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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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rpHE Bank of France has resolved to proceed X under a winding-up act against the more extravagant part of speculation in France , and the Bank of England has followed . The rate of discount has been raised by the Paris Bank to € per cent-, and it -was expected that the Bank cf England would follow by raising its rate of discount to . 5 £ per cent , on Thursday ; This expectation , however , was not entirely fulfilled : the rise was not so high , the date "was earlier . On
the Tuesday there was a great rush of applicants for accommodation , in the hope that by obtaining good store at the 4 r | - per cent , rate , they might not only avoid some inconvenience arising from , the constriction that was to come upon them , but they might even with money obtained at 4 £ per cent , in hand realize the ' greater profit . The pressure was stiii more intense on the Wednesday , but the Bank of England encountered it with a piece of generalship not anticipated from that
respectable body . It met a day too soon , and struck at the speculators with an instant rise of discount . The rise announced was one-half per cent . —from k \ to 5 ; but no one expects that tho Bank will he able to remain one per cent , below France . F , or if they did , capitalists could borrow from the Bank at 5 per cent ., and lend to France at the higher rate , taking nearly one per cent , for the simple trouble of agency I This ia so obvious , that a further rise must bo expected .
In many respcct 3 the position is unprecedented . The English commercial public hns to conduct its affairs parallel to Franco , whore a speculation resembling that excited by tho great John Lawonly much more univei'sal amd varied—is sustained by an actual increase of bond fide trade throughout the whole community . At no period in France hns thero been so complete an imitation of the English practice of investing savings instead
monarchs : it is not they who will adopt Cawning ' s counterpoise , and announce that they will make Europe " Cossack or . Republican , " They are , no doubt , pledged to act against lj | ples ; and if they persevere , Russia will make them act against herself . But they flinch , both froin , adopting Canning ' s republican counterpoise , and from giving positive effect to their own principles of Constitutional Government and National Independence .
Thu 3 the Western Powers still delay the fleet which was to have : appeared in the waters of Naples , and to have given its ' moral support' to British and French residents , and their friends , on shore , while diplomatic support would be withdrawn from the intolerable Ferdinand . Something is going on at Paris which is not yet explained . Austria has thrown out more than one hint , that the French Government must become Conservative in Italy , or must expect Austria to take up arms against it . The French Emperor has lately given very positive assistance to the policy of Piedmont . But something still
withholds any action from Paris : the reports are renewed that Napoleon is dissatisfied with the manner in which , he is represented by his own Ministers ; that on his return , to Paris he will again take matters in his own hands , with more extensive changes than on his last return . Who can judge the value of reports where councils are divided , and the supreme President maintains unbroken silence ? Tho one manifesto of the week at Paris is a reply in the Monitour to Louis Blanc ' s letters on Cayenne . If the prevarications of the official journal were not revolting , they would be ludicrous .
Turning to the opposite side of the world , we find a new movement in the United States : the Whigs have taken up witli Mr . Mijllaud Fillmore , whose principal distinction is , that he got through an xinexpected Presidency without mischance , and that he had the honour of dining with Hjjr Majesty / . The Whigs profess to dread u " geographical division" of parties , nnU they strike in as intermediators , offering : a middle term—Fillmobb , the Unionist , pledged to the extremes of neither North nor South . It is most improbable that so negative n man can at this day collect a imijority of votes . Ho must take them from one side or the other , unices , indeed , his party should ultimately give back to the majority that Mritfi , 7 "" ;> % , they now abstract from it in a vain eflftrt / ATlie , '•;"' " v . -. v ' - ' United States appear ^ ust now disposed , iiiiidar' %%$ ' . ' ;' r ;;¦' •/• ' ;' n /• ' ' v -- ,: - ¦¦ :: - ; , ..: \^ . v . > i ^ p .-. -- - ' - , ' ,-y " yy ' : 5 <¦ ' - i- 'A ¦ ' . ' ¦' ¦ -. ; ; : r v ^; '' ^ - ; : V-VVV ' lX ' ' /;;•;
more sincere distribution of parties on the Continent . It is written by Prince Gortscijakoff , the defeated of Sebastopol , the successorHftf NpssisLr rode , the representative of military Russia , now selected by peaceful Alexander to be his spokesman to the nations . Jt totally belies the pacific policy ascribed to the new Emperor . It roundly declares to the Western Powers that the Czar views with hostility the continued occupation of Greece , that thorn in the side of Turkey ; it scolds them for presuming to interfere in the internal affairs of Naples , whose king was governing his people " according to his own judgment . " It affirms
turbance , while mistrust at the doubtful character of a large part of the . speculation , and the belief that the Emperor will be unable to main tain his assistance of the working classes , add political to the commercial doubts , and aggravate both the alarm and the pressure in France . France , too , is subject to a drain towards other parts of the Continent which have caught the mania of speculation ; so that it became an absolute necessity in Paris to raise the price of accommodation as the gentlest means of checking the outflow . Jt is probable that the " rate of discount in Paris will be raised yet higher , and our Bank , whatever the usage , must follow .
The great potentates of the commercial world have for the moment thrown the royal potentates into the shade . The raising of discount is more important for our trading public than the raising of the Russian ire . Nevertheless , the manifesto issued from Moscow on the 2 nd of September is one that will strike alarm in the Moderates of Europe—in those who hope to . avoid extreme courses of positive action . It will be hailed by the Absolutist party ; and we must confess for our own part , that we also hail it as the signal feu a
that proceedings of this kind overturn tho compact which has regulated Europe during the peace . Russia will take no part in new combinations ; she draws herself to herself , removing her assistance from Governments that thus betray the principles of 1 S 15 ; and although she does not pledge herself to active interference , she implies that upon suitable opportunity she may strike in , to protect Greece , or Naples , or any other Power , that will act under her lead . This is a provisional declaration of war against the Western Powers . It is a declaration that Russia intends , if she can , to make Europe Cossack . Wo lmvo no corresponding declaration , and we cannot look for it , at least from the enthroned
of lod ging them in some store . And at no period , we -can affirm , have the manufacturers and the traders in ' the commercial towns been so active in collecting-capital for the prosecution and extension of their business . Tlio consequence is , that the effect o £ most commercial movements which tend to a pressure in this country hns been duplicated . Tho distractions arising from th « stream of gold into France , t \\ Q strenm of silver outwards , and hence to the East , add to the dis-
^^≫J^S^* T R^T- " -. ^^ - , "¦ , - Jhf^^L.V^ * *"-*-¦ F ¦ ' T ^R ¦ ¦ ¦ ¦ - ¦ . — ¦ .I - - ^T M . ' ..,-.- . ..•-.- . .. — ; * • ¦ . - . ' Jm '¦ ¦¦ ¦" ' ' ' -,- - . - _ - . . „-: . - - .... . ¦• , ... . .. .¦'..- •,.-.. T"- , ¦'¦ •≫". Oj ¦ ¦ "¦ '¦*≪;¦ /¦•". "-"¦ • -"* - ¦ ~ A Political And Literary Review.
^^> J ^ S ^* T r ^ T- " -. ^^ - , "¦ , - jHf ^^ L . V ^ *" - * - ¦ rf ~ ¦ ' t ^ r ¦ ¦ ¦ ¦ - ¦ . — ¦ . i - - ^ T M . ..,-.- . .. -.- . .. — ; * ¦ . - . ' jm ' ¦ ¦¦ ¦ ¦ ¦ " ' ' ' -,- - . - _ - . . „ -: . - - .... . ¦• , ... . .. . ¦' ..- ,.-.. T " - , ¦'¦ •>" . oj ¦ ¦ "¦ '¦*<;¦ /¦•" . " - "¦ - " * - ¦ ~ A POLITICAL AND LITERARY REVIEW .
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"The on . e Idea whic 2 i History exhibits as evermore developing itselfinto greater distinctness ia the Idea of Humanity—the noble endeavour to throw down all the barriers erected between mea ' by prejudice and one-3 ided views ; and , by setting aside -the distinctions of Religion , Country , and Colour , to treat the whole Human race as one brotherhood , having one great object—the free development of our spiritual nature . "—Humboldt's Cosmos . \ ¦
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VOL . YII . 3 To . 341 . ] SATITBDAY , OCTOBER 4 , 1856 . PRiC 3 ^^ Sg : ; ° ::: l ^^ V
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RSVIEW OFTHE WEEK— woe I Our Civiliza-tion S 43 I OPEN COUNCIL— 1 THEARTS- * America 938 Miscellaneous 9-14 Chartism and Socialism ...........,. r .-. 950 Author A < . tnr « — . " TWrlH-n . " at tti « Mr . Gladstone in Liverpool and Mold 938 Postscript ; 946 ¦ , ¦ ,, „ . „ , ¦ „ ,. A ^ vceum 956 The Subscriptions for Italy .............. 939 BI 1 B 11- A > P . . '¦ LITERATURE- Lyceum 95 b Accidentsand Sudden Deaths 939 PUBLIC AFFAIRS— Summary I ............. . 951 Russian Declaration of Policy ..... 940 The Embarrassment 947 . The Chemistry of Food .. 952 . Continental Notes .... 940 Jupiter Toiiana and the Three per The Life and Works of Fuller ...... 952 , !>» , „ fjoVn + tn '¦ ' asT The Revenue ... 942 Cents ...... .. 947 ^ Vacation in Brittany ......... 953 ¦ A . ue uazewe -voi State of Trade .......... 942 Anecdotes of Patronage ..... 948 TwoNovels ......... * ...... ..... 954 COMMERCIAL , MRSIreland 942 Political Quietists 949 Early Life of Washington 955 . w ""« ^'"'" Naval and Military .. 943 r lhe NewJfoint ; of Honour ............ 949 Reprints and Now Editions 950 City Intelligenc ... ¦ larkets , &c 958
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Citation
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Leader (1850-1860), Oct. 4, 1856, page unpag., in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2161/page/1/
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