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

eminent mas resolved 70 suspend LIE
Bank Charter Act.
Additional news from London,
dated May 18th, states that the Bank
of England yesterday 18th raised
its rate of discount from TO 9 per
cent, and its charge for special adj
vances to 10 per cent The pressure
even at these terms was enormous,
and it was only on unexeeptionable
bills that accommodation could be
obtained; meanwhile additional and
most serious disasters were announced
the most serious of which were those
of comparatively small banks, inclu-
ding the English Joint Stock for
fS00,000 sterling; then came that OF
Peto and Belts for f4,OOO,O0O ster-
ling then that of William Thompson,
railway contractor, for ego, 900 ster-
ling. Finally, it was understood that
the Imperial Mercantile Credit Asso-
citation, whose paid up capital consist
ed of f500,000 sterling, and the Con
solidated Discount Company, with a
paid up capital of f250,OOO sterling,
must, with extremely heavy amounts
pass into liquidation.
The London Times, in an editoriol,
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 midday 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
patty which makes and keeps 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 report, at
that time unfounded, was circulated
that the Government had authorized
the bank directors to issue f5, 100000
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
to's 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: I'VE
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-
~ of the country. Mr.. Gladstone
said he had addressed a 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,
the Goydrnment recommended them
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 per
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 at
Auxerre said; Il detest those treat
les of 1915, which are now sought to
be made the sole basis of our foreign
,DZl;o,-, Tiki Iooloro+;o,a &c oopoid
cred signal of war, and the bourse
was panic stricken thereon.
The London Times in commenting
says, "OnIy Napoleon can prevent war,
but unfortunately the arbitrator of the
continents speech is only to spread
dismay. and in the way to change Count
Bismark' doubtful utterances."
An attempt was made to assassinate
Count Bismark in Berlin, by the son of
the republican refugee, Carl King. He
fired five shots Intellectually. Bismark
seized him and gave him into custody.
Havana dates to the 18th inst, have
been received; also, news from Vera
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 with
a large force.
The Estafette says that the situation
on the Pacific coast was daily becoming
more alarming.
The imperial troops had returned to
Oaxaca. from an unsuccessful exDedi-
ton against Diaz, their forces having
been defeated by the Republicans, nea
Ensato in Guerrero.
Six villages had been burned and the
inhabitants killed by Indians who fore
ed their way through the Imperial
lines.
In Havana read g aloud in stores and
manufactures had been prohibited by
order of the captain general, so as to
prevent any revolt
Very little rain has fallen in Cuba
for the last seven months. The to-
baccO crop is lost. Starvation stares
thep poor in the face, and subscriptions
are being made in Havana for their re-
lief
Havana correspondence alleges for
midable preparations for 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 in
Hayti
COMMERCIAL.