Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-01-06

place. Either the British or the Patriots must
ceed On this event may hang the important conse-
quences of peace war;
stu Later from Engisnd-Htghly Important
movements OF the Bank OF England.
Last evening, the packet ship South America, Capt
Barstow arrived, bringing London dates to the 3d.
and Liverpool to the 9Th. Our boat Boxer boarded
her hours ahead Of every other news boat in the
harbor.
On our outside will be found the various news of
different dates in the course Of yesterday by floods
ofarrivals
BY the South America we have received intelligence
of the highest Importance in financial ma.ters-more
important than have received in years past 1t
appears that the Bank Of England IS celebrating
on the plan of planting ageacy in Neic York.
and from private letters learn that Dir. Cowelps
mission to this country to make reconnaissance
of Wall street for that purpose. The mission of Mr.
Jaudon to England was only measure adopted by
Mr.. Bidde, on the appearance Of Mr.. Cowe here.
Taken in connection with the restoration of conf
dence, and the advance of prices in Englpnd, this
movement of the Bank will be of the highest impor-
lance to New York
The following article from the London Times of
Dec. 2nd-a paper hostile to thu Bank-will explain
the nature Of this agency.
LoNDoS, Dec. 2-Nothing of an official AZURE has
transpired 10 explain the fall of Bank Stock which
has undergone some further depression; The
beng 2043 10 2055. The conclusion adopted is there
FORE BY the more candid class Of observers that there
is really nothing of specific nature communicate.
Ii is inferred, however from certain hints which have
been allowed TO escape, that there is small party in
the Bank parlor who have all along sought TO i'm
press upon their colleagues less grasping policy
10 profit and the necessity of consulting, in greater
degree than has been done hitherto, the interests Of
the public; also that this party, encouraged by the
appeals which are made on all sides for the reform
Of the whole SYSTEM now pressing the point more
closely, and, in fact, that they making converts
In the direction to that opn on, all oil which might
send few tlmd capitalists into the market te sell,
and all the other consequences already adverted TO-
would naturally follow. independently Of the re-
ducton of ordinary profits, 10 which the directors
must be compelled TO submit, there is said TO be
some uneaslness as TO the state Of their accounts
with the American houses ; the ultimate realzaton
of which is fixed by the most sanguine at distance
Of four FIVE years, during which II remain
the books a doubtful debt or be a lead upon the
"rest," respecting which the proprietors are amused
frem time TO time with such hatterng accounts
New issues the directors dare longer force for tho
sake Of profit, that the public eye upon them,
and il is said that the K. India Company acting upon
their former practice, and much more dlgnhed ana
proper policy have taken the MANAGEMENT of their
spare capital into their own hands. They said TO
have lent in a diIect way f350,000 today in Consos
for the opening al ID per cent Altogether re-
0ncu0n OIL the QlNuenu on bdnk StOCk seems 10 DC
inevitable, but be more than prssumpnve, ~
any announcement OF II 70 the public would be totally
irregular until the Of the propreors 10 taken on
the subject which cannot be done uptl the Court in
March next previous to the declaration Of the April
dividend.
Among the suggestions recently made for obviat N
the loss sustained by the Bank Of England by hold
ing a large stock of bullion, which stock by being
shut up yields no interest, has been one OF very
trsordinary nature considering that it is believed to
have sprung from a section Of the bank parlor. The
plan recommendeds 10 place a certain portion OF
that stock Of bullion, securities absolutely repre-
senung II, in Paris, Vienna, New York, and other
chef towns Of the European and American conu-
nenis, wherd II could be invested I'M bons roydur
and other floating securities, paving or per cent
interest, and from whence could be called al pleas
urc. BY this mode, according to the projectors of
this hopeful scheme the profits of the Bank are 10 be
increased from 200 900 10 400 600 year and in
the occurrence OF any demand for bullion, or crisis
in the money market the Bank would emily have to
draw credits upon Vienna PARIS &c, selling Of course
their various securities and causing the 10 be
RENTED in bullion. Ii seems, however, wholly 10
have escaped the protector Of this scheme, that bOns
rs,ar and all other foreign bonds and stocks might
from political or commercial revolutions, become
either perfectly uRsaleable, only saeabe at ruin
oas depreciatons Of Price The French per cent
Rcntes1 nt down 10 about AZ in the year 1889: all
were - and no buyers. Bills upon New York
miQhtVe honored in inconverlble Bank paper ex-
changeable against specie ", and as II has been
at q loss OF 20 per ceHi. A civil broil IN Belgium
might upset the whole value Of Belgian Bonds A
war would depress Austrian and PrussIan stocks
some 80 per cent al one blow. The Bank might pos
SILLY remain, therefore, with 100000 or s,000000
OF valuclcss st-bcanng paper on hand, In lieu
OF the same quantity OF "unproductive" bullion
Moreover II 10 not taken into the account that
the bank to open credits proposed, for supply Of
bullion when needed, and for the regulating the ex-
ehsnges she must be prepared 10 grant reciprocal in
eiIitice to the Vienna, Paris New York banks, &C.,
SEINE Of which might also stand in want Of bullion at
the same moment or might draw TO regulate the ex.
changes upon fancy Of their own though not st all
in sccordance with the views of the Bank Of England.
These remarks, OF course are only thrown out as
indicative Of the sort OF nostrms which cad 10
find occasional favor at the Bank. Such experi-
rnents" as these stated will hardly be brought into
practice, but the sooner they are dsowned and de-
clsred TO be abandoned the better
The American house Of Grant, Bell n Co. are about
10 resume business TO the great eradication Of q
large circle offrends by whom they are es,eemed for
their uniformly honorable and prudent conduct A
dividend of10s in the pound will be paid almost i'm
medately.
The accounts received this morning from Quebec
mention very heavy fsilrrs IN that cty-the house
of lie Mesurier n Co. They were closely connected
with the house OF George wlldes & Co, of London,