The New York Herald Newspaper, May 24, 1866, Page 8

——— E U R oO P E ; ders of the boty of th and I bave not yet ' .@ Vendor bankers on the subject, aed time w sea, bet 1 oF to see agements in this house will allow me the joint tok 2% & deputation from the mombers of purport of th 4anke in ‘London to the same effect. eonceive Lhe: and pe: iy ‘ve aithead paral well of * is , exbib ted time by © £ the Bank of England, it being very wel @eo reserve of the Bank of England constitates tho prin; ‘cipal part of the disporable money of the conntry, and Uthat it constitutes the stock whic! is immediately acted 8S Soom as iny.eng to leave my pla The Great Money Panic in England and on the Continent. iF5 5g Details of the Bailures and 9 upon by any extraordinary demand for money. Before Heavy Tnosses. Tiake any steps in the fader, 1 should wish to. know os the precise course of events which have taken place at OMAN Fh lai the bank during the day; but in referring to the course bank do not let it be supposed that T if it were possible to raise an; 2e to the position ofthe bank itself. Tmerely speais of the events that have occurred thero during the day as likely to xuide us in the course we may adopt, because the Bank of England is in reality of events at th: make the allusion question wivh ry ere Ur, Gladstone’y Speeches on the Bank Charter Act Suspension. wapreneenns fie mirrr of tie monetary state of the country, and by its means wo obtain from day to day the most’ definite account of the condition of tte money market, The Why Nepolgon “Detests” the Treaties of 1815. Tepregentations that have been made to me are of a general and indefinite character, while, at the same time, they are prnseainhate wh.ch, on account Othe jnariers from which they’ proceed, are a ae mee entitled. uw the greatest weght and importance, and well deserve the immediate consideration of the government, Possibly, in as short a time as that during which I have been occupied this afternoon we shall have acquired very valuable information on the question, by wh cli we shall be guided in the course we may pt. At the present moment I can only say that the condition of things in the city bas our most careful and anxous ce nsidera‘ion, and that we shall feel it to be our duty to bring the matter as far as in us lies to a wise anda prompt issue, The honorable gentleman behind me asked me whether we should consent to suspend the bank act in the event of the directors of the Bank of Eugland making a proposition to that eifest, On that q estion I shonid wish to make two remarks:—In the frst place, having stated our ‘anxiety to proceed Promptly bs » 2 y iu this matrer, rather not answer the question ; an siverneed Derapaied (6 olzse thair doors. 70.000,000 le secondiy, that the question proceeds upon the hypothe- ” sis that the bank directors will make a proposition, to depositors who hold bills as seeurity, and three milion D depositors who hold Dilly ay eee ccd dpostore: | Which T do not believe is likely ever to reach her ‘Paid up capital is £1,500,000, the nominal capital | Majesty's government from tha: quarter. @ur Buropean files by tho Cuba reached this city from Reston yesterday evening, Tho papers are dated to the 2b of May, end contain very important details of the rise and progress of the financial disasters in England, already reperted by telegraph, with a report showing to ‘what extent the panic prevailed on tho Continent. FaMiare of Overend, Gurney & Co. +. §¥vom the London Times (City Article), May 12.) ‘The passic has at length culminated in the most impor. ‘oat and serious stoppage ever announ ed in the city of Overend, Gurney & Co. (limited) were this be ,000,000 in shares of £60 each, on which £15 etic and tho closing price this evening Suspension of the Charter. ‘ef the shares, which six months ago were at near. | _ ‘Ata later hour in tho evening during the sitting of the dy ten promium, was 8% discount. As the sum | House, the Chancellor of the Exchequer said:—I stated in the commencement of the evening that repre- sentations hod been made to me from quarters of the greatest influence and credit with respect to the extra- ordinary state of the market. and the distress prevailing m the city to-day. I stated that thos» representations had come to me from gentlemen representing in particular the private banks of London, and I expected that I should zhortly have received similar representations from those connected with the joint stock banks, Those representations I have received accordingly,'and the} were pressed even more earnestly and urgently than anticipated, I stated also at tho time when I the honor of addressing the House that the effects of the day’s proceedings through the Bank of England hed not been fully given to us. Since || then wo have become acquainted with them, and we find that that the bank, /uvugh @ desire Ww extnd relief, has raised i's loans and discoun's to-dry toa sum of samelhing more than £4,000,000. The offect of that large accom. modation was to reduce ‘he reserves of thebank toa sum no! very far short of £3.000,000 of mmey. Under these circumstances, as far as the facts are known—and there being no reason to believe that any great chang has oc- curred in tho state of things tho estimate is sufficiently accurate tor all practical purposes—we find the bank re- serves reduced ina single day from a sum yroaching £6,000,000 to a little exceeding £3,000,000. The govern- ment have felt that this is a state of things which, com- similarity of namo; ihe heavy fraud of Pinto, Perez & | bined with the public feeling, calls for intervention on @e., the generat breakup vf the ‘finance compznier, and the | their part, We have taken the opportunity during Douriy expectation of a Buropein war, were all calculated | the evening of considering the state of the facts, and the to try them to the utmost. But thero is no reason to | result has been that we have addressed 4 letter to the @oubt they would still have worked through bad it not | overnor and deputy governor of the bank, substantial ‘been for the persistent sales of their shares on specula- | the samo as was addressed to those high officers in 184° tion. As soon as these operations had brought the quo. | &0d 1857. That is, to say, if the bank, proceeding upot. tation to a discount the depositors besan to take alarm, | its usual prudent rules of’ adrhinistratiou, shall find oc- wmntil at length the drain this morning became two si casion to make such advances from tho issue depart to be resisted, Application was made to the Bank of | Ment as shall exceed the limits allowed by law, we England, bat the Governors felt it would be vain in a | Tecommended that they should not hesitate to make that ¢riais like the present to help one establishment, unless | fue, and we undertook to make immediate application ‘@ey were prepared to help all that might be compelled | to Parliament for its sanction. (Cheers.) There are other to come upon them. There was no time to take any other | Points of detail, but that is the substance of the letter step, such as making a call on the shareholders or seck. | Which shall be in the hands of the governor and fg assistance either from creditors or kindred establish- | deputy governor of the bank to-morrow, and which 1 ments; and, moreover, the pending difficulty had be- | eatnestly hope may have the effect of allaying the feel- eome sufficiently known to render any palliative uselesa, | ing of uneasiness which prevails in the country, espe- Aovordingty suspension was resolyed upon. cially as it dors not arise from any general unacundness The question now is, what ts ‘o be done? The stoppace Pon Coe a penta eae malssions,, bt eazy rend, Gurne 0, So ‘ specific a of Gverend, Gamer Do will be she signal Jor the $us- | hat respect wo are able to draw © favorable distinction ef £500,000 was paid to the old iirm tor the will on the constitution Jast August of the ited company, that sum must now in any case be re- garded by the Sharcholders as irreirievably lost, but it may be hoped that the assets in han‘ will go far to pre- venta tote! exhaustion of the remaining one million pounds of paid up capital, sinc», a8 recently as the pact week or two, the managers firmly belioved that at the meeting about to be held they would be able to show profits suficient to cover all losses, including that from the fraud of Pinto, Perez & Co, ‘and to admit of the declaration of adividend. The breakdown has been the resull of aun of speculaive sales of the shares, Tho gen- eral public regard’d the company with favor, and, al- thourh it was well known that the old firm, whose prop- erty not many years back was reckoned by millions, had grea'ly dissipated their resources by a series of impra- dent ‘advances, it was believed that thoso of the ee who remained to manage the new concern would aceforth conduct the business with an especial amount ef cavtion, owing to their full consciousness of the mis- fakes by which they had suffered in the past. That they Rave faithfully endeavored to do so is still the general epinion, but every circumstance has been against them. The frequent recurrence of disasters affecting the assets ef the old firm constantly affected the reputation of the Rew one; the nowrivus failure of Overend, Watson & Co., the railway contractore, operated injuriously from the eee ceceawe aoe and pip dg en) be between the ee crisis and others in former times; finan e company hove po-ition has been assailed by rumor, | Dut there is also another Alstincion, ayd thet tthe ox or wise thares may le s lected for attack in the Stoc': Ec. | t’aordinary rapidity with which the ey’ upon ts, ange. Bille of parties whose ayd which has prevented the adoption of measures . ‘enga, are enormous, iy neasur end whose forcune is be.ien d to Pepatony ne he a tye | Which OthSF¥ige would have beon taken for its relief. afternoon ‘been retuned, and unless prompt steps are | We have not, howéver, hes to act, to addreas our- taken the cloge of the week will be marked by disasters | 8¢!ves to the subject with all the means in our power, ‘snchi ax have never been equalled in our commercial hia. | ®D4 wo trust that the proceedings will meet with the tory. Tho sole evil now {6 be deait with in panic. Tt ie | *PProbation of Parliament, Cheers.) She ius:antancous transition tri i slate 3 Twild enpait bon tien sf crdt tO & Lolal stoppage of credit tha hes Tee erect on she Country. ht us to the present poss. The mtroduction of Lt ‘00L. in a new, safe and legitimate way can alone suppl; {From the London Times, May 12.) She remedy. ‘To-morrow morning, Without the slightest | _ At Liverpool the alarm which had existed on ‘Change eyoidable delay, the leading instivutions and firmb who | for some days reached a climax yesterday on the con- fee the joopardy of the momont should form a doputa- | firmed announcement of Overend, Gurney and Co.'s sus- Mien to the Chancellor of the Exchequer, with a request | Pension. Romors of difficulties in local mercantile cir- that‘be should authorize the Bank ot England to iseae | Cle and the advance of the rate of discount added to the interest-bearing post notes, ia the shape of ordinary bank | ¢xcitement. The effest on the cotton market was not so bils, ether at the customary — seven | SeVore as might have been anticipated, but in the share 's or thirty days for any other period | Market business was perfectly paralyzed, and one or two that might be considered better, to any extent | temporary suspensions were announced, The suggestion Shey ray ‘deom necessary and prudent upon unques- | 10 the city article of tho Times that a deputation of lewlin g ur le security. If this or some analogous request be | M6 firms should wait upon the Chancellor of the Ex. acceded to there will be reason to expect an immediate | Chequer with a request for ‘relief led to the hope that idence of all unnecéssary danger. If, on the other | 82h a course might be adopted, andwhen the news ar- han, nothing is done, and people aro left to trample each | T¥ed of the suspension of the Bank act it was re-eived ‘ether down, tho government will find before long tac | With cheers, The immediate effeetof this intelligence the commercial and revenue returns of 1866 will Ue of @ | Was bo Testor confidence, aud atethe close of business a eharacter very different fiom thove which hav; enarled much, more cheerful tone prevailed. During the day fn each succeeding budget for so many years pst to con- | five oF six of the London banks were positively reported graulity themselves and the nation on the easiness of | t© have shut their doors, and this occasioned a slight,run their task and the unbroken course of our material | 00 one or two cf the local establishments, which was, prosperity. however, promptly met. MANCHESTER. A “Black Day” on ’Change. From the Manchester Guardian, May 12.) [From the Londen Times (city article), May 127 Since Tuesday business has been conducted on a very The Bank of En. iand this morning raised their rate of limited scale, Some transactions occurred on Wednes- ‘discount from eight per cent to nine per cont, and their | day ou the part of manufacturers, who aro very bare of charge for «pecial advances to ten per cent, The pres- | yarn and obliged to bay something to keep their looms ‘sure even at these terms has been enormous, and it was | going. To-day, however, business nas been completely ‘enly on unoxceptionable bills that accommodation gould | Suspended, seNors not even attempting to find buyers, de obtained. until late fn fhe day, when. a. few. purchasos have ber Meanwhile, additional and most serious disasters have | made, a somewhat better feeling having arisen on tho deen A uriy announced, Tho first was that of acom| abnouncement—which has, however, since been shown or tively small bank, the English Joint Stock, foreighthun- | to have been at least premature—of the Bank dred thousand pounds of England being allowed to issue an extra Then came that of Messra, Peto & Betts for four mil- 000 notes, double that amount if Bon pounds. Decemary. Great anxiety, however, prevails, Present stato of things is to be wondered sidering the intensity of the Then that of Mr. W. Shrimpton, the railway contractor, the is, The announcement of the failure of a con- fer two hundred thousand pounds; and, finally, it was ‘Anderstood that the Imperial Mercantile Credit Associa. | metro tion, whose up capital is five hundred thousand | ¢ern like Overend, Gu & Co., it scarcely poands, and the Consolidated Discount Company, with a ed the reputation which it once fell hike Haid op mapital of two hundred and Aft thenmad pumaite, a thunder clap on the community, is sufficient for a with extremely heavy commitments, pass into | time to paralyce commerce and dry up the very sources of on, “Annexed ig the cireular issued announcing the tempe- Bag 33, 1808, 1% The intelligence of the a? Gursey Bary euspension of Mesere. Peto & Betts:— Gi jmouar stant, W: 11,1806, | & Co. waa recelved in this find ournels whe the W. P. Sreceens S eeataatt Sa | Rachel Se the excitement ‘Ubroughout the has been c es Bascirrone May 11—Evening. short time ‘vo rubmit, Meners. Coleman, Tar- for the adjustment and : ; <2 oe Betiiee of atlour Mabiltties, fe rewain, your very ebeiien' ) 4 servants, This morning the utmost sui was caused by the ‘ VETO & BETTS. aunowocement affixed to the pos the ant the | The drafts Consolidated Discount Company were | English Joint Stock Bank, “fhis bank has temporarily ‘Bis afternoon returned unpaid. This concern was estab. | suspended payment.” When the intelligence got noised Mashed tn Janvary, to take over the discount busi- | ab considerable excitement ensued. The branch has were of Mevars ieman & Co. The nominal capital | only been extablished about eighteen ‘and the ; i £1,000,000, in shares of £60, with £12 10, paid, and | business is, therefore, comparatively small. are, 4 4 the present price is nine to seven discount however, we believe, about ome hundred and thirty ac- ‘The directors of Overend, Gurney & Co., limited, have 5 there are some tolerably lorce It : , in the interests of all parties, ® peti- | the estate and securities do not realize wll, much incon- to the Master of the Rolls for a winding up ord, | venience and suffering aro likely to nec io in this locality, the customers generally being of # cisse who can ill =. eS et Turquand & Co.) and Mr. ng (of nts Whinney & Co.) have been ap- | spare any losses, pointed previsional liquidators. 5 ‘The joint stock tanks to-day have raised their rate of ‘The Cris nm the Continent, ’ allowance for deposits from tive por cent to six per cent, the London Times, {From 12, i Tn foreign securities there has & partial recovery. At the chose of Inst week the French tare per ‘Phe quotations upon Holland aud Hamburg were higher, | stood at 6455, as compared with at the im of one hundred and thirty seven thousand 1 ! Poands in gold was taken to the Bank to-day. con- siderable withdrawais of cvin were made for the | pro- . , a8 compared with ‘vinces. 482)41, @ the corresponding date of 1865; the Austrian It iw already known that foveral failures among the | five per cemts at G15;, a8 compared with 1834 at the cor. @ealers will ve announced in connection with the ap- | Fesponding date of 1866; the Prussian four-and-a-balf Proaching balf monthly settiementon the Stock Ex- | Percents at 95, a» compared with 102 at the corres- ; ‘ehange. Pane, 1865; the Italian five per cents, 1861, q Rumors were circulated in the courwe of the day of a | &t 4256 (pow beiow 40), as com with 65% at : Severe ran on the bank of Messra Barne the ing date of 1866; the South Co.'a, ‘but they ‘were entirely’ withou ere Waa ® Fun Upon two or three other with 638%f. at the corresponding date of Danke, and, being woll mes, it owen mubsided. Both in | 1865; and@ the Roman , 62f, as compared win ; Landen and aes Cenete? euaple propesstionsvowm sh, Se correnponeing dete of 186k. | Fp 3 Gea TT April 21 attention was called Reman The Bank Charte: OTATEMENT OF THE © Tt carmot ‘ee sakd, then, thatthe allusion to the treaties of 1815, ard the reproach which tho legislative body understands to be meant wore thrown off in a moment oF exeitem ey were a aiterthought, pus to paper tm the quivt of Bis study and after mature re- fection. The importance of the incident is not lessened by, is fact eee een nant mania aatereeed i Emperor at Auxerre have bee! the towns of the empire. . am THB FEELING IN DIPLOMATIC AND LEGISLATIVE pe c1RCERA. 4 {Paria (May 8) correspondence of Independance Belge.) Several pA im representatives of the great Powers, in- cluding Lord Cowley and M. do Budberg, waited upon M. Druyn de Lhuys to request from him some explanations of th@ speech at Auxerre, The Minister of Foreign Af- fairs gave some explanations which appear to have been accepivd as etisfactory, The Mmister agsured the Am- bassadors that the speech referred to was but a reply to an opposition speceh in the Legislative Chainber; a reit- eration in rather stronger tertos of ides which had been on other occasions pat forward by the Emperor; a puro theoretical discussion which could have no meaning of a character to distur the good understanding between France and other Powers, It does not appear that the foreign diplomatists pressed the matter further, and they telographed to their eapeotive governments the natura *. the reply they Tecelved from M. Druyn do Uys, ‘The same Correspondent relates that on Monday great agitation prevailed in the chamber of the Corps Logis. latif, where were gathered nearly one hundred and {ifty mombera, instead of, as is usually the case when there is no pablic siting, only some twenty. M. Thiers, in con- versation, jocularly remarked, that although M. Rouher had not thought it necessary to reply to him the Emper- or had not disdained to do 0. The correspondent also states that tho retirement of M. Fould is again spoken of, Actual war would bo better than the pre- sent state of things, which has all the inconve- nience of war, and nono of the advan of Peace. The Auxerre speech cawed an immediate stop- page of all industrial movement in many commercial towns, and especially at Nantes. Engineers engaged in the constru:tion of railways asked whether the works should go on, and y:sterday, at aeitting of the Commis- sion of the Universal Exhibition, presided over by Mar- ghal Vaillant, the Sinister having inquired of M. Emile Pereire what he thought of the Auxerre speech, the Iat- ter replied that it had already cost Franco two’ millions of france, without reckoning what it might cost here- 3 A SEMI-OFFICTAL EXPLANATION, m the Paris Constitutionnel, May 9.) M. de Girardin contd only characterize the 5] h at Auxerre by saying that “it will resound in Europe like a cannon-shot,’”? M. de Girardin is mistaken, This speech will resound in France and in Europe as the expression of geod sen:e, The opinion of the Emperor upon the trea- ties of 1815 is old and well krfown, He expressed it three years ago before the legisiative bodies in the fol- lowing terms, which certainly none have forgotten:— “The treaties of 1815 have ceased to exist, The force of things has overthrowe, or tends to overthrow them almost everywhere.’ The great bodies of the State and public opinion applauded these words as well as the proposition of a Congress, neovssary for the secur- ity of nations. Yet this langage was much more seri- ous than that held at Auxerre, since it is a far graver matter for a great sovereign to deny treaties than to detest them. And why does the Emperor detest the treaties of 1815? He detests them for the reason which makes them an object of hatred for the whole world. Theso treaties, a hundred times broken, no longer possess any moral authority. Tho manner in which they have been set aside is an instigation and a precedent for all who consider they have an interest in violating them still further, Wiibout checking the ambition of States these treaties are a cause of distrust among nations, It would be easy to prove that they eost a milliard a year to Europe in nothing but armaments necessary to restrain the antagonisins which they create and the hatreds they kindle, In the treaties of 1815, conceived im the spirit of another age, there 18, therefore, a whole cloud of storms threatening the security of the present age, and so long as these treaties are not replaced hy a new sys‘em of pub- he order suitable to the wants of the age, international relations, the aspirations of nations and present customs, no government can be secure of not being disturbed by an embitious neighbor—no private individual can be c tain of not being ruined by a Gnancial crisis. The tre of 1815 are therefore a permanent danger for the sccurity of states and private fortunes, Hence the Emperor de‘ests them as a sivercign, as a Frenchman, asa man of sense, and such is the signification with which the famous specch at Auxerre wus delivered, The speech says, ‘I dotest the treaties of 1815,” implying that afl those who, with or without my aid, desire'to aubstltute for them a ays- tem of Public order which shafl respond to the wishes of modern Europe =, be certain of mecting a general want and my own ideas. What is there in this that is not the expression of a plain truth? What that doer not recommend itself to the reason of every enlightened mind? But, say certam politicians, there is in the Auxerre speech an instigation to war and an enconraye- mentto the ambition of Count von Bismark We must be allowed to that it requires a very penetrating vision to discover that. What does M. do Biamark want? It is said that he wants the Hive Duchics, and that seems probable; it is said, fur- ther, that he wants to acquire for his own country the direction and the influence of Germany. Such projects would proclaim the intention of again breaking the treaties of 1815 for the profit of Prussia, but they must be very clever who could discover therein the torinal in- tention of modifying them for the proftt of Europe. France cannot, therefore, compromise her responeibiliiy by partial and narrow enterprises, foreign to her direc! in- lercs's, and calcwlated to disiurb the balance of general power, The object France has in view ia as ‘ambition of Prucsia, nor the ambition of Avsiria, nor the ambition ‘of Italy; it is her own safety and dignity, Her programme was known, and it has just been renew- ed; itis entirely comprised in the word rin of the treaties of 1816." Evers rise that will not march towards this end will Jind her not indifferent, but attentive, vigilant and roeolved, Thus the Auxerre epeech does not compromise us to the various mtorests agitating Germany, It is. like a last appeal to the wis dom of the sigmtaries of the treatics of 1816 in favor of the peace and the security of Kurope, Tt is for them to seo whether it is expedient to leave to the always uncertain and formidalle chances of war a general reform that France has desired to come to agreement and peace. Noither has the Aux- erre speech the sense maliciously attmbated to it by tho Siecle and the Journal des Debais, We can under- stand that it suite the opposition journals to depict the majority as separated, however Kule it inay be, from the genoral policy of the government. This is not the caso, and the ‘Emperor knows well that he may rekon upon the loyal assistance and energetic devotion of No doubt the majority might be betier acquainted with the vigws of the gov ernment, and therefore more closely associated with its potfey. No doubt, also, there are in the D Legislatif a certain number of members whom a aps exaggerated and unreflecting dilletanteiem groups round opposition orators clover in the art of speaking well, Atter having wpplauded M, Jules Favre, or M. Thiers, these honorable solutely vote the Corps Legislatif. Against them, and they act since that is their opinion; but a little lees literary talent, and « lite more political spirit, would better conduce to the good order and authority of the sittings, What these honorable ties have applauded are not the doctrines of M. ‘Thiers, throwing sarcasm with liberal hand upon the constant votes of the majority itself, but the wit and cleverness of the speaker, It is still, above all, the idea of peace, of that European peace necessary to all, which the policy of M. Thiers would have long ‘since ist, and which the policy of the Emperor will preserve, if it be still capable of being preserved. 5 THE VOSBURGH MONUMENT, Inaugural Ceremonice in Greenwood Cemetery=The Military Dispiny—Kulo- GY Om the Late Colonel hy Mu yor Hoff- m, de, Yesterday being the fifth anniversary of the funoral of the gallant and lamented A. 8. Vosburgh, the Orst colonel of the Seventy-first regiment—who, with his command, nobly responded to the tocsin of war, and hastened to the defence of the national capital in April, 1861, where he fell a victim to disease, and dying at Washington ere the memorable battle of Bull Run, in which the regiment took such an active and conspicuous was not permitted by Providence to participate in actial combat—the cleant monvuent, a desription of which has been previously published i the Hexatn, was formally dedicated to the perpetuation of the memory of the noble Vosburgh with imposing ceremonies. At half-past ten o'clock the Seventy-first, Colonel Traf- ford, pursuant to orders, assembled at the armory and the line was duly formed on Bond streot, with the right resting on Broadway. They numbered about five hun- dred men, rank and file, The colors and drumns were all draped in mourning, Downey's full brass hand and the dram corps were in attendance. The regiment moved off shortly aftor eloven, marching in column by company, ine appearance. The route taken rors the and making a very was down Broadway to Wall strect and thene ‘Wail street ferry to Rrooklyn, At the ferry of the column was met by tho Adjntant of third rogiment, who notified the comman enty-first that’ the Twenty-third was 1 iting to re- ceive them and act as escort upon the occasion. Pro- ceeding up Montague street they were received with © & nv’ by the Twenty-third, Colonel Catvin E. Pratt, which were drawn up in line, with tho right resting on Henry street. Having marched past in fine order they came into line, when the former regiment formed in columm and took its position as escort at the head of the line and the parade was made in the following order :— Band and Drum Corps. Twenty-third Regiment in Column by Ptatoon, Seventy-firnt ment in Column vy Platoon, Geng | Mayor Homan, Generals § and Hen 8, and Colonel Baldwin, Among the distingvished officers of the re; who wero nt at the ceremonies were Colonel H. B. Mar- a succeeded Colonel Voswurgh in command; Dr. iilam, late of General Sherman's stat: ©: ‘stow Pride, ail of ‘whom are ex-officers of the Seventy- jen to Greenwood was down Clinton strret lace and actos 5 ae li FE : i i the gate at Greenwood pally ladies, whowere felra hey forma tn coffin which oe eee oer =e NEW YORK HERALD, THURSDAY, MAY 24, 1866. preciation and the high Pr + of esteem shown by the gallant men who did honor to the remains of their colonel, and the latter sentiment, that she was the widow of that brave man whom such men could so inuch respect. Both regiments having “massed in cloeo column by division Were drawn uearer the moniment, at the foot of which stood Mayor Hoflman when he addressed the assemblage reviewing in glowing terms and beautiful language the life and patriotic record o: the deceased, and of the regimént, and advising the command to em-, ulate the good deeds of their colonel, that they might ba ever known under tho proud title of the *Vosbur gh Guard of Honor,” The dehvery of this euloxy oreu- pied about baif an hour and was ‘attentively listened vo by all prosent, This concluded the ceremonies. a FINANCIAL AND COMMERCIAL. Wepnespay, May 23—6P. M. Business opened this morning with an uneettled “market for both gold and stocks, The tendency of the former was upward under a natural impulse, but on the Stock Exchange apprehensions [of monetary stringency produced a partial disturbance of confidence unfavorable to a recovery of prices, These were, to a great extent, unfounded, for the banks have been in a very easy posi- tion, as the fact of not one of their number, having ap- plied to the Sub-Treasury for the accommodation it offered goes to prove. Moreover, only a small amount of their Clearing House certificates were in use to-day, and of course none have been presented at the Sub- Treasury fur redemption, although payable at sight in currency. The bank exchanges this morning were heavy, and the checks of the gold brokers given for the coin sold by the government appeared in the differences against those banks with which most of them keep their accounts, Thus the Fourth National Bank had a difference to pro- vide for of $4,159,000, These balances aro payable in legal tender notes, the constitution of the Clearing House having been amended to recognize these in hou of specie after the suspension; but as it has not been since amended so as to admit national bank notes, they are not available for the settlement of balances, Yet the banks are obliged in the nature of their business to take them from their depositors the same as legal ten- ders, although they are, under the law, only a legal tender from one national bank to another and to the government, Not only hag there been no money pinch among the banks, but there is not likely to be any, if indeed such be at all possible under existing circumstances, Al! the semi-stringeney experienced was among the brokers and private bankers, who borrow from cach other more than from the banks, and when they found their ordinary sources of supply running low they formed an exag- gerated idea of the state of the money market, The banks at the same time wished to keep themselves in a strong position and avoid parting with their compound interest notes or one year cer- tileates of indebtedness, at par and interest; but, by an official advertisement, elsewhere published, it Will be seen that the interest on all of the latter matur- ing in June, July or Angust will cease after the 3lst inst., and that meanwhile they will be redeemed, upon presentation, at par and interest. The total amount of these certificates outstanding on the Ist of May was $02,620,000; but considerably leas than half of this is re- presented by certificates of other dates than those men- tioned in the official advertisement, Nevertheless, the effect of this prepayment will be to dislodge an inert mass of currency from the vaults of the Sub-Treaswy and put it into active circula- tion in Wall street, for nearly all the one. year certificates are held by the. banks and others in this city, All this will take place within a week, by which time the stock Exchange will be flooded with the over. flow from the coffers of the banks, and loans will proba- biy be made at last wock’s rates. To-day the transac- tions have been invariably at seven per cent, but in order to convey a correct idea ot the condition of the banks here it is hardly necessary tg do more than to refer to the fact that they held on Saturday last $85,710,107 of legal tender notes, Stripgency, properly speaking, is therefore an impossibility. As regards gold, it is evident that the Treasury has utterly and, we rogret to say, dieastronsly fuiled in its Inte attempts to control the market, with which it should never have iuterfered. It has lost between twenty and thiriy millions of coin at a low price, without doing any good, but a considerable amount of harm, both to itelf and the country at large, and we advise it m future to leave the markets to be controlled by the laws of supply and demand. The Treasury has exhavsted itself in an impotent eifort, and is now pow- erless, Such blunders are — sometimes worse in their effects than crimes, and we are amazed at the shortsightedness of the policy pursued by the Depart- ment. The Secretary of the Treasury obvionsly failed to perceive that while three hundred and fifty millions of our securities were held abroad, and while he bad a large commercial mndebtedness to Europe, the fifty mil- lions of con he held was quite inadequate to meet a heavy foreign drain and at the sume time prevent the premium from rising. He failed to see that the more he sold and the lower be kept the premium the more be widened the difference between the prices of our securi- ties bere and abroad, to-our disadvantage; and the more, therefore, he encouraged the export of gold. Gevern- ment interference in this ease has been a lamentable failure, involving a warning not to repent it. At tho early session of the open board Erie (sales 6,600 sharos) sold at 69% a 2%, Now York Central (sales 2,200) 924, Reading 107 a3, Michigan Southern (sales 2,600) 77 w 3, Cleveland and Pittsburg (sales 2,400) 8254 a 835, Rock Island 911;, Northwestern (salox 4,400) 2634 9 §%— proferred (rales 2,109) 5535 » 4, Fort Wayne (sales 2,000) 984% 295, Ohio and Mississippi certificates 27, Canton 57 82%, Cumberland 44, Qnickstlver 51% 2 %, Mariposa preferred 201/, Western Union Telegraph 605%. At the firet regalar board New York Central closed }-lower than at the half past two board yesterday, Erie 3, Hud- son River 1\, Reading %, Michigan Southern %, IN. nois Central 1%, Cleveland and Pittsburg 1)4, North- western %¢—-proferred 1%, Cleveland and Toledo %, Fort Wayne 234, Ohio and Misslasipp! certificates 4, Delaware and Hudeon Canal 34. Government securities were heavy. Conpon five-twenties of 1862 declined a 34, with large sales to realize; ten-forties 4, seven-thirty notes of the third series 4. At the one o'clock sessions prices were 4 aM per cent lower, and subsequently there was continued de- pression. At the half-past two board the market was firm. New York Contral closed 34 higher than at the firet regular board, Hudson River 3, Mlinois Central 154, Cleveland and Pittsburg 4%, Northwestern preferred 4. Erie closed 1}¢ lower, Reading %, Michigan Southern %, Cleveland and Toledo 144, Rock Island 1)g, Fort Wayne 4, Ohio and Mississippi certificates 3, Quicksilver 1, Canton 24. Government socurittes were heavy, except. ing coupon five-twenties of 1862, which advanced %, ‘The third isaue declined 1, ten-forties %, seven-thirty notes of the second series \X, third serie %, At the half-past three open board increased firmness was developed, and prices continued to improve, except for Erie, which remained steady. New York Central sold at 93 (b. 3), Erie 68 (b. 3), Hudson River 1103, Read. ing 107%, Michigan Southern (sales 5,800 shares) 7814 (b, 8), Illinois Central 116, Cleveland and Toledo 103, Cleveland and Pittsburg 89%, Rock Island 89%, North. western 2674 —preferred 66 (b. 3), Fort Wayne 93% (b. 3), Ohio and Mississippi certificates 27, Canton 564%, Cum. berland 44, Western Union Telegraph 614%. The market finally clored firm, the quotations at halfpast five being as under;—New York Central 92% a 7%, Reading 107% a %, Michigan Southern 78 9 94, Cleveland and Pittsburg 83% a 84, Rock Istand 90 a \j, Northwestern 26% a 27—proferred 56% aX, Fort Wayno 93% 294, Ohio and Mississippi certificates 27 0 44, Canton 66% 4, Cumberland 440 \, Gold opened at 195%, and by balf-past one had ad. ‘vanced to 139, after which it reacted steadily to 196% —the quotation at 5 P, M. Loans were made at from 6 per cent exchange was inactive, and bankers’ bil’ England at sixty days were quoted at 100% a %. Dilla appear to have been returned protested by! cont steamers. ‘The next news from Rurope is not looked for 100 Boston Water P’r 43 200 do, b30 43 $20500 US6's,81, con 1074 100 shs FourthNatBk 2031; 200 Quicksil Ming Co 50 300 West’nUnion Tel, 61 20 Erie 100 MicbSo&NIndRR 773g 100 490 Tq 600 200 b00 th street, ae 200 of the Superintendent, at the Hospital, - 0 do. ai ase “eae 500 Pits, FUWACLIRR 925; bushels corn. was more active, and prices ruled in sellers’ favor for all qualities, closing firm at an improvement of 10c a vised quotations appended, better demand at firmer rates. Canada slour was quile active at a decided advance. light color, 40¢. but fe quote new crop, factory 16¢. a 196. ; daisicn, ‘8c, a 16c., and Orange flat skimmed, 6c. a ote oid crop, factory made dairies, frst quality, He. do, second quality, 22. 0 28; farm dai quality, dic. a 260. Suicide of the President of Insurance Company. MONETARY DIPFICULTIBG THE ALLEGED Cal VESTIGATION BEFORE CORONES ¥, About half-past two o’ciock yesterday ‘Thomas W, Birdsall, Preaident of the Security |, thé we will probably be sufficient to turn the exchange in -, 0" se favor before long, although it would be safer for us | surance Company, called 0 Whe ATU Bigg of }£ 0 considerable portion of our debt was hold abroad. | Gr strychnine, which ho sald No qty pone to a large and troublesome dor ge” sii) to furnish the pols0u, “qed? Ste Bat ee name, bald he was Lrbsident of the Sect Company, and ‘uved in Yonkers, and that he (ME han) was the only near neighbor on whom he for medicine, &e, Believing his ory to. be druggist gave Mr. Birdsall twoand a haifgrains of, nine, for which he paid and ieft. He returned office and seated himself at his desk, remaining @ till shortly before four o'clock, when be arose. from chair and was observed to take a drink from a tur He then retired to the rear room, and ig lounge, was soon afterwards discovered to The alarm was given and a messenger dosp the Coroner's office, whereupon Coroner Nau! ceeded to the office of the Insurance Company a temporary examination of the body, In answer what prompted the deceased to take the poison hor was informed that there was some derang his aco :nts or business affairs, which had been subject of investigation by the Directors of the Cor Tt was also stated by a gentleman present Birdsall had been encaged in some private which had resulted disastrousiy. Coroner N gave permismon t have the body removed toan taker's, and an inquest will bo held further facts in reiation to the suicide will be d The Security Insurance a organiz 1856, since whirh time deceased has been Secretary, President and President, He was appointed Presid the Company four or five years a 0. has. widow and several children, living in Yonkers, chester county, He was ut forty-two years of A war in Europe should consequently exert a reassuring wather than @ contrary effect, and the independence of our money market of all the other money markets of the world has already ben fully demonstrated, the Present disturbance in monetary channels being, it must be borne in mind, the result of the injudicious and almost suicidal sales of gold by the government, and not to the foreign or the return of securities. At the adjourned meeting of tho Clearing House Asso- ciation, held to-day, the following amendment to section fifteen of the constitution, to be inserted after the words “bank from whom they were received,” was agreed to by a unanimous vote:— And the said bank shall immediately refund to the bank returning the game the amount which it has re- ceived through the Clearing House for the said checks, notes or ether items #0 returned to it, in specie or legal tender notes, ‘It was contended in the course of the discussion upon” it that the constitution already implied what the amend- ment bas rendered definite beyond dispute, and that nad such @ contingency as that concerning the Continental and Commonwealth banks been anti- cipated the wording of the constitution would have been more carefully considered, In tho fuvure any bank which refuses to pay a check returned to it, under circumstances similar to those im the in- stance referred to, will be expelled from the Clearing House. In our opinion the Arbitration Committee of the latter pursued a pusillanimous course in doclarin; that DISTINCTIVE, ELEGANT AND EPFIGAGN preparation. —Por beautitul complexion and soft, it had no jurisdiction in the matter of the Continental jakeps” TATE Dk is Shae ee aaa delicacy and healthful acti 0 versus the Commonwealth Bank, and the constitution Tosind by tation of inte Berna ah. the skin are was certainly defective in failing to be literally and fully explicit upon an important point liable at any time to be called in question. Paris’’ dissolves from the si smoothes out marks of small-pu face pimples, black worm caused by sun and air, Lb. TSABEAU, 822 Broadway agent. Muilorders should be addressed bo JARED & gencral importers, New York. eee New Werk Stock Exch: ee Weoxespay, May 23, 1864, PIRST SESS10N—10:30 a. M. $1000 US 6's, 68, reg 120 100 shs At M85.. Co 122 REAT RNEUMATIC REM! 1s Age. Thousands can first doctors of this ei sins te only sure curefor 3 6a. 6 16 to thelr pati 10000 US G'n,"81, COU 108 100 (Aaa -7O8 18 | Bhoumatinn ever known foram. 100 . AVANA LO'TERY, ion furnished. The ti kinds of gold and 000 20 3a ail 0054 1G Wall street, Now York, 6000 US6’s,5-20 65 10115 : J vd A. A.—REFRIGERATORS—BASSFORDS 50000 do'......-. 10133 A, white Sonparel ine 15000 USS 's, 9736 manufactured, Water Coo 1, 14, reg 2000 US5's,10 40cou 9534 30000 Tr n, 7-30, 2d 8 1013¢ 50000 do. 3dseries 101% 1000 do.....+.. 101% 3000 Tennessee 6's. 90 3000Brook’nWat’r LL 94 15000 N Carolina 6's 833{ 20000 Ohio AMiss cer 27 40000 dO........ 2785 9000 Mich Sosf bds 9436 4000 Alt &THistm 90 4000 Pitt, FUW&C Ist 10224 1000 Tol&Wistm.ex. 90 2200 American gold. 184 60 shs Bk of Com.. 110 5 Shoe & I Bank.. 110 10 B Commonwe'th. 101 Ware, Table Cutlery, Cooking U' Furnishing Goods, ak BASSFORD'S Cooper Institute, sign of the golden SE ON DIVORE fee charged until & LL K 'N LECTU! bus established a Nee all diseases of the lu ‘Call 54 bape dpe naked = CONVID: 200 Hud Riv RR...¢ 11034 | judgment is leg iy obuined. do, ..2d call 110 do, Open EVERY 1 ROM 10 to 5, AT 673 R. D, AMAND, OF 17 YF. tention to rheumatism, Jungs, chest, throat, liver, ‘eb a ———s PARTIC! Ro a eer, all skin Ae ite Radical cure in a, do... 107% do, 2d ¢.b30 107% 7 “4 until 12.A. M. and 10... esse0e 10TH 200 Mich Central RR. 10834 few calls,» Mod @ Fourth N Bank.. 108% 1 o......810 108% | 7'P. Mt 49 Bleccke "a 100 Quick Mg Co. 6114 400MichSo&NIaRR 77% 300° do. Br reccees esi 8 . TAN AND REMOVED Ed yall ~~ eager -lpasiees > od Sher. "Price 30 cents Koil by DEMAS. BARN eae eet oe ote eve Pius RR AS | 00., 21 Fark row, and all drugglats 100 do. c. 4434 1600 do. 8354 OUSEKEEPERS, LOOK MERE—YOU CAN 100 Canton Co. 35 beat white Coffee, Suzar, &o.. 01 THOS, Ry AG 200° do. 260 and 262 Greenwich Stree ‘of Murray street, at geri. Splendid new crop $1 per Ib. Coffee, le, .. And ever) thing else ut greatly reduced prices, TASGUID CIRCULATION —REPEATED CHANGES TH Ifwe wou ent, 16 at or eo rity of the blood; th becomes. fa p RRR eet is : ey cries ot Its are loa ‘au tthe dr , es i that the bowel "a rh 800 Clev & Tol RR... 1043¢ | from rontaglous ne infective tl sop gua 200 do. .2d call 104 oo Mariposa MgC At 100 don. Ot a ia "g Co. 10... 100 Ma pret. 20 © 300 lc Mail scrip, 218 When the #tmo iy neods tbo tempest , lonvted ‘vith vapare of impurity, aiden worm, AND WHEN THE HUMAN SYSTEM il in oppressed with headache, bearthirn, dizziness, tose of ap» Petiie, diarrhcea, liver affection, it needs BRANDR 3, whose action cleanses the blood front all foulness and place you In condidon that the % do.. 50 Chi, Burk Qi 171 Del, Lack AWRR 140 pas anced of 10 Paci DREADED CHOLERA aa 100 Won Base | eam naam you not. 200 100 Chicago &Alt RR 95 Oftice £0 ena 500 100 Chi KATE RR pret 100 eo OF praxprenin 100 100 Wil A wt Pau) RR GLY BRANDRETH MOUs: 100 {160 Mil &St Paul pref 67 SOLD BY ALL 100 b ERG'S GERMAN ONES SECOND 8ESSiON-—1 the silizhte rM. 100 ebsP, FUOWA&CLRR terhenin 100 ee ee » site L1H street. 1000 Reading RR... 107 a 300 Chi& NWRR pr 553g 200 Clev&PIeRR.bSO 8314 PHAWS HAIR GLOSS ANO OURLING FLUID IS 800 Clove & Tol RR.. 103 800 MO... sees BBG TS id ty BARNES, £ world. Price 30 Cemita, 1 driggista, COMMERCIAL REPORT. Weowespay, May 23-6 P.M. Breapetvrrs,—Receipta, 9,232 pbis, flour and 8,605 The market for State and Western dour DRY GOODS. AT LEORAIN'S THIS WEEK, ; 5) pleces FRENCH PIQUE. black and white, beauttfal design, JACONETS, in all colors, A fall line of BRILLTANTS jnst opened, Best assortment of SILK GRENADINES In the city. Prench BAREGE SATINE STRIPE, in all colors. BROCHE STRIPED BAREG: Entirely new SILK STRIP REGR. Best quality colored HERMAN| KAREGE, 80 conta, White and black TAPFETAS, latest importation. perfectly fast, $8 conte. Lic. per bbl. The sales compris: 15,000 bbls, at our re- Southern flour was also in The sales were 650 bbls. The sales, comprising 500 bbis., were in most ooses at an improvement of 10c, a 1c, per bbl, as shown in our an- nexed quotations, Rye tho was without essential ehange, We note sales of 2 1a, at $6.u $625. Corn meal was in demand at hizher prices, The sales em- brace 500 bbis at $4 20 for Wisern and $4 60 for Brandy w ‘We quote: Tess Snperfioe and Western flour. ... xtra State..........0c008 60 | White and binek striped SOIT ATRS, Intent importation, Cooive State. ty o Mol. Common to incdisin exe 30 | White and black CHENE 1, latent importation, Extra round roop Ohio. 6 ENO POPLIN Ww. ‘bre 13 #5 LENO POPLINS, striped Chene and Broche, 11 60 | | BROCHE CAMEL HAIR PPLINS, very rick. 1938 | IMPERIAL TAPPRTAS 3% wide, direct from Parte, 18 © | 1,000 pisces WORSTED GRENADINES, Seenta, Palla 6 25 | conte a yard under cost of importaion. 256 | Large additions to our Mourning Stock from the auesiom 22 25 | salen of We past week, oe g Pe aeun ime of heey Mantilla 80k, for best city trade, . 08. The Improvement is romow hat nominal. Wo have on'7 eeoity i rey LeORALWE to notice sales of 7,000 & 10,000 bushels, mainly new No. 1 Milwaukee, at $2 a 4 Ca aR 000 bushels corner of Waverley Canada Pens at $1 1236 @ $115. Corn sold to @ moderate an extent at an advance of 1c. ac. per bushel. The sales | ,,27,0UF “iosk Department in widition to our wanally large large variety of Walking J apecinlatiention to our Shawls, marked at guld prices. GRAIN" hling out of all our ladies’ plain Angele Kid Gloves, Deautiful spring shades aud binck, at $1 50, were about 40,000 bushels, at 830, a 86c. for new mixed Western afloat, 82c. for old Western and 85e. for mixed Western new to arrive, and 86)5 afloat. a j, the sales were Not ‘Waverley’ piean, was entirely somival and somowbat heavy, with no wales. Corton was in act ve demand for speculation and spin- ning, but exporters cannot operate at the present high rates, Prices are decdedly higher, and the market at the close exhibits strong indications in favor of still fare ther improvement. The sales embrace 6,400 bales, We YORSETT AND SKIRTS J At Mra, GAYNOWS new store, 946 of, eet, CORSETS HER SPECL corner way, iia » (whalebone), re OL YNOK a6 Broader quote:— : Trent. Forte, Mite N.0,4F. R SALE—A VERY HANDSOME BLACK REAL 82 a2 3 33 Lace Shawl, also two very hindaome back Pe 4 = 3 4 3 Apply at 225 Thompson wireet, from Ii to 3 o'bloek. 42 43 43 “ AILLINERS amp cou nrpy SrORSRSEE quiet and rates continued nom}. ur new wholesnie rooms will be ready for nal. The engagements were :--To Liverpool, per steamer, reset er MILT bee bil cea ithe Doomed 20 hinds, tobacco at 208, ondon, 100’ tons mahog- | ses and A Allen mrost. i tran tbe Dotvor any, private, To Bremen, 100 cases toba coat lO The harters: a ship wiram cht Bristol channel, deals INDOW SHADES, ‘ at 72s 6d. A schooner irom Cow » B., ow — York, coal, $475; one irom Ruckevi "3 ©., to New ROULLEAUX'S, ROULLBAUX'S, or FRENCH SHADRA—the mont benotifal article Lo York, rosin, 75¢.; one from Rondout to }, cement, Rondout |. They are made of white cedar, in of All site, \ 400. ;" two to Newburyport, coal, $2 60; two from Rondout to Salem, $2 30; one from Elizabeth: to Saco, $2.36; one from Hyde Park to Portiand, one henve to Portiand, old rails, $2 60; corn, 4c.; a Dutch brig, petroleum, from hiladelphia'to Stett'n; @ schooner from Savannah to Cadiz, staven; a vessel to Madeira, staves and mer- chandie=, and a Danish bng to Bahia and Pernambuco, never been equate! for eoummer cireulaling of air, and exclude flew Bootie ee [er OF THE SEASON.—MADAME HARRIS ae Ith Meira baker novelties for the season. NOT roort placr, etreet. ee