Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-02-03
THE ENGLISH FINANCIAL PANIC.
Of the English Press AS 20
American SoIyepcy.


From the London Times (money article Jan. 10.
During the quarter ending the 3lst ult-r
the quantity Of manufactured goods con-
signed by us to New York and the other
principaI ports was nearly six times as great
as in the corresponding quarter Of last year,
and the value Of these goods, consisting OF
cotton, s'ool, silk and flax, was augmented
beyond all normal rates by the extreme
cost Of the raw material, Of which we still
receive stsch inadequate supplies. Looking
at these circumstances, and also at the equal
ly enormous shipments we have sinultane-
ously made TO the United States of foreign
silks, drss stuifs, laces and embroidery, for
which We require returns in the shape either
of cash or produce to enable us to discharge
our liabilities ON the continent, it viii APP
pear that our receipts, even including the
partial revival as regards cotton, have still
been "singularly small.p Ii is quite posi-
bic the majority of our shippers may have
obtained adequate remittances, but il seems
certain that if such be the case the means
for those remittances must have been partly
acquired BY the sale Of securities on this side,
and that a corresponding augmentation OF
debt must have taken place. The thing to
be borne in mind is, that in whatever form
this debt may be represented, Its existence
and the possibility of its increase should,
with all the light of experience, be carefully
watched by every sound merchant and cap
italist. To the unihinking herd Of speeu-
lators, commercial and financial, the simple
hint even Of the possibility Of approaching
danger will, of course, be the signal of hay-
ing denial. twas 80 Ia the year preceding
the railroad crash; il was 50 when ten years
later the Glasgow celebrities in a public
meeting denounced all who asserted there
had been overtrading, and that the Western
Bank of Scotland had incurred any culpa-
bility and it viii be an ugly sign If from
this date there should be similar sensitive
ness on the question of our BUSINESS relations
across the Atlsntic. At the same time one
thing is certain--namely, that not only
every respectable merchant, but every real
well wisher to the steady intercourse of the
two countries, will welcome every attempt
| to draw the attention Of the mass of the peo-
pie ON each side, not to delnsive pictures OF
illimitable prosperity, but TO the actual diff
culties that lie before them.
From the Liverpool Mercury. Jan. lo.l
But whatever the purchases of the Amer
| leans may have been in our markets, il
cannot be denied that their power. Of pay
| ing for what they purchase has greatly
| increased during the last six month";.
| In the first place, they have sent rs nearly
1000 bales Of cotton during the last year
| and much the greater part of it in the last
| half year. This has been purchased a
| prices at least three times as high as thos,
which prevailed previous to, the war, and
| therefore, is equivalent to an import of NOR
/ n IL. -
| The import of cotton still continues. Shouls
it continue for a month or two longer, tn
| whole amount paid or to be paid for Ameri
can cotton will amount to many million
sterling, probably not less than e20, 900 OOe
At present prices a small quantity OF goo'
American cotton goes long way in settling
national balance. To this, however, ar
to be added many other things-as grain
-four, provisions, petroleum, tobacco, pitcl
and tar, and wood. We have not at presep
any official accounts of the value of Amer
can imports into the United Kingdom durinI
the year 1865, but believe that the aggregate
amount will prove to be very large.
But, in addition to American commodi
ties, there has no doubt been a very grea
sale of American government and othe
securities in the markets Of Europe durin
| the last six months. The United State
government has always fulfilled its pect
mary obligations; and il seems to be takin
the course which will enable it to do 50
future ----
From the Liverpool Post. Jan. H.
There has been panic affecting AmeriC
almost ten years ago, and the merchants
Liverpool will no doubt be ready TO tell Ii
Times that the Yankee merchants came OF
of that transaction infinitely to their credi
Money, no doubt, is dear, but money h.