Newspaper of The New York Herald, September 26, 1857, Page 1

Newspaper of The New York Herald dated September 26, 1857 Page 1
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THE NEW YORK HERALD. WHOLE HO. 7695. HORNING EDITION?SATURDAY, SEPTEMBER 26. 1867. PRICE TWO CENTS. THE FINANCIAL CRISIS. fU TROUBLES OF THE PHILADELPHIA BASKS. Effect of the American Pressure in Europe. THE HEWS BY THE CAEADA, Ac*, &0 ?! &Q. THE PANTC IN PHILADELPHIA. ?usrwBioN or bfbcii paymsnto it thi ban* of PBNNBYLVANIA?SUN ON TBI PHILAD1LPBIA BANKS. Philadblpki*, Sept. M, 1867. Thi Back of Peanij lvtala baa suspended ipecle pay aaenU, by a reeotntton of the Board of Directors. The I're aldent says the tutpcnwon la oaoaed by the aottoa or other baaka against It and Its lot res by the recent rallnrea of drr gooda men. He alto taya It will bo only temporary, and that the capital la tm touched. The Glrard Bant: la firing ipecle fbr lla noloa, bat ohooka Will aot be bonorod till 1 o'clock. There la a beery ran upon the city banki, and all the toasters of the bank* are beeleged with depositor* and noteholders. There la much alarm and aimoat n suspension of bml ?em la the city. HlIP-PASt 1 O'CLOCK P. X The Glrard Bank only la paying spade for flrea and tana, larger note* and ohooka belsg refnaed. The Oommerc al aad other baaka are taking the name oonrae, promltlng to rename to morrow. p The Pennsylvania Bank haa the State fnada, and the Gt rerd Bank those of the city. The excitement la Intense. UmriNU OF BAN* erBKOTOBS?TBfPOBABT 8U8PKN 6 ION BJSOOMXBNDID. Tan O'Olock P. M. A general conferenoo of the PresldenU or all the Banka wee held thia afternoon, and afior carefully canvassing all the droomstaaces of tho prest are and their reaourooe, re ealred on n temporary anspeaaion of ipecle payment! on a, and alao on bills exceeding ten dollara, to go Into > to-morrow. There waa a heavy ran on all the baaka to-day, bat the Gtrard and tome othera lhielded themselves In the above All report! of total failures of any of oar bnnka are to be discredited. Brokers and otters are highly excited, and dreulate monationa reports. There la no "horohanu' Bank" here, the report In a New York paper to the con trary notwithstanding. TOTAL BUbPlNBlON BBOOtfMBV DE D. Elkysji O'CLOCK, P. li. n la now understood that the bank presidents haw cnnalmomly revolved to recommend to the several Boar la ef Dlreotorr a total anipeoiion of ipecle pay menu, to take eflbrt te morrow. Aeoordtng to the law of I860, thla action will entail the forfeit are of the charters of the hanks incorporated or ea leaded since that time. OUH PHILADELPHIA OOIBI8FONDRNOI. PmijiMLPHLA, Sept. 25,18(7. Tremmdout Run on the Banks?Oreat Xxciirmsnt. The panic which haa been simmering and seething for MM time came to a full boll thla morning, and taoh a head or ? learn waa generated on short notice dust It seemed for a time as thocgb the boiler of thi whole tinaaolaJ sys tem most Inevitably explode, and blow baaka, broken aad merchants into a grand general wreck. For tone ?aye there haa been a good deal of strong talk indulged eenoerr. ni the oondiuon of three or four of oar city baaka, and In reepect to one of them (the Bank of Poaa syIrani*), It wan ooofldeatiy asserted that tt bad more than It ooold earry, aad that, If Ml to Itself, H most inevitably sscoumh to the premrare, aad sup sad These difficulties, tt was undent rod, were brought about by Urn nepotism practised by a prominent officer or ilie In ?ttta'Joa, who bad " aonommodated'* certain favorites With snass ranging np as high as $800,090 in a single In amaos, while prudent merehaati, who wers old contomsrs of the Insulation, coold not obtain the smallest dUoount A good or lion of the large loans referred to had been pad >n dUa*irons sugar spsonlstions, and It waa very -* 'hat the bask ens to be a heavy lot sr. T" sift at that the bask *aa to be a heavy lossr. The que lira of the rvorria; of supporting this bank through toe lertv erdtal was rarsastly discussed, aad the oher banks ' a Una I nndeo'ded fbr a Urns whether to let It go by the b?*r t gr sustain .1 for the MSI o' lla sister inrUtutloas TeeSsrday li was Dually issolved to let the Pennsylvania lake os re of I las If, and the sequel has proved that it was aaeqoal to Us cmargtaey. The detorm nation cf ths other banks leaked out last algb : aad t'-le morning, apoa the opening of the loors, .ha officers of lbs Back uf I'?nr ryl\acta discovered that there would probably bo a brisk time, aad tt was deter mdiied to cl.jee tbv coace.a The ootaldo gctee an deoond aad lodge streets were alto closed, ant polio, in on were posted al each eotrmr.oe I'ostod oeasp.cnoual/ on ths railings was ths tbilowltg ooUoe ? Rami or Pissevtv^u Keen t*d Thai lb* back iutpaad a^acic pay n. run until lor lie. action H the board no ap,-*ran*or ILI* pithy amnio onrol of .-inreo attrarto. BiuO attcnlloe, acd ao :nm. uo auJ excited orowci ico3 g.'.berel. Tbe aluewalh* were blocked op. eed (fee cc <? iproad far and wide that the Beak of I'eee eylrar.a rac, and thm report, ae might on oxpeot ad, ru the signal for a general and beery roe m all tna baaki, with" t regard tc tn< :? standing or reputation let.*- the ..oruing the iiank of I'eaciyiTaaia ma la the t/lu>?lag offloial annonaoeinoal ooaooruug taetr troeblue ?? Be*? or f'eamivt.vcwic. I Pnn onririin, Mei . 21, WITT. 1 TkW bank, baring been entapelied 10 trmi?rnri|? ?u?p*n 1 specie pat lO'nte,'he hoard of directors aeen'n all p<reonv ka*t' r ?'ain?* agalnet ihe hack, whether of rlroolatHn. do po?.'. ut o acwwe teat po loan caa pnaeisly <ocur. By order and in. oehalf of Lbi board of dtrwrvwe TIKid. at. I BO 51. President. Tbe filraid Beak war the eoene of e moet tromeadocx ma, aad tbe , reaaaee of ta? pollc ? waa require) lb ere te prae* ?# order. TbeMrerd rtdeemei their noise aa raat aa Jie / were "fibred, hot during tbo fore no jo check bold en wore put off catll oee o'clock. Wtie., eno o'cioik ease aroued tbe crowd wbicn poured le wtlb tbo checks Una ba i beea dleboeorea la Ue morn lag were informed teat rbrrai woeld not be paid to day. The Or-neierclal I lark came la for a liberal (hare or tbe ??me," aad It followed tbe example of tbe Utrard, by reJt-em ig tta bum aad petting off tbe par meet of cbecka until noe o clock Wbea one w'oloce name aad broeght wtlb It tbe oboak boid? re. tbe latter were taiwraed tbel tbe obnek* would ?et bt. relu, but lb tel'er expreteed his will'egress to mark tbem "gond. ' Tto c-uree pnreuei by U>< (liraru aa i tbe Ccmmerotal ceased great dee iileracuon, and added '.o tbe genwal recaeincae. le or err beak la tbe city tbere wee e beery run, bnt all of thrsj weal tiered tbe etorr* with tbe exception* name above- Ttr?e o'clock came at leal, and me o ut mm day cioeed more gloomily end ferertohly than any day :o Philadelphia tor many yeare Aa I write idle let tar tbe presidents of tbe dtlfrreei beak* or* bet Hag e eonnri; of war. What will be tbe ratult nftbeir dehhe-a tteai it le Impoealbie to foretell. Most of me beaks profess tfcetr ability te ttaai tbe mam prottectod ma, but earn ? speci i drain aa tbat of to day would go bard wilb any taaiitutkm la axlatenoe if eoatlaaad long. Acoordlag to urn lawe o' I'eantyivania tb* fa lure of a bank to redeem lie aotee in ? pacta larolrae e repeal of it* charter Roetemi, except le money, wee perfectly deal today. Tbe brokers did e Utrlvleg irede le tbe way of bnylag ue torrent eotee, end bank offloere warn worked half to death; bet neat of Ute boeloeee world, beat dee. were le tbeetreet, aad eeeh aaa aaked hit neighbor "Whet aexty* Bet Uttie wee done at the etork beard, aad lb# ttockt teat were told were parted with at lower prices than ernr Tbe peatc has now oerminty reached rarer beat whether or aet there will be e epeedy re aotioe. or whether tbe hhSlaeea world ti to man not e p-ey le tb? linear tai apt denttr. r< melee te be eeer, Tbia mornleg e meeting of me presides le of tbe dlffh rent bank* wee held, eed It wee reeolred that the solvent beak* abonld met i n recti other throigb tbe criale PmunmreiA, Hept. it?4)g P M Merer hare I heboid nob e res npoe Uie hank* of thlt elty ae I witaeaeed te day. Krery beak tad trery ear lege iMtiictkm wee boat with buedredt of applloantt for ?pacta, eed et ?me the excitemeet lecrtated tenfold oe eeeetteleleg that the Peeerylrania Bank had irctt ceded It le gewe rally bellered met all the beaki will tut peed ?parte payment* to morrow The tmeeertior* In ifcekt wore ri'te "mittd, aad prices general') tower Bueleem of exevy description teal e stand rthl aad me wleeet eed heat of our Uttxeee cat scarce y meWtt*1 " M r*n" 01 Mrr,bl4 0rt,bl 1)1 mrmpUr>' mi KAKK O* rgWVTtTAink. fffrom the Philadelphia Bniletta, Sept IS ] We regret to bare to aanonnct Ibe temporary ritpra mim of the Bank of Penntylranla.ln lbit city Thlt has been touted chiefly by uie edortt of tbe bank to tnttain tbe oomeinnlty during the recant Irving time* Ue liber ality to pertoaa le need of money hat at length oo spoils) II to tetpeod for e time It waa hoped that tbe policy or fbe bank* generally bar lag been to cuaiain themsalvM, they woi'd also bare aetorl together eed sue slued one another. W# cannot but think that It woeld here bean wiser If they bed dona so What the oone#qaraoei may be we ere erprepared te eey. Bet the immediate effect nee bees to lacreeee the pubita wnawtneee, end tb'i wet men!rested mis mornleg by ex ?ihttioee of anwnai excitemeet, eed n W rery question able whether ? portion of Ike eyetem ceo U allowed J? ** remainder maintain lie petition There te one thlcg worthy of note In regard to the pre sent excrement it it kaailr nnoowwec ed with poltlkN la the , ru ialery dleuoee of 1M1-9, be tronb ee were eg grt ? by the p?.litlai arerblly that prevailed erery w rc JYties were arrayed egtlMl oae eaelfeer.sad liter* ni mutual hostility a* ny m Batui distrust Now, howevuF. there I* iotl%c of m,d. people are all anxious, but they are at Um ?umsllme dsUrmluod te stand by one another and j?. operate f tr ibe oommoa good. As to the la l,mpo*slbl* to offer aar prediction* or snggestlour Tbe yunerul dtaturbanoo of the publlo mind makes It Import;* to treat the aubjeot eooUy, or aeoertaln the views, af the moat reliable poraona in the buiireis oommc ltf after the flrat oommotloo la orw we ahall be able m nonatder the subject more oelmly. I In our money Mrttole will be fouad the offljtal notlae of the ? uipenal" a rT the Bank of Pennsylvania. It aaauree I ihoee bavlr gehdma against It that they cannot poaaloly Buffer loai. Vbixadklfbia banks and burinkss. , From the Penney Ivanlan, Sept 36. ) rfce uapleaaant reeling In relation to aome or tbe banka manifested Itself la I aa price of there*, and the Bank of Pennsylvania went down to 01, a deollne of 3 elnce Wod neaday. (ilrard fell off )g. Then le much let* Inquiry for bank thares, ho vever, than at any time for several mouth*, and the prospcot of rednoed bank profit* for tbe next year or two, and I heal moat oertain overhauling of the wnole tyatem aa one ot tbe oonaequenoea of the know ledge gained in the pneent oriel#, will bring still lower the whole Hat of bank stock*. [Prom the Ledger. Bept 36 ] There baa been more quiet In tbe money market for tbe past two or three daye, not the reault, however, of any abatement of the street rates of paper or of the lemand for capital on mercantile bills. The quiet alia led to is the reault of an entire wiping out of credit There ta scarcely such a thing left In the market. Nothing but money or lis equivalent will now oommend consideration. There Is mucu written aud uttered about the llllberaltty of the banks, but those who complain moat weald be, per haps, equally loud In tholr condemnation if any trouble should oome through a want or prudence on tbe part of those institutions. We know thai the Phi adelphia banks are doing their duty, and that their oourse has the appro val of the best Informed of our business men. [Prom the Philadelphia P?e?e, Sept 36 ] We have made inquiry amongst the various classes of trade, to at oertain wnlcb of them are unleashed by the whirlwind that has swept over us, and the effects of whi Jh eie sail vlilble, aa one after another of our mercantile friends suspended. Three flrrat In the grata trade have suspended, out of more than two hutdrtd members of the Corn Eiohaoge. Ihe corn Hade, backed as It la by a br *k demand for tbe sew crop, is staunch. If asy man desires Investments, let him seek grain bills. Philadelphia Is noted all over tbe oountry for the excel lence of ber bricks. Around the city very extensive brick making eitabliibmento attest tbe demand for this branch of our manutaotnres. There have been no failures in this trade. No one need loar to Invest In Ihe brick interest Tbe only difficulty wlU be to lay bold on any or tbls paper. Our lumber trade la very enenilve. Our merchant* draw Immense supplies by sea frim the Oarollnas, and from Maine, through tbe canals we are furnished wlta oablset lumber from the lakes. Our railroads brleg tri bute MM tbe boart or our own State. In oondcoilog these opt rations large advances are requisite; bat suob has been tbe prudence, foresight and abill y with which this buslaws has boon oondnctod, that for years past, no lumberman's paper has been dishonored except by an ac cident, perhaps. A day or two nasi one note was protested of a Arm tn this trade; tbe parties to which being at tbls Urns verr much tx^nded. The tlrm alluded to vu Instan'ly granted an extension. W'..b this exception our lumbermen are on set thed. Anotnor great Philadelphia Interest Is our book making. The pub.iibcrs itaud tho close money market exceedingly well; and no wonder. The cop? right system protects this trade from tbit ruinous competition that has carried down so many all o?er the country. This guild 1* so strong that It alone fuinlrbei tbe oapttal for the new Uommou vealtb Bank to start q|o operation next month. Here It was that Ben Frsnklln put forth his "Poor Richard's Almanac," wbose sage counsels closely followed have gained sucb a good name lor our bcoksellera A single nouae In this trad' appr-era to have snspeaded. Our coal men arc very numerous, and we would natu rally look for many failures here. We oaa only learn of one ho .re that baa succumbed ir this storm had not ?wept *o fleicoly over New England faotories and our I'erusj Ivsnla Iron furnaces, we would predtot a good foil trade for the ooal men. Aa It Is, there will be a good local demand, for the carrying companies have not done full duty tbls yiar. Tbe iniereste r (Taring now are not any of those just enumerated, but 'be ooUon and woollen manufactures sad tbe railroad dependencies. For tbe sake of the vast num ber of hands turned off at cur mli.s, furnace* and forges, we will gladly hail tbe retire of public oonfldeooe May It be a very long wbl e ere we see such another crisis. The stunning effect of tha flret failures has pasted sway. THE EFFECT IN WASHINGTON. WAKBiraToa, Bept. 36,1S67. The suspension of the Bank of Pennsylvania and the re' fosal of the Qlrsrd and other banks to make specie pay meats on bills over 910 and checks, excllEd surprise la ooesmoretal circles MASSACHUSETTS. [From the Boston Traveller, Bap . 13 ] BiaiKBS AMD FINANCIAL FAVIO. Themoa-y pressure which ha* pervaded nearly Ihe whole country ia not unexpected by thoee wbo bavo watched the aspect ef the markets for several months past. Investments mads In Western lands, the dcveiopemeut tn regard to large railway romps*!** In tie Western and Middle State*, the accumulation of domestic manufactures, and the hign price ef the raw ma te ial<, tsgctber with tbe exoeeatve Imports sad the greet ids of sugar apecilaltoat, all tended to prepare the mm I thoie wbo watched the signs of tbe times for a ortsis, though it was n< t po**:i>l* to foresee fully the extent of lie seventy ntr tl.e individual interests opon which itwoall foil asoat heavily. The mei met ly disaster to the OaHforal steam packet will do much to aggravate the rvtl, for hare la no mere de preciation ef valre*. or property only changing hands, bat a great lias, such at has r never .happened before, two of million dollars Is gold, and probab y much more tn the baniis of ihe (MMogere, a large aamber of whom are said to have bevn reluming emigruta, who had done re markably well uC bad ample fund* with tbem This monetary trouble, anoji. however, oonttoue loeg. The weather Is favorable for ripening tbe largest crop*, (the source of catloeal wealth,) that ever were upon the grocsd. Tbe tarveat of wheai ha* hies large, that of corn will he greater than ever before, aad.rugar and cotton' cultivator* are promised a year of enormous and unpara Ildl gain i.n?< r preaeul pro*|>ecta. Iluaifiiwa will be vcry eooo ndniated to a n?w aaodnH for lb. value or maoy davcrlptleo* of property, enl g> oo anew end prosperously, until again brnk. n down by r?. Dewed over vtlon. Thla revoree will not bo wltboat Iti brnflt, If I only teacbe* the burlnta* mon of the country not to spread Ibetr l.oalmaa too fait and loo far Tb? pro 0>a on a mod.'rale bus aoss, aept oontlnually und. r the eye and within therintro: of tbe mercbanl or maaafao turer, will nlmoni alway* be Inrg. r than thnwe of a more etteualve bualneee. too widely dunned, and requiring an amount of napltal^wblob every l me monoy becomes eonroe, sabieeu tbe whole laduatrial liter *t to the tender mcrolo* of ibe money lender*, aad cripple* ihebaiu by tbe wldi drawalof .betrdepaalia and lb* return of their rlr olainn. Hen engagid In bnaloot* rbwold not keep their capital Inverted too iloeely ; they eb-uld always keep eacogli on heed to work a ong eafoly ow tbelr o?n rceonroee, aad to meet their liablllttea In theee Umee of periodical p-eaaure, which are ai MM area to throaven a VMM jo helorehaad. It la alwaya tbocgbt bet little belter lb an madneaa for an arm - te take the Sold a theut a body of reeerro, wal< b can be railed Irto action to urn tho aoale la tbe moment of donbtfnl roairet, or to prot.-ct the reCew. of the army and It la ialto aa imiortaet that tba bail nee* man sboaM always fcava a reserve or working capital, which be caa ate for bta relief In advrae umaa We ahall n-vsr have the enperatrunter* of bnatn.-ee meting upon e arm focadaiion uc til men learn Una trntb, aad are carefol not to awior in'o any bnalaem requiring a large amount of capital, with not adequate moan*, aa I more then Hit*, re terro a portion nf tbe proSlt of pros per out year*, In aolld capital, ti meet the renoiioo of aafavorablc lime*, tartead of ftrever a? eg up all thte eurplet aa fart at It la earned, ettter in extending tbelr bnatawa er la nveetmeao la baeardowe spuculailoo*. The larrett port "0 of tbe ail lie of New Fay land are new running abort time, end there la hat little dou' i it it la lean lhaa ality dayn. e "ber tba raw material will fell, o menu factu-ea of all kind* advance ie proferuen to tbo iscreened ooet of pro ! i< uoa. TiBonriA. TBI (IB14T KOBTniBN AND WMTlltM PaWtC. (Front tae Richmond Kiemiaer, Wept Id | The aaort remarkable oouiiPow of tbing* ever kaowe la oar (naoelal Malory extata at tbe North aad Waal < > preoect uma Bnakrejwcy and panic are running riot over the whole North and went. Mercantile pree|w>rtl?, ooofl deace aad ?nlerprlae are railing a prey to Manning a arm aad dlalmst, Ilka the grace of the wee-era pralrtaa beiera tbe wild Area which vwaep over Uioec vaat neat of vegeta ttoa la the dry lee I of aninmn The wbole oouetry it lermiag with p-0.1000 aad oropa. aad yrt the rallr mde for transporting tbem arc paralysed by tbe flail of their Mocks and bond*, and by want of fundi, which no flaaarlal ekllt er oena'ng ran eatrwM from the por eta of oapitalieta They have Ir ana period Immonaa maaeea of staple proiuoe, aanvallv, fbr aeveral yeart, ror nothing, and, now. with ratred finances, have artblag to thow tor thotr immeaee Indobtedneea to their ahare and bondholdera, but Mnoa o" worn oat ialia, rotten ilea, dilapidated bridge*, broken saglsa*. need op oara and dirty depot* Their Ireaanrci arc aad died with bng* maaeea of fended and floating debit ? debie oontrnoted la tbe noble aad patriotic effort of doing bnetnoea at a deed loan, and the vaat superstructure e Northern aad Wrotem cedt a, which ban been erte'ed on the hollow baeit of their worth lem eharee and ben te ta reeling an! toppling to Ita fall. A prey to naureralhat have racked out the llfle'e b>ood of their credit, and aa abomination lo their ahareho.dere, who have reaped only dieappt tnlment and rnln from tbelr operation*, their heel oree la oondnoted in that crippled and dilapidated manner wblcb reader* them carina* to the country whoee trml* la waiting npoa than ta overwhelming qnanllt' ?* for Irani port allow Tbe low nbargea of Ibe great Wcctern and Northweet*m railroad* have brought the boating hualneM oo the New York canals and lb* great lakea to eo low a elate of de preaalrw ae to bavo rwduoe.l the "nana!* to a aolltude ao 1 tbe lakea to * dreary waale of walero " Bui the complication of alfetr* only begtti* with thit ?tagbellow of lake* and canal* and Una duantdeitos aad break dowe of railroad* Immenee quantitta* of eew grata are aero win'at teg ta the Weater i warehouse*. eag*r. ly recking traaeti to thaN*abnard, and e? fadlag to go fbr. ward, from lb* remarkable aad anomaior f? n thai deal er* are dirturhed by a very enteral ap"-?h. telon a* to th* condition of Ibe tonsen la the Karlera mil i |o wb'rh they have been la the hah t of waking their ?i?ignui*nt* Honee after houae In Boalm, New V -rk I'fc ' pbta bat been alrrck hv the warn of disaster--n*h* ? f >r? geppoaed lo ?, a ' h i really Wire, an ,?* -ch ??I la iBote clt'es; no UuU from IBs Ihr Wsrt it la tmpomi tola to decide when ano wBM to (real la lBe>Bat TBna stocks of produce rapidly aiiuuimiBI) la (Be Wart era warahousaa, the ? olive funds of ooaratora la produoe beoome "hung op" and paralysed, dealers became amair reeled, end uie breaking or Waalern baaka oomaa la to aaaka ooaroalon worae confounded and to draw up tbe oorda of preaaora to tBe snipping point. Added to thle etale or affaire, tBe In dated prloee of Weatern landa, the lBBMnaa anna of moaar Inverted la that moat "tnoaarer tible" and anaaioabla of all oommodltlea, the lnoaloateble Indebtedness baaed upon thaae flotliiona prtcea of laada, the attar Inadequacy ef the money aupply t) meet tbe 1m menae demand from Ihla aouroe?and we have a fair pic ture or buelnete In the Weet at the present moment. In regard to their landa, they have sucoeeded, In the fever or speculation, In pri olaely reverting tbe natural or der or thlnga. Where unoocnpled land abeonda in a por fution aa vait aa the watera or the ocean, and tbe popala tlon la tparae, the true condition for affairs would be for landa lo rule at the lowett and merely nominal ratee, for the land market to preeent ike picture of entire want <>r ocmpetttlon among purohaaera, and for tmall tornt of mo ney (which la icarce) to oommand Immense quantities of land (the drag) Bnt the new type of the maltloaalta fever which rages at the Wet baa entirely reveraed Uiln aiate or affairs. Oily Iota In Chicago are held at higher ratee than lot* In Wall ?treet, or even London, Uverpcol and Ptria Rente too are oommennra'e with the prlaea of ground; flret claaa ?' ore tmnaea In Uhlotgo bringing 910,000 to 916,000 per nnnnm, throwing thoae of the mnrble p>laoes of D-uad way In the ibade. The prloee of agricultural land? are elevated alao to the same rloketr helghta; ta so muob that farms In Illinois, a thousand miles from market, over broken down rallroada, an J unrlppled lakes and onnala, arc held rt as high prlcm aa Virginia landa along the nailgable eatoarlea or the Chesapeake, within light of the white aalla and ata ely mania or our ocean or aft. Coming to our BAstern oil lee on tbe Northern seaboard, wa see a more aggravated stale ->r things aven than a the bankrupt and volcania West. In New York, r>r iostanoo, one bright mlddny, some fortnight ego, a sadden thun der gust of panic struck the veeMl of trade, while under full head way, with all aalls set: and from that day to this It would seem ?a if the vessel would founder and go down to tbe bottom, oarrytng along pease ogera aid crew. In spite of all that oould be doae. Hanks and bankers took to breaking on all sides with sudden and tremendous crash, spreading dismay and distrust around their rulna, destroying tbe oonfldeooe or banks In banks, or banks In Individuals, and of Individuals in banka, and ahaklag the whole fabrlo of oommorjtal credits and trusts. In n few waeka the depoeim with the banka In New York hmve fallen off ten millions or dollars ?Individuals withdrawing that sum rrom banks tboy ware afraid lo truat. In tbe same period the banka, in tbalr tarn distrusting their customers, Cava reduced the amount or their loans by twelve miHIons oT dollars, and so the mad work or panto and distrust goes on, Its victims being the agents mutually used for mutually victimizing ea-.h other. Us August 8 tbe loans or the New York banka ware SitH,100,000, and thtlr deposits 967.400,000. On Septem ber 12 the loans were 9110,000,000? showing a curtail ment of 912,000,000, or more than len oer oeal in thirty days ()); and the deposits 967,400,000? show ing a falling off of ten millions, or sixteen per oent from the August figures. Thus borrowers rrom the banks are pinched by the pressure precisely In the degree that de Cltors with the basks withdraw their funds from the Ik vaults, the banka withholding loans from the com munity in proportion aa the oommnnity withdraw ihtlr deposits from them. Wbeioe came tbti sudden thuBdergust or panto, sad In what causes It originated, are not sub jects of our present Inquiry. We are only reciting Ita prominent features and characteristics And not the least remarkable of these la the fact that our foreign trade tor the Oseal year ending on the first of last July, at wall aa for tbe flecal year aaxt pre oading I , p'osee the moat favorable balanoe sbeels wa have bad for a long oonrae of years. Our aggregate ex porta Tor De Otoel year juat expired wore 93f>2 !'4?,14I And our aggregate imports..,. 360,880,141 Giving a balance on the credit ?tde fir 1866-7 ^ ^ Our foreign trade for the flsetl fear nex, preoedng too laat, presented toeae tlgoru:? Aggregate exporla Tor 1866-8 Do. Imports do 314.63H94.. Rlvlcg a balance "n the credit aide of $12 386,976 Here is vnma facit a very favorable uhlblt or our foreign business. An analysis or toe Bgursa, hotrsvsr, sincere a much more unairand condition of thlngf than presents tteeir at first sight. Is 1866-to car ?l?rWlos. of forslgn and domestic spstle were $46,745,486, all other extorts being $281,210.418, toe ratio of.poole to other ax ports being rather more thaa one seventh. In 1H66 however, the Ureal rear ,iust expired, oor aggregate specie exports wars $87,539,116; and of all other exports, $296,400,427; the specie exportation! being about one fourth o toe other exports. Now sixty odd millions of dollars in one year Is aptro dlslous drain cf specie from oor oonatry; and the effect of the drain, which Is grtnter then oor rooelpte ft on OnU forntn, wul appear the more fbrotbly from the following facts Oar surrogate agricultural and saaanfaomrtng wealth in 'fi^^-ttmatod at $1,000,OOP,W. and toe apeoU la toe eoaurtry was supposed to be glOO.OOO.COfT; to ether wards, tbsre was one dollar of ?i rcta t> ovary ton dollars of agricultural and niaaulbotu rwg wealth la 1880 theee two deeartments of our wealth were estimated aa amounting to ?^ COC.OOO.fOO. specie bad reaofead an aggregate of from $180,000,000 to $.00 too MO; there being (till e dollar of specie to every lea or Bftoen dollar* of theae I *o leading clcre or waallh. Bat In 1886 (last year) It la eitlmated that there two de partmente of our wealth bad reached $.7,000,000,000 while oor coin In paeeeseioii oonld not have amounted to more than $260, C0C/00 or $300,000,000; there bet eg only one do.lnr of specie t? every ninety dollars of theee two classes of wealth During this time, or rather from 1814 to 18*6, our Importations were to extravagant> qutre the sending nbrsad of no leas toaa $26.,OCO.OOO of ?rec?e, or as large an amount in twalva years as we eow have la toe country. . An anomalous toflattoa of land prtcee m the west, Where land, according to toe laws of at pply and demand, ocgbt to se'l for n eoeg, so unnatural imlaUoo ?r all prioee, n' iw < an enormous sad growing disproportion of values to ireete m Hie ooonlry; end universal habile of eit'Sveeanoe In drees snd manucr of life, exciting etupaw drue Importatt ne of roretge Inxorlee end gewgnwa, aud rx iulrlng ex, ortatloee or trty sixty and ecvealy millions of specie per enaum out of etocka greatly landS'i'iato to ?hi bDilDdU wtjitti of tht cjunir??4het? prim? leading onuses of the dlsordrra whloh are spreading bank ruptcv, ruin and dismay over toe whole feo# of the Nortn Ml# WmI We sbeil not be able to oeeepe toe preeenre la Virginia end ill* fonth; tor our hanking s?stem is a p?rt of ooe great eyelem having Ha omUi in New York, and no por Hon cf ibe system can escape tie share of the shook that makAi th? cco 'ri f|oaka Oar ie!?tc?o trade, for lofftaeoe, which Ibti btnklnf ?yi tern bee centered In New Yors, Is already feel ng with a veoiuanr* the preseure which Is ragtag In New York. Tobaoco of the qua Ity which tea days ego eold ln K on m< nd lor $18, $17 snd $30. sold yeetordsy for 810, $li aid $'?, aid the market railing Why this snddeo no 1 disaeTcue tomblef Because the New York boueee will not coma under lurtoer eocnvtanrea. some failing to pay thtlr ao-epunree now maturing, thus redely Interrupting Ibe eoirte cf trade, and ehnnking toe wheels of opera trra on credit here, wbote l.reeto ef Ufa are Noethare ?roentanore The same slat" of to legs exist! also Is toe wheat arid dour market that exists la toe tohaooo market oi Rlfibm^od lb? e?4 is not jit. Thli laddw "lW ptlW muet bring dowe to the ground the large class of osera lors who have been work og on credit and who here been flyirg xttoe betwnaa Kicbmond and New V orb at so I alien; a rete daring all toe late heyday of speculation and mouny plethora. TOE PRESSURE IN EUROPE. (IflCTI OF THB AMMIOA* FINANCIAL 0NI8I$ IN BNOLSND If row the 1 iBdon Ttmna fOlty Artlnle) Nap* 10 | The last intelligence from New York suggests some onrtcue coos.dr rations regarding toe ooadltloae on which Kngtsb capital la laveetod la America TfcBBwmnmBiof American eecerttlea held here ran merely be oonjnoi red Tve ycara back it wan thought u be ?snW?>. end if way *m> I" "V <S80u OOij.OCO) I' BUI the appnACh of toe Hueaian wnr they almost all paid large and regular dlvWneda. but the nbiltiy of toe various railway and otonr oompaatnii to raise r'teh monny as It was wealed <o eeoon <^rd fourth mart gages la London. having V**1*?! * chnrk, there ben siaoe bean a ooMtoal down ward tendency, until pnrhapn two UHrdn of ton weaker sort have gooe Into comparative Insolvency Fern time, when distribution* oould no longer he msde fYom capital, toe device wee hit upna or paying what nra oallnd ?crip dividaads, and aa these eont nothing tony ware al ways ra e Mbnral seals The aooouata usually ehownl to the shareboldere that there waa a proOt of about 10 per cant, but nnfortcuatelv toe oeeb belenoe bed loya^ably bees absorbed through some temporary and ?***? rim.ipstanore The gnu waa therefore banded ever to them la paper, redeemable e year re two hence. The plan, however, eltliough It wan at flrvt tborightto be all rigbt, failed upon repasuion to entlafy lb* hunger of toe part w la teres ted. end probably many of oar own tor m ingham thoorlst* have reset red, from eiprelence tn tote rrepect, the flret blow to their Ideas regarding ton nature end fuacttoae of money. At mat, to a nest bar of Inntaioe*, eipreura baname "MFCte able, examples of deoeplou, rreud and repudiation abounded rm nil etdne, and prtore evan of toe toad tag undertaking* went to e point whloh showed tool la toe minds of the public, year* or economy and good manage meat would be requisite to restore nay of to am to a MM poetitoa. Thus far toe result bad, pe-hape, been UN * other then might have been expected I. waa the old ttor> of the Ihat* loans ore* aga'n Any VmiraWr men 6rr of Otrnijrcm re Amcmklv remWlp revr to England ha* eufy to m'tkr a drewfid laryt rrtcigA, an* 6* owl* f* all V twseicd He would g> to * lealing troomnasar, glrea heavy cedar to' ralle, pay about 30 or 48 par oaat shore their vols*, and trial to tote gentlesren f. r too dieporei, through brokere end other* tempted by a noble per rentage, of such amount Of alooke and bonds e? might be deemed esproprlete for toe moment. The next sad each euoeoedlog year toe prneare might or coure* be repeated, eiroe the proeparlty of the ra'? aires y constructed rendaroi etienelone of ell kioda led let eteable. But u w at to have been eu spread tost ei perleure dearly purchased would at loegth have gee* rated some prudence Apparently, however, our people err 'acureble The laat railway concern that ha* hrokon down li Ibe Michigan Southern, and tt la end tset onlr e rcw iroetbe bavs etoowd race (V r<m4tn! pal* a nuiJ to f?r F'rolt-A ihfiTfhnl i -i, an t indue* then vruider >?, rTired%'i? remmtfewn's "ti 1, ina ences at Mi a kind ere a* n tblrg eoiotar-d ? to the whotrealr aputhy evbibltnl fereedltoe sa it may sect*. <ntt tight} miiii w rem- **<f A men **> ttcw i itf at' f'ft to fa*- 'Vir cAanc wi/ArrJ to? ?r>i,l-v.? em i> too re frereiiif; an /thing a*tnd then, txyt fr ?>n (V man-, v parti/i the re'I eey eo npauire laiu* rop.<rta only occv a year, naual'y of t m moat yegue ieicn|Uon, aad do aoooents or what puM ol their meetlogs i raosplre. Kvsry thing la taken for granted, * nd each lodl vrt uai iCughsh bolder imidm lb* Dome other bolder, by whom. par heps, be was first lee Imo We investment, keeps oerefel wetoh. And while tils total mbienoe or orgaolstUoa pre Telle la England, there It actually a powi rrul combination on the other aide for ike avowed purpose oT bringing aU

the pi iBCipai undertakings to ruin. UaMke those oT any other ooantry, the majoritv or the lending ipocolalora of New Yo?k are devoted to the tatk or depredating the na Uoaal or edit Whether thia artaee from lu extent to which American liabilities are held by foreigners need not be dlaeoased A large bad; or active perrons are kaown to bo aeaoctated tor the purpose; they influence the preee to work oat their vtewa, and are alleged, not merely to operate wl h a join; capital, but to hold regular meeting*, and permanently to retain legal adrt erra, wboee ch ef veoalion It may be aesumed la W dlioovar polnu that may enable the validity of each kind of aeourby to be railed in question, anl thua to create univerial dutrart They are awo aald to auccaed tn a vast number or loatancer la getting heir own enreetaroe into the control of companies, oelenelbly tapper-lug or op posing tbtm aa may be?i snlt thotr lectins In each partlaular oaio. Kerb new revelation c* fraud la balled aa atria a )h, and inch dlrooten and snared oldors as may abow a dlxpo eltlon to take advantage or ticbnioaMiee to defeat all equitable clatmi, ln?te.d of btln* hooted fro a the Ex change, find n circle of admirer*. Of oourae thia atata of things would end, or be great! ? ttlgated, If the atook and bt noholdera were toexompe .giianoa. In moat Instance* tbe prootedlngs are so nolo -.- rt acd the laxity of manage ment 10 complete and long onntir ued that Eogllen In restore, If tboy bad aty rational agent on Uie spot, conld not fall to be warned But there la no Lend jo Committee ef American stockholders, and. apparently, no possibility ?' fotmlog one. Yet something should be done, irpossible, to remedy the ertl. Same person will say the best remedy would be found by an avotdanoe of American Investments alvogetber; but thia, although It seems likely enough to bo b?ought about unless tbe res pecUble po'tton of the American meroantllo community can contrive to Influence public opinion, la nit a reault that any one anxious for tne advancement of the boat tn tereats of both countries wouid wish to see take place No Bold for the employment of capital la superior to that of the 1'nlted sta'ea, as a the sympathies of business begot a universal disposition here to seek It and trust to It. Un der such circumstances it U deplorable tbat owing to a want of oonsertcu action among tho honest portions of tbe two a detraved minority should command all tho channels of enterprise, and render oonldenoe tm possible. |From the I-onira "erald (City Arttclo), Sept. II, ] The recent natkfM of the Ohio Life Insurance and trust Company, aril tho duorganlted position of the finacoea or the Michigan Southern Kal road, have exulted considers ble attention In the louden nrtney market Altbmgh these events arc only a 'apclttlou or what has before oc curred In oonnccdon with a .norlea:, seen Itios, the Kigllsh public, It ta fesred, will be revero lull'orers througa ih.i depreciation which has just tekon placo. Tbe violent panic wblob accompanied this frcsb revelattou of fraud and disaster haa, tt appears, been stimulated by an organised band or specul.iora whore movements aro regulated in acorn dance with the views they may entertain of the posi tion or certain properties. Directing tbetr best energise to decry and rendtr unpopular tho Issued aocurlitc*, thoy ob tain a comrkte maetory over questions, and If the company be tn a wetk or unneaithy csedition, tho result ta absolute annihilation, or a heavy fall to general market va'uo. Such la ihc statement couialnad In aorne of the latest American papers as accounting for the progressive dscltno, and tt haa elicited tbe auggostlcn that, const luring toe largo amount of Kug'.lah property at atake In these nnderiaklaga. It wonld be well If a committee In London were formed and an agent appointed In New York to 01 operate wl h ibe more lniluenllal bankers and capitalists or that State to devlae measures for protection, (his reoonameuJatlor deaervea cooslu'eratlon, and little delay should be allowed to occur In maturing arrangements whb'h woulJ give It efleot, tbe Interosta Idvntltlrd with a capital of 1180,000,0<>0 or ?100,000,000 deserving to bo vigilantly guarded; but It will, at the S'tna time, be requisite to cau'.lon th? pub lie against ; lur . g tco much conJdcice In future lu Atne rtcan securities, tbe attraction of six add sovon i>er oeni being ItUle compared to the risk Incrrrod by u ilmate csprtclatirn 77terepudiatum <f <tat<- stocki yari nnce, the later Uncover]/ of the Schuyler f ravJt and the immeJi ate recutrenre of timilar diaitert, thould prove am ple vaiming to thou cliip'sed to maU mveitmentt on the other tide <f Uu AUatUx- Liiarmuous as tbe resources of tho ooantry may bu a obcck ought to be given to the etllox of money which la thra dishonestly dealt with, and made the medians of derrloptag acknowledged rlobea without a proportional letaru ef the n tbnorluer large amounts of Kngitrh wealth ba\e already been secrl floed tn promctlng tba construction of American railways, the opening of Its coal and mineral deposits, and conae qcently much aa it may be lcairsd to cultivate friendly re lations vlth the United Stales, tho tnoreaMof financial depletion In this respect should be avoided. The ob.ect of the Kngl'sb boldera of American securities most, after soxions dniiberailon, certainly be to realize at the m at advantageous period the remaining portion of their pro perty, and not under any clri jinstance* attempt by naw Inveatmenls to Improve their condition. Bettor far, If a saortOaa ta to be made, tbat boma and colonial undartak lagatboald have the advantage of the outlay, than any fresh rapptira of Fng'ish c. pit*, should be sank in A mart oan Industrial aaterprlss 1 [From the london Neva (d?y article), Hept 10 ] Illftno ? Central Railroad tbarae were firmer to day, the lale eerere fell having leu to aoine inquiry. The prloe may be qnoted 3 to 8 prem. Moot other American railroad ?ecnrttlee remelo doll. |From the lemdoe Neve (olt* artlo"), Sept 11.] The American edvloee mention tbet ell the direct-, re of the Michigan Southern Railroad Company here te3>lared their reetgeeitoa, end e meeting of atockhoidere le eppoleted to be held et Adrian. Michigan, on the 'iftth or September to elect thirteen director* A oommutco of ?tockboldere, men of good deeding, bee alto been appoint ed to eiamtae Into the lUbllltlee end reaourcm of In* con pony. lilt note Centre] Railrred iharoe ahiwod toaloocy towerd* rroorrry to dey, e'eetrg et 3 ; to 8H premlcm. The poeitioo of the market f>r Ai itrloan eeotui Mle lima not ced by Kern I) Itcll, Son ft Co , of London During tbo put week the actual !*en8*3'taoa bo.h In Amerlonn i-'tate and railroad eecurltlee bare <>oen few end nii'.mporiect, end prlcce atlll ooni'.nne for the moet pert romlrel ? I'eited State* t per oentr, 1887-18>'.8 101 e 116 Do 0 pr> cent, brade, 1I6S 1C4 e 10O Alebeire ft rer oert bond*, 7S e ? Marj land ft par oeat etr.|i>onda hi a 00 Maeanehnafte 6 per oeata sterr-g bde.. .. , 100 e ? Mlerltilppi fl I er ot HI ftk tmnde, 1H41-'71. 40 n 43 Do I per sent Union Oenk 30 a til 1'ooraj Irani* ft per cent aterllng, 74 a 7ft Henaeylvania r> per nent bonde, 1877 7* a 80 Virginia 11 per cent bond*, lMti ho e Hi Virginia 6 pet oenteterllpg, 1RHH 81 a 8>1 Bo*ton p?r cent t erHng binds >0 a 0i New Orlearefl per oral ftock, 1858 74 a 78 III note Lestril 7 per cent, 187ft ni e Sft Mlacle < eat-el 7 rer cent, !87? 88 a 88 Illlnola Casual 7 per cent, (free and*,) lftbO 'ft a 10') Do. eheree, $30 paid, p-eVum IJe* Michigan Casual 8 per or at, 1889 88 a 88 New Yorkfratral 7 per neat convertible,from Jaeelft, 1867 ft?. 1884 ?1 I M New York Centralper rt,, not conr , 1883.. HO a HI N Y aad Erie 7 per ornt, 3d mortgiK*, 1883. "ft a 77 Do. 80. 7 per ceat.oaeertloio, 1?83 . 08 a eft Da. to. 7 per ornt, ttoSlnr fund, 1876. 73 a 76 rtDaarlTaalaOatrel 8 percent, lot morige;", Ooare-Ubl* till 1860, IHftO 86 0 17 LATB8T rlMAKCtgL FKACDfl IN FWOt.ANB. [IW the Ixiadon \ ir*rtt??r, Pipa 11 ( la the ooarae of a day or two th? town, end the oonnUy ?a well, will be suwtlad by the intelligence?aa yet kaowa oalyloa few?that e wen known fu. 7 baa quilted England, or la at loart preenmed to have done eo, leering behind him debte tithe 1an.1l of about 1..40 .000, ($750.. 0(0,) lacladlng Ibrgerlre oa a gigantic eoaie We beer mat one of the j tint I lock beaka ?111 be e aerlmie ealferer by tbeee forgeri< e But pert-em the taoet ertruordioary part of all le, that be deifeqcan. tv oommiUi.'a forgery on ble own aaerrled daegbier to the riteol of ?7,000 Uke the whole clam r fen mloe.e oa a groat male to which the party betoage, 6* kept e magD'Ooeot country bouee, ead 11 rod la aoinptueee etrle (Ka the London Heron, ttrpt 11 1 lafnraia.loa baa trsaeplicd of the 8'gbt of e enllnttnr named Dean, who, It '.a alleged, hue ot untitled forgertee to a oraalJerable eiun*. An anaoual ranging from ?1(0 000 to ?1110 000 baa brea meattoaed, ba th ? total la bettered to he eaaggerated The debt due le the I/iodoa end it retc initrr Rank li not mere than ? 1 000. iboogb I: hat been dtaeorered that the aecur'tlee aro'rregular. I From the I/indnn Newe | DrterttTO oftioert arc fe pcrault of h'.m, aa he la chare<Ml with ireod aad forgery We beitere, however, tbet the total amount el b;a flab! ill lee, at lar ae can be aa rortateed. dote got eneeed above ?36.000 that the circle of eu.lrtere ecaroely etoeede hail a doren peraiai. oblaily hie owe relatione and leitn. diet.- otteau. aa-i (hat th? loa la which the bank referred to la latoreeted, le nade* ?3/10, and may be j-arttaiiy oererad by other eecn rttlea. LOWPON WINkT MARKRr. FhipaT F'Briru, Sept II ? The tenia continue to exhi bit creat dm.nee*, aad there bas not been a etagle fee tuatton throughout the 'lav. Ooatntg were quote I at <0ig to '{ fer money, and ? ?, in y for the ltta o< Dcto'icr laoia etock left nil at 310 to 313; ladle boada, Ala to 17* dieooanl Money waeia ralr inpply oa the Stock Exchange at from 6 lo6H per cent. In the dtanount market and at me Bank there wet a vary fell demand. The > irelgo etock market waa a 1*0 inanimate Guatemala were negotiate! at (ft, Maxima, rer the anrnuai, 31 jk The return Tram the Bank of Kaglaad for the week end lag the ftth of September preaenU the fellow ng raaulla waea e< mi area with the provfeae week ? Public depoella ?7.067,3't Tncretee ?866,030 1 tfier depoelta 0,880,310 Dncreeee . 3t6.1?T Rent.. :,8<M.26l looreaae . 808,1(1 Oa the other etde of the account ? Gn*ereiaeat*ecur!llia.?IO 503,658 n?create .. ? iither aecuritlea 18,361,990 lacreaee ?.itO,'37 Notea uaemployad ... <>,0*1,670 looreaae 8t,780 The amount < f notea la ctreuletioa la ?10,348 640, belag a ( ecreaee or ?77 3.t6; and the atock of bullion la both da penmeele la ?11,4 'l,3?3, abowlng adecreaaeof ??,3i4 wbra compared with the preceding ret ire The amount of the "rent" in the present return la ?6,898 OBI, aad a dividend of el 1 per ami deducted from Una ton would Imv* ?6,000,071. which being above Uie limit of three mHliona usually 11 ted fer the reeerm, It le possible that taia will he the rate at whtoa the aett divi dend wVl be 1 wfered tee refern cf die I'.aak of France thie mints pretest# nnrcrys kleg reatorei. Tna strr-t of bulllin la sow ?i UK 'fO, ?b>> -leg as Innrreae of ?190,000, whisk la Ice than bad been aato'.pafel ..-pec ally at the recent pu (hater hare cm large. The pialtlon cf tae eitab llebmcnt ha* bran etreegtbrnxd by a diminution nf ?f?l foo fe the ifee ia?u?e There hat a'en a >le greaec uf ?'? 40,COO la the Ottcooete, ant of ?038,000 in the deposits of tba pub (to. In the balnnoaa i f tho govern mont aa angmeation baa oeearrad of ?iao,600 la 1*0 ad raaea oa alonka there has baaa ao alteration, and la Ibaaa on railroad aacntHl?a tfea movement baa baaa limited la aa tnoraaaa of ?86.060, Ifea flaal quotations of iba French Tbraa par Oaal* oa Iba Perta Bourse this evening wara COT 80o Tor money bad Mf. 90e. for tba aooooat, showing ao alteration. B. P.BA1.TKRTH W AITk'ri CIRCULAR. Loitooa, Sept II. 18IT. Bnoe oar adrlota of tba 4tb, tba money market naa beea Sale!, bat dall, owing to tba abeenoa of airtota from In la. Oonaela cloio at 9014 a 00>{ for money, and 90\ a 9?X for aooonnt Tba disastrous paalo la Now York turn canted boldari of Amertoen aaonrltlee etr anslety. Tba holders of the eecnr l ie* er New York Central, IfloMgan Central, lUiaol- Can ral, Raadiag, I'euusr lv?ale. Baltimore and Ohio and Ltltlo Miami Hailroana bare purchased tbott ?eoorltlee on their irerlta, and at thel? acoooete aro fall and clear the po.ition of all of them la well under* ood The ebeenoo of proper eorounta In tbe Michigan Southern baa destroyed ooufldrone In tbe manage sect, bat not In tbe paeifcon of Ute lino for bailneee Attention bee been called to the pernlel< na effects of tbe ayatem or ?'iluailtg debts " Thte lyttem at one t me prevailed In Raglan I, bnt waa abolished by Parliament, ana so manifest are tbe ertia of tbe ay item In America, that hereafter tbe absence of a floating debt will be a primary condition for fct'iro in vestor* of money In railroad stocks. DBPKBKHlON ON THb PARIS BOOTISB. [CTom tbe Parla Spociateur, Sept. 10 | *?***??*?* Two circumstances may explain the pree?nt tndnitrtat and commercial lnertneia. Ki.wt, It miy be affirmed tbat tbe prodcotlon or tbe ooun"y having been unusually itlmnlated during the lait two yoars, and p?rHcu>arly In 1865, under tbe Influence of Ibe I nlverial Kxhlbltloa, a very natnrel reaction baa declared Itself, aud that tho movement In now objectionably slow, becauae It waa loo rapid previously. In the next plaoe, It may be declared tbat It la not always at tbo ontiet thai are frit the er la wbtch aro destine* In tbe end to produce mod e11 oat. Than, wo borrowed 1,600 millions In 1866 snl 186A for tbe war; wc expenoed daring ho saute peiiol nearly 1,000 millions In works of pnblln utility , In addition, wo sent large seme to foreign countries for corn; and yet Ute d Otoe I tie ? watch were to bo wrestled with daring that period wero scarcely perceptible. It la now al lowable to believe Ibat If the harden was as light la 1866 and 1866, the reason was that It waa *o be beavier durlng tbo yc trs wblcb were to filiow. Hodette*. like governments, have tbe facultv of anticipating on tbe fu turf in matters of credit. We have somewhat abused that faculty, and we now pay the penaltt of oar having done so. Tba year 1867 liquidates antert .r engagement*, red perhaps expia ee some aota of rashnonv. 8<ch wo conceive to be tbe came of tbe preaenl crista In Industrial and ccmmuiclai matter*. The samo Is not, bowever, the ceeo In what 'dales to the depreciation ct the public fundi, and particularly of Industrial securities Here now c.ctce are added to tbo old onos. Witbout doubt, the de preciation In the funds is also the consequence of tbo rarity of capital, which bos been absorbed aa staled above; bit It artees else from tbe notable Jtml noi-on of receipts, wtiicb is connected wtlh the slackness existing In commercial matteia. These aro not. perhapi, tbe only cause: which have eserclsed their lEflnetiCe In prclucicg the present depreciation. We convolve tho principal cauacs lobe found In tbe dif ferent altitude of the govo. um ini and of public opinion with ree{ ret to Industrial companies, and, above all, ihoei of railways. Tbe government tl'st remodelled the tariff* aid conditions of tbe railway companies, then imposed on them a special tax, snd lastly, insisted on tbo execution of branch line* more or leai exnenalve. As these measures coincided with financial difficulties and toilk the tkxfts uht ch Iks iiynjianis are forced en for tits tturpoie of otitain ing Ike fundi necaiary for ike coniinuolmn of their uynkt, alarm waa ranted, aid men organ to ask raah o.ber If In dustrlal iccurilles were aoi eerloasly mentoeJ in thulr future prospects. No aitenlatimort ahuald be Tell If, undor tbo influence of thuo ere occupations, the aba'as of tbe vest lines have at present fel on so coniiderabiy. All Is orrjolntly responsible in publlr credit, and the weight with which railway shares are leaded alia boars down tho Keats. TBI CREDIT MOBIMKlt OP PARIS. [From tbe I-oudon Tiu ?-*, (City artlclr,) sept. II.[ The private leuera from Paris elate tbat the ruoent dlffl cultlee In oonneotlon with the manage mint of thr Credit Mcblller have beea smoothed over. M Krnoet Andre, the director by whom, npon the refusal of his oolleagnes to ac cent his rerlgnattoo, a notarial notlcr of withdrawal had besn Issued, has been Induced to rotarn, while the other rlrectors, who were i n lersitod to be destroue of getting out, have for the present, at all events, abandoned their la tcntlon. Thla result was ts have been expeo'ed, sinoo the auspioee oncer which tho establishment was formed were such ee to forblJ tho u'ca of Its being allowed to brtaic np from any Internal dlasen sious tbat would admit of being Uealel by su perior Influences. Tbe flLanclal world may also beoen gratulated on tbo tarn the affair has taken. It waa oa publlo grounds only that tbe Institution was to be viewed with disfavor; snd now that ike ryes of all verionimusl have been pen,,J to the unround character i,f i't original preUnrions, and its dangerous pooitr has ctmstrpu nUy bem dimpaled, there could be no o nor feeing than one of re gret at wnaearlng say individual dlaaateia ibit might attend tie change of ooadtttow. The nope moat be that It wlU gradually bring Its shareholders te be ooateat srlth oem pa rail rely bumble dtvtdoade, and that, instead of aa. pirleg t# rrguiats and moaopsi'M the enterprise of tbe empire, II will recognise that no extraordinary galea can be noDllBiiunelr made wlUonl extraordinary gamblfrg, end that It had belter acnept Ute opportunity or quietly conduc Ing Its effalrs oa the safe old principle* current be lore bnalu of Credit Mobilter wore ever beard of. ?panltli Troop* at l(?ir*BUiM. Tbe bark, Capt Kara, arrirod at this port Trom Havana, while on her way to Cadit, Spain, having pit in In distress, laden with acgar, terari, ram and moiaaaca. Tbe A had oe boud ICS Bp.tal?h anIdlers, who were a part of 1 ,TOO lint ont by the Spanish government to Ha vana to aid in quelllag any till battering demouatralloa that might ? peer in that qua ler Of tbeee aevoalaea hundred, one iboniand *e?< carried off by tbo yellow fercr at Havana On Thursday, while abe 'a.- a. the Quarantine Anchorage, ooe nai on oonta wan anopjsod to have yellow fever. Tbe doctor vetted bin an 1 found it to be ooly general debility. Tbe veaeel will diech.rgo bar oargo at wuaraatlne rn Monday aad proceed to tro 0117 to ret air lbe aoldlara will go athora at tbo Mnrlae H rapt tal, air aad cleanic uri? k Armenia, aad ha given in caa/ge of tba Spaniah Wacvul. a bo, It la understood, baa , revi led aecoicmrnation* ft r them It Brooklyn. Tbo aoidljri are on tbclr way home No other caeo of *l"kne*a an ap. ear ad among the trnoi* on hoard the veaat.1, eitept tbo oaia oiled. The Jtirulia wan very much ataltrrad by the aiorm; brr aelli ware rent ami rigging oert ally goo-i, and all banda congratulated Urmaelrai on their narrow itoa,ic from shipwreck. Important Hussion Moxailtfl. Tbe Kiaiiae g imminent bare locldtd tba*. the 'Aorman language shall ba bo longer taught le Pie J uhli| reboot at Irkouuk, bit aliall ?o replanod by the Kag< ah angoage. wtlnh. ladee', 1 n/ui nn) tUt trade ttiiA America, m more r-ymititi in that part -J Noina. It In a curious fret, that the Oat-tit dt X- ftltrUmrp. 10 promulgating that decree, calls the lagliah lang iage ??la lan-rut d?urvsMr " lbe Barltn oorrer|-oo *cot of the ixwd.n Timet, writing tbe Mb last, ?art ? Tbe Kmprror bat htoty eowfl'mcJ a proposal put for ward by lbs K vrd of E 'ucatloa. a> the request >f tbe IS rectory or tbo i.yrnoast ,m u Irkocn , that In fnters Uie toaoblng 01 tbe German laagoagetbere miy be aupemedaa by that of BafMk Thla UMtdrnt hat bono dealt apna In the pi* <14 a pgnnf of a more c-iooir.a;<>ry .ee'lng to ward* England now grow'ng op la bleb flaoee la flat lis bat tne Infereooe la an Incorrect a* ua tup poned fact Ibuugn the laagueree ar Un tame, pa'na, indeed, are taken la specify ifcel It la nM the KogHab, but the American language, which In meant, and in the ukase Its. if the word " Amur loan " it sided In perentbries after the word " KtgUsb, ' end tarn renin proei act or any Inctonaad lovn to the English, but that (Ar inhaHlantt *} Mbrria, f articular lg (Acre m tkt '-an't nftht Awu-r, rtcAgnitt that thtfr future vr -/ftrrity will depend ma t rather an thrir J tali a gt with (At United Stat?S to iht rait, by ait iai of (ha .lapw?>r, (Aim trttk Otrmrmg on (A* kvw, with a it holt orn. ?nenr,/ land I gang 'atumn (Ann In fSrtliemsce of ibln v?rv evident prueject of fatare trndn the government 3 In . iber quart era aim mak'ng great s? etll. ua to all the reniuroe# of that part of lbe em^re. see by r rgaol||Bg ? rtahtila on the rtvnr sod a Heat on the l"aclllc. On the Tor, Tobol, Irtiacb. and Obi, there are already a number or steamers engaged la tbo convey area 0 good* and , aimnren Ou the Amonr, a* yet tbe traffic haa atlli it be davelopad, bat much te evneitcd fr< 11 the treaty that hat lately bans concluded wi* Japan. Miscellaneous Kortlgn Items. Ton I ondon 8 n ef lbe Tib of Mptember any* ?Tbe Avarice* mam Prioress la favorably handicap ted, and car rite what the American papers may art* to lbs ma Irary. the auoreM ci the 'atari aad atrip**" would otnae geaeml gra Ideation Ry tb* way, what does the Spirit of iht Timer mean by rtatirg that If the defeat of Pry or ant encroi. bad takao fda* *' York,' they should have re reived It with dtetr iatf" It tbei gone on to state hat the "mac eg (meet of Goodwood Raoea In bnyotd naptcrn." The Icedoa Sun r-t the 7th of September eaye ?Tat* 1'??hi* Irformalloe haa reached Nottingham of the dta ce-tVf la New York of Traierioh Hatter me abaeonding bankrupt oaly a small aam of awney, about CitQ, ? ?? futnd upon hla jertoe A further sum of ?t<X) wst a. err wards obiaiued from him, making ?760. Tbe Carle cirreapoadeal ef the \.mioti .WondMd, writing on Up Mb of September, tag a ? Tee Credit Mobtliar shares it'll coutlan* In bad repute, aad they bar* arw heaa fur ther depreetad by oneaiaerabie aalee rha restgnatlm of aevrral of the director* haa been daated. bat I bare reaein to beiieys bet tbla lam will be oltieally aanuinood, and that a tboroegh lavattigatlow of Its aiTalr* will be mad*. The I ledm OUM erthe tthiert, renarkr?Wear* tot awe>ctbatM Anguete 'hurarysaen a awortatlun with Trer ;h and kngltsh rwrttalHte wat Htr'ted to "railway" biiairea*. 00 the oontrary, wa are taclleed to doebt wbe tberthe ea Hons watch w# have fram Dm* to time put forth have been siifhcrntly serepted hy some pemoo* In onr ( wnctly; ned we look wtth sanely for any eiplena llona which may be given by tbe sponsor! of the SooiAlA da Crei't Mohiiter in Partn. Tbe ten doe '.'ltd* of 7th of hertcmber tavt?Tbtl the maiortty of all parlies la tee I'sited States look upon Utah at a plague spot which should be wiped *w*y we ham no the least lornt, lhat Mr M ichsnvo le aationa to make the ktw of the federattna ree -athtd aad observed In Brlgham Vccna 1 dcot'at na we btve no iraiou to dltbe'lewe The iveeident, howerer, has shown a dlapoaitlon te tuppnws tne Mormon aiomitnt a to ft- an It cut be rox hed with the sabre and bayonet I t we <1 a oat on w better this will be drae ore ae polygamy, In us tarkcat oo)o-s, U a "domestic Inatltetioa ' la the Mormru 1 r' i.r but he muse the Mormon chief* have dr ed ?> . ? ?r ef tbo fri'erstion, ma'sactrd and iporcd lis oJt ?? * act up a lotm of govtrnmeat which ? not repun in iu view Been moil. Trial off M V. UuunaUjr br Um ?* Albtrt K. Hoh*-1 lie Summing Up of Uw ?vMwcb COL'AT OV OTD AMD T1UMINIB. Fun ou>, Sept. 14, 18 AT. SISTH DAT? ArmtNOOM HWKIOH. Tte Court resumed lie ilttlDf el 2 o'clock. The court room ?m densely crowded with tidies, many of whom bad oomeodtelanoe or thirty ml lee to near the addressee or the counac 1 eupp d In the ease, boring the summing op of the District Attorney Donnelly retained his seual equanimity, and betrayed no symptoms or rear as to the final reau I or the irlal. Mr J'el Parker, District Attorney oT Munmouth county, oompted the attention of U?e oonrt and Jury for nearly three boor* He argued that the desire or Donnelly to ? nceal his ran Its waa the m-Ure for t^oemmlsatoeor the murder; that the murder was committed solely with a view to olrar bimseir er the oharge of embemalemaat that w< old bare been made eyslwt him by Mr. Bothelo, the Hranlib gettleman The Webster care was, In hln opinion, last such n one en the Jury had todeelfle upon. In referring to the evidence he .aid that ibe circumstantial evidence alor e wa? ir indent to ewvlol the prisoner. But when the dytrg derlsra"ons or Mores were taken Into consideration, there oeold not be a mora oonolnslve ease or gnllt estab lished by any p'orecntton. Mr Parker then referred to the characters of Donnelly, Moses and Moses' mother. An attempt, be s?ld, had b en made to oast dhoredtt upon the mother or tho decease>, hnt tt had utterly failed. The de ceased's character war also unspotted, n ;withstanding tho tnatm attonr of the sentleman who opened the ease fbr the defence. Tbclr characters world ocroparo rery favorably with that of the prisoner, sad the tatter's enly misfortune was that bta character waa not as good as those whom bo rongbt to assail As to the aantly of Hoges ne was sure there could be no donbt All the wlire*f<s agreed thai ho was perfectly rational, even up to the last moment. He then warned tho jury nut to evtaf ? any iympaiby fir either aide They were obliged to do their duty aecordtng to law, without syvpathy for the rrtsoner or deceased, or the relailvei of either, lo ronslueton, Mr. Parker paid New York physicians, and Coroner Ocnnery espf tally, a left-handed oompllment. Tbetbetry of Dr. Connury relative to delirium tremene being predoced by Irst of blood, was all created In the fer tile iV- igtustlon of the witness. Dr Van Bureo, who waa a physician or eminence, said that loas or blood would prcdut'u rothlng more than more falotness and trial sua ?BStrn nr the mental facniuos. yet I" Connery would have term hi Itove qctto the oppoilte. Waa Albert H. Motes murdered by J at. Docnclly '/ was tho sole question for the jury ?o determine, in the present 'sane between the people of the Plate of Now Jersey and the prisoner at tho b*At the conclusion or Mr. Parker's address the Ooert adjourned until 9 o'clock the noil day. rxvni l>AT The Court resumed its session at 1 o'clock to-day. Tho onurtrcom, as un tho previous day, was filled to suflaon l ?A Tow minutes alVr the opening or the Ocurt Mr. Brad ley , counssl for tbs defense, aroso and made a moving ap peal In favor of bis cacai. ttusrsnllnc HUamtug Ssl/.cil for hmoggllng. the Quarantine steaming, Robert 0. Smith, for some months rast engaged tugg'ng vessels at Quarantine, was so zed st soon on Friday, (yesterday,) by tbs Custom Houao oUioers slnllooed at Quarantine, ftor having, as ts al leged, broognt sway n lot of segars from the Mary Alice from Havana, now lying at tho lower anohorage. II li siid that as many Havana segars as oouM be sy'wnd In the wa'er ossks wore taken from tho vcaael The Oom mtsstoners or Health last sprier pasted s rer?lnUon to employ slug Tor the use or the Health Officer, which would also n .vetbe privilege of doing lugging oa her own aocount st VI araotlno I'utll about three weeks ago this tug was in charge of Peter W. Roll, Oeorge W. Daley and another parson. At the preienl time Ron was engaged In some other caoacl'y on boar 1, and when the vessel wan rtlzed ibe naa understood to be under tho command of WaMtr 8holi*,a pilot. These two men wore ttfenup J? thf Custom House on the nr rival of the log at Whitehall, at 3 o'clock, and poll* oilloert Washington Rysr and uuecney, stall: net! on buard of bar In charge. The erew, or rour er five men, seemed to know aovhlng oftho The smrggllo,: ts said to have cooorrad oa Thursday. The Robert C 8ii.ll* has been s privileged craft s? Quaran tine during the summer, but her former Quarantine offi cers and hau ls dtei lalm any suoo nefarious practises as smnggllng. The " I*lla" White Defalcation Caee. EXAMINATION MIOKB JCBTIOB J AM BP M. FLAK DhKAD, BTO., rro. The oroas okamlnation of Mr. Jamas H. the vena, the brcker at whose Instaace "PUn" Whtte was lately at rested on charge or defrauding htm and others out or $47,000, was issumod yesterday afternoon U> tbn private office of JiiUce Haudreau, at the JoQerwrn Market 1'olios Court. Hon Levi 8. Cbatfield appeared la bahair of the plain tiffs. nnd #s Judge Whiting and Hoo. Psrlsh^lark Tor ?M'lln" Wh te, the latter oonductlsg the evldenoe. Mr thereof, upon being oalled la the aland, sald My brother's name Is Henry X- Slovene, he resides la New York otty , be ts yonager than myself; be Igfl for gurope two weeks stsoe; I have Hved la New York ttno or ten years; my brother bis not bees hare quite so km f; we are In partnerslp In the brokerage buiLuees, wa have be-o lo that buiiooss erme three years or more; I was formerly sogsged la the dry goods trade; mr brotner was In CtHfornla some rour years ago, engaged In vsrlous pursuits, staoc bis return we have beee la bust revs tetether; we vtailed near the Bull's Head Bask, and pnmo two yrars ago removed lo our preaeat oelabilsbmeni, No 60 Chambars etruM; I Oral beoame aoqoatate I with ??! Its" White about coo year ago, but ksav blm prevtoee to that lime as one of our customers; he usel to sail us uncurrent n.oecy lr? or three times each we-k, wtloh was Irdord, Ibe only bostiess I did w in him; fonoe hrar'd of n Mr. Wbue caving some eooneotloc with, a ecrlaln g Id duet Opesndon. bol It was only reoently that I lc??p?d it wai "PI o" W nits; 1 oannut say who It was thai Informed me I have Inquire* of my customers la rela t?<n to the slanting of nr. While, bow mnch be wis worth, acJ what kisd of s man be was It ellber Aoguil or Hf'iAombar, 1156, tbai I roife lie'dries tbey were wade befora Mr. White appllod for in. first loan; our llr-u bad loaned Mr. W hue ??oey be fore Ncvvmoer, 1*51, mentioned In the complaint; we liavo made blm luats In sums of mcme' varying from fiUO to ?3t0 I think lb firs'. ?>l tnene small loans woe aboot the flntcf At gust, i'-bd one John D. BooM name lo net effioo and ipoke something lu rcAttos to "Pits" Wslts, be teld me the cashier cf ihe Importers' and Traders Bank had iclI Mm I caonot tall tiacUf what time IS was In Novem ber that ibe (Let i- to spoksn cf 10 be ooeipiUnt wns mads; 1 oor sd ttlt t*e sipouni of lb# first loas. we have toe rbcfSs lo enr pos* esslon thsl were then given to 'Plln W!u the rcqnsst of Mr dark the eknnlonltan was tdjonrn ei Mil neit fuesdsy, at 3 P. M. Pence ton van linn. A large nau l>or of dt I.'galea from the rartoaa Maaonhj lodgee of thto ell/ working under ihe ilraad lodge of Jia HUle of New York, of which |h? Moot Worahlpfal Jo ha 0. Uwla to Uracil Montcr, who or* la raror of heellag tha tSkreaeen aiding boiwaia tfce carious ell/ oad ooaatry lodge*, wrrk ng under thd jar'alloUoa Haaa 1MB oad 1S*9, aaa?mhl?<l at Odd Keilowa' liall loot erenmg, la ooaa ? ptlon** with the following call, loaned to aacb lodg* ?f the jurisdiction ta the cit| Vaw Torn*, Aeoi /. IW7. To tub W. M Wtnrtu <to tear kbh or thi? too*.* ? An adjourned nrclagM the Moaunic Pen.-* noawrui m irill be iie.d oa l rday crenlag, ib* XVb laaiaat. at ? o'tkirk, w ibe brand ldfctge room, Oda fellows' HoU. to h?wr the rep-wi >4 'be ? amtniueeon *<di*as and atland to *u* otber boater ?* no no* tend In oemrnt the fr eternity la to one bormonkme b?nd ihmugnut 'be b'O'a. Tbt* Hp I* eorseeitr eolirtte I to ret repreerntolirre All B tote* Mm?l* ia fool candlrg are rrtpwtiuili tartud to b* prr*ent. i rwemoLr. VI hut AM U I' A .< n V. Clhrain ? o*t. Aarrr Jr J it. t.? tin* fTpawtoa >"T'teurna The meeting wea orgoai 'ad with Wirohlpf* Brother Wn. (.time/ la the ehoir oad itroa. Roht Beat/oad Cha* ? Ne*ton oa tecretatlaa. The flret boalaaaa ooJIod up waa tha report of ih* oommlUee, appointed ot a pre rlcua meetlrg, to draft oa oddrae* to iha members of tLe jurltot rtion throughout the Stole la rwlattoa to the ending d'Bcsll'ee, olth Inatrostloen to prepare o geoerai Boa or ? alee between the two Oraad Itodgea, purporting work ua<ler iheji rladleuon of the Uraad I odge of the male of Mew York, known an tha Inwta ami Warring part/ Tb* noaralttee reported that tha/ had g'ren the tut;eet Uitlr careful attention, oad nftar dan dailbarauoo and ariur.rnt thereoe it had mat with the aaaatotfae apprvral of tha member* ef the oommtttaa the oddtwe* to the M W Hi end do* tern, Word awe oad brother* of iha fraternity tbroagbont the BUI* waa than ma-1 by Brother J omen B Taylor. Tha document la rary length/ bat etiremaly (woaerrahr* la tta tnae, lagiaaiia iia ar gumeata and trithfnl la tta dadaettoaa it red* ea tae poainoa of the Iratoralty at preatal aa eompared with tha ctaaially which prerailed prior to the Aral Jimcuinee In ll'dl, and narrate* lb* rorloua difficulties aad healing* of the ran." which bod tehee plane nbawiaeat to that period, and give* tha data* of the dimoalile*, ltetaioe* aad uniooa which hare tohan place ta (hie Aete. reeprcUraly la INI. 1113, ltj; aad 1**9 II potato oat the ground* from which tor** *chi?m* end dlffldaltto* ori ginated I eat* a that tha brethren belonging to the oiiy were Inclined to nemptaa a anion oifoe porue* at oil ho *Ofda; give* the reaaoa wbieh (tod mo*ed litem to attempt to bring about the rtciman lotion fnr ? <wn?t*oa of pra jadloea oad contention. dcnlen that the Unnwaikm bad oay palllleal ar teiflan end* to nerre, or am rlUoa to gra tify, but averred that on the contra-y it ?tmpty b*a ia flaw a with to do Jtutioe to the oanen of Manawio progree*, aad a deitre to pro aote the beat iDtereem of the fraternity at large The oddrree ooncitded by looting ntonntioo to the fact that a large mrjot ity ot lb* lodgaa and craf. la thu Blale are in faror of uni<* nad peaoe. Tha addrnaa aad ba>ia of ?n,on (heretofore rmbliehed) ware received, odoi-ted oad ordereu to be printed la pane thetfwtr tee namber to ba ueoroitoaary with the com mltte* haelng the ***a?r in charga, aad a onpy thereof Unremitted to ran member of the draft Utroughoal tha M'e, working neder the nrtnduaioo Arttr the tmt#e? lloa of nae rirtber naimportaat boat tea* tha toaitattoa adjoeraad, tabyaol to ta* aall af the Prtlldeal *??a -'bull of Prnre, m?* plnoe.! bta M.h>m# ton. tihrm tl*r *ad .Jewitb eubiccta oa a footing af perfe d ei 'ti-v. Prrr-u* of cfthr-rt igtcn will la fuiura be pareui.t . Itr,-a the Stat*.