Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-08-07

sure was essentially necessary more especially in
times of commercial difficulty. In the present state
of the Law man holding bill having Eve months to
run and having other assets was absolutely driven
to an evasion Of the law, because the law would not
permit him to pay that rate Of interest which such
bill would necessarily bear in the money market if
discounted. There was an absurdity in the present
state of the law; because bill having six months 10
run was really worth higher rate of interest than
bill which had only three months to That IS TO
say, las we should interpret the honorable menber)
the risk IS greater in dscountng bill at six months
than at three months and therefore the interest ought
to be higher But the law allowed per cent inter
est, or any other rate to be paid on bill at three
months, whereas II would not permit more than hve
per cent to be paid bill at six mont hs, although
the rate In the market would necessarily be fifteen or
twenty per cent. He did not think the honorable
member for Flnsbury would find second man
to bear testimony to any evils having arisen from the
working of the clauses in the bank charter act which
relaxed the operation Of the usury laws. There could
not be greater mistake than that OF supDoslng that
the interests OF borrowers were forwarded by npos-
ing restrictions on leaders
On the first clause being read and the motion put
that the blank be filled up with the words twelve
months"
Mr. Pease moved as an amendment that the blank
should be filed up with the words six months p
thus combining the operation of the law to all bills Of
exchange not exceeding TX months date, instead Of
to bills of tw elve months date.
The Chancellor of the Exchequer opposed the pro-
position. II the measure were restrained to bills of
six months, the consequence would be that twelve
months bill transactions would be carried on by two
bills of six months EACH
The several clauses were agreed to- The house re-
sumed and the report was ordered TO be received TO-
morrow.
MONEY MARKEr.-Lospos, June Sat the usual weekly
meeting Of the directors of the Bank England which
held today the following notice determined upon ard al
Tse co%pas q the Bank Of England do
hereby give notice. that the advances in their
ninetyf days will be extended bills OF exchange
repaid before the 18th of July with the
sn q ~ per peT and e tor sums OF not less
This Is no donbt departure the established rules
it s po an era n sa @
go great way 70 the impression which
uniting bills for discount of six months date includes
he s sea Sna and IS give
period too when almost all the regular bill brokers have mate
The English stock again been buoyant today,
and Sc sill inclined to %prove Conso for the opening
chequer bills and India bonds are SIS. 0 SIS. pun.
the rail roads have undergone farther advance Birmingham
s9ssd at So 70 g. premium s9 to 10y dcGun
Brighton tstsplsnson'sl p to 4 discount ditto enne,;l
N 81 discount Manchester and Leeds to prem; and Biz,
We are still without intelligence from the United States,
and there have been no Colonial arrivals today OF
The following official quotations different
ENGLISH FusDs-Bank Stock 2oss per Red 900,
ss s.n 81 per ss ss y m india
Bonds 81 So Ss PM Censo for opening 49, u Exchequer
Bills, 36, SO, %, IS, pm.
FoREIGN runds-Bazlian Bonds 84i; Colombian 23t 4;
Peruvian 1T Portuguese, ash Ditto per Cest. 253 Il Rus
sian, los Spanish, 2li Coupons Ditto Coupons for Now
40; Dutch u per Co., 53 Ditto per Cent, s9 \; New
Loan 9ss.
BoURsE-PARIs, Wednesday, June 2a.-Hafpast three
In the home stocks there has been brskncs and much
business DONE The Three Gents for the
7s scc TO 7ac 95 then fell to 49, a5 and closed
they had opened 73 90 The closing of the Five
and Three per Goats for money yesterday, Tuesday,
without the former time having higher then
the Three Gents period
of cents The in the Peninsnar securities have
first price, declined 23. The Passive given also
The Portuguese Three Cents after having uctuated with
limits yesterday, close lawer. The railroad
shares have been nearly stationary and their former quota
fiOus