, 1866-05-23
resF PANIC IN GNCL AND,

AXAN N0NAD ~ @AAs~A>tAt"US
The present financial panic in England, |
though coming with the suddeuness and fury |
oi a tornado, and apparently little expected I
In Lombard street, has not been unforeseen |
by some Of the ah1cst fnauciers in this coun-
try. A financial panic hasi.s occasion, which |
may be trifling; mere ruInor from Berlin, a
Dclphic or uncertain speech from Napoleon.
or warlfke telegram from Italy or Vienna.
All these Indications OF war, the true mean !
inc Of which Is understood BY the hnancters
before 1t reaches the outside world, wou1d
cause the withdrawal OF gold In Great Britain
and throughout Europe, the boarding Of the
prccious metals, fall In joint stock shares,
railroad bonds, negotiable paper, conso14 and
rentes. While the imminence of a general
European war, likely to involve in its course
not only Prussia and Austria but Germany aud
Italy, md possibly France, may appear to
many to be more than the mere occasion Of
the present panic, yet We think Its ultimate
causes. extend over the past five years, aud
emanatc laree1v from the effect Of our own
cIvi1 war upou The financial condition of Eng.
land aud Of Europe.
The effect of the outbreak aud continuance
of onr war wae To cause the shipment Of i'm
,narse onanf,ticE of mid TO Europe. mainly
to Fnr3nnd. This occasionea there q p)etho-
"a ~ encc,s which. seeking Investment.
eapeed etf1t greater exuansion Of credit.
nr;nclna,,r In the form OF Joint stock and as
soc,ntcd cnterrriscs. for the attainment Of
aror,t ,,o,coJr,1,,o ,,rrnos- FINN The cn,tira,
~ aat+o,, ~, ths Mia md v,oa. and tho
s-ou ~ ~ M ,.,s...asa - ~ n.,,,a
running ue eoutne,n o'ocA14e, :" us .aam osn1a-
1nF o. nc" taa1oeas u @ uol~, -; AusttA' s1.
canada ana INC un"ea states' on Aorton
reto's tour OF ths country u sealca o. au
chgaeAe opportunity toR 1osesuas p@11 o' LUIS
inflated capital ana MS pFoposlllon 10 run
new road from Inc sea ooala 10 eaAcasso "ao
st. Louis. which afe aIeaay connected oS
tive tfst class competing Aoes' were A"ous
tae more soana ano sooe1 'ae.esn.s u .nIs
Wuo Scramble Ao9 investment, "u'1a nAa oeen
hardly less intense Ii f+n9'ano aa1.o .. oa w. "a1
than II Was u 'hla country IN loa' auo io,''
In fact the financial eSmpatnS oet"een Inc
United States and England was suen tnat tue
iohatioD here was neai.s eq9a.ea py .aS ~, ~
1attoh there. irue our Hssu IenoeF ac1' W
causing all values 10 oe esanateo on paper
basis, and ey ua1hihss eneu eas .Ae Fssa.ea'
On go.a, - ZIG n.s,,, t,,ona;.,
tion' 'u1n'snta yb,nt T. naasr.s
ttao tto"cut "!'1 .a,nn, r. ..,,a s,oad =,
noo ~ Sponot. .-aa.... - - So ,vs"s a.t ~ a.
s,n ~ ~, ,a as tn...a. .naaua a at.r .eau au'
~. :, " r.l,,rd a.. oceatae@ 10y
~ ' tno .nts,ion 'efe oe'ns no sacn paeo"S :.
r.. .-.s-,. I ~ a+aa,,a ~ pnopsslseu, eAscps IL u
s;r as a,s ~ nro,,,ota ~ II maocea' aua IL ~
.cnor,tca ventures nsa stocA cot tpa'ncs, ~
1,jof, tata or in,eree+ Tha ctsu.t7' nno
+his conr,rv hoInr m ,nore as sa.ppeo ~ t.oo
i,na tban n dozr, fnr7ns ~ ,,e ror u III ~
Jndia, Fornt Rnss;a nrori1 ,na 7thsa Hens ~ y
] tant points, In which rpld on1y was Ole
| From fhese nofnts II returns very sloyIy O
mt AZ .,l. Meanwbyte. with The close ri on
war imitation here stonned. and ool6 whlc,
had hnrne . 1,ren,un, of 10 cents teu to
--e,,;,--,, ~ ~
p Ianr.ss ~ a,,.r.. 80 a,.,c;ot r,r,,
bere not r. ren.s.,a ~ ~ sh.t M .,,an - her. ticrt
baa hecr creot ;5i,nt,.,n .t.re79aa mn mi,
, vote ,ndeI,tednrss 0ld nr1vfe debts had
; | ,,aen ,,,3a ~ ard anr,,o III ne inAat1on rc
nod T.s +1,nn;nr IN aeht III every hodv
r.s ner,o- rssh c~cent De Government,
w.o,a +bs~e ,re~ ~ roa,n = fa;lura eyrcnt
- ~ raro-r,.at o,,5 te snrccss ot II.
c,a-.m..- aro~ ~ -. .1iou. rendered .bat
!. s"nss-,s,s o.. ras,as had the sane nccd
! possto p., oal e.e. aat there the f,frs +;o,,
ooa~a'e ,1ss:Prisss instead orn,t,on-
iepseaIeu .u. ~ off,o~err.,c,,t e,,,,rs
, a1' Jolns etoeAe naet1 .t.. - ~ s.asttoo
E ~ an es'aeaec u ~. 5.a..s,a,,a. tt.st
Ills e'&lea 'Aas ,,,ta,os.,e,,- ~ -
nas oscul3eo ,,,r.., ss,.a 80 r
hsa 1unas, c.,,a |sst g.. ,sa,,.,'.
eisn secufanes S oaa brna,cd a. % n,a +h,r,r ~