The herald. [volume] (New York [N.Y.]) 1835-1837, 1837-05-15
THE HER AID.
MONDAY, MAY rs, 1887.



BY the arrival of the packet ship Wellington, Chad
wick we have received highly important accounts
from London, four days later than last accounts
The crisis in England is rapidly approaching. Our
papers and letters full Of speculatons nferences
and indications of the Of things. The deep ex
pecation of remittances from the United States sll
continued.
The crisis in the American banking houses has
come On the 10Th of April, the large house of Tho
mas Wilde Il Co. failed out and cut. They had re-
ceived loan of 250,000l from the Bank of England,
which was secured in various ways They showed a
surplus Of 300 000l. Of assets over liabilities but this
surplus in the United States. 1t was stated that
the house OF Virgins & Co. would be able to get
1hrough-other accounts state that it was doubtful
There was great excitement in the commercial cir
Giles in London against the policy of the Bank of Eng.
land, IN sustaining the American houses the sx-
pense of their own trade and wants. Many of the
English merchants thought it would be better to let
The whole American trade go TO wreck and recon-
struct 1t anew on better foundation.
LONDON, MONDAY EVENING, May le-The letters
brought by the Garrck, New York line of packet
ship arrived at Liverpool, delivered this morn
ing. They are, however, only of Importance to ind
viduals they left New York on The same day (the
lst ult.) as the South America, whose letter bags
reached town on Friday. The remittances e of the
same description, namely bills upon their usual COR
respondents, instead of specie, which would certain
ly have been sent to some extent if they had been
apprsed of the state of American credit this side of
the water.
There is account of any of the later packets in
the Liverpool letters received this morning, but TIVE
OF the most powerful steamers have been amply fit
ted out with every requisite necessary and have been
despatched in the direction most likely for them to
the wake of the liners from the sta te of the
wind On Their falling in with any of the packet ships
the steamers will be able to return rapidly port and
hIxav f,r,b
with little delay.
The accounts from the manufacturing districts re-
ceved this morning unfortunately but 100 well con-
firm the accounts communicated in the private letters
in the end of last week. relative to the distressed stu
alton of large bodies of the working ella sses. From
every point however, II is admitted that the difficulty
almost exclusively results from the destruction
hdencc, there beng no material accumulation of stock
in any of the great staple branches of industry In
deed in the greater number ofnstances the paralysis
has taken them completely by surprise and they ex-
press Their astonshment at being arrested in the mid
career OF prosperity, without the accompaniment of
the usual disturbing element the arrangement of mar
kets and intercourse, by war.
IL 10 the current rumor IN the city, that the Liver
pool deputauon has been distinctly informed by the
Chancellor of the Exchequer that the government do
not consider II expedent, under all the crcums tances
OF the case, to make them any advances by loan of
Exchequer Bills This indeed is the view taken by the
mercantile body IN the city generally, the ground
that there IS reality very little wrong with the trade
of the country, were confidence restored.
1t is further understood that the deputation have APP
Piled 10 the Bank OF England Tor assistance this
ing but it has not ranspred that any thing has yet
been specifically determined, although under certain
restrictions it is believed that relief will be afforded
The Courier, abiding to the conduct of the bank Of
England in interfering 10 bolster ap house in the
American trade, without having approved securities,
observes: "Under the peculiar circumstances of the
case, considering that it is hghly probably that
mites for the amount advanced by the bank will be
received in few days ON America, and considering
also the length 10 which the bank had already gone
IN bostcrng up the parties In question and others,
hardly think that il would have been good policy in
her TO refuse the required assistance. We, however
must again say, that we look with extreme suspicion
this sort of bolsering. Even if il did not compro
mise the safety of the bank or tend to hinder the in
hux OF bullion, II has two very perncleus consequent
in the first place il inevitably Prolengs a state
OF insecurity and parayses commercial operations by
hnderng individuals from knowing whom they are
trust how act; and in the second place il al
lows the principal culprts, that is the money dealers,
10 get out of the pit they had dug for themselves by
throwing the suspicious paper IN their hands upon
the bank, or rather upon the individuals who have
been prevailed upon 10 come forward guarantees
We, therefore, by clear that tho course
that has been adopted with respect 10 the American
houses generally is the best"
One false step leads 10 another and il is perhaps
true as our evening contemporary observes that the
bank, having already gone far, would not stop
short. But Is this a state Of things which be
viewed with satisfaction The bank has suffered IT,
self TO be entanglcd in such manner that for its
safety, il is obliged to mix itself up directly with
great branches Of commerce. Is il fitting that the
property of every in the country should be at
the mercy OF a company who, in order TO make pro-
fits, abuse Their power of issuing paper and create
over trading and then step IN between that over ira
ding and It's natural consequences, lest they them.
selves should be ev rwhelmed by the magnitude OF
the ruin1 The subject Of such paramount import
that parliament will fail in their duty 10 the peo-
pie Of this country II il remain longer passive. The
representatives of the people would do we'll consi-
der attentvely their position, for they may be assured
that they do not discharge their duty with honesty
and frmness at this important crisis they will forfeit
all claim TO the respect OF the country.
We should suppose there few members who,
after the experience of the last year two are
satisfied that the directors have incompatible duties to
discharge To make profits for the proprieiors they
are undcra constant temptation TO abuse their power
over the issues We have objection 10 the bank or
any other body dealing they please with their
funds; but the Bank Of England have the power of
making money, and this power sught TO be given to
no men who have an interest in employing IL TO their
advantage II the privilege Of issuing paper be suffer
cd 70 remain with the bank precautions must be taken
haiti shall not be abused. Morning Chronicie
Another Of the New York packet ships (tae Garrck)
has arrived al Lverpool-but having sailed on the
same day with the South America whose arrival we
announced on Friday, she brings no additional news,
and does nothing towards relieving the embarrass-
menis winch press upon the large corrmercia houses
connected with tho United Sates.-Ibid