Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-10-11
1rou tAe Bankery Circular.

actual amount shown by the Entries: 1882 appear.
to have been Of the years of largest import and in
that year Ireland supplied with $50 TAO quarters Of
wheat l662 0S7 quarters of oats, l23 OCT Of
barley 4529 quarters of beans quarters of peas
ss quarters Of rye s2ss quarters Of malt 1875 quar-
lers OF Indian cern Gil, Alp quarters of oatmeal max
togeher SIS quarters of all kinds of grain and oat
meal ana over and above these, with SCI 434 cwt of
wheat hour Now the value Of the whole Of these i'm
ports could not reach high five millions sterling
Inc total amount of the import from Ireland Of all
KINDS OF corn, In 1887, 2,93s5l9 quarters which
does not inclade wheaton flour. Reckoning the same
amount OF this as took pla &c in 1892 and
ing proportion OF wheat IN grain, the value of the i'm
ports from Ireland in 1887 would probably exceed
t5,OO0,0eo The average yearly imports of corn from
a a country 'n.o urea BRIAN during the ten years,
1928 to 1887, amounted TO 2672 600 quarters while the
average Of the three years. 1915 to sl7 was no more
than 795,2So quarters less than one "a oply ,an
years prior to the series OF The higher imports The
imports from ireland, in the years 500 and 1sOI
collectively only 1878 quarters. These facts ex
hlbit an increase OF corn produce in small conn,ry
which we believe to be unexampea. Our impre..;oD3
however, that Ireland supplied with mora 49,
a twentieth part Of the amount of our own annual 80
duce of corn and that its value could not be esa ,b
TO 900, 000 which, from the above figures does Nc,
appear to be the case II would consequently seem
that we have allowed quite enough, probably mere than
we ought for the bearing which Tie imports from thai
country would have on the trade We shall re
loce II the issue should be better than have antic
pated; but at present have discovered no grounds
10 warrant in fostering such an expectation TIE
varying prices Of markets ought 10 have but little in.
huence on ones judgment in this mater the lest must
be applied about six months hence. We are Glad 10 be
able to report that, as Tar we estimate nearly
one half of all the white produced in England
south Of Doncaster has been gath ered-most of il IA
good condition.
II is impostan, that should bring under particular
notice significant change which has taken place in tie
views OF some OF the great capitalists Of London, 10
whom the Bill brokers in the practice of resorting
Tor supplies of cash 1t is caused by clear manifes-
taon that the system of dawing bills at three four, or
SIX months date or sight by firms III the United States
or their buyers and agents this country upon opulent
merchant bankers in the American connexion residing
IN London or Liverpool is again beginning increase
IN its operations. And these capitalists say that il was
this system OF business viz that drawing bills for the
sole purpose OF raising money by discountng them in
the markets low of interest which produced all
the disasters of 1867 and that therefore no prudent
man should encourage its revival, growth and extern
sion We know that bills Of this description of large
amount, accepted by four FIVE several houses each
of unques,ioned wealth, have been refused by parties
who at the time of such refusal, burdened with
money which they were anxious employ at a frac.
nor under the rate of three per per for the
interest.
Now this we call significant change in the views Of
very important class of The three and four
months accep'ances of the opulent merchant bankers
agents OF the American importers of British produe-
uons-are the safe, convenient famila ar Instruments
with which, principally, our manufacturers have long
carried on their trade with their customers beyond the
Atlantic. Economy could not devise n scheme better
adapted for their mutual support and accom,nod alton
provided the FIRMS accepting the bills have sufficient
property TO justify them expecting atthe public will
take and circulate them, confidently aud freely.
If, for example, select high public case for illus,
traon, Mr.. Bddle should have formed his plans on
calculation of the facilities afforded to the bill credit
system in England and should find those facilities sud
denly taken by the will the caprice, the sara-
Gloss judgment Of the powerful regulators Of the credit
circulation, would the change him and his col
leagues no embarrassment and perplextyl Would it
not Immediately them restrict their accommo-
datien to their customers in the United States, and
throw all business carried by the people large into
difficulty! Again, if the influence Of tins gentleman
and his coaSjuters should be so great with the bill
brokers anc great money agents Of England induce
them to uphold the credit Of the United States Bank al
all events and under all imaginable circumstances
would not they, when pressed themselves and being de-
barred from their heretofore customary relief al the
Bank oil England adrft connexions of less
value than the aforesaid Bank and its agents They
may become deeply implicated with this new credit
circulating in England they formerly were with the
credit Of the American merchant bankers-almos all Of
whom whether suspended or not were equally deserv-
ing OF credit, quite responsible intrinsicaly while
customary facilities were afforded them as Mr. Biddle
any banking Institution is-anS If they should become
who shall say that accident will never throw them
upon their own resources 1t has done others when
their loads were the heaviest
On these grounds repeat this subject is Of in
de.cribable importance and the attitude assun ed by
of the powerful London Bankers concerning the
system of raising money by bill credit adds interest 10
The statement. We could name those who have taken
this posture of rejecting bills when they in urgent
want of them, purely because they believed them 10
have been drawn aud accepted ny persons engaged in
the American trade for the sole purpose Of raising
money by discounng them who possess far more cur
rent general power in the discount market that the
Bank Of England who have, we will venture 10
say during the last twelve years discounted the sg
eregate larger amount than all the discounts of tho
Bank Of England in London during the same period
When Of this character and power, who exercise
daily influence the floating mercantile credit Of the
country take upon themselves any system
of business dangerous and meritng prescription and
coHd emnaton IL becomes all who are entering upon
speculatons, making arrangements in business or un
dertakng extensive operations of any kind on their
faith in the strength and durability Of that system 10 ex
anime well the chances OF It's rupture and dissolution
The circumstances we have brought into view are
powerfully us alive of the degree ofdane that NAV
under not improbable of affairs attend the ex-
tensive operation OF this system There is however
risk present that Il will be materially checked and
impeded by the Obstructive influence which we have
described for the bill brokers could of themselves by
of their and those Of their estsb-
hshed regular connexions, carry than twice the
weight which the operators in the revived bll.credit
system likely to ask them to sustain. The
tingency Of the day of trial appears dis
but IL is incumbent, nevertheless for all Bankers
and Merchants to keep in view that they may not be
suddenly stepped in their by the sudden and
toward exercise OF the same power as threw downse
many responsible and worthy merchants in the year
1897. The probable renoteness OF the issue would
have restrained us from introducing the subject Just
now IL we had not known that the rel ection Of tho
bills described manifested an inexibe purpose They
consisted oftbe acce OF firms who To speak mo-
believed be