Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-06-10
MORNING HERALD.
SATURDAY. JUNE 10. 1891.
Important--Five DAYS Later.


The great crisis in the commercial affairs of Eng
land, is approaching slowly but surely. Only read
the following extracts, and compare them with the
news of February and March in this country. Every
week will bring us additional and important news
from Europe The packet of the 10Th Of April had
arrived al Liverpool on the 9Th, but not in time to
produce any effect there.
LIVERPOOL May9.-The contest between Sir Fran
els Burdeu and Mr.. Temple Leader for the represen
taion of Westminster, which is to be decided this
week. will be one Of the strangest ever witnessed in
Ihs country An ultra-lSadlca turned Tory is no.
thing very remarkable, but qaondam advocate of
universal suffrage coming forward as an unchanged
supporter of the whole constitution of England, back
cd by all the Tories of London and Westminster, is
certainly curiosity.
The April number Of the Edinburgh Review
tans article on the of the existing CONNER
cial endorsements and the means by which Their
may be prevented which IS well worth the
consideration of all who feel an interest IN that vital
subject. The statement of the remedies against the
of these evils is particularly clear and con-
vnclng, much more so indeed than the statement res
pectng their origin which, though true as far as il
goes appears not TO suppress at least to under
rate the first great of the evil namely, the vio
laton by the Bank Of England in the year 1885, of
the rules which it processes to regulate its issues.
IL is undeniable that the creation of mHhtude of
Joint stock banks of issue at the end of that year and
the commencement of 1885, and the issue of profu-
sion of their notes, did encourage speculation Of all
sorts, and tend throw trade of the country into
confusion, but still the que stion remains-might not
the Bank have checked this evil in the bud by firm
adherence to the principles on wqlch processes
act and was 1t not its duty 10 have done so? The
viewer says
the 1886 already stated little
pared with her ialtes Which was necessa4y acco ~
the evidence OF Mr. Iorsley Palmer 1882 give adequate
security Aud while her bullion thus reduced Of
wild and aeuve projects ahoat day giving
birth new bank in sose part Of the coun vast quantities
of American and other securities athe time brought
for sale markets. and in March, OF the principal Of
cers the bank of the United States arrived London for
the ayowed purpose oan which he effected
behalf of that establishment"
IL them this is true statement of facts what right
has the Bank of England after allowing It's supply of
bullion to become onethir less than requisite to
give 1t adequate security or IN other words after al
lowing its liabilities to become one-thrd more than
IL was justified in doing, TO turn round and charge
others with producing the mschlefs of overtrading?
There is every reason TO believe that if the Bank
had acted firmly on It's own principles IN 1885, and
had then taken the proper means 10 increase its sup
ply of bullion most powerful check would have
been given to overtadlng before any serious mischief
had been done by joint stock banks, any other
cause and that the country would have been saved
from the madness Of 1885, and the misery 1887. The
Bank of England, however, set the example OF over
trading in money, the joint stock banks followed it
eagerly, and We are now paying the penalty. Ii ap-
pears 10 US that nothing can be clearer than that if
the control of the currency at the commencement of
1885 had been in the hands of public board having
interest in the amount Of the issues, and therefore
no motive to depart from sound principles the proper
proportion between the gold and paper circulation
would have been maintained, and last years folly
and this years suffering would never have been heard
of
snow accomplish this radical cure that is to make
fluctuations of the currency shanot in future exceed
those that would wholly metallic it's indpca
s%t;ssy one soS No,pg sor, this can Sc q any ais
service The exactng Insecurity previous to the issue OF
the bane OF the system; prevent their being
provide for unity OF action and that equality of value that
Indispensable must make end ola plurality of ssuers
might Immediately the currency when bullion began
TO be exported and expandbt when began to &c imported
regulations would eectuay prevent the fluctuations in
the quantity and value OF money ever exceeding those that
would take place did consist wholly Of the precious metals
LospoS, Sunday Evening, May 7.--Offical des-
patches have been received this afternoon from the
north of Spain as late the night of the Both ult.
which are Of highly satisfactory nature as regards
1he Constitutional cause Observer
TnE MONEY MARKET, Saturday, May CAN i'm
provement has taken place this week in the public
securities in the extreme quotationoffull one half per.
cent produced almost entrely by the demand for
stock having far: exceeded the supply
The difficulties which have encompassed some Of
the Q.ondon) commercial firms engaged in the Amer
lean trade though aleviacd to extent have not
yet been sufficiently overcome 10 prevent the noces
y OF the directors Of the Bank Of England again
exercising tHelI power III supporting cTtult Two
Uondon) American houses have received accommo-
daton this week. bot under the provisions originally
stipulated upon by the directors when first they came
forward TO maintain confidence. Ii - not true, we
hear that any firm in the East India China trade has
been obi cd To ask similar support from The Bank OF
England, though il cannot be denied that the losses
sustained by parties engaged in those branches OF
commerce have been immense. The lmportafions OF
teas this year estimated to exceed 3i,000O00 lbs
and Of silk 20 900 bales, upon which, as well upon
indigo and other articles, almost runous losses will
be experienced A portion of the imports from the
east are hypothecated TO the East India Company for
advances made upon them at the ports Of shipment,
and they Will be enabled to hold the goods until a
more favourable marker exists for their sale On the
whole, We may state il as he opinion of many pFac
teal merchants in hs city, that though The season
will prove the most Improbable that has occur
red Tor years yet that they do not anticipate any of
those alarming consequences which ii may b. the in
terest ~ spectators TO predict Among the branches
OF trade which have been least effected by the pres
sure for money and the want Of confidence we may
menton the wool, the grain, and tho Russian trades.
"A BASg or ESGLAwp An account Of the liabilities
and assets oil the Brink Of England on the average of
the quarter, from the 7th February, 1897 TO the I'd
May, 1887, Inclusive
LIABILITIES. ASSETS.
Circulation n5,i30000 Securities. t2S,0l7000 |
Deposits, lo,4IaV0O Bullion, AiV'UVo
I2s95200O i32 100000
Downing street. May 4, 1887.