The New York Herald Newspaper, December 6, 1857, Page 2

2 NEW YORK HERALD, SUNDAY, DECEMBER 6, 1857. AFFAIRS IN. EUROPE. Our London Correspondence. Lownvon, Nov. 20, 1857. ‘The Monetary Embarrassments of Great Britain— Reckless Character af English and Scotch Bank- ing Operations—Low State of Commercial Mo- rality—The Bank Charter—The Great Eastern— The Financial Pressure on the Continent-—Home- ward Migration of Americans, &., §¢. Financial troubles and commercial disasters are still the order of the day here. All other questions are nearly forgotten for the moment. The rebellion in India, with its unparalleled horrors and splendid military triumphs, have ceased to attract public at tention, which is now monopolized by the convul- sions of the money market. The relaxation of the Bank Charter act has led ‘to a large increase of her issues, and this has doubt- less given much relief, but not to the extent ex- pected. It has beyond question saved the leading financial firms here from prompt failure, as well as the Bank itself fram a suspension of specie pay- ments. In contrast with the state of things here in 1847, it has been observed that though the Bank was then permitted likewise to extend its issues, it . did not do so, whilst at present it has already, ina single week, discounted more than a million, and it is impossible to say to what extent it will go. For my part I will consider it fortunate indeed if the list of bankruptcies is finally closed, for the disclosures that have been made prove an extent of bold specu- lation and reckless swindling never before equalled in the commercial annats of any country. A vast amount of well deserved obloquy was showered on the heads of the former Directors of the old United States Bank for allowing Nicholas Biddle to dispose of its capital without investigation or supervision. The English press at that time overflowed with invectives against these careless, anconscientious men,and even against the nation that produced them. What will be thought, then, of the shameful facts elicited by the break-down of the Liverpool Borough Bank, or, still later, of the Western Bank of Scotland, to say nothing of other cases even worse. In all these instances the most criminal indifference to the interests of the stock- holders and the public was displayed by directors, and even when their own standing and property were involved. The joint stock banks of Great Britain are for the most part under the control of an individual "yclept the “Manager,” who wields the whole resources of the establishment with the undisputed power of an autocrat. He is leader of the nominal board of di- rectors, but he rarely troubles them with the myste- rious details of his daily doings: aud in the case of the Western Bank of Scotland, this august person: age, with the familiar name of Taylor, was allowed to disburse at random the startling sum of forty millions of dollars capital and deposits, not to in- clude the entire liability of thirteen hundred luck- leas stockholders. If the crisis of 1857 puts an effective stop to such outrageous events as these it will have accomplished a great good. The gold discoveries of the last ten years have im- parted a tremendous impulse to speculation, but what strikes me as strange is that an old and steady com- mercial community like this, where system is so strongly fortified, should have been as widely infect- ed by it as that of a younger and more excitable community like ours. In either country it was impossible that so many chimerical projects should go on hatching day after day with- out some great catastrophe coming to avenge com- mon sense and common honesty. The predictions of the New York Hegaxp were founded on a calm and logical survey of passing events, but who amid the uproar and excitement of such a saturnalia can stop to listen to the voice of reason. The grave question now is whether there are any means to pre- vent or check the recurrence of such terrible vi- cissitudes in the finaneial world. An article of the Heap a short time since laid bare the main cause of all this inflation and consequent collapse. With us it is the excessive issue of paper money, and un- Jess a remedy be found the commercial community will be forever at the mercy of these desolating re- verses, The London Times and most of the thinking men here are occupied with the recondite problem as to he ope to be maintained between paper and gold. The Bank of England is allowed to four- teen millions of pounds sterling beyond the bullion in her vaults, and it has leaked out in 1847 and 1857 that this amount is inadequate. It is certain that trade and commerce go on expanding every year on the most legitimate basis, and, therefore, it may be questioned whether the above sum, as fixed by Peel's bill in 1844, is fully commensurate to the wants o! the present day. Parliament meets on the third of December to legalize the recent violation of the bank charter, and then we shall be launched on the bot- tomless sea of a currency discussion. The second failure to launch the Great Eastern has created a good deal of discouragement amongst the on ¢ men who have been looking to the success of this enterprise as the readiest means of bridging Atlantic. By dint of efforts there is no doubt aviathan will be got into the water be- long; but the engineer, Brunel, is losing re- putation by these rey mishaps. The crisis in the has no perceptible effect on public amusements, “ Theatres, concerts and ex- hit ys are Well attended, and show no diminution Out of England things move quietly. The mone- tary pressure is not so severely felt in France as here, owing, in part, to its business transactions being more limited, and as much to their being con- ducted on sounder principles. The French Em- peror is «till oceupled with the vexed question of the Janubian Principalities, though he keeps a sharp eye on matters nearer home. ‘The crisis at home, and the extreme difficulty of procuring funds here are driving the Americans en ™ back to their firesides, trusting that their penates may be more merciful to them than dis comfitted bankers here. The fi Paris, whe evil day abandoned his old busi- ness of dry goods to set up banking, has stripped many lackless Americans of their last penny. A dowhright exodus has set in, and London and Paris will be more completely denuded this winter of the scions of our democracy than for many years past. I dare say many lodging houses and other places fre quite disposed to go into mourning for so unex- pected an event lure of Monroe, in | convicted. They had, it seems, accepted Sir John Paul's securities—securities which it was impossible not to have known were not his to pledge—toa very large amount; and when the failure occurred, in or- | der tal the whole matter straight and save the | reputation of the firm, the house returned the se- curities and forfeited like £200,000 ster- ling. Old Sam Gurney, who Hea ao aeaed died in Paris, always of it as his blow. Lord Palmerston me we been afraid of another bill broker to his account; but it is whether henceforth it is to be a law of | that, in all cases of disturbance of prices from | and misconduct, the government is to ae ta he tween those who would respectively gain and by that panic, to the benefit of one party and the injury of the other. As to France, : The best that can be said , direct]; is that the cloud which has been 60 I hanging overhead has not burst. it looks awfully Sepa onae es memtateos ; but a may even yet apr oper ‘ifroetened tempest ig spring up and disperse the e accounts which reach Parisfrom Lyons, Rouen, and all (oy) manufacturing towns, are of the mond bpeatt tobe lensing out rs to g out for particular department of Paris whieh has n accustomed to look for orders from there is nothing whatever doing; hands are knocl off, and the deadneas of all commerce communicates itself to others also, so that generally we have sel- dom had to speak of greater dulness than the bal sent. Every trade looks moody, and all seem to that some terrible visitation is at . ly on the alert ‘The Emperor seems to be thorough! and to know full well that anything in the shape of a financial panic would break his staff in his hands. The festivities of Coanpiegte have been brought to a close, and the imperial baggage has reached St. Cloud. It is, indeed, no time for junketing. There is a soreness with England about those Danubian Principalities; and certain observations made by Na- poleon to the Emperor of Russia, or endorsed by him, respecting the English difficulties in India, are afloat, which do not tend to improve the relations between the two countries. Perhaps the threatened panic in the financial market may ultimately prove a god- send, by inducing a spirit of conciliation where ny viously something very different was intended, There can be no doubt that the observations of Lord Palmerston at the Lord hg de dinner was directed to the Emperor Napoleon, though nominally to the Emperor of Russi: Something of the tone of as- cerbity at present prevailing between the two fables pi ‘of France and England may be gathered om the bitter observations which from time to time are suffered to escape from that part of the French press which rejoices in the government patronage respecting the recent capture of Delhi, which is prett, gen “ag characterized as a stigma on the Englis! | arms. Indeed, 1 suspect that could the Emperor | Nicholas’ conduct with reference to the Danubian Principalities, which subsequently occasioned the Eastern war, have been viewed by the light of the quarrel with China, the mutiny in India, and the utter impossibility of regeneration in Tur- key, not one of the great events that have rang through the civilized world would have occurred; the opine Nicholas would still have been the an- cient ally of England, and the Emperor of the French have been left to struggle through his difficulties as best he might. But the wisest are but blind leaders of the blind. Ido not believe the time has yet arrived when a really honest alliance between two such powerful countries as England and France can exist. Old rivalries are as fertile as ever, na- tionally as well as individually, and it is much ques- tioned if Turkey, which was the cause of a fallacious union, do not prove the bone of ultimate contention. It exists only by the rivalry of the Christian Powers of Europe, and of course will continue playing fast and loose with one after the other according to its necessities. One day the Ministry is French in its tendency, another English, and another Russian, as its policy inclines, it will be very strange if it do not at length excite bad blood between the various claimants to gh In the midst of much that is unfavorfle a com- munity of interest seems likely to spring up with re- Bae Cue, when—if I may judge from private letters which I have seen, written by Sir Michael Seymour, the Admiral, to his friends here—the Ce- lestial Empire seems bent on bringing all Europe about its ears. The writers, too, on scientific subjects in the Paris press have formed themselves into @ society ‘called the “Circle de la Presse Scienti- fique,” for effecting a tunnel communication between France and land. M. Thomé de Gamond, the rojector, at the first meeting, communicated the ph the intic rt of ncl 5 e idea of this anal, it seems, originated with the en- ineer, Mathew, some 60 years ago. M. Thomé took it up in 1833, while engaged in a series of geologi- cal investigations entered into for another pu: 5 It was then he was struck with the similarity of the soil on both sides of the Channel, and upon closer examination found that the chal it—the striking feature on either side the British Channel— constituted a kind of convex lens, fitting in a concave one of jourassic formation—that is, com- | posed of the argillaceous and stony deposits of a | sea which formerly covered large tracts of the west- | ern part of Europe. Well, not to enter into all the scientific details, this gentleman proposes to run a tunnel from Cape Gronéz in France to Eastware Point in England, crossing the Varne Bank in the | middle of the channel. The surface of this bank raised above the level of and the island formed | at one of its extremities, is proposed to be hollowed out or pierced with an immense elliptical shaft 200 metres in length Ldap in breadth; the base of this hollow tower forming a resting place for the trains, whence a spiral road, winding its way p along the walls of the tower, leads to the top, where a large port is proposed to be formed, &e., &c. The limits of a letter only permit me to add the esti- mated expense of this gigantic enterprise, whic) I ct very few of us will live to see accomplished | other than in imagination:— Franes. | The construction of various islands. 24,000,000 | Piercing the tunnel. . . esses 28,000,000 | Masonry. nas 3 60,000,000 Accessory galleries. . 21,450,000 Branches of railways, 4 10.050,000 Stations. boeneere 12,000,000 Rolling stock, . + 8,000,000 Administration. . . so . 6,000,000 Six years necessary for completion. ith America and England in the throes of a financial convalsion— with France tottering on the al ich an enter- ee being gravely discussed i# a curious feature of the day. Prine Jerome Bonaparte—the sole surviving brother of the great Napoleon—rode out on horse- | back yesterday, attended by two grooms, and attract- ed general attention by his extraordinary likeness to | his deceased brother. “He wore a light gray surtout, | and, together with the peculiar seat on horseback which distinguished the late Emperor, the resem- blance was so striking that one of the old Guard said in my hearing, he could almost have fancied “le petit caporal” was resuscitated. The roundness of shoulder, projecting the ebin over the chest, so as to Our Parts Correspondence. Panis, Nov. 19, 1857. Financial Shifts in London and their Effect in| France—Why the Bank Charter Act was Sus- pended—The House of Gurney & Co—Clouds | im the French Money Horizon— Napoleon's Acti- vity in Danger—India and Turkey—Affairs in China—P» oposed Communication by Tunnel with England—The Great Emperor Almost Revived— City Improvements—Strangers in the Capital—No Americans A authority iving nof the Bank Charter Act, on the { the English Premier aud his Chancellor et, produced a vivid emotion here, imediately the famous letter « ror, in which expedients of such a ch cal.” F save changed of the Exchec low s it did movement of yy and the Chart act legal tender, is parchment, the moment it 4 sectors the convenience of the plut be consistent, the dictatorship sh r and Lord Pai with all that t we a ston possess the right to # and al Any secti int jons, all barg apecala en the tranquillity of sof the It is whispered here, in informed, that the sudden resolution to suspend the Bank Charter Act was taken by Lord Palmerston in ¢ equence of the representation made by the ie the house of Gurney, Overend & Co., the famous bill brokers, that they should immediately proceed to contract their issues unless relief were given. The transactions of this firm are almost equivalent to those of the Bank of England itself, and the Premier thought such an intimation quarters which should be we was ,not to be disregarded. if mach be the fact, there is no doubt of its leak ing out in the forthcoming discussion which will follow the meeting of Parliament. The | house of Gurney & Co., it is not generally known, pos ove some unenviable notoriety at the time of ¢ famous failure of Sir John Paul's bank, the gers of which, it will be remembered, were pelaly ‘ xive the appearance of no neck whatever, must have almost amounted to a deformity. As for the features of Jerome—allowing for ater age—one might almost have fancied one of the numerous portraits of the deceased Emperor, with whieh the shop win- dows are filled, suddenly imbued with animation. To those familiar with the localities of Paris, it will be interesting to know that the improvements some persist in terming them demolitions aud re constructions or the employment of those without work—continne progressing in an unabated ratio. ‘The Champs Elysees, even within the last six months, has been perfectly transformed. The old Jardin | @Hivre has been cleared, and howses and boulevards coceaying its plac The upper end, to- the Arch of Triumph, has been entirely’ re: da line of palaces fringes either side of the 4 this «eperh avenue. i nic been already rried around are Beyond the barrier wher stood. blocks of beautiful hote will be something fabulo 1 in, and are intended Arch, forming ul Atel, 2 of Paris. c entrance to th IImperatrice is also being covered with houses of similar im ance, and when completed cannot fail to improve this new venue, which, considering that it cost a sum of 400,000 francs to construct, ix hardly at present commensurate in earan to such Paris is gradually ling, bat th ab ence of American families is a sad . and shopkeepers eomplain that they lose some of their dd wealthiest customers. Our Berlin Correspondence. Beriix, Nov. 4, 1857. ence of the King—His Intellect: Perma Impaired—The late Political Demonstra- | tion against Denmark—The Reaction of the Americdn Crisis in the Berlin Money Market- Effect of Hard Times on Emigration. The King’s health has improved so far that officia tins are no longer issued. He keeps up the + part of the day, and is able to take short walks on the terrace of Sans-8ouci arm-in-arm with the Queen and his sister, the Grand Duchess of Mecklenburg. In the course of this week he is to be removed to bis asval winter residence at Charlot. | enborg: but as the rapid locomotion per rail might he prejudicial to him, the question has been mooted whether he should be conveyed ina sedan chair to the river Havel, and thence on board one“of the royal barges in tow of a steamtug, or in a travelling carriage, at a slow pace, on the turnpike road that Come nently | duced to a state bordering on serfdom. leads from Potedam to this city, and hasalmost been abandoned since the introduction of railways. I understand the latter alternative has been de cided upon. It is evident from this that althougt the alarming symptoms of bis malady have disap peared, his nervous system must be very muct shattered; and the sanguine anticipations expresset by some persons more immediately attached to hin, that he will be sufficiently recovered to resume tie direction of affairs even before the expiration of tie three months during which they have been entrus- ed to the Prince of Prussia, are not likely to be fur filled. On the contrary, there is every prospect tha: the quasi regency will have to be prolonged—per haps indefinitely—although nothing positive can be known on this subject till the meeting of the Cham bers, which does not take place till January. Ac cording to the constitution, indeed, they were al ways to assemble in November, but last session ap act was passed empowering government to defer their convocation until after the New Year, to pre- vent the transaction of public business from being interrupted by the Christmas holidays. If the King were permanently incapacitated from performing the duties of his office, the assent of the Legislature would be required for the inauguration of an actua regency; but as he is excessively unwilling to giv up his authority, and any proposal to that effec brows him into a state of mind most painful to wit ness, it will be avoided as long as possible. Pei haps, too, the restoration of his mental faculties may bet pace with that of his 7 ape strength, and in this case the question would be settled with- out further difficulty; but, from the nature of his disease, this seems very doubtful. In fact, the, physi cians are of opinion that his intellect will never be map to remy oe Con ‘ing every Nes e r mind or 5 might on a that would be fatal tons existence. \ td While the Prince of Prussia only reigns at in- terim no change in the policy of this country ¢m be expected. He can only act on the advice d his brother's ministers, and pursue the line of conduct chalked out by them in conformity with the kuown or supposed wishes of the King. It is necessary to mention this, as the communication made by Prussia to the German Diet on the Danis! uestion has been attribted by some to the personal interference of the Prince, whereas in reality it had been concluded upoa several weeks since, and was only png uy on account of the King’s illness. At this moment a demonstration ape Denmark happens to be eqaally agreeable to the reactionist and to the liberal party—to the lat- ter from a feeling of patriotism, outraged by the at- tel Be of the Danes to force their language upon the inhabitants of the duchies, and to the former from their antipathy to the democratic nstitutions of Denmark, which they would like to ste overturned, or at all events prevented from extending to the German portion of that kingdom. Notwithstanding the blustering of the semi-official prints, however, no apprehensions need be entertain of sich demonstra- tions leading to actual hostilities. N:ither France, nor Russia, nor England would allow the ultima ratio to be resorted to against Denmark; but the two for- mer Powers may probably join Prassia and Austria in niring her te “reform” the constitution of Holstein and Lunenbtrg according to the amie of the other Germaa States, by re establishing the nobility in their szeseet. prises, and introducing the three class system elections in lieu of universal after which all parties will declare themselves satisfied, wth the exception of the liberals, who in this case asin many others, will find they have been made cats-paws of by the absolutists, “It must be admitted, nevertheless, that the Danes are most to blame, their overbearing con- duct having exhausted the proverbal patience of their German subjects, and induced the latter to refuse even the gift of a liberal constitusion when coming from such a quarter. Some writer, I believe Toeque- ville, has said that there is no tyranny like a demo- cracy, and the behaviour of the Danes towards the inhabitants of Schleswig-Holstein would certainly go far to justify this uncomfortable doctrine. The more favorable accounts received last week from America produced a corresponding feel- ing in our money market, which, unfortunately, are damped again by the later advices, stating that the pressure had acquired renewed stringency. On the whole, however, Berlin not being a great commercial emporium like New York, London or Paris, it continues to suffer less in comparison from the financial crisis than those places, and even than Vienna, where 105 failures have been recorded with- in the pe few weeks. The Stock Exchange is the field where speculation is the busiest, and depre- ciation of funds and railway shares occasioned M4 the tightness in the money market is severely felt by the parties interested, but does not affect the pub- lie in 1, or that portion of the mercantile world who keep aloof from the gambling and time bargains of the Bourse. The Bank of ‘ia, find- ing that specie was sent out of the country in tpt quantities, declined to discount the safest brokers’ bills where they thonght the discounting would ‘end to facilitate speculations in the export of sil ver, or other stockjobbing manoeuvres. Among the bills refused were, am I told, those of Mendelsobr & Co., the greatest banking firm in Berlin, next t Schicklers. At the same time it was understood tha: the bank would discount the acceptances of mer- chants and manufactures with two good indorse ments, the same as heretofore. The interest has been gradually raised to 64 per cent per annum which, though high enough for this country, is 1 jd cent lower than in London, and 24 per cen’ lower than in Hamburg, where in former times it was down to 2 per cent, and is now up to 9 per cent In consequence of the scarcity of money man; articles in which large speculations on a rise taken place, such as cereals, spirits distilled from grain, and potatoes, have had to be sold at a ruinous sacrifice, and several houses being unable to pay the heavy differences, were obliged to succumb. One great firm in the spirit line has been muleted to the tone of 200,000 thalers, but has succeeded in keeping its head above water notwithstanding. How the new joint stock banks, upwards of thirty of whict have been established in Germany during the las: two years, will manage to get along in the presen; calamitous state of the money market, remain to he proved. Their transactions, in granting loans and advancing money on goods, must a tually subject them to great fluctuations. Besides thesé establishments there are about 120 mining associations in various parts of the country, mai of which have sprung up within the same riod, and are busily engaged in digging for coals, lignite, per, tin, zinc, iron ore, and other metals. The of these companies may in time pay the hold- ers very good interest, but in the present state of the share market there are no buyers for them, and their quotations are merely nominal. These hard times are likely to have a great effect i ich had diminished considerably but has been again on the increase for the last year or two. In the Grand Duchy of Mecklenburg-Sehwerin alone, which does net con- tain much more than halt a million of inhabitants, the number of persons emigrating amounted last year to 5,500; being more than doable that of the e ceding year, and there is every prospect that the jure will be still higher in 1857. Mecklenburg is oue of the most retrograde countries in Germany; the aristocratic institutions that had been ted by the revolution of ‘48 are flourishing again in all their medieval vigor, and the people have 4 re- it is no wonder, therefore, that they try to escape from their petty tyrants, and seek anew and happier home across the Atlantic Barut, Nov. 17, 1857. Political Susptnse— The Regency and Position of the Regent—Health of the King—A Poet's Ingra- titude Approaching Marriage of Prince Frede- rick William—His Trip to England—Tightness in the Money Market— Railway Shares— Price of Fuel ‘The state of incertitude and the government of this country has been thrown by the King’s illness seems have rather increased than diminished since the appointment of the Prince of Prussia as vieegerent to his rofal brother. Tt will be understood that the proxy granted to the Prince was not only limited to # period of three months, but was liable to be revoked at any moment, if the King <hould recover previous to the expiration of that This arrangement, as is usually the case with half measures, has placed his Royal Highness in a peculiar and rather awkward position. He is unable e an independent line of action, which might ispense into which term. to pur ubsequently be disapproved of by the King, and would He incompatible with the declaration he made on assuming the administration of affairs, “to com duct ther in conformity with the known tentions of his Majesty,” and be ix unwilling to carry out the measures contemplated by the present Cabinet, either from their being unpalatable to him self or likely to prove 80 to the political party with which he has lately connected himeelf. Thos every- thing remains in abeyance, and day after day the accounts from Potsdam are watched and eagerly «1 upon, as turn to them the chances of esuuming the duties of his office, or of the Prince of Prussia’s temporary administration being converted into a bona fide regency. These accounts continue to be of a very conflicting nature, and they are variously interpreted by the ins and the outs, the adherents of the present régime and those whose hopes are centered in the futnre. The official reports would lead one to infer that comme the the King’s health was rapidly improving; he takes frequent airings, sometimes on foot, sometimes en carrosse, eats with a good appetite, sleeps soundly, and receives the visits of his relatives and inti- mates, On the other hand, it is considered an unfa- vorable sign that his removal to Charlottenburg has been adjourned sine die, and that he is to pass the winter at the new palace in Potsdam, it being obvi- ous from this circumstance that his stret is not equal even to the fatigue of so short a journey as that from Sans-Soaci to Charlottenburg, a distance of hardly more than twelve miles. The state of his mental faculties appears to be even leas satisfactor his physical condition. Occasionally his intel- overclouded; he converses with those around in a perte composed and rational manner, listens to and remarks upon what is im, examines drawings and architectural with the interest of a connoisseur, when sud- al te i taine of te acai contoeed, and, tg heap sap infirmity, rats into tears. iow br aes may continue in this melan- choly situation it is impossible to foresee, but from all have heard I am satisfied that his entire v wil faba the reins of reco- this from resuming Bagi aufe another was a8 , with occasional Incid intervals, for at least half his reign, which did not prevent him from his functions, or rather from having them performed by his Ministers, till the latter had got a sufficient hold upon his son, the Prince of Wales, to enable them to delegate the authority to him without danger to themselves. No doubt this example bas not been lost on the Prussian Ministers, and it may depend upon the success of their efforts to regain the confidence of the heir ap- parent whether the present crisis will be terminated im a similar manner. T must not omit to mention, as a sign of the tintes, that on Friday, being the Queen’s birthd: the Court poet, M. ‘Fellstab, omitted for the first time, to address a congratulatory ode to her Majesty, in the columns of the Vossirche Zeitung. Tll-natured folks look upon this as a sure sap that her reign is at an end; but perhaps M. Rallstab's Pegasus had only turned restive and refused to be saddled. ce Frederick William left the other day for Coblentz, from whence he percent to England on his visit to his future mother-in-law and bride, which had been put off on account of the King’s illness, Unless some unexpected event should come in the way again, the wedding will certainly take place about the 24th January, and after spending the first week of the honeymoon at Windsor the young cou- ple will set out for Berlin, where they are to make their public entry early in February, “Great festivi- ties are preparing for the occasion, and as the Cham- bers will have met by that time, all the rank and fashion, to say nothing of the beauty, &c., of Pras- sia, will be assembled to greet the nowveaur mariés. The match is immensely popular with all classes here, and especially among the fair sex, who slvays take a particular interest in sach matters. The only drawback is that the young prince’s palace is not finished, although they have been hard at work at it for the last twelve months, and the happy Core will have to put up at the “Schloss” until their new abode is ready to receive them. It is fitted up in the Fagich style, and the interior is said to be quite a model of comfort and convenience; but in an ar- fe ga point of view it is certainly a decided failure. The money market continues to be in much the same state as | detailed it in my last report. About ten days ago the Bank of Prussia raised the discount to 74 per cent; since then you are aware the Bank of England have raised theirs to 10 per cent, but as the pressure is far from being so severe here as it is in En land, it is doubtful whether the Bank of Prusola will be induced to follow their example. As it, at least, there has been no meeting of the stock- olders or of the select committee called by the shief director of the bank (the Minister of Com- nerce), to deliberate npon a measure of this kind. ‘the opinions respecting the necessity of such a step ae divided, as in most cases where part of the pub- liz are entrusted in power, and another inst it. The former (the capitalists) agree that if the present rave is maintained, the specie will leave the country to go to those money markets where a higher dis- count can be obtained. The op ments point to the mesures taken by the Bank of England for increas- ing the circulation of its notes, as being likely, in conjanction with the more encouraging intelligence fron. the United States, to produce a favorable reac- tion, and to bring down the rate of discount from its present enormous height. For the moment, therefore, the Gomeean remains undecided. Mean- while, the bank given notice that it will cease to make advances on railway shares and other stock, which will occasion no little inconvenience to specu- lators who are in the habit of raising money by de- ‘iting such securities in the bank. At same ‘ime, however, it is granting greater facilities to mer- chants, with regard to discounting their bills, and is not 80 particular about having two endorsements, which used to be the case, but is now frequently de- viated from. Railway shares have fallen, but not to any considerable extent, and no failures of conse- quence have been heard of ey Ze so that altogether there is a general feeling that the worst of the crisis is over. In consequence of the continued low stage of wa- ter in the rivers, wood and all other kinds of fuel which used to come in .arge ‘s, can now only be brought in small craft, and through the deficiency in the quantities arriving, prices, particularly of wood, have risen tipo yrees & It is stated that there is plenty lying cut and up at the landi: the forests, but it cannot be brought to market for the above reasons. The timber merchants applied to M. Von der Heydt for permission to have the wood forwarded per rail at a lower rate, but their request has not been complied with, the Minister al- leging that the railway companies have no. proper wagons for carrying wood. Coal and coke are com- ing in great quantities by railway, but generally speaking they are only employed for industrial pur- poses. Peat, or turf, as itis called in Germany, which is used here a it deal, not risen 80 much as wood and r descriptions of fuel, and lately a process has been discovered to give it a more intense heat than it possesses in its natural state. I understand the humid particles are pressed out of the peat, and only the more combustible ma- terials left in it. A committee has been appoint- ed by government, who have been experiment- ing on this compressed peat, and their report is de- cidedly favorable to the invention. Our St. Petersburg Correspondence. Sr. Perensnonc, Noy. 5, 1 Imperial Canvass of Political Questions— Proposed Aboli tion of Serfdom—Necessity and Dangers of the Measure— Reform in the Administration of Justico—News from Eastern Asia—Mowements of the Pacific Squadron—The Sunken Fleet at Sebastopol—Operations of the American Divers. 2 Since the Emperor’s return to his capital we are looking forward to the solution of several urgent questions which had been long pending, and the settlement of which has been continually deferred. The chief of these is one that must lead to a radical change in the political and social condition of the empire the final results of which it is impossible to foresee. 1 mean the abolition ofserfdom. It is a reform that is gene rally acknowledged to be imperativety necessary, and has for years exercised the wits of our statesmen and pr litiea! economista, but which ia hedged round with so many difficulties and dangers that even the fron will of the jate Emperor Nicholas recoiled from at tempting it. He emancipated the serfs on his own es tates, but did not venture to interfere with these o whe ty nobility, whoee number amounts to no less than twe millions of souls; he contented himaelf with reviving some regulati of the serfs by mutual agi enacting or he Manzmieeion 4th ussia must not to be masters. The system of serfdom confounded with that of ¥ it existed formerly in the West of Europe. The peasants are, glebe ateeript ched to the soil, which belongs de jure to the master facto ives as much entitled to their piece ol nobleman to bia estate. There is ne law, indeed, to vent him from depriving them of their land (which is generally held by the whole village muuch after the woctalist fagh “0 high # tax upon it as to rende ble for them to cultivate it to m@ bot euc proprictor’s contrary to custom an¢ e, that any thit and it it quite seldom, therel ha He iiMienity is now how to roconcite this stato of thing with the emancipation of the peasantry from the ¢ vower of their lords, If they only recover their rty without the ownership of the y them, they would be infiniv were before; they might be drive oir farms ny time by the landholders, if the iatt 1 think m Mitable to turn the grounde into pasturage, as the Duke of Sutherland did in the Highlands of Scotland or elee their former masters, having no further interest in their welfare, and being no longer restrained by the un written laws of prescription, which are stronger than any written ¢ wouldexact euch high rents that the peasants would 0 leave their fields untilled and congregate in in hopes finding yment in the wring Oat ments, hey would redu { wages by their com petition. Thus an immense proletariat would be created— men without property, without a home, who, having ex changed their rustic simplicity for the vices of a town life, would present the same clenients of disorder and agitation which are visible in other parts of Europe, Hat from whieh Russia has been hitherto exempt. On the Cther hand, if the peasnutry were declared the legal ownere of the land they cultivate, the nobility would be reduced to a similar state of poverty, as the majority of them derive their mesns of subsistence from the produce of their estates; and even if a portion of these were left them, they would be unable to cultivate it for want of hands, ‘This dilemma has always been the great stum bling block in the way of a general emancipation of our peasantry. Wo the emancipation itself the nobles would have oo manuer of objection; it would relieve jand culti off than | cost of a fearful loss of life. them m the constant wary ike ‘the | Jacquerie Voit’ of Jack Cade in England; but their eg ie of liberality which is clearly impossible to expest of them. dread of a servile in France, or the ro- Various suggestions have been made to obviate the diff. culty whic stared Our statesmen in the face ever sinee the time of Alexander |., when the abolition of serf- dom was first brought on the tapis; it has beea to divide the arable laud between the nobility and the peasantry, stipulating for the latter to work for @ certain number of days every week on the portion reserved for tho former; or to convert the lands tilled by the peasants into farms on long leases, fixing the maximum of rent by a special enactment. All such p! , however, have their | ractical difficulties, which have hitherto prevented them mm being carried into effect, and it remains to be seen whether the advisers of our present Emperor will succeed in removing impediments that havo deterred his prede- ‘ceasors from carrying out ® reform proscribed alike by y and by humanity. At any rate, something must be now, for the question has penetrated through all the strata of society until it bas reachod the peasants them. selves, who are in anxious expectation of the ukase that isto regulate their position, and it cannot be shelved much longer without leading to serious consequences. Another project much talked of just now, relates to the administration of justice, which ~~ called for tho- reform. It is proposed to introduce trial by jury, which is said tobe an old Slavonic institution; if so, it bas certainly fallen intocomplete desuetude, and it will be no easy matter to revive it. If publicity were only intro- duced in lieu of the nt secret which open 80 wide a fleld to injustice and corruption, ft would bea pee towards further imy ement, and as such would be thankfully accepted by the nation. ‘We have received interesting accounts lately from our poseessions in Eastern Asia. Admiral Putiatin has sailed down the Amoor to Nicolauosk, after having been refused permission to cross the Chinese frontier at Kiakhta,and had embarked for Sbanghae, on board the steamer America. He is instructed to enter into negotiations with the govern- ment of the Celestial Empire, the issue of which it will depend whether the squadron that lately left Cron- stadt for the Chinese seas will appear there in a friendly character or on # hostile errand. This squadron consists of the screw corvettes Boyar, Voivode and Novik, the screw clippers Plastoon, Jegut, aud Strelok, and the steam frigate Askold, under the command of Commodore Kumetsoffl. It was last heard of from Copenhagen, and must hay: the Straits of Dover before this. Askola ‘been aground in the Belt, but was got off without injury. This is the most numerous flotilla that nas proceeded tothe Pacific since the year 1803, when the Russian flag waved for the first time in those distant waters. Almost every year since then a vessel or two has been despatched around the Horn or the Cape of Good Hope to Kamtschatka and the Russian colonies on the northwest coast of America; but it was not till 1862 that a small squadron was sent thefe under the orders of the same Admiral Putiatin, who had been appointed Plenipotentiary to Japan, and is now gone out again as Plenipotentiary to China. A second followed in 1853, but the war with Engiand and France breaking out immediately after, two of the vessels com- posing it were unable to prosecute their voyage, ‘and had to run into neutral ports, where they were sold, and the crews returned overland to Russia. With this exception, the ene eyed have mostly been very successful, not more three vessels out of fifty having been wrecked, and even these without any loss of life; the last was the Diana, that was destroyed by the great earthquake at Si- moda in Japan. Nicolauosk is represented ax promising to become quite a flourishing place; the trade is chielly carried on by American ships from San Francisco, &c.; and two steamers under the Russian flag, but built in the United States, were plying between the settlements atthe mouth of the Amoor and the head waters of that river, from whence travellers have to cross the mountains to Irkvotsk. This is the worst partof the journey, and takes several weeks to accomplish. The idea of construct- | ing a railway from the Parcal to Port Strelke apy have been abandoned, as too gigantic an under the resources of that country; but the great capabilities of the regions on the Amoor can never be fully developed until the communications with the interior are placed on a more rapid aud regular footing. ‘According to our advices from Sebastopol, considerable disappointment was felt at the little success attending the operations of the American company engaged in raising the sunken fleet. Last year, with very slender means, the Russian authorities had succeeded in raising eighteen veesels, including the steam frigate Khersonese, which has been made over by government to the Black Sea Steam Navigation Company, and is now making regular trips between Odessa and Marseilles. After so propitious ‘& beginning great things were expected from the cunningly devised apparatus of the American eogineers, and a tele- graphic message was looked forward to every day stating ‘that the saucy Viadimir, or the far famed Twelve Apostles herself, had appeared on the surface again, and was float- ing in her native element. Up to the present time, how- ever, the American company have not succeeded in raising a single vessel, and it is sadly feared that the whole affair will turn out 'a failure. The apparatus are said to be splendid; they are the admiration of all beholders, and displays a wonderful amount of skill and ingennity; but in spite of wonderful machines, amd of all the efforts of their inventors, the fieet remains at the bottom of the sea, and promises to remain there till consumed by the teredo navolis. Some changes in our diplomatic corps are about to take ce, in consequence of the decease of M. Lomanoasoff, ambassador in Holland, and the retirement of M. de Schweder, who bas long occupied the same position at the court of Saxony. M. Ozerofl, envoy at Lisbon, will ably be transferred to the Hague, but I have not d who is to be our future representative at Dresden. There is a re] that a charge d'affaires will shortly be ted to Mexico, with which republic Russia does not At present entertain apy diplomatic relations. A Mr. Botts, of Vi ia, arrived here lately, for the prepose of conctading ‘@ contract with government relative to the construction of floating docks for the imperial navy. Tunderatand he has obtained very advantageous terms, and the works will be commenced as soon as the neces- sary arrangements are completed. Second Attempt to Launch the Leviathan. {From the London Times, Nov. 20. Yesterday a second and tor the present, we regret to say, an unsuccessful attempt was made move this great vessel further down the launching way. It was not an attempt to launch her, as there is not now a sufficient amount of water to float her off the bottom of the ways, but it was an effort to move her about forty feet lower down than the position which she at present occupies,and in this, as we have said, the attempt was a failure. The immediate cause which led to this ill-success may be stated in a very few words—namely, that the abutments of piles against which the bases of the hydraulic rams rested yielded under the pressure which was exerted between them and the mg Se cradle, and gave way toa great extent, and at last in some places broke entirely. The mooring ao oe either to the gov- ernment or the city corporation, holding the sheave, through which, bya four-fold purchase on land, the stem of the vessel was hauled to the river, also gave way, and this mishap, taken in connection with the other led to all further attempts being postponed for at least some days, and perhaps for a longer period. ‘These were the immediate causes, but in order to an- derstand completely the circumstances which induced them, it is necessary to refer to the time of the first attempt, and the second of this month. Most of our readers can easily remember the arrangements which were then made. That attempt, though frowreliy considered by the public as a failure, was in reality rather a success, for it . beyond a doubt that Mr. Brunel possessed a complete command over the veesel, and could check and hold it in, even when it bad acquired a very con- siderable downward momentum. Had he not pos- sessed this controlling power on the occasion of the first effort, and when the monster slipped some five or six feet in a second, the launch w have taken Jace in spite of him. The vessel would, indeed, bave been got into the water, but — at the There is no doubt that when anything in the neture of a ctacle is going forward, there is no rizk, however fearful its aspect or probable in its contingency, which Londoners will not incur to gratify their curiosity, and it is this consciousness of always venturing into danger which induces such fatal panics among them on the most groundless alarm. Thus, on the first vsion, as the hour approached when the ves i was to move down, the river was literally covered with boats stea all densely packed and laden to very water's edge with men and women. Com- mands and entreaties to these craft to remove to a eafer distance were alike disregarded, and they re mained almost in the very track over which the ve if launched at all, would have had to pass. ightful to contemplate what the consequences ars to ing for must have been if Mr. Brune fect control over her moy then pped away and dashed into the river. would she have buried all in her immediate Dut her displacement of water would, of course, ¢ raised @ wave sufficient to capaize the boats and steamer® near her, and even to cross the river, snd perhaps «weep away hundreds of the spe tators wded the wharves on the oppc e things Mr, Brunel saw at a glance e for the ach arrived, and he saw, also, to the tremendons mechanical difficulties of ron at all was saperad king to do it ata iron or the neg th moving such 2 the responsibility of um when the snapping of @ p' fa servant might involve the lives of hund: Nevertheless, the attempt was made. | The Gre Kastern slid down some five or six feet, when she was instantly checked, though not till the mishap at the windlas# occurred, which made all the workine in the yard so timid as to unfit them for the tign of orders, which re an anusual amount of nerve and coolness. Within an hour afterwards the attempt was given up, and it was then determined that at all hazards the public should be kept in total jcnorance of when the next effort should be made. Hence the striet secrecy with which all the subse- quent operations have been conducted, and which was well mm ned that even up to yesterday morning not half a dozen persons were aware of what was to Le done. From prudential motives with regard to the <0, that above all other places no note of preparation should be given on the river, the par. chases worked from the barges which were to haul the vessel in that direction were allowed to be work ed from the shore. In order to do this, double «heaves were secured to the government and city moorings, near the dockyard on the other side of the river, through which the chains from the ship were pasted and brought back ander her keel and up the yard, where they were hauled mpon with « fourfold purchase by powerful crabs, each worked by twenty-four men. Four of these purchases have thas been fitted, ind their united exertions, it was esti, mated, would appl the vessel towards the river equal to 260 tona. men, and The | ‘@ strain upon the midships of Small statior engines in place of ed the rong be iption ‘a tackle stern; but with these the power plied’ that £ 4 H 4 i A each can a - ae Ld or t anc] ways have been hened addition of several lengths of the bridge rails ed between those inte: and additional and more were brought to bear on her with force enough to start | These were the changes which the experience peggy t showed would be advisable in hydraulic rams were the site —-cane 5 ny, ao acveartncy Mee at “4 part of each c! and a ten- one each forward part. The base of each of these rams sted against a regular series of strong piles driven deep into the ground, andj this fulcrum appeared 5, but, of course, tested by the they, could not é ff , gipsuié Ef ‘actual presaure the’ rams, and be applied until all was ready ‘to ‘The last preparations were comy t noon le Pitas tee eee re sa | Koen Kept, tha Thamedisty udtgtborbood it even in the nei | of the vcd the intended effort was unknown. | collier ‘brig, which was ashore on one of the launch- ing ways, tended to lull whatever have pe memes, ae which the gs of we 2 ing down the |: me- & was certainly cal ulated to excite. athe Sard, with the exception of those sctaally concerned in the launch, there were not more than twenty or thirty gentlemen present, and nearly all of were engineers or shipbuilders. The great advan- tage of this arragement over the very mixed crowd which filled the yard on the last occasion was 80 ap- | parent that there is now no fear of the rule of strict privacy ever Heine s jin departed from. | © The men were all at their places at the crabs and | hydraulic gear soon after 120'clock. Some time was | lost while the various details were minutely ed, preparatory to beginning; bunt at last, at one o'clock, all was ready, and the signal was givien to | the gangs working the hydraulic rams at the fore- | most cradle to commence pumping. The aftermost cradle having slipped on the ways about 18 inches or 80 more than the one near the bows, it was necessary | to push down the latter first, in order that they might | start ona level. As the men commenced their efforts, the anxiety and expectation of all in the yard, even down to the navvies at the crabs, seemed wrought to the highest pitch; not a word was ken, and not a person moved. All seemed sheorbed in watching the tremendous experiment going forward, so that literally for a few minutes the suspense was almost’ painful. pone at the ee worked with a will, but the indies went down more slowly, and the pressure was evidently becoming felt. A few minutes more and the sharp loud reports of beams of timber pielaing and straining under tremendous pressure came more and more frequent. Every one imagined that the vessel herself was yielding, but this was | mere fancy, as, after a few moments, it became evi- dent to all near the rams that it was the piling against which they rested that was giving. Ke - theless, the strain was kept on, increasing with every stroke of the lever, and the huge beams, cross beams and Cad groaned and strained and bent, moving visibly about like a huge piece of | wickerwork. All this while the foremost cra- , dle never showed a sign of Iding, nor moved even to a hair's breadth. At last the supports of the Bl veh way so much | that it became necessary to t them by hauling | in the tackle, which pulled the vessel towards the | river, but even these gave so little relief that at last | one of the centre piles broke, and some others | “sprung” so badly that it became imperatively ne- | cessary to abandon the attempt. Almost at the same | moment one of the large three-inch mooring chains, | securing the double sheaves which hauled upon the | stem of the vessel, parted somewhere or other in the river,so that even had the piling been capable of immediate repair and strengthening, the latter acci- dent alone was sufficient to put a stop to further ef- forts. Hardly had the orders been received to dis- continue the attempt when the men were all at full work again to repair the causes which had led tothe failure. Gangs of 100 “navvies” or so carried down huge pile-driving machines, which in an hour were erected and at work, driv- ing in fresh piles behind those which had yielded. These men will work night and necessary, 80 that in a few cays at most all ready again for another effort. “The supports for the rams will now be made of immense strength, not only by a great addition of new , but by the whole mass being bolted together with iron tie rods, and again secured in the same manner to the launch- ing ways themselves. Thus strengthened, it will be- come quite a mechanical impossibility that the; should yield under any pressure which the dead weight and friction of the whole vessel can offer. . When we say that the mooring chain, and having that gear reas y, Captain Harrison's de- partment, we have said quite enough to vouch for the certainty of that not being found wanting on the next occasion, when we sincerely hope we shall have to announce that the Great Eastern is at last at the water's edge. Our Iowa Correspondence. Caxnovn, Harrison Co., lowa, Nov. 11, 1857. Perils of a Reporter on the Frontier—Tramp of Fifty Miles; Away Out West—Swamp Lands in Towa—Towns and the Hard Times. 1 arrived here to-day, after a tramp of some fifty miles, through the snow and cold, from my Territo- rial home. Night before last, after a hard day's walk of some twenty miles, darkness found your humble correspondent in rather a sad dilemma. Roads, objects, distances, &c., were all obliterated by the snow (lying on the ground at an average depth of some three inches) and darkness. Five times did we in vain try the timber, hoping to feel some indication of a road leading to some Nebraska settlement, and as many times retraced our steps back to the broad prairie. We gave it up, and took to the prairie, hoping to reach some friendly roof. After wandering about awhile, we found a humble claim cabin, tenantless and drear. Of course in we went, and after hunting in vain for the where- with to start a fire, concluded it would be better to travel on “till broad day light” than to find our- selves in the unfortunate predicament of a son of the Emerald Isle, who woke up in the morning froze to death, and with a coroner's inquest sitting on his ody. On we staggered, footsore and tired. A little way from the cabin, a beathenish wolf with a snarl “came down upon our lee,” and after receiving one- fifth the contents of our revolver, “scudded away to the windward.” When we examined the sad condi- tion of our pedal extremities, now we wonder how we succeeded in stag ring on; but on we went, through the cold, the snow and the darkness. About nine o'clock we fell in with a friendly fence—a good compass, by the way, on the frontier, because it always points somewhere. After a short rest and examination of the premises we concladed to find which end, if either, led to a night's lodging within doors. In a few minutes’ travel we discovered a light, and soon after found us knoe! | at a widow lady's door. Of course we were ma | welcom not long after we were steaming it off to the I r of “Nod” in gallant style. Next nforning we felt decidedly “used up,” bat after a good breakfast of beef steak, wild tarkey, biseuit and coffee, we bade adieu to the hospitabl roof of our widowed friend—(by the way, reader, if you travel that way give her a call)—and limped on five miles further through the hills, snow, cornfields, &c.,to the pleasant and thriving town of Dacota, Wash- ington county, N. T. Here, of course, we found friends, and ta 1 to recruit until this morning. Then away on Foot & Walker's slow line we started | for the ferry crossing of the Missouri river. Five miles | brought u& there, sbivering and shaking, upon its bank, with a half asleep, embryo town, named Cin- cinnati, just over the river. We hallooed until not a sonnd could be forced, we fired onr revo! and set fire to the drift wood thereabouts to keep from freen- ing, until midday awoke the Rip Van Winkles of Cincinnati, and a clever young fellow brought us over_in a skiff, for a quarter, told us there was no | whiskey in Cincinnati, seventeen miles to Calhoun, and a pleasant day. On we went, and here we are by the side of a cheerful fire, with a cheerfal fat land- lord, (we have a fancy for fat, jovial landlords), in a comfortable tavern in a beautiful town, with sore nd wet feet, for we have performed the last twenty miles of travel in pump shoes. ‘This is travelling, away out West, witha vengeance. ‘The last fifteen miies of travel have been over a4 beautiful ond dry bottom lands as can be found on | the Missouri river, extending far “y to the north and sonth, and Tam informe all returned as swamp land, Tdoubt very much whether Towa hag any better lands than those thousands of acres of fine hettom lands. This belongs to the county, for county purposes. This place is pleasantly situated, just where the bluffand bottom lands join, on a beautiful tableau of land, and in point of beauty will compete favorabl, with any town “away out West.” It has some of a population. To-morrow—God willing and weather favorable— we shall continue in the nve of our pedal extremities farther up the country, thence down the Missouri river some distance, then back to our Territorial home on “the other side of Jordan.” The people along the Missouri slope here t appear to realize that there are hard times in the Ind. ‘They have plenty to eat, plenty of work, plenty to wear, and money enough for practical purposes. Some of the towns of moshroom growth in Towa and Nebraska of course feel the effect of a suspension on the part of purchasers of town lots and shares; but onl pra places do you really hear the cry of times