, 1873-11-30

INC uoposa1sota ~ DoGa, 70 ooneeR Tor taolrfnonoy
esiilns spiris from tho Os vasty doon mns TS ThS
empty va1lltb gavo back nothing bnt uinlfo,,5
Acl,oct; Cooho hal paspondol. and Tho next III
rope ot. tho Unpleasant fnct. Thon CONFIDENCE
began TO take winsp to itaolt and ,ly bpyotsl
the clouds. 1'altl, gayo why In everybody; d
wild panic rot tn. Tho wcslar' mou1bera Of ih6
etoS.-opeSGaaIating S f1ntornity vera speedily r
ones wore nr,:ttippetf III tho Wild r1lBh Of satt
1at pcuf, and fcsrlully bruised md wounded!
Tho loss Of faith was eB groat aA
tho prcy1ous excous OF tt,-aotion and reaction
Whom panic takes possession Of tho lniuds OF
hlen. tEey become IN unrcasoning and unn1anI
ageablo aH frightened herd Of baftaloos Tho
failure Of tho wildcat railway-hanks alarmed
! tlto WHOLE class Of dopositor1, aud then ooul-
=! nusn ON THE pASrs,
eproading from centre to circumference Of tho
Union. with results at onco lopiofablo and dtG.
astroua. Tho terrible blova received by tld
banks hayo, By Tho rcco, inflicted serious injury
on ovcry class AMI occupation, and produccd
tho present doproaaiou Of trado and cessation OF
manufacturing production.
Confidence iii values il now RI much be1ow
whero 1t should DO a., two months ago, 1t
any further movement is III tho direction Of I'M
proTement; but Confidence, In Its cnriior stagoY
Is plant Of Glow growth. and 1t will require tIlne
and patience to restore satisfactory prosperity.
:. For month after tho newa Of tho American
financial panic reached England, ]iltlo apparent
effect was produced on tho yaluos of stoc1;Y or
commodities. Ten or fftcan n,itiona OF coin
woro Withdrawn from tho Bank Of Engleud and
hhippod to Now York. Tho subtraction oonsinu-
ingy tho Bank began
= ADVANCING ITS nATrs or 1SrruEST,-
from por cent to 4; tAon to i, 9, 7, q; sndnoN
to o with tho prospect OF gong to 10 buforo th!u
lcttor reaches Chicago, and perliapg highor. All
tho other banks Ut Great Britain; and NIL
rnoney-lendora. llayo ailni}arly advanced thoir
ratos Of interest. Yhe other bankers Of Europa
have also, increased their terms for discounts.
Tho per cent advance in Gront Britain il coat-
Ing tho borrowing .claRsea millions OF pounds
sterling por month. But this Ia by no menus tho
extent or the worst Of tho trouble growing out
coming,
AFRAID TO LEND THEIR MONEY
ut my rate Of interest, except upon s1ioh
securities as fcw merchants and manufacturers
can offer. Notes falling duo at banks are roucw-
sfratd to discount freely, but arc trying to hoard
in aolf-protection. A gradual loss Of confidence
In homo rnilrohd-stockg, rs vol as iu nearly all
descriptions OF foreign securities, Ii beginning
to- s97s Ss anS sues Is sr s9as s sES T ag gnaa{ S{ @
uroa arc growing miro froaNent; distrnRt sls
spreading, and il becoming infectious on tho
Continent.
Wha. Is adding to tho gravity Of tho sisuation
Ia the great falling or III
ORDERS FoN uooDs FROM AMERICA.
Merchants find their warehouses; full Of unsaln-
bio goods with their pnpor falling duo in Tho
bnnkg, and tho rates Of tntcreBt advanced to
threo or four times whnt thpy were in scptoul-
Dor. Tho manufacturers arc beginning to re-
ducc production, discharge workmcn, and forco
down tho pl1co of wages. Tho ammo thing is
taking placo in Franco, Germany, Dolgium, and
Italy. Austria is at tho very bottom Of her
financial prootration. Sho was Just beginning
stock panic. when the wavo Of tho american
panic reached Europe and throw her back. How
much .worse things will bscouao III Great Britain
aud on tho Continent before no1t spring 10 ono
not calculated to improve mattors, as It neaus
radlcod power Of purcl.ase on the park OF the
cotton-growers Of tho United States End other
countries. What increases tho embarrassment
In Gront Britain le the alarming apprehension OF
a TERRIBLE FAMINE
in tho great Bengal district Of lndia Thero, from
want of rain, there ID threatened to DO MI almost
total loss Of the rico crop. Rico in TINT eoun-
try IL tho staple food. 1t iB moro important
product to India than coru to Illinois and Ron
tucky. Bengal is about ss large as Iozas mud Lou-
Biana, and eoptaiuB, by the latB cenHEH, tho ouor
NOUS population Of VI, QUO, 900. The inhabitants
aro AZ dependent Oh tho rico crop as tho poo
gs 2 d 'apd Ia S g'FG tpo IN tla st pss5S' pls & &
may Hovore19 tax tho resources Of tho British
Government In India to furniBh food For thoso
starving millions Of docilo, !dusky aubjects; mud
tho loss Of trade with 1udla, as vol as with
md produce dolcit in tho budgst. These
things contribute to tho gravity of tho outlook.
Intelligent Englishmon with whom hayo coli
yeraol, oxprcBs Tho opinion that tho BanE Of
England will be forced before spring to
SUSPEND spEclE.pAyMENrs,
In consequence Of tho Amorican mone-
tary troublcs. II tho Bank Of England
is thus driven to tho wall by tho moro rolonnd
of the American crisis how would it 10 possible
for American banks to maintain specic-paymeuts
sion occurred in tho United S;atosf 10 far from
doing it in 1887 mud 1857, they all suspended nl
most as suddenly as If stEac! BY lightning, aud
hundreds Of them noTor again reopcncd their
ing their notes when Jay Cooke broke, thore
would have boen rush Of the noto-hoidors for
gold "a we'll us Of dopositors for thoir money;
and not one bank could hayo resisted the doubio
assault.
The leading American papers found in tho
readinG-roong Of London and Faria attribute
tho financial disaster to tho
1NFLExIB1LITY" OF TIE CURRENCY
arguing that, il it would expand in response to
Observation-Disclosures mud contract whom tho
occurred; thut tho country banks, for several
than they can probably employ ut home, and,
rather tim hnyo the money idlo in tlaor vaults
while tloy arc paying intorcss OIL much Of it,
eeud it to tho New York banks, who pay tlom
or per cent for its uhe, and who, in tnrn, loan
1t to The atock-ganablors for putposon Of Rpecu-
lation, md to builders Of wildcat railroads and
promoters Of other hazardous mud unnecessary
enterprises.
Whilo all this ia truc they aro not egroed, BY
any mcans. Oh 4 currclicy.syhtem that will
DoEseeu the re1uiEtD 1xuQuuibiliiy Aul contrnC~
tibility, and which will preyent tho payment Of
iutorost on dopoaite and tho loanfng Of them to
stock-speculatorB. II is not easy to doylso e
system that will savo mon like jpy Coolo aud
Henry CLOVIS from tho consequences Of rock
loHa'y investing tho money Of their dopositors
in wildcat stocls and securities, or to prevent
Wal-street operators from watoring railway
Rtoclig, and tooding tho culntry with Bpocuia-
tive trash, mud loooing coyotous fools. People
will ont forbidden fruit, aud not profit by Tho
experience Of tllope who found it nothing but
ashea In their mouths.
TIE REAL rnoD1.Eu