The New York Herald Newspaper, October 26, 1857, Page 2

uuitt im the rate of dis- Upon the whole, however, the apprehension of bas somewna; subsided Gained groano in thet the bank will pause uatll the on Taoureday. Tomorrow the dividends bie, but, as we have before pointed oul, littic from this source, owing to the magni repayments due at the bank, commencing with Apart from ihe severity of the recent pret 's meallic stock must have been during the las! ten days, for, in addition 0 those {a course of des. * coun mauy i H 4 i Payment must also be made for ig course of collection other band, general and exchanges, conse ‘value of money here. There g ld from tbe bsnk to day, ous medium of remit. i 8 H |. Coupting with this feaiare the jarily high rates now sillowed for Presented yesterday. ‘easares of ihe moment is en Of interest prevail, there is no fool It was announced this morning by telegraph that the Bank of Franoe have raise the rate of discount trom 53¢ to 634 per cont. A movement in the dirootion wat inevi table, and the annsuncemont, therefore, excied ac sur prise hors. The funds opencd this morning with increaved noavi- ness, and ai one period prices showed a reduction of fully one per cent compared wits tue four o’c ock quoittious of yesterday. At this point numerous influenilal purcansers came Dastened to ‘buy beck; a Jide investments were effected; and the aspeo: of ne mar ket exporienced a cecided chauge for the dewer. indigposition 10 ae a buyer of exchequer bills on account of the Sioking fund, for athorgn his purchase was limited to £10,000 (effected at 8s. discount) it wer thoagat that further oj Hons in ine same direoucn may be tn reser+e. A'ter four o’closs, however (at which hour the recognized business may be said to terminate), the fonds gave way again. Od of the features thas chiefly tends to discourage ooer- ‘ators for the rire is the superabundant supply of stock 10 the market, coupled with toe geaoral belier that this sup Ply, wil hereafter be further incressed by « governaent joan [From the London Herald (Oty Article) Ost 14] The disturoance visibie ia tne position of moneary af fairs bas noi diminished, and it is still thoaght ¢nat the Dank may have io adopt farther mearuree of ret tovon. An unsettled fealirg prevailed 1a basinoss circles throcgh Out the day, the increave in the rate of discrant by the Bank of France to 6} per cent, and the intimation of Commercial embarrariments in London and tho pro- yinces baving caused a variety of unfavorabic ramors. ‘There seoms row but litle doads bat th: already been +f on York, the «xpsiation 1s that tre drain wili augment tn scnertty ‘Che fluctuations in public securities were Conustans and extensive, apd were ai one period of tne day as low as Sd, the males of tho spooals- tors baving forced them to tai depreciated point. The intellig<poe from Calousts pros-nted tn the despatches of the ast India Company produced little irficence, and at tention is almost wholy directed to the natare of tse ay Goan from Americs, expected by to-morro#’s packet. Altncagh the bank auiorities, anouid the advioss oe de layed, may tp the meanwhile be compelied to advance tae rave there will be less ‘ear of & continuance of the stria- ey seom mre favoradie The panic symplome e Deen apparent,and which have osen stimulated Ope ators at tne Stock Exopange, are sure not to ex Porrenoe relict while endeavors continue to be made to im press the public with the cotion that = general crisis is at wud. It ts discouraging enough to know that the period of Brenure thr ugh which the trad.ng commnnvy will have pass v2 lik ly 10 be productive of serious effect, without ai- Vempiing so promoie bre views, waich only serve specu ative objecs The revival of the ramor that Joan is about w bo coatracted for the assistance of the Gireot ald, created {ccreased distrust, to aug: ‘ment the « «mand for = The tor ney. Froparasions for the Congal socount, and the severe fall, were ied atiracted some consiieratios, and the jm anounced im the course of the day {a believed to be the precursor of others, tae scitioment betes extremely heavy, and the diferences to be liquidated: represent pg ® more thar ordinary amount. The range ia Suowation has been rather more than 1 per cent, bul a recovery tock pisce, leaving at the <ilictal close litie va riadon youerday. another change, it appoars, then ‘came over Whe colalicns, which again descended nearly balf per cent. The arrivalof Australian gold, althoug! telegraphed ear!y in the day, only alightly aifected the ma. ket, but the im prorement was not lopg maintained. The failure of Mesers. Macdovald « Oo., of Glasgow, was cflictally annoen ed to-day, ties are variously estimated as from £500,000 to £700,000. ‘They are stated to have been the largest with Canes Avtralia bave {nvolved them in difficuliiss, the eaiate, it ts believed, wil exmidit favorable aero, te ‘extenaie cf 90s. tn the pound formed in some quarters is ‘Dot likely to be realized. The suepession of Messra Mon telih & Co , of Glangow, will, i is expected, be attended ‘with serious reeul, Lisdiliies being extensive, aod the arscts comparstiveiy limited. In Doth oases it ie anti clpated tbat several smaller Orme will be comp omised, ae ihe old aystem of sco mmodasion paper has, 1: is assert. ed, Deen extensively resortedw Tae ‘Sootiand wil! bare t0# entire contro! of the tn restigation of the Giatgow ertaes. bat it |) considered that the London ‘rm of Messrs. hecaouald & Co, will be exbmiied to the Process of iuspoosion If it ie noi oventually trausferred Ww Dankrupicy (From the London Nows, Oot 13.) roial crisis bes fallem upon us eomewba\ sudden ated by the monolary pressure exising Aco Yee part Of the Continent, py the extens've disasters | ca, and by the rerious agement of our commer: operaticns consequent on the lodian euilreak We he on every vocasicn 19 point out the ineritad! the various causes in operation to cresie for = rebie period @ striagency ip the money marxet, inenicatec @ cauion which was of the ut mos) coneequence, nojwiibstanding the general sound- wens of commerce. I; ts our duly now to show that, ipereas. sithough vurforeseen circumstences have od we anticipated pressure in & most alarming manner, bare brought aboct ocalsuities more extensive than we could have calculated on or feasied ageinst, the greatest peri! of the preroxt moment ‘aries from the danger of the pu))li ng the trae bearing of the recent measures taken by ine Sank of Bogiand aad by sneir yielding to 8 prnic tpg (be history of past seasous of commercial The failures in America, vy depriving those houses whicd bave large dealings @ith that ooantry cf their ex- peoted remittances, and forcing upon them the necessity Of nevertheless provicing for their other engagomeate, Dave crenied @ great and wudden demand om their parte Lpon the dispoeabie capital of the country. This cemand bas arison, moreover, at keeason of the year when she amount of cnemployed capital ie urcally at te minimom, whee the public ceposite in the Beak of England are ai their largest, and just before the payment of the October dividends has again pat some six muULion® of money inte feireuiation throvgh ie ordinary |) The retarns of tne Bank cf Engiand are now anx- jovaly Jooked for, and {i is from ihese returns, \f properly andermood, ibai the publi: should derive the coofdence ich, more than * else, sill not only mitigate xinting pressure, but will cause it to pass away with the gresieet rapidity and with » mini mount of in- Ten years ago, when ai the period of the oocurred—whiot the very coins! people's minds, tending to present danger—we stood in & We have no longer to dread, as we very dullerent id then, the e‘tlux ef bullion, for since that period a sum ‘variously estimated from 12 40 20 m'itious of gol, hae booa Pel pe" mar ently inte cirouiation in the and forms ‘* imtrerource which was not avaliable in 1817 bank oh fearfal result, rectified iteel! by Saiural movement of money which we shall show to jodieal. On October 2, 1847, the reserve of novos in ark of Kngianc amounted to'£3,400,900, and the amount Of “otbor seoarities’ to £21,260,920, she rate of discount Deing then 6% per cmt. Un Voto rer 8, 1867, the reserve oo was 24,006,080; the “other seca £21,856 848, and ibe reve of discount also 654 per oe 1s must also be borne in mind that of tuese ‘! other secur! ten’ +.1,060,000 is represented by the bonds recently ta oe 6 lime risen Wo eiabi for Cont. A panic hed tet in, for the public, anticipsting un eptire exhasation of ihe reserve, hoarded ie disporabie capital, end cred (or ine time wae auoibilated. The raic of iutorest in the toney Ket consequent on ibis holding back of capital was conor mounly exsggersiod, And unecommrily so, aa sven mmedia ely demonstrated much canvassed, was inecod, avtborizing the bank vo exiend tie ienuse ; Dut it never beoams neverimry io act vpon ft, for im the natural course of eveate ine moves anc builion bagam to flow back to tho batk throes the goverpment deporite, ard within & mcnsh oF the deve above cuoted, the reserve of the bank bad risen from un Oo £4,995,006, am increase Of 48,061.55. @, the end of the ) cart} hed reached £7 ,760,180, amd the rate of Intereet had fallen to Avo per cent. The circumstances atiendiry the paric of 1847 may not 6 familiar to many Of our readers, but all must remem ber the monetary pressures of 1866 and 1856, when or Sotly the game pheto nema coourre?, minus the Intensity of aerm and the cainmition which were evicatiy aterina table In & gree measure to thet cause, The following te bie Will show ibe movements of the bank accounts at we 40 periods referred to.— Reserve of One Rate of Ne Seouriits. — Disconnt. Oe 18, 1868... 54 667,400 518,280,466 83g per cont Gee Li, 1566 41,67) (042,417 The celebrated letor, ao | Gand? perct | mo great Frenomh kan t) be } *0d 9 point to the m NEW YORK HERALD, MONDAY, OCTOBER 26, 1857. Reserwe of _ Other Rye of aes. Bours. Discount. Oct, 27, 1885.... 4,562,660 18,834600 6 and 7 per ot. Nov. 1, 1866.... 9,043.65 19,088,448 6 and 7 per ct. Deo. 1, 1865... 18'888.767 @ and 7 pe- ob. Deo, 6, 1856... 17,889,715 634 per com. Tt will be acen tbat the reserve reaches {ts jo esi paint Just after the pay mont of the dividends, mad that ii ray WF thereases during the next «wo or three weeks from Batural causes, even whon the raie of intere:t remalce very high, and might be suppored to tudiosts tha: tremely active demsnd for mney, amoanting to sure, was going on, Thore is uo doabs da panic existed last year ai this period, tho eonse quence would bave been mcot calamaitocs; bt we trust that both tho publio and the oank bave profit experience cf tbe past. Tuaithe bank bas do 0 we Sesied tlpes tho purport and esol uf whlch ought nos to decided ‘the pur iol be misunderstood.” By its oudaen re of the rate to 7 cent, it effestually checks ton on the part of the bauk to maintata a reserve propor- Wonate to its iiabilities, un'il iu ihe cource of a weeks the six millions of dividend money Mail bare beon disir: buted throogh myriads & channel*, and saail bave be- Come on 26 more at the disposal of the mercanule commu ity. Thal the large failures in America mast of necessity tail heavy losses ou many of our mercaanis and or tbat abe general stave of European duanzo #1) for a considerable pericd a great tightness in market, {t would be folly to forget or to treat 1 casnct, however, see that there is anywing r create slarm as to the power of the Bank of Eagland to maintain ite credit, and tw sesist largely the financial world im bearing thas creseu‘e, or tn the general stare of ‘our commerce to induce « belist that thers are any ele- ments exwting, like the overtrading ef 1847, to render soch osiamiiies #s toen exsued probable, It is not, how- ever, to be wondered at that the occurrencs ef the amsri ‘oan panic in 1887, and our own in 1842, should, by a ein. gular colzoldence of decennial periods, weigh heavily on unrefleciing winds. : THE BFFEOT IN MANCHESTER. {From the Maochester Guardian (Gisy Article) Oot. 14 ] The commeroiai storm, reach\ng us from the United States, (a producing ® serious effect. Instead of goods, money ilows to that q arier where it may be very 4 fitably used in buying up depreciated securities. This, ded to the previous caures of Crain, has led the Bank of England again to raive she rate of inverest; an advame of orp per cent baving beea determined upoa at the mooting of diectors yontercay morning. the increased dificalty of effecting discounts and of obtaining remittances, whion thus aris. s, togeiner with the epnapord risk waisu cannot Dut ensue, would alons restrict the operations cf merch sats This comsequence is, however, aggravated by the heavy siready occasioned 5 met Tere ts no prossure to sell, and with geners! calmness. prices are nomiaally but little ailected. What effect a continued diminution of demand for yarns a. remains to be and manufacturers pile u cost? This is poa:cely conse! then, be the wisest cource for tl Sort wo sbort time at once Ia no ot! plicated difioultio: avd dsagers of the posiion be 4 ally dealt with. The trade baye to vexr tho pressare of & d@emard for money to carry wo the war ia India, and of a curtailed demand for yarns and goods for thai couairy, in addition to the pressure from tne circumstances above Pointed out. ‘The failures in Glasgow, to which sllusion hav been made, are the follow! . and D Maodonaid, very ex- tentive muslin manufactcrers, whose liabilities are va. rlourly sated at £500,000, $600,000, and even gail! higher sum; J. Movietth & Co., oaiico printers, having abilities given ip some letters a! £360,000, and tx others at £600, 000; William Smita, ca'lioo printer, whose del's are not stated, and William Werdiaw & Oo, » , owing, it is eaid, £60,000. In referenge to a rumor of .ne sum owing by J. monteith & Co toa Manotesser frm, wo can sialo, on the best authority, that it is immensely exaggerated. We are giad to say that the failure of G. Pattison & Co., of Glargow, announced to this city by telegraoh, and . Tmes, ‘s sothoritetively contradictet. in Manchester, Hugh Fergosoa, stuff merchau', bas inform- ed nis creditors, by circular, that he ie unable to meet his undertakings, which tomewhai exceed £40,000. This tmonpt will fall chiefly upon Bradford. Mr is suid by the Leeds Mercury ‘to have boom ongaged in epconiative trapsaciions to a considerabie extent ”” A mociing uo the creditors of James and John Beard moe hela to-day at the Clarence dotel, Merrs. Sale, jon and Shipman being the solicitors wo the estate, and Mr, Drewes accountant The debis and liabilides ‘were stated at £61,000, the azsets ai £45 800 = The later ocnsists of stock, £13,000; good debts in |, £800; sma balssce upon consignmenis w foreign markets, £50,000. Creditors were OF represcated ; and & committee wes appointed to investigaic the affairs, and report to an a¢jout meeting next Tocaday. There has also been a meeting cf the creditors of Edmund White- heed, silk manufacturer, at Middieton. He offers 8s. Od. tm the pound, upon £20,000, which the principal credi’ors ave acoepied. Ailleck and M’Kerrow’s accounts are in course of preparation for a ung. TRB PANIC ON ARIS BOURSE. (Oct. 10) Correspondence of London P:st } Iti not remarzaole that a considerable fall bas taken Bourse s Onanciai crisis !n Austria —\be apcertainiy of th the pext Indias news may producs—she raising Price fer discounts in London, Berlin, Amsterd: and elsewhere, together with consequent increasing tightness of the money market ali over tho world, are oa: which found their echo in Paris. To these events must be added the decline in the metallic reserve of Rank of France. Discount acct mmodaticn abows a cons! derabie aug- mentation in Paris, namely, 2356 millions; there is also an tperease in the branch banks, though only to tae exient of ‘234 miliions, With suoh facts before ihem, buyers hold off, and a very large amount of money is ai the present mowen! unemplo) ed. because a foriaer fall ts atic! pated. Boi (or exiernal eveats ihe positi jon must of necesaity be ever (eli ta a cou rance, bas #9 many heavy /iabilitice on Dating im the speculative mania of the day. We mst not expect ary im -rovemeni in French securitios for the pre- arnt. The foliowing table sb0 ws tae devine 02 (ho ween's Lotmons— . Friday. Difference. Name of Quotations. ‘Oct. 9, ~ Minus. c. Rente 3 per cent. . 07 Rente 435 per oent,. 010 effexe of the be BEBScoBccec och ES-S88ceSSS1 Sf (Prom the London News, Ost 14.) ‘Tho retarn just ireued by the of Francs ts chiefly \pteresiing as incicaung tbat the mope'sry dister.esce clng Uhe round of the oontinest tas now extend- reneh market. fhe consequence is seen in ihe rise tm the rate of discount in aris from 63 ty 6M per cent. We believe thai tae drain of gold, whieh bar led, doring the last month, to @ redaction of nearly £900 000 in the bank's metalic stock, did not assume serious propor- Thore can be 00 dou xt that arly the whole has taken piace in Paris, where @ largo simcunt of billa have vsen created and the preoseds remitied to other contisental Sistos in by oe fae cash. Additional evidence tha: euch rn nature of \be operation ia progress is afforded by the fect that the in‘igx of Uille into, and the widhdrawals of gold from the oenr, set | jalan soarly. ‘The feature which exottee chicf earprse in Kaglish fervers is that at the very time when tht) reree mo" Meat was rettiog In—when syaploas of Onanciel sertur- bation were palpably arisirg in several party of Earope, and when ‘everity 0: the American panic was en- fess untve sal ateniion—ihe Council of the Bank of rance § tor { announce their readiness to extend their advances op governmest and railway wourities As & matter of the french journals rikes, Caamorously app: Pp, Ma, at Ores, even imsortuned the bank to lower the rats of at to 6 per cont. Wo, Part, see im this indicadion of the policy of the Dank ® proof thet tn rea) Governer, ‘he Coums D'argout, no longer pre sides over (heir Councils. The rumor tha: tls decision to lent more freely on sourse reouritios wat adopted in co ference to an expreasion of opinion from @ high ysarler, tends to coniirm iho suspicioa generally entertaioed ae to the real motives of that goutioman’s withdrawal from & posi which he had filed with so much credit during more tian o quarter of @ century. True 6) i polly of constenuy egg ng om that moet numerous cats, the spoca- Jative public, invo fresh ventares, the French preas bas eogerly reilorated the aasurance that tie reosmt aa nouncement from the bank furmed oaly ihe com- meascement of a serioe of monsures tending to tno material relict of the overloaded maket fo re the fact that the previous exces of #,eouls be prolonged stegua ion iatoly to the neosastty of cxation nti! the ste of that excess are materially mitigaied, would ao the views of our poraries, or of the le wpecnistors by of them are intpiros sin ore quarter we fee il soriowly aimed i of France proposes to set apart for om jonne on Bourse securities «eum of 160 mi OF six milions steriing. Ai 4 in thin way dose pot @: preciced—in the Wein of facte—for sho Bow Are the eniogies Ianvirhed cm the administration of thy baa for tari enlightene policy t tne dame time 7 k merous inseresia lant year, when tuo |yau theres, afer being large! ton, 19% the subs to madnees for tho existing ciroamstencor, to make sd rancor to snything ike the amonrt named. Indeed, the probability is that the counc!l will be compelled to persevere daring @ lengthened period ia tbe more striegent policy which has just been inaugurated by the rise in the rats of discount to €% per ont The motives which orompted them on former occasions to injuticionsly inerease thelr loant to m Poviators no longer oxisi—i ¢, thors is at present faollinaied.”’ fhe Paris creme may refer with ressoarbie copgratulation to the important ‘which the coantry mow en ys ia the epape of an harvest, but i] — proves bow abeurd was the inference that e ‘cf too Continent, as well as England and America, «6 |a- volved im the apxieties of @ monetary orisis, Fran's 0 preserve ber financial condition undisturbed. At the oor. reepending period of last year, when the value of money + ns likewine rising " , the bullion ta the Bank of France fell to £0,668,700, the return for the single month erding the 9h Ootober, showing tae alarming orease of £2,778,000. It is trae that this sudden perily owing to the d bot it was also {important movement the French Bavk the neoesalty of adopting the most ex- traordinery measures. The expondiwre in premiums on bullion during @ period of two £25,000 months averaged per month, or at ibe rate of £300,000 per annua, and poblio anxiety was eatreme. And hera we would remark imorudent extension of bank’s {ssuos, vesuling tn great part from the large advancos to the Beurse, the requisite measures, ostead of seriously ag- eravating the derargement of the neighboring markets, bey oo have been carried out with comparrtive ease. But im September, 1866, when tne drain of bullion began to grow a rious, the Bank’s advances on government and rail- way securities reache 1 the large sam of £5,830,000, ano the reduction of these required careful management and tii In Ociober the total was sull £6,718 000, but by November, when the crisis ip the money marke; was pretty well over & reducdon to £3,383,000 bad been effecred. and by Decem- ber the bark bad curiailod them to £2,357,000, Warned by experienco, however, the directors etecly persevered {D & restric\lve policy until the middle of March, when the tote] loans stcod at only £1 839,000. If the French press would read tho present financial Ciroumatances of Karoe by the light of experience, they ‘woula see ample ground for preacaing caution. Bat it is & melancholy, though natural, consequence of the gagging system acopied in France, that the pon of the journalist bas, in too mapy instances, fallen from the hands of men Of elevated views and petrictiem inio those of a class hove embiilon seems to be confined to picking up the Crumbs ihat fall from the speculative milliozaire’s table, [Fim the London News, Oot. 14 ] We bave alrcagy polvted oat the circumstances which lead us to believe that, eertousas the existing mcnetary” wee is, teore is no apparent ground for pacic, and jas the nataral course of events will fow deys ma terlally iclieve ine present excessive y of the money market. 4s a natural consequence of the incroase of the bank rste to 7 per oent here, the Bank of France bsg abo raucd ite rate to 636 par cent, ® measare which, it # said, would heave been adopted not te so grest an oxteni, had not the bigher po’ strougly objected to such am act of prad fo face of the recent return of the Bank of France, showing a heavy inorease of bills discoantes, and ® large diminution of the bullion, notwithsinding purcbases which we may esti ite at above two millions, itis GiMoolt to understand on what grounds the back ex tendod the margin of ite loans on stock and shares. I: bave bad reason $0 believe that this concession would be iittle ecied cp, aad it is certain thas the increase of tne advazcts on those sccuritics was bat of trifling amount. It ta, Devertheiess, costain that money has for some time part been its avd leas avundant in France, notwitnstand- ing the excclient accounts recstved of the wine and grain crops in general, The triffic oa the rallwaye has diminieh- €4, and alibough the commercial returns published by the governmeat are, cn ibe whole, very satisfactory, there is upéoubted.y @ state of thiogs oxisiing which causes se rious apxicty. Tt was ove of the weaknosses of Napoloon I., as it has been that of his nenbew, to believe thai by ad minis- \etive action, by edio# and orders in council, pros verly might be waintelned in a country unhamperod by parbamentary bodies or afree press. Ths quotations of ube fun¢s ondor she uncle, and of the Bourse seow ities in general under ibe nephew, were regarded, and are atill Tegarced. as expoueais, not only of the national —— 47, bus of tho individual ekill and popularity of ihe sove- reign. Every measure, therefore, however wise, tending 10 cimipiah the sotivity of Bourse operatioas—those, at least, which are admiited to be legitima e been viewed with disfavor, #s evidentiy tending 'o produce a fall tm quotations. Oa the otber hand, measures of questionable prudence and prepricty have been initiated or witked atby the rujer, when they promised to give at least Sp appearance of revivivg prosperity and soxfidence. The visit of the President of the Oredst Mobilier to Thilms, and the ral!y sn prices which followed tt, were at the least singular coincidences; Dus alisoagh very active measures have been taken oy thoso who are suspmed to be some- what overica sed with shares, the Paris Bourse has only beep gaivan'zed, and the reacticn is pot healthy. So long as ibove aessures told only oa the operations of those who sold what they did aot possess, they were to & oer- tain extent svecesefal, bubs mew eloment hes bees in- troducea Cl Reyesrg — us that bona fide anles are continu! reasing, 48 @ consequence of the general extension of the demand for money. Within the last fw weeks several failures hav: taken place among bankers, and more than orie firm of Jormerly is indibued t» she assistance of the capitalisa ‘commected wath it for extrication from t's most pressing diffi- culties It is impossible t disguise the tac-—France is suffering under re of floaung seoaritics, ing ondertak.ngs otber mopeiary -entres of Ear spe are unl to relieve brr. We look upon France finsncially as eminently ample of “unstablo equilbrium,” and we dread evo’ event which may throw the balance on the wrong side. deprerate it rot oniy from the inevitadie reaction which | would ceusein cther of Europe, but from the chook that ‘would be given to the rapicly \acreasing prosperity of oountry with which we bave bees so intimately allied, and ‘whose wel! being ls of won genersl interest to us. We wott, therefore, with great anaiety the effects of this commer cial catastyoghe in America upon the manufacturers of the South of Prance more especially, of whom the United fae were notcricusly the largest cusiomers, am they weretoa Dumerous class of the producers to Paris. The Lyons houses are beginning alroady to feel severcly the fall in ke T gwesten to d Miculty of Andiog purchasers for ecods red from raw material at an exosssively price incressos from day to day. Ii is only by the feciliues that exist ‘or ¢biatpivg Credit \bat they are ena. ty mh thi ity, Aggraveted to an ox by the failvres im the United distes; we sincerely bope that ihe sort of orisie throa ich weare pam may oct produce most disastrous different financial cir- r disposable capital, afier for tbe absorption of our Lees | Wo have at any rate avol jews of the France, on the ober hand, meets a general demand for capttal Wroughou Iarope, bartbeved wot only with a vast amount of floating investments, but with liabilities in the way of catls attached to th to an amount whiod, ‘bong not alarming in ordinary timer , must ageia call atisntion to ‘the fect that the prer nee in general has diligently encoursged this porilous spooulation, and has kept out of sight ite dangers. Even pow any one who shonid form eu Opinion from the fpancial articles of the French jo: pala *ould conclude that tho present depression was ter porary, nnd of little !mportanoe, and that auy precastionary part of capitalists wers ly anneoss- tary. If they bave forpofiong, and in the face of such un- musiakeale fects, volumarily fostere’ tbe delosion tha! no oity thet hed responalbilities and duties 0’ public wr contrary, ibey bave done it because to sveak truth warn would brieg ¢own upon them the imperial wrath for darter and witely managed—» hy, tant bo voloe in the meatier, and hardly or © condema our fellow journalts: 4 We do, however, trast that tho folly of sach a system will beceme at length ‘nt, and that those who are capable cf point ng ont, not only the evil, but lie causes and remedies, may be 1o speak out plainly. Some vapiiies will be wounded, some idols will be over terned, some olystinate prejoioes shocked ; but onless this be the case, we have liste sone that France wiil the bitter tials which bave heretofore been so sever felt by ours ives. [From Galignani’s Messenger, (City Article) Oct 13.) fo insinuate tbat ail wae not y er Buen Wetens ome im) were mado at the (he market, se the Indian cespatebes were of more cbeering tenor; bat as the Ka; cConeois ar rived with a foi dociine of 7%, It was an) that they bed been regarded tn « diferent light by Loadoo Stoo Exchange. A despatch aamounced that the board of the Bank of England had raised the rate of discoant to 7 yer cent , and {it was thought that the Dank of Franco ‘would raive (ie ‘isoount to 5 having been done at 6ifr, 160, and 6) OTF. Go ; Mobilier varied from 890fr. to 870 fr. 1900fr, to 1,396fr ; Ni SA0fr. te 822lr, Be; ditto wew, Austrian, O70fr. to 666fr. The market continced looking down to tho close. TRADE OF PARIE—DIFFICULTY OF COLLECTING TRAD Dents. [Paris (Oct 12) Oorrerponde noe of London Times | The manufactorers of Paris are in general doing » com Mideravie amouat of vusiners, bat they complain of the searctty of money and of the olfoal \ 7 eXperienos in wollecting| thelr debts. Many mam , who dell ‘rered tneir goods on an un‘ertvking to be paid at the end Of taree months, bave, at the cxpustion of thet poriod, Deen forced to acceps a portion only of their demands on Roo tnt. O bere Bave been compelled to accept ia pay ment billa of exebangs, which they Ond great Aifficalty in getting discounted. The scarcity of ready cash is generally atiritnted to the over «peculation "eomner tal men in rou way shares and other public sourities, which they aro Dow unable to dispore uf except at au enormous lose, The country shopreepers in particular having sinoo the cevbliahment of raiiemys, a larger caplal at thoir dis porsi, as thoy do nol find |! necessary vo koop up so large # tlook of goods, bave unforiunately for th been denling inrgely st the Bourse, and now that tl arrived for rene wing (heir stroke, they are W ble to pay cash 0 the men-iaiurers, The hosyy fain and oold ia experionced in ’aris Ist week have produced aa acilro demand for warm clothing, of wnion the sho,keo pers have profited. Many faroti'oa bave reurned to town, aud are making (belr ceaa) purchases at this season. Fresn orcere for various articit of Parisian minufactare oon: tinve to arrive from Myalv. Orders for low priced jewolry are Lkowite received from the French ool ules Fiour in Paris has fallen to the prios of the most plentiful yours: fu: 1h baw Decome to ADuudani fo all che markets bat it 18 difficult to Clapone of it even ab tne prosont low prices. SPRCULATIONS AND SUICIDES IN AUSTRIA. [Vienpe (Jot. 10) Corr-sponaence «f London 1 nes. | doy paises without tome vnfurtunate speoulaor cule here, and we bave jast loarnod tant M. 50,009) wh ority, ead Company titnted thi anthority may perbace be mistaken. Before the compat oa be Coz atituted, thirty per cen! must be paid cansot posaibly be the intention of the State to increase the difMfonities onder which the money market 't boring. Soores of little men ture of some of the big ones main aa thoy now are. that the Gallo! it correspondent reports Prowure in the iicengemroen rere Cet eae, ee rates of koasees wore balag paid. Two large houses had avepented. The grea bouse of Poskowa'z, ab Pestb, bad fatied, many cotton end silk were expected to follow. QUB BERLIN €ORBESPONDENOR. Bamim, Oot, 7, 1857. The Financial Pressure in Prussia—Tottering Oondssion of the Banks—Tremendous Fall in Railway Shares ‘The money market, at any rate, 18 not twbued with the bopeful apirtt which the government press appears so anxious to diffuse, The banking establishments thet sprung into existence simultaneously with the peace of Peris, and were heralded as indications of # new era of commercial Prosperity about to dawn upon Germany, are a! in a totwring condition, their shares mostly bolow par, and their operations contracted within the narrowest limits, ‘The financial coup d'état of M. Von der Hey dt, provibiting the cirowlaticn of thelr motes ia Prussia, has inflicted « mortal blow upon them, from which they oan nover re- cover as Icng as this measure remains in force. Even the Proseian Bank, in whose interest it was enacted, bas suf. fered from the monetary pressure cooasioned by it, and wes obliged on Saturday to raise ite discount from 6 to 6) percent. Tho aspect of the railway market is still moro deplorable, There are some shares that have fallen 16 or 20 per cent in the Jast week or two—for insianoo, tho Case] and Oderberg, that bad dropped in lees than a year rem 200 to 60, and are now quoted at 46. Ia this and cme other cases the de:erioraiion is caused by mismanage ment, depreciations, &c. ; but genorally speaking, the down. ‘ward tendency cf railway bonds is chiefly owing to the carolty cf meney, as the trafic upom the roads is undi minisbed, and the proceeds sufficient to ensure a fair aividend. THE MUTINY IN INDIA. Advance of an English Siege Train and an Assault on Delhi Expected—Serious Defeats of the Mutineers—Lucknow held by the British—Additional Risings of the Bombay Troops and thelr Suppression—The Great Holiday over and all Quiet. ‘The cates are Caloutta 10th, Madras 16th, and Bombay 17th of Bepiomber. From Delhi we have news to the ‘80th of August. The city was still held by the rebels. A siege (rain was expecied to reach the Eoglieh camp on the 3d of September, after which the piace woald probably be imamediately assaulted. Oa the 25th of Augast a body of the rebels which left Deihi, with the objest of intercept Img the siege train, was attacked by Gon. Nicholson a Nojefghar, and ulterly defeated, with loss of all their guns. On the 1st of September Gen. Outram was at Allahabad with strong reinforcements, and expected to reach Cawn- pore on ibe 9ih of that month, General Havelock gained bis ninth victory on the 16th of August, driving the rebels from a strong position near Biboor, which they desperate y defended. After the battle ho retired to Cawnpore, where he awaited reinforsemen's before advancing to the relief of Lucknow. The garrison at Lucknow hi avely Out, and no doubt was entertained of their being able to do so until relief arrived, wiich was expected to be about the middie of September. The gar- pmb an bape tick teonlipSipt a dad ups and a large quantity of provisions were captared. Se Divapore matineers had again defeated by Major Eyre, aud were trying to make thelr way to Dathi. ‘At Agra al wan well. ‘Tho 61st native infantry 28ib Augest, but by the following day tue mutiny was completely crushed. Mutivies of a portion of the 10th Ugbt irfantry at Ferszepore,and a part of the 55ih at Abgoura, had tn like menaer been promptly suppreteed. At Neepmvcb cavalry moti the troopers were disarmed. The rebels from Ouce were threatening Allahabad and Benares, and those places were being put in s state of do- fence. bodies of trooys were marching from Cal- cute towards Allababed. The remaindor of the Joudpore Legion had tinted, but no further outbreak bad occurred in the Bombay army. The Madras Preside: the Punjaub, Central India, and the Bopdleound avon Poole ga x ‘The Mohurrum (boliday) had pawed off quietly in all parts of India. Jefe Calcutia om the 3d of September for Lord Figin Borg Korg. Ts ts stated tbat the troo:sa} Bhopaul had rebsiled. The Begum, whe continued fr endly, had sent away the Euro peape in 5 Two more regiments had arrived st Calcutta, ‘and more were expected very shortly, several troop ships baving ;orred Ceylon, while ® sirong force had likewise reached tho Mauritius, to the London Post says :—The British auacked the at Luck- : z A i E exchange was quoted at 20, 344, with» downward tendency, M.ney Sreaatoue 9 tne govern- meot paper or bills baving more than thirty days to run. Prices bad declined tn the export market, and the market conttpued dull. at Macras markets 24d. wil ney. At Bombay money was pientifal. Exchange 2s. 1X4. Prices of imports cont'nued to advance. The India mail was expected to reach London on tho 16th. THE VERY LATEST. GENFRAL HAVSLOCK’S COLUMN AND LUCKNOW. [Caicutt (Sepr. °) Correspondence (telegrepaic) of Loadon mes. Geners! Havelock was stil! at Cawmpore, waiting for re- tot and Locknow stili unrelieved. fae 90:5 Regiment, about bait the Fusileors anda 9 pouader baie- ry, in all 1.270 moa, wore at Allahabad on the 8d or 4th. six unaied, iafaatey at the bastery mere daee, ae! towards spo Goner jutram the remainder war good apiri ctently provided with food. They bad rocen\ly repulse & determined assault, and bad disabled the ouly heavy ‘esatiants, garrison have been told to hold out to extremity, and wo are pow confident tbat they will be relieved about the middie of this monib. DBLBI. Onr latest acoounts from Deibi extend to the 26th ult Te Purjenb reinforcements mentioned in last mevage reached camp on the 14th ull., and more recently an anxi- Mary po tynd ay poe 2 Cashmere hes march- 1k in x pected 10 do good service. siege train from Fercesyore is expected Com missionc Ths troo in “health and Rg tr, ts, Wounded been made b behalf of, ‘oon ‘Teer tores have been le orep eatortained. ” the garrison hat 4 will not be have been levying contsibetions in the peighborhood of Agra and the Nortn- Weatern Provinces. BENGAL AND BRHAR. ‘The Rewab |, aa reported in Init memsage to Intercept the Dinapore mutineers, were not iu time to erreat their » eas; the latter crowed the Towe river 2m ult, after some detention by high flood, and thelr march hes becn marked by plundor. they out tet they are going to Delhi. The rodel fied from about the 27th ulimo, aod sovght refoge ia the Rewah . fhe Rijab warned him off, whtreapon bis Sopoy adherents desertet hi) verritor mont of r consiming of « wing of the 534 Qoeon’s, 27th and some gars, left Rei on the Ee trunk fond The Napeu! re wae = — cl *, So Raton of Gor y tee civil officers cnt that tho Katmando) on the foun or Mih detriota. ohy., will a ip thoes Latest tptelligence AGRA, from Agra to the 25th Augnast. Ail #1 tn the fort, amd general health good. Notaing par ler pedition to Fuite ypore aich latter dovoated the ents, bul wae pol strong enough to reosoupy A lyghur. Furruckabad jews if eaid to be on the road betwoen plage and Ca¥ npore with three regiments of matinous end one of cavalry, He will be dealt with by ma, afver ths relief of Lucknow. On the deserting of Goreckporo by the civil officers & Uneckedar from Once tock pomseesion. Anarchy and con fusion in the district, ard Onumparan oonserenily in +s meniioned elvewhere, Avimghur and Jaunpere boon ocoepiea by tho Ghowkas who hed fram Gorvek yore wiih the ctyil officers, KATIVE RTATES. @ ‘The motineere of the (wallor Cootingent, joined by ‘howe from Indore and Mhow, reckon 960 cavalry, and 30 Hor, held in cheek, i . by The politionl sent, Major Macphe ent bellef in y peace of Bhoy ied by the open mutiny of the Uoatingent. All de'ound chiefs ooniinue to bel Of Jowooh and the petiy Aunt nore baving openiy revolted mtr continue In aottre Gholed singh, of Cashmere, died on tee 24 of August; his tncoentor is, ae he wae, our siavneh ent. THR PUNSAUB. Intelligence from toe l’acjeb is w the 16th of Aaguet } b and Ole vitie) ates quite tranquil. Large loos lovion are being rated fo supply the plase of tno re! forcemerta gone to [sibi, Ghoiab Singh, of Cashmere, death promised 75 Ins to the 6 per oont loan, Ol 20 wore expeced im Cis-Butle). Tt will prods. draw nearly a crore, which Is the ostimated wsni, The disarmed 90\h Native Infantry a [Lahore ond murdered thetr commanding officer on the end broke away from the cantonments ponny Fn took the wrong road, but the mulincers were Dy the police and the peonie of the country, pts. G. F. EOMONS TONE, Secretary to the Goverament of [ 9404. M., Monday, 7 RA the nows arrived at the Foreign otise Pealor 10 BOWS a ay isan favorable as oan be looked for ; indeed, more favorable than we ourselves . On the 16in of August the beroie Havelock, always suocessfal ost bis dastardly end treacborous oppone ats, gained bin! Lange pen | the rebe's froma strong position near Bithoor, ioh they despersiely defended. He, however, waited at Gawnpore for re'nforcemenis before advancing t) the relief of Lucknow. ‘The brave and tepacious garrison of that oily still held out at tbe date of last ncooun's, and repelled their assailants with grost ices. The patent bravery and fortitude which the garriron and Ecgiish inbebitante exhibiied tn eo long and ‘arduous @ tris] must ever be howorably recorded in the an- ‘nals cf British duminion in India. There can be now little dovbt but tbat the brave men within Lucknow will bere Meved, for jon og — — ey Allahabad on the lst september, expeote lavelock @ wook Aiterwarcs—ai Imest on the 9h September. The united forces would advance to the relief of Leoknow, Before Delhi active preparations had been resumed, and tne assault was looked for on the lst 8ep- tember, when the scige train roelt bes arrived, i= Nojtghur and Dinapore mucincers been defea ed oy cea ard nstocm pens nad the camp bengage ct the bac capiul guns an camp baggage rebels, Other insurgeatsa were also dofeated{{oy Major Montgomery at Allyghur. This is, eo far, a clear gain, The progress of muivy had not, indeed, been woolly siayed. It is better ever, that the disease should openly exhibit iteel! than become moro deep eoatod and us by becoming retrocedent. We can sun- mari'y (deal with: overt sots, but how can we punish the rebel at beart who remaizs passive and undemonsira- tive, concealing « secretly courished trearon? The - ment of cavalry which matinied at Ferozepore on tho 19tb, and of infantry which mulinied a Pesbawur on the 281th avgust, sill be dealt with as they deserve, Tho mutinies at Bombay are confined to the cavalry, a force ‘which bas been pampered like the Benga! Sepoy. The in- fantry of Bombay and Madras are believed to be staunch. Sach is ip brief an abstract of the very latest nows. ‘The English Tart. SPLENDID TRIUM?H OF PRIORSSS—THE CBIARE WITCH STAKES WON BY TBE sMERICAN HOB3B— TBR BUNNING—DBATH OF LECOMPTE—PAYOR Th great Cosarewitch handicap at New market, Eog., resulted in the tricmpa of Mr. Ten Brocck’« Prioress. thirty-four horses ran and on ‘he firet attempt there was @ dead heat between Prioress, F! Hakim and Queen Bess. the,deciding race between these three was won cleverly by Prioress by» length and a half. The cocas of the American horse was grocied great — Prioress became first favorite in bevting for the Cambridgeshire stakes, to be run for at Newmar- ket on the 21th of Ostober. Before the race 100 to 1 was Isid against Prioress, The value of the stakes exceeded £2,000 eterling. The celebrated American horse Lecompte died from an attack of cholic, The Americas horse Pryor had been stricken out of all his engegements for the presen: year. [from the London Post, Oot. 14.) Tusapay, Ot. 13 —The Cosarewiteh stakes, & free han- dicap of 24 sovs. each, 16 f., with 200 added by tue Jockey Club; certain peralties, the eeoand to recetve 50 sova. out co ‘Cosare witch Course (2 mile 2 fur. 28 yards ) TL aul Mr BR Ten Broeck’s Prioress, by Sovoreign, 4 yrs, Gat. 9D... eee ee es cen cees center sreeee( Lamkesley) { Copt Smité’s Ei Hakim, by the Oure, 3 yrs., ae Pld... oes wees (L Mr. Sexon's Queen Bese, by Alarm, 8 yrs., det, 10iv. (Grimshaw) + Mr. Stmpeon’s Fright, 3 yra., Ost. 19lb...,....(Piumbd) 4 The following sito ran :— Mr. J.B. Starbey’s Fisberman, 4 yrs, ut. 1b. ( Wells) Mr, Nichol’s Warlock, 4 yrs, 8st glilb., im. 6ib. ex. stmap uc ‘Mondy’> Poodle, aged, Sat. 81D. (4. Day). Mr. Jacks°n’s Saunterer, 3 yra., Sst. 61b., in, SID. ex. (J° Ouborne). Lord Ribblesdale’s St. Gils, 3 yrs, Tet. 121d. (F orébom) Madame La Techo do Fey's Ronzi, 6 yr, Tat. 1110. (W. Ab¢ale => iten’s Black fommy,3 yrs, 7at. Llib. (.Ken- Mr. T. Hewkin’s Gunboat, 3 yrs , 7st. Sib. (Prior). Bir R. Bulkeley’s Tarmania, 8 yrs., Tet 61d. ( ). Mr. J. Day’s Zigzag, ayod, 68}. 12:b. (Bray). Mr. T Gogbes’s Emulator, 4 yru.. 6st 1ilb, (D. Haghes), Sir J. B, Mille’ Cerva, 4 yrs , 6st. 11)b. (Grimmer), ‘Mr. t. Parr’s Odd Trick, 3 yrs, 6as. 91b (Decker). Mr. Eliis’s The Poacher, agod, Gt 9iv. ¢ . Rogers). Pg eons Lawn. 4 yrs , Gst. (Pritenard). Mr. . Repown, 3 yrs , Gat. ). Duke of Bedford’s Eicqvenos, 4 yrs , dst. 2Ib. (Carter). Mr T, Cliff's Sluggard, 5 yrs., Get. 21>. (Walters), Mr. W. December {5 yre., Get. lb. (F. Adams). Mr. Gulltver’s itominater, 4 yrs., bat. 121. (Wood). Captaic Lane’s Barfleur, 4 yrs., Set. 121b. (Ohalloner) Mr. W. Saunder's Lima, 8 yrs. , Get, 1alb., carried 6st. 15.b. (L. Snow sen) Mr, 8 Willems’s The Dusty Miller, 8 yrs, Sui. 9Ib. Loe W Poviews Martinet, 3 yrs , Get. 91d. (Castanos) ‘Mr. Payne’s colt by Alarm—Piusn, 3 yra , bat, TIb. ( per). ur. 1 but. Ib, (A. awards), ur. 8. Gat, b. (Boggis). Capt. Wbite’s Moose, ’ lb. 7). Mr, King’s Wild Honey, 3 yrs., 4et. 10b. (Daley). BETTING AT STARTING. ‘M. Dobier, 8 to 1 sgainst 4tol Ki Hakim, 1319 1 against Warkck, 100 19 8 ageinst Lima, 100 to 7 R 6 to 1 against Plush colt, 20 to 1 against Martinot, = a> i ‘i s 5 wat 40 to I sesinst Tasmania, 25 to 1 against Qoeen Bess, 83 to 1 ond Fisherman, 40 to 1 age Eleque née and 8. Giles, end and Sioggard. The fig Dusty ilirr bore his colors to the Oerva, M. Dobler and the Pluab oolt foil order named; Oad Trick, Fright, E look, Privress and Poodle lying ack. These peritions were nechanged uniil reaching the Ditch, when Caren Bow a reshed to the front, Queen a Dee er, wiib Osa. Trek tated, Que pable to separate the first three, with Pricrest, Queen Boss and Tengin next iot that siragcied {2 In ihe extreme rear, pulled were St Giles, Wild Honey, Poodle, Fisherman, Bi Tommy, and tho Poacher. DECIDING HBAT. Mr. R Tem Broeck's Priorees, by Sovereign (bred in America), 4 years, Gxt 91b.............(Fordham) 1 Cepiein Smotin’s El Rakim, 3 yours, Oat, Oib.. 7 Mr. ante oy pin = YT pw SS ee. Chenene! 3 Bewing—6 to 4 reainst El Hakim; Aagaiatt Priorese, The “heat”? was ran after ani 3 wo 1 sgainnt Qoeen Bors. the last race 8 deepening twilight, which rendered it impoasibie to distinguish the colors of the rijera at » dis- tance. E! Hakim was first off. but afier going about afy yards, Prioress, overpowering Fordham, to the froat and carried on the running to ihe Ditch gap, whore she was SS back, and Isy about three acon Boss going Ki Rakim, On coming down the rung to the Weft, and @ shout was rotted of “The American's teaten !” but Fordham roussd the mare with his whip, and before reaching ihe fut of the Ml the bore her elors sh ad toon cleverly ty a toxgth ‘and a half, a tories bole Geet Bera by # bend only for second piace. A loud and ed the of the American colors, and Mr. Markets. BICHARDSON, SHNCB, AMD 00.'3 CTROULAR. Livanroot,, Out. 18, 1987. Farmers’ dsitveries of wheat for the wosk ending 24 Octobor wore 146 691 quarters, at 668. 34., acainrt 122 990 qnarters, at (Se {n tho corresponding week of last your Since Fridey breadetu!ls generally have ruled very dull, And a decline of 28. per quarter on Knglish wheat at Mark Lane, yesterday, bas been foliowed by a similar reduction tn other country markets. At our market today there wae a fair a'tondance of the local millers and dosiers, and wheat met moderate con- surptive sale, ot & reduction, however, of 1d to 2d. por bewnel oa red whea’s, and 24. (im ‘somo cases 4.) per bushel on-white, Fiour slow, and 64, per barrel cheaper, except fr choice qualities, whioh are roarce and maintain thelr ve ne. Indian corn {n moderate requont, nt 363. 64. to 87@ per quarter for mixod, 37s. 6d. for yellow, and dis. to 428, for white, We quote red whonl Te. 6d. to 8a; white, 8, 01, to On; Oy. Bd. for choice in retail, per 70 Ibs. Fiour—Philadel hia and Baltimore, dis. to Sis. 6d ; Western, 808, 10 30s. 1d. ; OXIFe OF lg, 82%. to S38. per bol Beer contintes quiet and rrices onaltered, ongh the tendency is downward. Pork dull, and unchanged in vorue. Bacon in limited demand, but steady in price Lard very dail; the joquiry is most limited, and wo hear of ro transactions of aay Importance. TALLow.— The advanced rate of laloreat bas affaoiod this sriicle, and In London the trace te very dell, 67s, being the beminal quolaiion for I. ¥. C. Hore, also, there is noih- ‘ng Coing ard quotauiors are nom'nal Kom —Common steady at ds, 6d, a 40. 7d. por owt. Bank =No bayors. ellore of Philadelphia at 11a. 04., nd Balimoro at 9. 6d. « 10a. per owt. The advices revolved por Persia of detay tn from America srongihoned the markct, which opened with a good domand at rathor bighor rates. This continued uni!i Monday, when ! became known tbat the k of Fingiand had Again raised their rate of interest one per Cem, and siuce then the trade has rnied very dull, Wole prices have receded to Frid sotations. In Manohesior, to ay, business was al aapended, brit where wales were made orice: wore stondy, Midiling Ortenna, 9),d.; Mobile, 0\¢d.; Uplands, 0i¢d. per 1b. ——_—_ Tae Herepow Forp—-The sum of two hundred dollars bas been contributed by the children in the public schools of Cincinnati to the fund for the re- Hef of the family of Lieut, Herndon, of the lost Central America. Whe Detences of New York Harbor, TO THB SDITOR OF THE HERALD. In @ journal pocaessing the extensive cirociation s ackpowledged influence of the Haxatp, commupicasic Griticising public men and measures may do great m chief if made under the influence of malicious motiv upleas submitted to the test of examination and proved be just. A writer in your paper of the llth instant, overt signature ©., professing 10 write from Pensaooia, discus: the proposed new deiences of New York harbor, a asserts their insufficiency, if not their utter uvelossuess, His argument, in brief, is the followieg:—New Yo harbor may be surprised by a steam fo'ille and a divisi OF two of light troops and ariiliery, by entering att ‘Rorih channel and doubling the point of Coney sland, o aide the range of the guns of Fort Hamilton, and tb ane or fy laid under coatriouticn to tue ame Of millions, desplie the cosily defeaces of Sandy Hoc Forts Hamilton and fomkins, Throjg's Neck and Wilk “Most lame and | mpotemt copolusion!”” ‘The writer's remedy for this alleged danger, whiok de ‘not extst—not even, I apprenend, in hus own coaviodor if be hag given the examination to the chart he fo bave done—isa chain ef redoubta extending Fr ‘Hamilton to the point of Couey Island which ooaid be ¢ couied, ne #aye, in two years, at the cost Of $1,000,000, propose, eo ‘briefest language, to show errors ia gee ni vim 1a ec proaing the new work at San Bleek Has ho clase ok aes tenes defence of New Yo bor. does indeed present an obstacie of the great: magnitude to tbe ente. 10g of the outer harbor. No sis bourbon can entir either by the main ship channel, er ‘the Swash channel, without ranal og the gaun! for thr milics of the traxait of the guns of the neopoae or 70 which (Colombiads) will track {ts ooarse through the ¢ ire dis\apce eith their concentrated fire. An important purpose, overlooked by the writer, ist Command exercived by this work over the entrance Rariten, Princes and 1y Hook bays. In dofanit of @u enemy would be maser of New Jersey and its on mozication with New York, and wuld posaces a all tim secure barbor apd most abandant moane of ‘as well as of victusliing and repairs for tuemscives. The wisdom which would repudiate the ocoupation 60 important a point must be that of a very green her Tals might be conjectired from the contemptuous fit af the sepicaginary members of the Hoard of Engines: ‘acd thelr very eminent obief, Gen. Totten. The second blunder is ta supposing that a fleet oor erter Gravesend bay withou: the = of the gi Fort Hamilton, The guns of that for' eo] the ab, obannel to the west and south, from the bank k point south of Conry taland, and no vorsel enteri Graverend bay could escape their destructive force. ‘Smal! voestls migh! approach by what is known ast Fourteen Feet Ubavnel, bus the guns of fort Hamils would rendor it {mpcaaible to doubie the weet Coney Island ia eny force. If the chain of redoubis Propoes should be necessary, they osu be exosuiel feld works in one tenth of the time and atatythe of t cat estimated by C. With the means possessed by New York of oonce traiipg men and materials for defence ia a brief period, would b¢ a hardy enemy who should presume to inva ‘our sal] with ten times ‘he force 0. bas supposed necessa to carry tbe harbor by a coup de main. The writer makes a most Couflavas apperi to ths obey The parties, whoover they may be, ho feol au latere in this question, are requested to base their judgmoat the teatimony of the Coast Survey Ohart, and not on porsiflege of an anonymous assailant. ‘A glanoe wiil suffice to vindiome the judgment of t engineers who planned the cefences, tho Seurotary wi recommenced them, and of Congress in making thes provriaiions. The cosclading paragraph of Us article seems to | siouate that iho Bard of Engineers clescated from thetr opposition by the Fagineer Bureau This su, tion reflects very Iittle credit on either she ability or ind pendence of the Board, and should not be entortained tho bare inuendo of an anonymous paragrapb\+t. MONMOUTE. New Yor, Oot, 17, 1867. 10 THE BDITOS OF THE HERALD. And suppore 1 cannot ‘find opposition t my views” relaiion to the New York harbor defences, how shal) grcilfy that “feariogs controversial svirit”” my friend “P of the navy, charges me as having cacod ‘het for’. that official obligations will ot allow your gallant a, gentlemanly Anonyme “to gratify the Major by a oo tiauation of this coniroversy.”” Eight days have elapse Mr. Editor, since you did me the favor to publisa my br: views upon the harbor defences of New York, and still | sign of opposition towards them, till “T”’ wrote, was mar fested, Now, my friend “I” thinks that, perhaps, Proper course might have been to let my last attempt f silt born, tke so many others, upon an insonsible a verse.”” But be did no such thing, baving nursed & Dantling from the 10th to the 12th of October, and thy loft 1 ot fate, elther to fall upon an insenstb'e univer crushingly, or incontinently neglect, or, adventure,’ to survive these iatermitiont heals and oo een ae s a expeau To allack of the olty of ‘New Yorn, b “— i H i cad fetilas of 8 superter navel power, F Fi i r] fli isis r¥324 g § Cerebus, yclept Knows,” #ho bas appointed himscif to guard the Miter Academy from tbe tmtrasicn of ail outsiders, ‘whom be has clasved me ss One moet fitting io be abused not'ces cf which be duly published in two quite long a ‘Vertiroments in O06 of the city pacers, of tne respeciy dates of August 10 and September 10. 1 willingly forgive friend “<" for joining im th Iangh at ry “‘aystem of forification,” for { must not Peot lo eeoape the fate of innovators. ‘to rt courteous bearing I make my bow aad offer him my haad / Knowing ful well tha} ina little time he cannot fail to a. Kkoow loogo the opipions exprossed by him iz this matter ar extra juaioial, and sont he will, by and by, come to judg ment with second aud soberer thoughts, remem: Shore may iaugh who win. Abc lastly, permit me ve express the hope that evinced co “personal apie vowards the yeaer Eaginec: thearmy.” My remarks tn relation distipguishod fenctionary were only oritical Dagement of the national defence: with obarged. I bave differed with him foto crlomvery ous in mo ne dcoul i Hd af i i te Ee fail by Shirley — 7 oree of our birth and state Are shadows, not substaatit! things; Thore is no armor fae; Death lays his toy hands on kings. aad crown Muat (umbie do rn and ta the dast be eqanl mote. poor crooked scythe and spade. Naw Youn Horm, Oot. 18, 1967. a. The Turf, HE TWENTY-FIVE MILR TROT AT BRIDeRTORT— TWANTY-FIVA MILFS IN AN HOUR AND THIRTT-60) AND A HALY MINUTES. Andrew A. Dalton’s celebrated horse Broker an¢ the Taylor horse had their twenty-five mile trot a Bridgeport yesterday (Friday). It resulted in the success of er, that horse accomplishing th feat in one hour and thirty-six and a half minutes The horses started at thirty minutes and thirty twe seconds past three o'clock, and completed the race of twenty-five miles in one hour, thirty six minutes and thirty seconds. The Taylor horse broke badly during the race, and on the last home stretch ran by the other, coming ina neck ahead. His running however, disqualified him from teking the purse and the jadges decided in favor of Broker. The twe kept very near together during the whole race, pad divided ‘the half mile avout openly. Their fi half mile was made in 1:45, and their last in 1:43, while the least time waa and the longest 2: Mr. Dalton stopped his horse three times for rost, but the other kept on the track from the start t the close. About 1,000 people, smong them many ladies, were on the grounds. The authorities of Bridgeport, as a condition of allowing the race, obliged Messrs. Dalton and Taylor to make oath that they had not and would not bet on the result. Hartford Times, Oct. 24. Tar Uran Exraprriow.—We have reliable infor metion from Kearney, up to the 24th of lavt month, on which day Col. Johnson arrived at that post in seven days from Fort Leavenworth. The th Infantry and eight companies of the 10th Infar ry, togetter with the two batteries of artilery, cached ort Laramie by the 7th September, and his force is probably at Salt Lake City by this time. Lieut. Col. Cocke, with six companies of dra- goons, was expected to arrive at Fort Kearny by She Sth of this month. Thus far the weather has been favorable, and the indications in that far western region are flattering fora late fall. The rasa ae far as Laramie is excellent, but not so good for 150 miles west of that point. This, however, will not delay the march of the dragoons, as corn in abundance has heen provided for the horses, What- ever donbts may have been entertained of the sroops reaching Sait Lake City this fall, in consequence of the late day on which they startea, may be looked upon as resolved favorably to the success of the ox pedition—St. Lowis Republican, Oct. 21. Lives Lost sy Tre Fine iw Onrcago.-Twenty bodies have been taken from the smoking ruins o the late disastrous conflagration in Chicago, and others are still missing.