The Express.
London, England, 1857-11-13 00:00:00

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LONDON, FRIDAY; NOVEMBER 13.

COMMERCE breath« maim. For the second time

the proviaions d the Beek Charter Act have

been suspended. Yesterday afternoon, to the inex-
pressible relief of all commerci►l circles, it was
officially announced that her 111.taesit's Govern-
ment have authorised the Bank of England to dis-
regard the trammels imposed by Sir ROBERT Pket's
Act, and to issue notes, if necessary, to an unlimited
amount. The conditions imposed are, that the ad-
vances must be "on approved securities," and
at a rate of discount not less than ten
per cent. per ennuis. In other words, the
mode of relief is exactly the same as that adopted
in the panic of 11417; the only difference being that
the price now Sled for the new lane of notes is
2 per cent. higher. The rate at which relief is
afforded is not the important thing; the grand point
is the certainty that upon certain terms relief
can be obtained. What commerce stands in imme-
diate need of is money, and foe this it is ready
to pay any reasonable rate. What it regarded with
extreme dread was the prospect, daily drawing
nearer, of an almost total suspension of the re-
qaisite supply. Considering, however, the absolute
necessity which existed for the instant adoption of
some measure calculated to pour oil ow the troubled
waters of finance, the decision adopted ►y Guvern-
went is eharactertsed by a happy boldness which will
doubtless be attended with the mast besvicisl
results. We differ from and condemn Lord PAMIR.

rroe's policy on many points. On the present Coca-
sloe we unhesitatingly proclaim that we en vandal
to Ministers for the coverage and alacrity with which
they have responded to the national cry of distress.
At the same time it most be kept in mind that
Government had httle choice but to act es they
have doors. This is not the lirst time that
England has awoke to find that she hes best
slumbering upon an incipient earthquake. We ate
too sincerely grateful for the escape of the country
from • great danger to entertain any feeling of ani.
amity towards the party who, whilst acting doubt-
less to the beet of their judgment, have laboured
hard to close the safety-valve; bet we mart tell the
supporters of the Rank Charter Act that they
brought the nation, even so recently as yesterday, tea
the verge of an explosion which might have Art-
tered the entire financial edificz, and tarried
deep dieter= into thousands of henseisida.
The secret history of the present—we trek we say
say past—financial crisis will probably UMW all
written ; it is not meet that it should—at Wet ma
the return of calm sad prosperous times, whets Me
full beuriage may he safely discuseed, and a moral
may be painted to, femme gaidanee. The too *Met
adherence to a mere theory has *eget the country,
within the last few hours, to the verge eta monetary
snail as perilous as that witnessed in P 47. The
ordinary channels of monetary accommodation were

rapidly hemming choked up. The sommonity wore
nulling to the Bank for money to an unpreeedeotedou-
tent ; and eath borrower, on obtaining an amount IV i•
racer of his actual requirement., refused to release

it. The Bank was being rapidly drained •of its
banking reserve, and this wu the moment selected
by a leading contemporary for the flippant remark,
that when the great Institution in Threadneedle-
street had parted with all its notes, it would still be
able to goon discounting with the funds falling a/-
payable from day to day. Is the Times blind, or
does it know that the occurrence of inch a state of
Unzip would involve the stoppage of half the corn.
mercial houses in the kingdom r
And now for a word of sober, serious caution to
•

the mercantile community. By the courage and
sagacity of Government an imminent and great
danger has been surmounted. The public moat now
do their part towards the restoration of confidence.

It was only when the Bank Act stood in the way,
damming up the supply of money, that there was
any excuse for alarm. It is now placed beyond doubt
that the link has plenty of notes to issue. GOTCTII-
- have boldly, yet most judiciously, refrained from
fixing any limit to the amount of new notes. Every
holder of " approved securities " may obtain &amuck
as he chines to ask. There is, consequently, tea
longer any possible reason why holden of mosey
should decline to lend, for their market is at its top
price. All will doubtless be free lenders, and we
shall be greatly disappointed if the excessively heavy
applications at the Bank do not immediately slacken.
There is even strong ground (or doubting whether
the provisions of the Act of 1844 will be actually
infringed, or Government be compelled to apply
to Parliament for en Act of Indemnity. The
mowers of the country are as vast as ever;
the mosey in hand is far larger in amount
than at former periods, and trade is becoming con-
tracted; the external drain of gold is checked;
bullion is flowing in freely from Australia; the
American advices are altogether more cheerful ; and
the flow of sovereigns to Scotland ought to probes
nothing more than temporary inconvenience, time
they are retained is the country, and will OF
=redly ere long hod their way back in large
masses to London. Mercantile homes which have
been stricken bj the American embarrassment, will
still come to the ground, and the losses suetainsel
through the heavy fall in produce will tend to increase
the number of tottering Irma. In this, however,
then is nothing in any way suggestive of alarm •
and it must not be forgotten that the money which
is dropped by speculators is produce is picked up by
the consumer. Now that the storm lass swept away
the trammels imposed by the Bask Act, there ie
nen pond fee legitimate cenidence t sad the
people of England will not be true to their repots-

lion for sobriety if they do est Moat every youroca-
live to panic. .

LORD PALMERSIONIL LETTERIG6.THE
GOVERNOR OF THE BANK.

DOWNIN4

7, Nov. 12._

Gentlemen,—Her Majesty's Government have ob-
served with gust concern the animal consequences
which have ensued from the recent failure of cer-
tain joint-stock banks in England and Scotland, u
well as of certain large mercantile firms, chiefly con-
nected with the American trade.
The discredit and distrust which have resulted
from these events, and the withdrawal of a large
amount of the paper circulation authorised by the
existing Bank Acts, appear to her Majesty's Govern-
ment to render it necessary for them to inform the
Sank of England that if they should be unable
in the present emergency to meet the demands for
discounts and advances upon approved securities
without exceeding the limits of their circulation
prescribed by the act of 1844, the Government
will be prepared to propose to Parliament, upon its
meeting, a bill of indemnity for any excess so
issued.

In order to prevent this temporary relaxation of
the law being extended beyond the actual necessities
of the occasion, her Majesty's Government are of
opinion that the Bank terms of discount should not
be reduced below their present rate.
Ifer Majesty's Government reserve for future
consideration the appropriation of any profit which
ay arise upon issues in excess of the statutory
amount.

Her Majesty's Government are fully impressed
with the itnportacce of maintaining the letter of the
law, even in a time of considerable mercantile diffi-
culty, but they believe that, for the removal of
apprehensions which have checked the course of
monetary transactions, such a measure as is now con-
templated has become necessary, and they rely upon
the discretion and prudence of the directors for con-
fining its operation within the strict limits of the
exigencies of the case.—We have, 1.31.,
(Signed) PA LIKERATON.
C. C. Law's.
The Governor and Deputy-Governor
of the Bank of England.