Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-10-28
The UnfiavOrable Elements and
"Dark SpOts'' of the Money
Situation. -.. ..-..-..-- E ...

[Paris (Oct. 81 Correspondence of London Times. ]
The Sen,aine Financiere publishes long
article on the panic which lately affected
the price of securities at the BOurse. The
writer admits that false rumors may have
produced a certain effect on the market,
but only of a temporary character, and he
insists that mere reports could never have
influenced the public mind so seriously
had not great uneasiness already set in and
prepared, as it were, the general sentiment
of the money market to listen to false rep
reservations. Two kinds of circumstances
acted on the public-one of an economic
character and the other political. The
writer says: From the economic point of
view there are, first of all, the Iacts speci-
ally connected with the financial market.
How could a revelation such as that which
occurred last month as to the position
of the Credit Mobilier and the
Immobiliere be made without at
fecting numerous interests and eXcit-
ing serious distrust? That incident proved
that a considerable capital, represented by
scrip in the hands of shareholders, was
menaced in its integrity, and condemned
to remain without revenue for an indefi-
mite period. To the securities without
produce which cucumber the market and
which represent enormous sums either en-
tirely lost or compromised. to shares and
bonds OF the Spanish and Italian railways,
to the Mexican bonds left in depreciation.
Notwithstanding the governmental patronage
aohtch so ostensibly encouraged their issue,
Were going to be added the scrip of two
companies which had of late years taken
and exercised the high and active initiative
in speculation, both in movable and landed
property. Such an event should inevita
bly, give profound shock to public conf
dence. Besides, this sad surprise surged
up in the midst of economic circumstances
which raised perspective difficulties for
the ensuing winter. We have this year two
bad crOps-in corn and wine-and we are
subject to dearnesS of provisions; manu-
facturers are suffering and restrict their
operations. AS to the French finds, they
could not help being affected by the known
amount of the floating debt and by the eX-
penses entailed by the reorganization of
the army. On the other hand, political cir
canaStances are not calculated to counterbulance
the unfdUOrdble elements of the financial sit
uatiOn. We do not wish here TO allude to
incidents of the kind of those which have
appeared to affect the Bourse during the
past week, and which have been denied by
political situation from a general point of
view. What characterizes this state of
things is the incertitude and ignorant
perpleXity which it inflicts upon
public opinion. Are affairs marching
towards war or peace? No really
decisive anBwer has yet been given to set
tie the dilemma with sufficient evidence
and authority for the re-establishment of
public confidence on solid basis. The
''dark spots'' of which the Emperor spoke |
a month since have not yet been effaced
by new governmental declaration. The |
MOniteur announced few days ago that !
the service of the contingent of the last
reserve would last this year five months,
instead of three. This precaution of mill
tarV instruction evidently does not cOrres-