cause
many Of the additional schemes to which they
would otherwise have been committed to prove
ab0rtive.
After the panic of l847, long period was eX
perienced during which haIfinished railways and
other public works had to be abandoned, aud per
sons were h0peessly ruined who might otherwise
have partly retrieved their position. On the pres
ent occasion there is no reason to apprehend that
ANYTHING of this sort to a serious extent will be
Witnessed. Again, in the succeeding panic-that
of IS57-it was found that for year or two
large number Of the most active firms in Glasgow,
Liverpool London aud elsewhere, had absolutely
for long period been shipping goods at reck.
less sacrifice, for the sole purpose of having the
pretext of extensive business to enable them to
draw accommodation bills. In that way an actual
commercial loss of tens of millions was incurred.
On the present occasion there has been no
very serious squandering of national wealth,
and the ruin encountered has been mainly
from a fall in the prices of securities,
which were previously calculated to be symbols
of wealth they did not actually represent. In
this way it has been estimated at least one hun
dred and thirty millions sterling have disappeared,
even since the commencement of the current
year, but it is simply from the dissipation of pre-
posterOus Valuables, and not from the destruction
or loss of anything positive. Even Of this at
least half, or perhaps two-thirds, will be recovered
with the return of confidence, since its enormous
amount is chiefly due to the fact that every enter
prise and every security in the kingdom, including
the English funds and all the best foreign stocks,
have been beaten down by the disappearance of
the fictitious premiums Of number of inferior
concerns. The prospect, therefore, is much less
disgOuraging than might be supposed, and it may
be hoped that although the age is probably far
distant when morality and intelligence will be
sufficiently diffused to prevent altogether the
repetition Of such crises, each succeeding case Of
the kind will show some advancement in the
power of seli-cOntrOl. The general consequences
Of the panic Of 1857 we're far less disastrous than
those Of l847, and there il good ground to trust
that on the present occasion we shall show
further stride in our ability to bring these periods
Of mania within the influence Of corrective pro-
Cesses.
The fluctuations in the English funds to day have
not been extensive. ConsOis, which closed yester-
day at SG8, have ranged between S54 and S65 the
final prices being s6& to sG7 for delivery, and s55
to 81 eX div. for account. An active demand for
specie for the continent has been occasioned BY
the discredit awakened through the suspension Of
the bank act being BY many persons abroad con
founded with a suspension OF gold payments, and
this circumstance tends to retaTd the recovery Of
our markets, since foreign balances held here in
consequence Of the attraction Of our high rates Of
interest are being called for in gold from the fact
Of bills on London being regarded with doubt AT
the same time the discount demand at the bank
has again been extremely large owing to the strict
caution exercised by all the other establishments.
On the whole however, there has been less dispO-
ston among individual capitalists to lord their
resources and oCcasionly loans have been OBJ.
tanned to-day at a point slightly below the bank
charge.-[ London Times, May 4th.
MORE FAILURES Commercial Bank Cor.
poration of India had suspended payment. The
agents Of the Company in India, China and San
Francisco had all led the establishment into heavy
losses. Hallett, Ommaney & Co., London, had
also suspended.
I Rnmor has been busy with some Of the large
firms in Liverpool but it was understood that mat
ters had been satisfactorily arranged. The only
failures Of moment in that town thus far had beer
that Of Wakefield, Nash & Co., whose liabilities
peoved to be less than at first represented, anC
! who il was hoped, would soon resume business.
Fernied Brothers, of Liverpool have suspended
Their liabilities are heavy, but their assets are
considerably in excess thereof. Other suspen
| sions are reported.
TRADE AND COMMERCE ON THE CONTINENT
| Business Almost at &dndStW IN PdTiS.-pht
! general complaint among the tradesmen in Pari
at present is je commerce ne HlGrche pas If yoI
ask the reason, you are told that nobody will par
| with money except for what is Indispensable Will
/ the apprehension of waf exists; and that this un
! certainty is more injurious to people engaged il
peaceful pursuits than war itself. Many wealth,
| families who reside for the greater part of th
year in the country, and who come to Paris a
| this season for pleasure aud to make purchases
| left last week without making their usual outlay
and others are leaving this week. The account
| from the provinces are not better. Among Othe
| things the demand for faXen thread is dull, al
/ though the stock in the manufacturers hands i
| not heavy. The demand for linen is equally dull
and no purchases are made except for immediate
/ consumption. The Hayre cotton market is still
more depressed, and the brokers have again re
| du&ed prices considerably.
fPayig correspondent London Times.
| A PANIC IN GERMANY.-Trade and commerc
| are already sufferers to an enormous extent. Il
| Hamburg the importation of colonial goods has al
but ceased. IN Brandenburg, SaZony, silesa
| Rhineand, and Wurtemburg, the greater part 0
/ the milhands have been paid off At Munich
panic has broken out, rendering all sorts of stock
aud notes equally unsaleable. In Berlin, the Prug
sian four.and-a-half per cents lost yesterday fiy
per cent in a single hour, having now receded lrOn
| their ordinary quotation at l04 or los to So. Tn
most solid of railway securities have been depre
| ciated by twenty or thirty per cent, within th
/ last few days. The notes are pouring back to tn
! banks, and although covered as yet, cannot b
| dsbursed in large amounts except at a discount
| Mortgages on real estate are scarcely to be had
while notice is given in all cases where the agree
ment permits of it. Even the various royal eX
chequers of Germany, which in thi
patriarchal country are IN the habit Q
| advancing money to conservative bankers an
| landed proprietors of unbemished loyalty, ar
calling in debts as fast as possible. ManufaC
turers dispose Of their goods at runous prices, t
be able to take up their bills, while the smalle
/ tradesmen are giving way to the unhealthy feel
ing that when the world is being turned topsy
turvy individuals cannoI be expected to meet thei
liabilities. This panic is only three days old, bu
| its development has been as rapid as its appear
ance was sudden BY a strange inconsistency {
human nature, it is growing and growing, Will
yet there are few that really believe in war. S
| terrible are the consequences apprehended, not
it is true, respecting the existence of the State
but as regards the material prosperity of its in
habtants and the stability of its political institu
tions, that while every one is anxious to protec
himselfagainst possible contingencies, most peopl
will confidently assure you that they are very M
likely after all.-[London Times,
Commercial c9ntelItgente.