The New York Herald Newspaper, January 7, 1858, Page 2

2 NEW YORK HERALD, THURSDAY, JANUARY 7, 1858. ‘& 8 fresh advance of three. ths pdr cent. The first tansactions in consols for January were at 92% to ‘92% , ex dividend, being ap improvement of a quarter per n the | prices of Saturday, and under the intiu ence of several large purchases 'y went to 93.8 833,. A slight reaction then took place, and the latest bargains Were at 92% a 95. Among the purchases in the aftor noon WAS Ove of £100,000 Reduced, supposed to be on banking account. Rank stock left off ar 218 to 219; Re- duced, 92% to 92; New three per cents <; India bonds , 30s. to 20s. discount, and Exchequer pil's 48. dis- count to gE. In the Stock Exchange loans on gov rities are obtainable with case at betwe 4 ont. At the bank the demand continues ae discount market the rate for the best bills | About £85,000 of gold was take: bank to-day, £35,000 of which was Russian. The £340,000 in gold brought by the Alrica from New York this morning is expected to'be nearly all sold fo the Bank of England. It is beiieved to include a largo propor. tion of sovereigns, which will be taken to the branch at Laverpoo!. It has tranepired that the governments of Sweden and Norway are anxious to prosote certain measures which have been suggested for obtaining financial aid in England to prevent the pefmanent break-up of some of the exten- sive establishments which have lately failed in those coun- tries. A deputation is pow in London, and, according to Tepott, the sum contemplated to be raised is £500,000. ‘The application, it is understood, will be made to the Bank of England, and the principle of the proposed arrangement e that such concerns in Sweden and Nerway as Yr securily for the amounts requisite to resus citate them em (urough will hand that secu- rity 10 the g who will cause its value to be in- vestigated, at guarantee the Bavk of Engl from ail loss. ‘The Swedish Diet are said to bave granted the necessary powers. In Norway the Storthing meet only once in three years, and it will be some time before the next session takes place. The ex ¢ authorities, however, would, it is infer- assume the’ necessary resp>nsibility. The will be carried out as rapidly as possible, the grewt object being to lesson the numbers thas are threat ened with loss of employment from the stoppage of the ebief mis, Turpaces and other works Thr bills have oeen returned to day of Messrs. KIingen- dee Brothers, of Liverpool, « firm connected with the American ade, ‘Their liabilities are believed to be rather large. [From the London News (Ci The seeult of the weekly e9 on ‘Thursday next is Jooked for with much interest universally folt that a reduction of two per cent in the bank ‘ste is imminent. The interests of the specula'ors ¢ Sock Warkets Would be best promoted by an imme- the morc reasonable ex ‘obably be satistied if the di rate to nie per cent next r cept on the following Th he y Some itmmediate relaxs evisently demanded by public opinion, and as the posi- tion of aifairs at least Warrazts a reduction of one per cent op Thursday next, itis hoped that the directors will not delay the alteration. The demand at the bank up te this afternoon continues light, and from the magnitude of the repayments to the estab lichment, its ‘reserve’? must pow be largely in creased unt of gold purchased by the bank to a 08,000, chiefly in bars and United states com, together with some coin from Russia and the Levant about £150,000 in sovereigns, ex the / been sent into the bra: K at Liverpool The total stock of coin and bu lion is calculated to be vow approaching teu and a millions sterling. The retu £9,450 #55. It } last published stated it at | In the discovnt market the current rate for good bills is’ | about nine per cent, but numerous ae low as § 4 transactions take place bank reduce their ter: ill probably be still low in the value of m on the Continent seems to have fairly set ia. Priv letters from P: ex ss an anticipation that the Bank of France wiil r the rate of discount to 6 per ce he end of the year, Gold is still Levant and from ou Hank of Pros: 3 cent. At Hamburg first ted ai 4 to 5 per cent, anu the new that etablishment from & ters. At Berlin the rate of di class bills Exchequer ith a strong appear. riod a fresh rise of % was at i¢ Influential sales being ri with & view t profits, a relapse of 4 per cent lock p e close renewed buoyaucy was shown, f quotations were 1/ per cetit fluctuated with the consols, tions predominated. Some of 1 the important advanc isposition to close thei ing €ettlement, in the hop mm lower terms for the next ac- cent rentes closed at 67.30 for the end of December. omey price is 2¢ per cent, and in the vent, compared with the closing quo. Continent markets are still rising. At forLand Amsterdam yesterday Austrian stock ad 234 percent, apd at Vienp: rcity the exchange on I to 16.20. At Berlin Buse ee jan stock improved 34 per $3. morning to “pellet for tits ye 4 recovered at the close ial business repert y consol, for mo: ount (Jan 8), div. ; three pr cents re ‘new three per cents bank stock 21845, 217%. chequer bout discount to le. dis, cent per < Oy In the Joreg "s business was consderat e first marked 964; , were thon pressed for sale as Sow a and closed | * at 055, to 6 7,, Or the same as yesterday, The ganran- teed tour per cents ered at 10034 to 1014 Brazilian, Mexican, Dutch, Vortuguese, and other foreign re inquired for, and in some cases dearer. The foreign exchanges thi- afternoon exhibited a general fail, the reduction exten bills on Holland, Fr Frapkfort, and more ly Haraburg and Vieu The quotations were stil! rather irregular, but the ge ral feet Change mfident. The do J movement in the course calculated ‘om the Oe d ativent, but is a of the easier tex to Check the the money market here A oumber of sma! from day today, To de were rewrned, viz and Mr. Van Specht, foreign merchant, Habilities are ad to be tin (From the London Tines (City ), Bee, 28, ‘The quotation of gold at Parke is about Viper mille dis. count, aud the shor, exebange on London is 26.26 per £1 in nsequebee be announced ures continue to Spanish meroba In each case On sterling wparing these rates with the English mint doe wr ounce for standara gold, it 4 ix whout 4.J0tms per cent dearer in Lon- ¢ upward course. g at the clos que catione n fall to por cents, Wiiy 1 Febequer am, & by auotber the market owing to the serve before the payme no question, however eannouncea before the ¢ any the ar quorte year ” The rebound in conwls from the lowert point during the earure in Gcteter last has been equal to 7% per conte rice th 0 ex dividend, a difference ts shown of 614 Rec: ming the dividend at £1 10s., this would be increased to; butas the amount of dividend which fad accrued up to the end of October was only £1, the ont. The rebound, therefore, rapid then that which panic of is47 mnt then te q by the end of the year there was a recovery to 85%; ex dividend, whieh reckoning £1 for dividend, would give a rise of 7 aad the last quotation | xces of two houses | | The lowest | per cent, oF 36 per cent less than on the present occasion, | Sithough, owing to tbe prices in shat year being relativel: eo much lower, there wae greater room for & revoun:! ‘The rate of discount, which on the 25th of October, 1847 was fixed at § per cent, war reduced at intervals to 7, avd 5 per cent before the end of the year, wad by the 1°th | Of Juve following it wre 3% per cont. The transactions in foreign stocks have again been un usually DuMerous, but in some cases the highest prices were fot fully maintained. Spanish aud Mexican wero rather fiat same as yesterday. Brazilian five per cente were neg: usted at 0745 and 9644; for the .ccount, 97,97 '5 and 47 Go. 180 nnd 189%, 53g, and Ohis: do, 1843, we Fevador 244) Gantemaln, 68; Mexiean, 19% for the a 14!, and 19%: Portaguers for the w 4 Spanish, 4175; ditto, new deferred. f 5%; Tarkisu six per cents, for the c ditto, foar per cent guarantees 4, 101% wnd 100% Dutch two per cents, GF; and the four per cent Gertificates, 97% and 07 foreign exchange prnoon the rate Htentency; h n cach instance may be w Acoordis) 0 the Fe r w 6 per cof you At Hamborg the scount for the beet bills Paneer berm cen 4 Der cen Abowt £ coll w taken to the k t-day. It wns chiefly) au, but incloded some amounts of Rus: sian and T Tt fe onee that at a Moeting held th afternoon of the Comm Joint Stock Baniws it wat unanimonely agreed to rev to their respective t wr dure the rat’ rest ou deporite to 6 per cent per pum, and that the measure now aply awaits formal con firmation on the part of each establishment to be forth we ; A statement bas been pobitehed, by Mr. James Low, of “ 1 Pa the present ? efi (oo Wiel AaHee Was Turkish, after some flactuation, left of the | stant 12/118,985, 16,795,232 £47 518,112 Total for seven years... ...£4,700,816 TUE ILLINOIS CENTRAL RAILROAD LOAN IN LONDON. From the London News (City Article), Dec. 22.) It already been explained that to each of the ne cS bonds offered by the Illinois Central Rail pany is attached the option of subscribing for 25 shores of the company at par, at any period until 1861. Some large transactious have taken place in the “options” attached to the new bonds at 10 premium per share. In other words, parties are found willing to pay ten dollars per share for the option for three years of taking up shares at par. Should the shares rise within that period toanything like the value attained some time ago, the purchasers of the option will of course exercise their right and net a considerable profit; on the other hand, should the shares not ascend beyond ten premium, ‘hey will Jose the (en dollars per share now paid for the option. Such transactions are essentially specula tive, and even partake of a gambling ebaracter, yet sui: the views of some operators. The way in which such a transaction benefits an existing shareholder who sub- scribes to the new loan is thus: Supposing that he sub. soribes $1,000 for & new seven per cent bond, and sells at $10 per share tbe option of pwenty-five shares thereto at- tached, he pays in reality only $750 for the bond, and, in the event of the loap being only partially takea up, anda calhou the shares being thus rendered necessary, be could pay in, On account of the call, instead of cash. at the rate of $1,000 the bond which has enly coat him $750. The project is ingeniously devised with @ view to induce c gz Sbarchoiders to increase their stake in the under. iaking, of the prospects of whien, especially with the floating debt cleareo off, a sanguine opinion is entertained by the parties interested. AMERICAN SECURITIES. The London Zimes of the 22d reports American securi. ties as without alteration on the previous day, and gives the following as the business done 14.9133 dis. Iilinois Centra! Railroad shares -Do. seven per cents of 1875. New York Central shares AMERICAN RAILWAY STOCKS, (From tke London Times (City Article), Dec. 23.J Business Raitwoy Done. Do. $100shares, N.Y. Central (sin Do. con., do. Do. 8100shares . Y. aud Er Do. (a. fund) do. To $100 Permsyly N Ist int; 2a THE FAILURES IN [From the fouden Times (City Article), Dec. 19. | A Week ago au estimaie was made in Parliament that the habvities of /be houses which have faiied during the recenterisis make au aggregate of £45,000,000 sterlieg— this being at least double the total reached in 1847. It thy Sgures for 1847 would not be found q © than twenty-two and a half uu be Bo question that on the present gut 3 much beyond anything at- Subjoined js a fist of the unced in London since the be , when the pressure first decidedly commenced. Only a rough conjecture can be formed as to lve total they represent, Since in maay instances the lauce sheets remain yet to be produced, but fifteen or ech millions may be taken as the lowest sum. The failures in the provinces, of course, cannot be ed with an approach to precision, but os the debts of five banks alone amount to about twenty three millions, (the Western of Scotland £8,011,982, the Northumberland and Derham about £3,000,000, the Liverpool Borough about 24,000,000, the Wolverbampton and Syatfordshire £1,000,- 00, and the City of Glasgow £4,000,000,) it is evident that thirty-five muliens would be a very moderate computa tion ior this part of the question. Zhe grand estimate is thus roised to £50,000,000, ons 000 ,000,) and with this before them Parliament and the pubtic are bounl ty use every effort to probe the causes of the evil. With the con- tension of activity peculiar to all commer- 1 countries, it is plain that if the same cause continue to operate the be dne in 1867 will as much exceed that of the pre year as this exceeds what was witnessed in 1547, : ye recognized that, ac- wm of Parliament, the elements of m: actually in operation are but faintly repreeented in the totals now given. prohibit ous aud precautions enforced by the Legislature to prevent the mercantile classes from exercising in bank ffa:re their own independent judgment an immense amount of disaster is averted. Indeed, upon no other plea could the French system be tolerated for a moment im avy branch of business in England. If ander this pa we have suffered to the extent of fifty mil pe the opinion of those who uphold that aid have been exhibited if would far transcend all ordivary Mt ty their sagacity, therefore, reat if our logivlators are unable Jone the baneful inilences that have clearly to trace and been at work. whether the vaunted remedy may not, in fact, constitute the root of the disease, and if it would be very rash, after having witnesed throughont the present generation the things that take place under the Parliamentary guidance 0 banking business, to try ment of leaving it course, “Tn this ver, their functions the concerns of ¢ would be limited to the duty of providing inexpensive means by which, ¢ lefttomake such mutual ¢ ontrente on thay i deem best, every one attempting to falsify or break | new revulsion which will | The doctrine is that by the | Out of doors a few persons venture to ask | real forcing sales upon any terms; and that, on the other hand, if a firm be insolvent, the proclamation of its insolvency cannot cause rty to disappear which has no existence. Cases may arise where it is very desirable assistance should be afforded, but it is for the souad part of the commercial community and the leading institutions to meet them, Ifa certain mill is working at so great a profit that it would be grievous to let it stop on account of the tehaagrery embarrassment of its owner, or ifa house can show such securities, and be willing toe pay such a rate for loans upon them as should tempt capitalists to come forwara, every one would be glad to see th ar - ments. If they do not take place itis evident the prods of the mill, or the rates offered for the required y were Lot commensurate to the fair value of money at the time. The supporters of the Bank Charter act are called “usurers,”’ and denounced as men who would seek their own profits out of the misfortunes of others, They have doubtess therefore, a keen eye for a bargain the moment itis really to be had. When the State is calied upon to assist men whom neither bankers billbrokers, nor private capitalists will assist, the public safely conclude that it is pot any patriotic desire to avoid the sin of usuay—that is to say, the sin of taking the best market price for. the commodity they deal in—that causes these gentiemen to hold back, ia order that the government may come in. ‘The actua losses sustained by the nation have been going on for the Yast five or six years, and it is only now that we have found them out. Although failures to the amount of £40,000,000 have occurred since October, Wo are just as rich as we were at that period. About six months back the Times entered into the question of the perplexing character of the Board of Trade returns. Month atter month they showed an increase in our commerce, but al- though there bad beep no foreign loans or wild speculation in distant public works, our stock of bullion presented a steady diminution. It was evident that a foreign trade which bad been increasing enormously for some years should have resulted in great gains, and that these gains, if there was no apparent way in which they had been sent out of the country, should have shown themselves mm a copstapt increase of ‘our suppiy of specie. It was asked, can it be possible that this extraordinary trade bas pot yielied any profit, and that our pros perity is merely delusive! But Uhe rejoinder was una. voidable—“Is it likely that people would have carried it on if they bad not found it answer?” Itseemed impos sible therefore, to solve the riddle. Some persons thought that large investments of our capital had, perhaps, been made in France, owing to the low prices to which reates and railroad obligations bad receded after the specu- Jative mania in that country; but those best inform. ed declared that the movement had been rather tue other way. The matter, therefore, was giveu up in despair. Now, the whole is plain.’ Monstrous as it appeared to entertain the supposition that for a long consecutive period the export trace of the country had been carried on at a loss, this is the sole ava all-sufficient explasation of everything that has happened. The Western Bank of Scotland has atone lost £2,000,000 by advancés to swindling shippers, who, for the sake of Commanding the market and rendering it im possible for any honest competitors to hold their ground, have gone ov making cousigumenta without any prospect of . receiving adequate returns, the resulting deficiency being made up for the time by a proportionate increase in the manufacture of ‘worthless paper, which the banks and other holders continued to regard as “‘property’’ until the storm came which sbowed its real character. Before even 000,000 could have been lost, What must have been the jount of trade carried on? Supposing eveu every baie of goods sent benee by th firms to have cost £100 and to have realized only £90, the declared ‘alue of sach ehipments must have amounted to £20,000,000 sterling to result iu such adeficeney. Look at the similar operatic Le Liverpool Bar rough Dank, the North dd and Darham and seve- ral cther establishments, and the nature of the enormous inerease in our Board of Trade totals, which we have all deen accustomed to look at with pride, will forthwith become transparent. Of course the fouey was” not entirely got rid of ip this way. Large sums were made away with in perwmal dusipation, and cccasionaliy, doubtless, marriage ments were also yrovided. Those who live, however, 1 what they do not earn, impoverish th¢ country pre- cisely to the extent soexpended. Meanwhile the giant drain bas been caused by the rise in prices « foreign produce. ly has the over production which has coh stimulated throughout ail the manufactaring dis- js led toan unhealthy rise of wages and an undue consumption ot tperted | articles, bat the speculations of the insolvent shippers, who have ordered their agents to boy up sik, cotton, sugar, coffer, and all other commodi- tics at any price, in order to make their returns, bas caveed the English consumer for years past to pay 10, 20 or 30 percent for the uecess® of life deyond what would otherwise ba cose. The Brazilian cof- | fee grower, the Cb. tivaior, the American cot | ton planter, &e. been driving & grand business our expense, year by your, nolwitustanding toll and econon.s @ really honest and industrious th classes among ve, we reolves vot poorer and our specie resources ih. The truth came 2b upon us in Cetober last ine a Ue dap. We ha: no idea but thatwewere full of property, but we tem found that cur fancied properta. of Consisting of merchandise, dd, or fore coneuted of nothing but accommoda | inom OiYs, Lcsnets for ther numinal amount | and in some insane» nf work the stamp on whish they were placed. Nos of the Bank uarter wct or is. | sues of promissor supported by nothing, could | bring back one farthing of Wuat as thus been squaadered All that such meawires can ever effect, besides giving en- wragement to speculators and bill discounters to resume econ a@ possible their old career, is to mitigate for the ot the tail in imported articles, 80 as to give the foregn prococer still an apnatural advantage, and pre vent such of oar people as have long been impoverished the prevalence of artificial prices from getting as promptly as possible tue full advantage ofa retura t batural state THE CRISIS ON THE CONTINENT. i THE COMMERCIAL SITUATION OF FRANCE. | {Paris Correspondence (Dec. 21) of London Times.} | ‘The commercial situation of Paris is not worse since T | last on the subject; indeed, matters are rather im. e Mhas been ascertained that the bills due on th inst, bave been paid, The * feoling of absoltite bt” expressed by the Pays at the state of commer airs in France is simply absurd. The Ministerial organs arealways ip exteemes: they no seoaer get the order to say something to trangallize the public Me —. ged bod ent > teby | than they fly off into transports, Tt ts true that no failures to “control” or “regulate” trade. ADy | of n werions “legeription have oceurred, but this te attribu- himself, eepeddally in « coun | Muie.e# 1 have already observed, to the eomparativ try like Gr rat Le ie Called to take part in such | Wnidity of speculators, whoare w the Fugly ane Ay An Ope ration conscions of immense self im por- bow SS canes tee ere ao ni : 1 of the’ Mediterranean, were to the bold mari Ane, i 1 , ne , Inet bere 1 lance, aud, we 2 rale, neither ministers, members | Cf tne, Mediesr da thee. Somenorenen of the existing race of hu ‘oder the delusion of imagi- - £396,282 of Varilament, nor ag: lee Broadwood & Barclay ...... 2... Joseph Foote & Sens sauterson, Sandeman & Co. Wilson, Morgan & Go, . Pitch & Skeet... Draper, Mietroni & © Jelticoe & Wix.... jose i’, de Sa & Co tt & Pieard....... Hoare, Buxton & Go... .. Pdwards & Matthie..... £. Sleveking & Son Alden, Smith & G Svensden & Johnsen, Gorrissen, Huff! & Co... Prockiesby & Wesel KR Bainbridge & Co, ° Herman Siliem, Son & Co. Carr, Joeling & Co. : A. Hints & ©o,,... Kebder & Teldemann. Heory Hoffman & Co. Herman Oox & Go... .. .. Bwchot!, Beer & Oo., Mendes Da Costa & Co. Kioser & Ud........ Barber, Rorenauer & Co, Hirsch. Strother & Go Lichtenstein &Oo,,.. J. H. Baird & Co.. Heine, Semon & Ov... . Weinholt, Wehner & Co, Tn M. i. Willey & Go... +1. T. Hicks Powell & Son #eeesesges * 6 Mos (of the creditors on thie estate held vecuricgy in t chape of bile ofexchange. which are rapidly ranging 0. Hence the extent of the failure is more apparent than real (from the London Times (City Article) Dec. 21.) An estimate was given yesterday #f the debts ot the » down during the revent crisic al Was £50,000,008, The public, however, must fall into the idea this figure represents the lossce 4 the period. Thowe which the country has sustainer must be mesenred in a diferent and far more serious manner. People are ant to plead ag an apology for the suspension of the Bagk Charter act that it lemon nomber of stoppages that would other ive hay jace, and t the communi! Th grand ministers The It the been £70,000,000 but for the suspension of the Bar act, how eratetal should the nation be to those why for such an object did not hesitate even to violate the statute few. But the fact is, that & the aggregate bad rew £100,000,000 the nati would not have bern 9 single pound poorer, When a firm suspends « muet either have sufft iont or insufficient assets to pay iis ereaitors, Such a-sete must consist of merchandise or other tangible pr perty. or of claims upon solvent houses, and the value of these will be neither leesened nor in ased by the fact of the possessor of thom postponing ent of his own debts, Wuen Mesare oe Wolf & Co rber, Rosenaver & So. stop with only 2e. in tuetr bills ad Waere, we lod | person j 1848 still clings them, and, though tranquillity and © now prevail throughout France, yet it ix but one firm hand that maintains jt. The erie is aot felt with much severity, because m @ pot Venturous, apd they have ever tn their thoughts the uncertainty of human life. Me thie ns it may, the engagements for the oud of the year are said to be comparatively light, a« the Paris payments shail be made either at, With a View to avoid difficul wuts op Uhe last day of the year. » the commercial bills falling due on the ASth of January, itis evident from the last monthiy re turn of the that they are light a those that fall due in December. Itis exp it te aftir: é. t the bank will give fae b ewal © bh bills as the acceptors tm: to meet. The returns sbow that money is not scarce in Paris, bnt clearly it 9: not in the hands of the trading classes of the community, for the ware Doages are overstocked with merchandise, for which there is but little demand. Hitherto there bas beeu tightness ja the meney mark embarrassment, the tightness ig relaxed, ot the emberrasstuent (Mowing the difficalty of realiring raier «titi continnes. It will require sometime yet bei trade ty reete ced to its former coustiiou. Several re of opinion that trade bas suffered quite as much om the meagures adopted to keep gold in the count Anything elve, ana the: the caution exercised by the Bank wae carried tu an Tecy refer, tn eu of their views, to the foo th W the Bask of England maintaiva the rate of 10 per cont, that of France has gra dua! ‘a OWN rate to Six, Without jnconvenience or O it etock of bullion. Some remarkable vas observable ake the pact week im the articics produce, Cotton, sugar Bae we fallen. Shire Lave recon since the poe se Vanperial deeree tinpori sg an adaitional a heetolitve on foreign Drandies. Tallow he r Wheat and flour bave declined. The fac- ow » market entered on Saturday 3,683 aacke oor quaiey for del ‘within thirty days, at prices veiw from 46f. to 66f. the sack of 150 Kilogrammes, and «4 eecks for bakers’ use. Flour of the four marks waa «1 of Saturday at If. 600. the sack, but there were uyers. There was po variation in the price ot wheat. Was offered at are’ .cunn of 50c. the heetolitre. Tae : o© for superior quality. Barley x Rarley from Nogent- 1 fs quoted at 17f, 800. , and from Champagne at 17f. + kilogremmen, There is a better demand for goot vat inferior are unsuleable. Oata from the Beaace sare quoted 4 S1f, the 160 kilogrammes, soit (Dee, 21) Correspondence of Lonon News. c. sowree has been very firm, almost brilliant, a) thoun ther@ was # reaction in the rente at the clove. Afton tay ing tone hed G8f, 10c., the rente for account closed © ne at or? SGc., with 9 rise of 46e, For cash the last price wah) 16. being a rise of 600. Mobilier rose S7f. 60 The vans Railway rose 27f. 60e.; Northern, 10f ; Fase. ¥f., Lyons, 15f,; Southern, 13f.; Western, 12f. Oe..6 Grand Central, Tf (06. Four u millions of francs in specie have lately ar- aived fareeiiier, aud sixteen million? more are ex. peeter! Lefore the end of the month. It fs said that ge Mt haa been sade 1 which the Comptoir d’'Rs comp # "be prepared to jend sixty millions in aid of trade ports. (From Paris Galyuani (City Article), Deo. 22.) Troo ios, P. M.~The market hae peen very baoy- ant. Sp ctletors fora fall have been obliged to settic their wcconnts wil heavy lowes, and were the principal eqents of advance of all the securities, which has fen hesi«s influenced by aa further rise of 4 on Voglish console. Tt was reported that the Book of Eng lund bod reduced ite rate of uiscount to 8 per eent ‘Threes, after having heen done at 67 fr. 70c., advanced tu 68fr. 16c.; Mobier varied from 7é0fr. to 800fr.; Or- hoot DANO. to 1 afr, ie. Hate-ract THRE —Tho fine at the commencement of the market became eheeked in consequence of roalimations for profits. ‘Tho Paris cortespondent of the London Herald writing on zoth of December saye—Rumors of an alarming cba- racter have been circulated touch'ng the health of M. Greff ‘he, a finevia! lebrity, whe enjoys the reputation of being the wei i man in Pre M. Greffathe is one of the most asefat men in the country in these hard | times, A Bel per atsnires ite rowlers that the I Gt Grodathg is yay of te Wudst iunporiaut oe me ns eee we the nominal value of 40,000,000 are inerror. That the institution in question was in con- nection with several Hamburg firms is @ fact, but it is not likely to suffer serious loss by any of them. AFFAIRS IN BERLIN. A letter from Berlin, of the 16th ult., says:— to he commercial community of this capital. It is thought that the worst the crisis is over, and that our inarket will not have of meee ve severe sufferer. which ve taken p rate AFFAIRS IN ITALY. bg . 19) Correspondence of the London Times. } e ing letter, Milan, Dec. 15, which ap - in to-day intone, is not of a less gloomy temor than the penne ane Shore, matond ms culties: e present time are very, very great; failures are occurring ona frightful scale, and after those of Palleari, of Ballabio & Co., of Cigheers, of Rodaelli, of Weebler and Mazzola, after the contrecoup of foreign cities, after the suspension of payments by best houses of Verona, Venice, Udino and Bergamo, our strongest firms also begin to waver and to.make up their accounts. And the accounts are very sad. Let it suffice to remark that our great silk houses there is not one that has in warehouse a less quantity than 50,000 pounds of silk, whence it is easy to calculate (ll at preseut prices every ene of them must | » half a million to two millions of francs—the stove sme of them exceeding 150,000 nds, The firm of Hrambilla Brothers was supported ya loanof ove million and a half of francs; Battista Gavazzi is liquidating, and others aro doing the same. Every masks himself what we have to look forward to; £0 many iortuyes vanishod, so many reduced by gue-half; so many families, lately in easy circumstances, now at their last shift; so many workmen without work or bread, or means of subsistence of any kiad. ‘The letter concludes with complaints of the heavy taxa- tlou and high rate of interest. THE CRISIS IN RAMBURG. fambore (Dec. 19) Correspondence of London Post.) Ye appear now to be in @ state of transition here from a condition which was almost bordering on despair to one where at least there may be some glunmerings of hope. There are still occasions! failures, but that may roason- ably be expected to be the case until all the bills are run off Which had been accepted: befofe the commencement of the crisis, and a total return of confidence cangot there- fore be reckoned upon until the first half of January bas becn well got over. In the meantime tue proceedings referred to in my last letters bave already produced a wonderful effect. Previous arrangements in antic on of the ratification of the loan from Austria ad evidently been made; for as it was late on Saturday afternoon before the concurrence of the burgesses was obtained, there was litt'e time lost on the part of Austria in fulfHling her share in the agreement, as the silver she had epgaged to forward was despatched from Vienna by a special train on Sunday afternoon, passed through Bresiau on Monday, reached Berlin early on Tuesday morning, snd was delivered here about noon on the same day. The display made on its arrifal, and on its conveyance to the bank to be deposited in its vaults, was doubtless not without its object, and that object it was clear was successfully attained. There is romething palpable and tangible in a remittance of silver, ot whieh those who saw the reception of the Sycee silver from China at the close of the late war with the Colestial Pmpire will bave an accurate idea; and although the amount in the present instance was far short ot that on the occasion referred to, nothing left ype that could serve to raise the idea of its magnitude. Fourteen large goods wagons, with two engines, brought the valuabie treasure into the railway station, and sixteen double horse wagons were re. quired to convey it from theuce to the bank, to the no sma)! astopishment of the wondering multitude It can. net, therefore, be denied that silver is a very unwiedly commodity for @ circulating medium; and wedded, as many of the citizens of Hamburg are to their ancient mo. netary system, they might at least find one which would be mucli more convenient than that whieh, to meet a pay- ment of about £700,000, requires the conveyance for so great a distance aud at such great speed of 2,825 bars, weighing more than 85 tons of standard silver. This ar rival has been a great accession to the stock of silver in the vaults of the bank, and when to that is added the constant supplies which have been coming in from Eng-* jand and other quarters, the sam now deposited th iy if ever been exceeded. It is now estimated to be of the valne of five millions sterling, and there are nota few here who now begin to wonder why with such a amount ou hand they should not obtain some of the ad vantages of circulation which they possess in England, where, when recently the stock of bullion did not greatly surpass that now held here, they had the benedit of up wards of twenty millions more in the form of bank notes, by which its relative position, when compared with this city, was in the time of need so greatly improveed. In this view of the matter, however specious it may seem, there is a great fal'acy; for in the isolated position of this solitary city, surrounded as it is by other States, there is not that room for the diffusion of circulation which there is i England, and all that Hamburg could expect to com mand might be only a littie more thea that which is derived from the local circulation of Liverpool or of Leeds, or such other places of corresponding magnitude; and it may be well, therefore, if expectations should be entertained as to any thing more, that the Waring thus given should be taken into account before apy change in the existing system should be attempred. Great exerti ontinue to be made in Sweden, Norway oud Denmark to avert or alleviate the consequences the present monetary crisis, and although these have not- hitherto, in some cases, been altogether successful, there is ground for the hope that they may yet prove to be very efficacious. The goveruments of these countries ia this mater only perform a paterzal part, as they are acting for the good of their own people. For the assistance rendered by the Austrian government to this city a claim for having proceeded on a more disinterested ground bas been preferred, but in that igstance also there is reason to believe that there was likewise a motive for self-preservatin to actuate them; fer, if the relief bad Lot been forthcoming, it is quite understood that the dis honored acceptances which would have been returned trom hence to Vienna would bave reached to sach an im monse amount that the.cousequences in that capital might have become fearful. Creat dissatisfaction has been given to many of the mereantile commonity by the remarks of some corres pondents here of English and other journals, and it has expecially proved annoying that in several tostances the names of solvent houses have been referred to in a way that could not fail to prove injurious. it may be considered as a proof that fHatabarg is get. ting out of her difficulties, when it is kuown that much Jety begins to be felt as to the proceedings likely to be adopted in Britain for the abrogation of the Stade Dues; but th ton which much has to be said, as it is of too much in ce to be discussed at the fag end of a Jetler, another opportunity will be availed of to enter upon it more fully than it is how possibie to accompitsh, ‘The following despatch, dated the 12th ultimo, was ad dreseed by Haron de Manteuffel, President of the Council of Ministers in Prussia, to M. de Katpta, Prussian Charge (Affairs at Hamburg, to explain why the goverument of Berlin refwsed to leud money to that city in the late crisis By a telegraphic despatch of the 34 you announced to me that the Senate has resolved to send to Berlin the President of the Chamber, M. Mehring, to obtain from us a joan of from 2,050,900 to 3,000,000 thalers. M. Mobring calied on me on the 4th on the subject, and offered me as security notes of the Chamber snd railway shares. [im mediately deliberated on the alfair with the other Minis- tere. We had a strong desire to acquiesce in the demand of a friendly town, connected with ow government by so many interests. and we know that in aiding the commerce of Hamburg we should be useful to that of Prussin. Never- thelees we could not disguise from ourselves that in ac- stn applied for we should diminish our power ‘onr own commerce and manufactures, and burg loan proved insufficient, grave embar- it arise for Prussia. Now we felt convinced that thesum demanded by the town of Hamburg could hot be sufficient; our deliberation fact was inter. rupted by the news thet Hambarg to borrow a um of 30,000,000 marks banco. impos sible to come to a decision in the first sitting. When M. Berlin, after the town of Hamburg marks banco, we de. having resolved t celebrate the nuptials of her jeaty Royal Highness the Princess of England wi ‘The early and brilliant season, it i¢ hoped, great stimulus to the trade of the metropolis. Humber of the most distinguished foreigners are expected in Lendon, The Queen has ordered the whole of Claridge’s Hotel (Mivart’s), gaged tor the reception of the guests whoeannot be ac commodated at the Palace, ‘There is pothing known bere of the alleged intention of the Dutch Court to de mand the hand of the Prmeess Alice for the Prince of Orange. The story originated in Paris, and may be pronounbed totally deswtte of foundation. ‘The Lantion Court Journal observes:—-On the occasion of her Majesty's marriage the Quecn presented to each of her bridesmaids a diamoud and turquoise ornament, to be worn on the shoulder on the sleeve of the aress; and the ladies so distinguished alway wear this badge they attend at Court. We believe that some such distine tion will be conferred on those who occupy @ prominent position inthe ceremonial of the naptiais of the Priacess Royal. Fourteen beautiful bracelets of the same patwrn, and with similar jewels, are being manufactured for the event, besides « number of brooches and pins, There lat- ter contain on ashiel! of blue enamel the cipher of the Prineees in diamonds, surmounted hy the Prussian eagle, also fn brilliants. The trousseay of the Princess herself approaches completion, and ite magnificence will be it Pe a worthy of thy iiustrious Priueyss fitgive & was | anne Immense Destruction Life and Property— ‘Thousands of Lives Lost. Panis, Tuesday evening, Dec, 22, 1858. Op Thursday night iast, the 17th, a terrific earthquake devastated the districts of Salerno, Potenza, Nola, and other places. Entire villages have been destroyed, and the victims are several thousands in number. In the city of Naples there were several vioient shocks, and the whole population was encamped outeide the city during the whole day, but no fatal accident occurred in the city. 4 Mansnitirs, Tuesday, Dec. 22, 1857. We have advices from Naples of the i9th. An awful | earthquake took place on the night of the 17th. Its ae. structive effects have been experienced throughout the whole kingdom; most severely in the towns of Salern Potenza and Polo. At Salerno the wails of the houses are rent from top to bottom. Numerous villages | jestroyed. Inthe province of Basilicata and in | are tbe Continental principality mainland, the dead are reck- oned at several thousands. The authorities have erecigd huts for the houseless families. The city of Naples ex- perienced three violent shocks. The population are eu- camped in the open country. The northern part of the kingdom of Naples bag vot been subjected to this visita- tation. MR. BUCHANAN'S MESSAGE IN ENGLAND. Its Effect in Engiand--Opinions of the Lon- | don Press—The Clayton-Bulwer yton= reaty. From the london Shipping Gagotte, Dec. ig) We have beiore us the President's m: at the in- | auguration of the Thirty-fifth Congress of the United States. document lengthy aud elaborate, extending over several columns of small type, and entering very fully into the financial revulsion, the affairs of Kansas and of Utah, the new tariff, the Buiwer-Clayton treaty, the filibustering expeditions—in short, into every question which can at the present moment occupy the American statesman in the foreign or domestic relations of the Union. As it would not be possible within the limius of a single articke | to review these varivus topics, we shall select for the pur- ¢ of immediate comment those which engage the rgest shore of public attention in both countries, re- serving fo nother day any remarks which the remaining portion (he message may suggest, When in the month of March last Mr. Buchanan pro- » onced the financial prosperity of the States to be + with- @paralle! iv history,” he lithe knew what a few months would bring forth—indeed, he seems to have bad no idea whatever that causes were even thon at work which were silently bat surely producieng their disas- trous effects, and which in the nature of things mmst have resulted in the convulsion which we have all witnessed, ‘The President must have known taat the Americay con stitution afiords no security against over issues on the part of the 1,400 bauks throughout the Union, and, there fore, Mr. Buchanan's own words, “is not responsible for the existing anomaly, thata government endowed with the sovereign attribute of coluing money, and ragulating the value thereof, should have no power t pre vent others from driving this coin out of the country, and fillixg up the chanvels of cireulation with paper which does not represent gold and silver.” But although Mr. Buchanan's sagacity appears to haye been at fault in net anticipating the evil which, no man will deny, was vigorously at work inthe States eight months sine, be has traced the monetary disturbance to its source with great fidelity, and bas cannciated his views for the pre- Vention of its recurrence with remarkable clearness and good sense. Itappears from @ report issued by the Trea. sury Department, that in January fastthe aggregate amount of specie in the vaults of the various bauks throughout the States was $50,249,858, while their circulation amouted to $214,778, and their deposits 1» $250,361,352, showing that the ratio of the specie in these establish- mets to the amountof cireylation and deporits was less than one to seven—that is to Say, that of the entire cir culation of the States there was, last January, but one- seventh represented by specie, The inference from thie state of things is irresistible—namely,, that the very first pressure must drive banks so situated into suspension, depriving the people of a convertible currency, and pro: ducing the whe spread havoe which will inake the close | of 1857 long memorable in the annals of commercial dis aster. ‘In all former revalsions (says Mr. Bachanan) the blame might have been fairly attributed’ to a variety of co-operating causes; but not so upon the present occa. sion. it is apparent that our existing misfortunes bave proceeded solely frem our extravagant and vicious sys tem of paper currency and bank credits, exciting the peo- ple to wild speculations and gambling in stocks.” And since it is manifest there can be no protection ag@inet tho successive recurrence of these revulsions 0 long as the 1,400 banks possers the power of ipcreasing the unrepresented paper currency to any extent, and of encouraging unpriucipled speculations, und stimulating the import trade of the country by excessive loans of such paper, dir. Brchanan suggests that the banks ghall be requirea by law to keep ov band, “at all times,” one dollar of gold and silver for every three dollars of their circulation and deposits: that a “self-execating enact ment” shall provide, that the moment a bank suspends it sha!) go ito liquid ; that there shall turn from each bank of its condition, and finally uniform bankrupt law the suspension of spec ehall produce its civil death. These suggestions will, we bave no doubt, have their weight with Congress as well as with the different States of the Union, aud we trust sin cerely they will produce prompt legislation in a direction 80 much needed, and to an extent by no meaus oxaggor- ated in the message before us Tt would seem that the Dallag-Clareadon treaty still mains unadjusted, while the Bulwer Clayton treaty is vir. ed tually advo tuts actual abrogation ws recommended, The controversy upon the Central Amerisan questions, which is still open, does not, at least in the opinion of Mr Buebanan, prevent any very encouraging prospect; at the same time he admits that the British goverpmest have approached the subject recently m the most fricndly spirit | —a spirit which is Tully ri Washington. ernments are, upon the questions referred to, s0 directly apposed and so apparently irrecemcilealle that the eventaal settlement cf the controversy may be more remote than many seem to imagine. Our space, at we hay: not permit uf on the present occas into the other topics to which he much ability and abundart command of information; but we desire to invite our readers’ attention to the policy de- liberately adopted by the American government with re. ference to China, and their estimate of the rights of civilized nations involved in the collision with that coun try:—" Whilst our Minister bas been instructed to oceupy & neutral position in referegce to the existing hostilities at Canton, he will cordially cVoperate with the British and French Ministers in all peaceful measures to secure by treaty stipulations those just concessions to commer which the 8 of the world have a right to expect, and which China cannot long be permitted to withhold. From assurances received, T entertain no doubt tat the three Ministers will act ib harmonious concert to obtain similar commercial treaties for each of the Powers they repre sent.” procated by the Cabinet of {From the London Times, Dec. 22.) The message of President Bucharan was delivered to the Senate and House of Representatives at Wawhington on the 8th of the preseat month. To au American the document may not have more than the aaa! importance, amuch as there must always be a sucression of local questions which interest him ax much as any that are treated of here, But on this side of the ocean the ines sage will not fail to be read with especial attention, siace it deals with two subjects on which the public mind has lately been more or less cccupied—the monetary cris and the position of Ceatral America. The principles ov which our Bank Act of 1844 is founded bave Intely received the acquiescence of men of all nr in this country. Although for years there ws been a desultory warfare kept up by its op nents, uo soouer has danger seriousiy threatened thas every One Who naa a reputation lowe hastened to disclaim el) sympathy with the advocates of an unrestrict- ed issee, much more with the propounders of the doctrine of inconvertibility. We have now a tribute to our mone- ary syrtem from the first magwtrate of the other great commercial country of the world. Mr. Buchanan tells the representatives of the States and of the people that though the material wealth of the country lad suffered Bo abate- pay hn the fruits of the earth were plentiful and the for every American staple remained larg yet through acommercial disaster manufactures were sus. Ppenced, public works retarded, private enterprises aban- doned, and thousands of laborers reduced to want. Tho cause of there calamities be finds in the mi tem of bie countrymen. “It is rent that our existing mie- fortunes have proceeded solely from our extravagant au’ vicious system of currency and bank credit, exciting +d people to wi speculations ‘and gambling in stocks.” Horned — owe mata Dp deen pae pole ‘vests Congress Wi power of coining and pro hibite the individual States from comming ‘met | Lhe can give no secu for gold. Each bank hae in a fow days the of epecic to cause its suspension, even the it hed cots in he vautis equal fo one-third of for Tiabiitien et only the banks of Louisiaua have been required to eep this or any other pro jon of gold and silver consequence of all thig has been, that aecording to returns made in January, 1857, the aggregate mount of specie in the United States banka was Hut $58.940,s08, while thelr papergirculation amounted to $214 ,77%,82°, end their depowtte vo $2005H61 852 ‘Thus the banks, in the ag greuate, bave considerably less than one dollar in seven of gold and silver compared with their circulation ar deposits. After showing how at aay searon of pre. the American banks must necessarily suspend py apecie, the President urges on th “1 of controlling the bauks within More than thie hie opt that Cong bas power to Revpt law fapplicabte to all banks in i strongly recommends the exercise “This would inake it an irreversitie of such © power and organte law of ench bank's existence that a stsyen sion of apecie payments shonld produce its civil keath.”’ In platver terms, Mr. Buchenah would enfores the com mon sense jaw that when 4 bank cannot pay it ehontd break. Tivs is, indeed, bub carrytug out the prin ciple Of convertibility. |The partisans of what ie eniicd free banking base their theories on the great faci thatas long as & BO is converiil’e at pr entation it cannot sink i Vine below geld, and that no hank wilimake excessive iB» when it knowy that at any moment itmay be reduced to Tu. We, ya tas, coming lack upon it, But the statistics given by ‘tA the contrary, and show tant when & banking aystem bas grown up, ith rey resenting that te rt rol the public by in their own, Thee we have the rite {Now York, qeGauce of aw anda We Very It is like the generality of such State papers—a | Nevertheiess the opinions of the two gov. | nature of monetary ob , suspending specie ments, while the commuy Jouk on, afraid to de what 1s strietty the tact, those establishments have exch commitved an uct of bankruptcy. We recommend this part of the President's Message to the attention of our readers, that they may see how the system of curremoy which bas been so pertinaciousiy attacked at home viewed by the most enlightened men of another countey. We must now tarn to @ subject which more particularig: concerns ourse|ves. We have nothing to complain of in the tone of the President's remarks souching Great Bri- tain, and the controversies which it bas been her lot te carry oo with the United States ou questions of frontier er. neutral rights, navigation or fisheries, . Buchanan ia too able @ politician fo use any but conciliatory gerard avy Power with which he is about to carry one ong and difficult negotiation. He observes with truth, that “ while it is greatly to the interest, as Tam con itis the eincere desiye, of the governments aad people of te two countries to be on terms of intimacy and friend- ship with each other, it has peen our misfortune to have haa almost always’ some irritating, if not danger. ous, outstanding question with Great Britain.” is certainly true, and we canzot but regret that ' Ddetween us aod the Americans all questions seem to be irritating and dangerous. It is indeed strange thas while there can exist between us and continental govern- | iments, which aay no bat ea :. Erase ee that disputes shal settled amicably, every ‘ | with the United States is atteniled with a degree of bitter- nesson their side ont of proportion to thet sudject. We bave had certainly as many questions to set. te with France or Austria as with Americs, afd national passions have been sometimes excited, bub the respective governments have never been Prctically influenced by them; and we may say that whereas we feel pres cer. tain beforehand that any European dispute will be peace- ably Rettied, we never caw ‘be certain that @ fow months may not produce # violent diplomstie collision ., at Weabingsa- Fngland has recently commissioned. — Sir . Gore Ousoley two “alee, repub- {iate a settlement of the Ceniral American qi | «nd.to endeavor to tranquilize those unfortunate hie@ Jthas been thought in England that the Claytoa- , Bulwer treaty, by wi both this country and the Unitea | States bine themselves not totake possession of those re- ions, formed a sound basis fora settlement, and that in spite of citterences of interpretation the principle was too sound for either State to desire the al tion of the treaty itself. But a party in the United States—by no means representing, a8 we believe, the fooling. but yeta powerful and active party—has seen with dis pleasure apy attempt to impede the Americans in their ex- tension southward, It has even been asserted by some thusiasts that America might abi the treaty without our consent, onthe ground that when a nation fiuds it ne longer advantageous to be bound ¥ stipulations it has an inherent right to repudiate them, if it at the same time releases the other contracting party from its obligations.gMr. Buchanan does not go so far; bat he proposes the abrogation, by mutual consent, of the Clay- ton Bulwer treaty, om the grownd that it can be satisfe to neither party. However, Mr. Buchanan i in this matter somewhat incorrect. The ‘reaty ts perfectly satisfactory to us, and we are prepared to carry owt to the Letter us provi- sions as we understand Hem. The American government, in asking Fagland to abrogate what has beeu formuliy agreed, to, should al least accompany the proposal with such as surfaces us shall satisfy this country that its honor and interests will not suffer by giving up iis legal rights. The watter in dispute is well known. “England has for 140 years, and from long before the existence of the ‘American Union, exercised a protectorate over the Mosquito coast.’ The treaty stipulates that anei- ther party “ will ever occupy, or fortify, or colonize, Or assume or exercise any dominion over any part fot Centeal America.” We say that thie leaves vs our rights in Mosquitia, just as it leaves us owr colony of Belize, and that we are only forbidden to make any (lrther acquisition of territory, or (o transform into ony what we merely hold under a protectorate. The Americans say that we are bound to give up the protecte- | rate. Hence the dispute, and heace also the jealousy which hae prevented the ratification of the later treaty between Lord Clarendon and Mr. Dallas. That Frgland has po important interest in those regions exeept independence of the Isthmus, which must become some day the bel?-way stati between Furope aud Australia, is what all the wortd must see. We care little about the Mesquito coast on the island of Ruatan, buy we eare a great deal about the maintepance ef our striet rights, which if violated m stmuall maters may soon be attacked in greatones, We have, therefore, much pleasure in receiving the assurauce from Mr. Buchanan * that the iorerest of the two countr« is identical, beiug confined to securing a safe transit aver ail the routes across the Isthmus.” Let the Amerioun goverument give prof of eis, and we ars sure that mat- ters will be speedily ‘setéled, “Common sense must tell the © that in these questions we are strictly on the and the most inveterate deciaimer against Bug Jaud cannot deuy the conciliatory spirit in which she has treated them. But we can Rardly be avked to give up the treaty of 1850 without a guarantee that all its important provisions shail be re-enacted, and the whole series o irritating disputes brought for ever to an end, {From the London Fost, Dec. 22. Yesterday we published in extenso the message of Mr. Buchanan to the Congress of the United States, and in de ing with some of the multifarious topics which it contains, we must in the outset be permitted to observe that this ly written document may fairly be accepted aa nthoritative declaration of the domestic aud fu- t intends to pursue. the people of the ‘ted States, with that spirit of self rehance and sturdy love of independenee which they iuberited from their English ancestors, are extremely sensitive when even the good natured and friendly criticism of other nations ventures te busy itself with their internal affairs; and on ‘the present occasion we abstain from noticing those matters of purely domestic policy which no ‘one can 80 well comprehend or can 80 satisfactoril; ttle wx the citizens of the United States themselves, Ne coabt the great monetary crisis, which has dove so muck: injury in America, ine had sowe iutluence ia this country ; but this recoil affords no reason why we in England should point out the defective banking syetem of our transatlan tie cou pecially whilst our own banking institutions are not on @ Very creditable or salistactory tooting, The message of Mr. Buchanan--as far as regards de foreign relations of the United States-—expresses bat one theme of bappy and general congrat The a | arising out of the foreign enlistment question having been adjusted, Mr. Buchanan first notices the revimp | tion of diplomatic relations between the United Staias | and Great Britain “ by the appotutment of a Briteh Minis- ter who has been cordially received.” The personal nag. acceptagility of Sir J. F. Crampton in connection with the Jate dispute was the sole ground on which Mr. Pioroe took the somewhat strong and extraordinary step of de- livering passports to the British Minister, and now the whole matior has been amicably arranged by the appoint mert of Lord Napier, whose “acceptability ’ the Pre. sident, in the most gracious manner, hasteus to 5 Mr. Buchavan adds the following judicious remark, which, though historically true a to the’ past, may go far to pro- mote kindly feclings for the future, He says—“While it is greatly to the interest, as Lam convinced it is the sin- cere cevire, of the government and people of the two countries to be on terms of intimate friendship, it haa been ovr misfortune almost always to have had rome ir- ritating. iC not dangerous, outstanding qv. atioa with Great Hriun.’ The Bulwer Clayton convention of April, 1850, is, however. oneof these “outstanding questions” which Fogiisband american diplomacy bas hitherto failed to olve. Mr. Buekanaa, in this portionof. ie, gives a history of the negotiations which ave taken place im connection with the transfer of the sovereigaty of (ue Bay Islands group to the State of Honduras, He attributes to the circumstance that if the convention o Pritein and Honduras. of August, 1856, had been ratified, the inter would have “recognized the es- tablichment of a State cubstantiaily fodependent withia 1) limite, and a State at ali times subjectto Britixh ‘The treaty between Great Brivam which was subsequentiy prepared the basis of this convention, was rejected by the of Washington, not on ‘the ground stated by Mr. Buchanen, but becanse the convention with Hondu- rar contained this stipulation—“That slavery ‘should not at any time hercafter be permittod to exist within the . Bay Islands State. The extension of slavery is a prine:- pic to which Mr. Buchanan hae unfortunately bound him- self; and in Kaneas, as well as in Contral America, it is one which will always be a qaestion “irritating ao? dan- ger to bie adn ration and policy. Jt howerer may te hoped that Sir W. G. Ouseley, whe has full authority te negetiate upon ait questions connected with Central America, wilt be anabied to bring to a satisfactory getiloment the disputes which the two irreconcilable faterpretatins pat upon the Bulwer Clayton Convention by Great Britatn and the United States have up the present moment rendered ab- rolutely: less and impossible Those pesages of the message which reiate to dlibu: ering expeditions to the saree quarter of the world will be read with applause the public of thie country. Mr. Bachanan regret that Walker hae again been tte the scene of his former piraticai ex; , and arks, for the: sake of the national character, that the nent thonld be armed with the power of adopting ‘98 will be effectual ‘in retraining American citizens from. committing such outrages.” Mr. the foul humanity -— ” pe it shall with it to formidable. We ought. to eo, imposing force as to convinee those resistance would be in vain, aud thus Mr. Buchanan therefore ieesce ese vo tates, mst frenaied fanaticixm, Sich ore ak war nest earry he of the civilized world. In reroese exh ‘With Spain and Paraguay, the language held by @ ron will dent is firm, ‘bot uneonciliatory. rieny Minist ¢ the American 4! neutral position, but rendy to give their moral support to negotiations whieh England and France may bring to conclusion by the altima ratio regum—the only process of argumentation which the Cantonese appear to appreciate. ‘There are other 8 of the meagage—especially passages which relate to tho construction of a military railroad from the Atlantic to the Paciflo—which deserve notice at our bands. We must, however, reserve them for ‘another cecasion, merely adding that this great Stata vapor, both from the friendly spirit which it breathes to fie jgu vations—from the determination which it ex- presses: put down the arch heresy of Mormenism, and to repress the iniquities of Olibusterism, is highly eredit- able to the moderation, judgment and public spirit of Mr. ( Buchan {From the London Times (City Article) Dee. 23.) The measures for the reform of the banking systena fuggested in the megaage of the American President would be fikely to prod ‘ood results, but there is little chance of their being carried ovt. Although they are to a certain extent empirical, they would give a better prospect of safety than bas yet been attoined in that country. sagption, bowerer, C4 hot depend on the will of the federn! government, but w the independent Legisia- tures of each individual sinte, Under ‘ro uireameisncee woul! there be the slightest peobability of the various So of which the Union is com agree- ii i : i ing hanimously to any specited plan, and even ng such of them as might be disposed, whhs smarting from experience, Ive upon ar amended course, the whole ques new Sil Coubtless subside unter the’ influence of soma | Dement before anything can be done. After point \ Whe “he beg of tite present your the t400 - Seutes were puer Pabilitieg equal are recent ee —————EeEE