Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-05-29

gress of Vienna az the highest expression of
political genius. They will never believe
that France should resign herself according
to the words of a statesman, to hold the
rank in Europe of only the first ofthe pow
ers of a second order. The population have
not learned at the school of the doctrlnaries
to consider Waterloo as a victory of liberty.
They are not sufficiently refined to compre-
bend the Incompatible depths of those d.
plomatists who divide Germany and bind
chains of Italy By mutilating France. In
their simple honesty the people reserve their
admiration for those peasants OF Champagne
who were sacrificing their lives at the mo-
ment when the more astute were betraying.
THE FINANCIAL SITUATION.
From the London Telegraph, May III
There are elements of hOpefulness which,
even in this hour of gloom and uncertainty,
are pregnant with encouragement The
monetary crisis under which We are suffer-
| ing is solely an internal disturbance. There
| is no drain upon us from abroad. We have
| brought this trouble upon ourselves mainly
| by the universal and widely diffused spirit
| of speculation, of which We have caught
the contagion from our neighbors across
| the Channel. 1t becomes, for an establish
| ment like the Bank of England, a matter of
| earnest and solemn debate to determine
whether in order to rescue weak-kneed
| spectators from ruin, they are justified In
| asking concessions conversive OF an act OF
which the main object and purpose is to
| check and arrest financial gambling. To
| the Chancellor of the Exchequer it must
have been a profound and embarrassing per-
pIexitv to decide whether, without applica-
ton from the Bank of England, he was JUS
tilted in suspending for the third time the
act which cost Sir Robert Peel so much toll
and experience to adjust and devise, and in
yielding to the commercial community that
which the safety of the bank itself did not de-
mand or necessitate Neither is it a light
matter for those organs of public opinion
which desire to advocate nothing but public
morality to foment the cry for relief, which
in moments of monetary disturbance, the
mercantile classes Of this metropolis are not
slow to raise.
We are, even at this moment, glad to adj
nit that the operations of commerce have
since the introduction of free trade, been moi
only vastly greater, but also vastly steadlel
and more uniform throughout the length anc
breadth of these islands than of yore. Blu
there are circumstances which seem to us t
encourage belief that if the insane and un
reasoning panic which prevailed yesterday
and the day before be checked by sOm'
measure which all will comprehend, the
consequences on Monday next, if not in thu
course of to-day, may be such as will b
felt throughout every country with which
our own has business dealings 1t is under
stood that out of their available fund o
about g5.S00000, the bank lent yesterda!
about G5,000,000 upon Government secu
rites. The relief thus afforded was grea
, and timely. There is reason to believe tina
as much as three-fifths Of the money thu
advanced returned into the Golfers iron
which it had been taken brfore nightfall
That portion of the money which was no
paid away over the counter found Its wa.
back, inasmuch as it was placed to tn
credit of those to whom it was advanced
and who kept their reserve funds always il
: the hands of the Bank of England.
: If this supposition be correct we may an
. ticipate that the bank will this morning stan
: with e3, 100000 available, and to be EN-
, ployed. as yesterday, in loans upon Govern
= ment securities. But the drain upon tn
central establishment which will commenc
e to-day will be, not from metropolitan, bu
I from provincial sources. The money &C
vanced, instead of being III great measur
e paid back at nightfall will be carried o
? into the country, in order to tortliy provlr
cal banks against such run as was yestel
e day made, in greater or less degree, upo
: every house in London. The Bank of Eng
! land would thus commence operations o
Monday with its available funds all but e1
: hausted; and should the panic continue
gather force and volume, it needs no pre-
, phet to foretell that the sun would not g
n down on Monday without having witnesse
: such disastrous failures as could not b
Il matched, unless we sought a parallel in tn
:; records of the last century.