Iowa news. [volume] (Dubuque, Upper Mississippi Lead Mines, Wisconsin Territory) 1837-1841, 1837-06-03
THorCaTs ON THE TINES.
-. - r,olnnd. and Banking Housed

at1en.,o" MS Of En- gland materially inter
,ssted, e,,,. "a rive sone account
.s,s., R.ek. and Of Baking gsne.aiiy III oisat
p,;,.;n TIA psym .ass OF the whois comm oe % %
Crea, B:i.ain are made ~ L''''oa- - !,
1890. from whase7er qaartes OF the vera u
- - Srsw,. js drawn either on ioaaoa, or on
~, ,l.c.. payable ia London. When dfawn on
.rdo, house. il is accepted payae.s al tas
$50. ho,.e ofthe accep;or When drawn Oh
1s~.,nnoI or Oh any other place. il Is acespisd am
m.de PAYABLE a, the Baakias house. ia ! roaaon'
nf,h. Rsakers the accsptofs, 10 TIE towh wnsf1
me a-ccp,ors reside. For example, every met-
-ehsat in liverpool has ms baaks' 10 Live.
-hen he acc .p,s bill payable in Loaaoa, NJ MAJ IS
Z. r...lle ha.kias ho.se At Ais :. sc 100.
.h.rier-Thus If VIII VIII BE- - Al ~ n
m.n,s of Great Britain, aad We bsiiese iafgs
r.r,;oS Of Irish aecsPsaaces. are matt ia
Iondon a, the several 5aaking HOUSES ~ isat city
Trere are ahou; se-ea,y Baking Hnasss 10 i.o;s-
doc and Westminster; 10 tire city Ctty paper, pro
hsb,y about Esriy-=itt iasss io5sy Inc sieaa a.
,,oYn, of foreign bills are made payable Thus
!, vii be seen ia how few haads the paym eats are
.cooeen,,a,sd. In commoa times. wssss me GOSH
trv ;s 40; il, ,adatrd with papef, the oasScs Hita
heir oxs cap tails, aad ihs osea=!oiai sId OF me
Bank Of EsJand, easily manage ias payfiis az
Of The bills due their respective banking noass
The Liverpool 10 .rchaat, for inssaace, has oaL 70
Mace in The haads of bis banker IA LifeiPao. az
r.na.aees on London, b.comins das al ino1sfafs
,.;r.a. r.xood the fisns Of his orl rayrasafs and
=. I;,.-n,ol banker on bsiag Furnished with ils'
sf,s. r.rm.nts &c be made 10 Lonaoa, directs MS
h.,t., no mss them. Az iDteres. Account u KEEP,
40 ! commission of Ia per cent. Is charged 'oT
managing the paynsaL
Loadoa hons-s are obliged 70 meet saeir pay
meats BY keeping Ia th=ir Bankers naaas casa e
noarh 70, Ia. arnoaats dss ,shen rnoasy g asrn-
h, oatsle 3
n-,,s in advance; tina. is, il III. nrfraan: Eaiact
In his haasls shsr accepiaaces io rae aEniis- sae
si;; consider iis1n casa s'd .fiz
Wh.n noaev become scaass-.hs. fsy aiIsa Hn5rs
.ecsotances ara a6oa, 10 tbs community saaa me
RAM, can readily meet the hoi1sr o. al aecsp-
easce is &. loss asv 10 nianags-ane BANKERS, eF-
.,d;<,os.d 70 do VITA. iaey can n such cases, a,-
nIv 10 Inc Bank OF Eas!ani and obtain large loaas
s,.,;n. Respectable Ls.don Blinking hodss
Xr,;l freuus atly get half million a. time. II rs
n.r.ssities rea,Ire il. Notwithstanding the great
eaoifaI nd resources OF The Hask OF England, II
NAV have more applications tiai 1t can meet, and
she Banker and Ms;raant arc thea obliged to raise
the means OF payment ia the bea way thsT can
This action OF this Bask OF England falls ths Lon
dos Bankers aad Merchants--ihs Loadpn Bankers
refuse 10 receive accepisncss in payment Of bids
faIline due. beyond what they can Convenient.
manars-the Country Banker can no longer receive
bills 90 London al long datss as formsTiy, AID hs
obliges his customer TO pay IN cash, o. bilss iaa.
fail due in London, early as the acceptance ne
wishes 10 provide for. We DOW come 10 tas pinch
ing poist-Where and how is the IN srchani 10 OBJ
tain his di ,countsl His banker is still hopeful OF
large means, and is willing to divide them afnong
his customers, and taks as many bills "a his capi-
tai will perrai-bl: the ancunt of has incrsas
cd 70 such an extent, no AID OF has can give reiei
This was precisely the STATE of money niaiteEsjn
Englana in the beginning OF Mafch-Ihe Bank
Of England WHICH all look 70, rslief ia these di-
,emssas very naturally soghs oos ,e cause OF tess
.a,,;,a, asms.as-is ssSa found, inv ssiigai,on
chs. there we. an a.ss.sa. of American accaPtah-
ces ahoat far exceeding the n fhs ar
fua business Of the countries, and Ina: coise-
ouen,ly these could oaly hare created b. drawing
on cyeiiks, and NOT on coasiganasns. We aader-
sand il was estimated that the amount oil Ams1-
can acceptancss running 10 maturity, was about
three times more than the actual business wolld re-
quire.
Hence arose the dissemination Of the Bank Of
England in It's ORA defence, 10 its face agaiass
all bills but those drawn against actual coaslga-
u.nts Of p.opsny; o. for balances ID had. Ihs
amoant Of these acceptances woJid be iesssnsa
daily--and before long, we trus, we shall hear Of
the circ ilating medium in Bills Of Excnaags SO
materially lesseasd az 20 enable merchants 10 OBJ
tain discounts as formerly.
Blythe above plain statement, il is obvious, that
the difficulties in Easaad haze bsen principally
ocrasioaed by aaying Of kiiss.' Those kiies cal
no longer bs kept a;-thcy must IA to the groand,
and no, be suffered interfere with the regular BIZ
s;aess 0! the :.=s countries - be wcii
on the oshe r side.--.Saraannh Georgidn.
We make the following extracts from the
last London papers. The reader will under
stand that where the American merchants
are spoken Of, the great commission and bank
ing houses of London and Liverpool dealing
with this country, are referred TON Y0rker.
Frpmshe Lspdbn Times Of .april 1sf.
Friday Evening, March 81.
An arrangement, which has been before
limited at. between the Bank of England and
the Bank of the United States, for establishing
large credit in favor Of the latter, for the pur
pose Of drawing bills on England TO represent
payments made in the U. States ON English
accousks Is now said to be on the point Of be-
Ing carried into effect. The operation is some
what Of complex nature, but the effect Of il
will be that Of making the Bank Of the u. s.
inueNted 70 the Bank Of England, instead Of
tne hoNsss whose bills have been taken, and
20 whom. advances have been made. All that
Wlll % accumulated by it is the afording TO
nose American merchants who are prepared
% Iutnl' tnelr engagements wiih this country. 1
medium o. payment to which no exception
can 6e raised On either side Of the waller. and
VIII VIII RID tho circslaE paper Of a doubsful
description. For the present, the arrangements
dgee mt facilitate any transmission Of buiIicn.
but rather prevents y; but il has become most
important, in commercial point Of view, not
81 cvce III. .4perieans to send xoid. When IT,,
sssading difficulties are a little adjusted. thar
~ Is likely 70 bc accomplished il more
steAdy and secure manner.
2nAsapxlaw Anil \ acAe