Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-11-08
THE LATE NEWS.


the dplomutsts.
THE LATE NEWS.
The by the Great Western Is only OF importance
as II shows that the Pennsylvania Bank OF the ohien
States has made sacrifices tn pay lis cPonfs IN
Europe Among other striking circumstances appears,
tina, the Of specie which u collected rom
every quarter of the Union through the fraudulent sale
of protested pos. notes. of bills OF exchange and Inc
issue Of small notes for crculaon which were exchang-
ed for Treasury drafts and every thing else that could
draw money from other banks. have all been sent TO
Europe satisfy creditors abroad in the late steamers
and packets The British Queen carried almost mil.
lion for this purpose, lis Inst return From July 10
Sept the London Morning Chronicle says that tIuouOu
(ahou three millions and half of dollars) in specie had
arrived Four millions had also been raised by the bank
principally the stock Of Pennsy Vania and t1tUUOO
sterling (S4 900 00D had bern obtained from hope " 20
of Amsterdam also 10 meet I'm gagements IN Europe De-
sides all these immense which The Great western
brings the Of the Bank borrowing, another loan
was effected through the Rulhschilds 10 the eight
millions of francs drawn for the Hotiinguers. I"ge
Their with the shipments of oil the Banks specie from
this country which amounted TO eight millions OF
dollars these loans will make an amount greatly
exceeding half its capital; and all this is instantly swa
lowed up in paying old scores Abroad! These sums
have been raised under the greatest pressure ever
felt in Europe SO great indeed, that The London cor
respondent the New York Courier and Enquirer writes
by the Gree, Western, that The whOe slate IF monetary
affairs uouid lend Tie supposiiion that the Bank of Eng.
land gerry long hOid out in The .forts 10 aroid sus
psnS0R of cash payments.
specie exported we know They were sold at 20 10 %
per discount What has paid in raising The wind
in Europe on the unsnleabe State socks which has
negotiated there, do not know; but do no, doubt
il has sunk many millions enough 10 make The Impres
sion general in gland the passengers 10 the Great
Western sloe that the was bankrupt and that
before its suspension
/ What then must the American people think Of an
institution which has VIGOROUSLY exported oil lis means
Of paying its debts herehns actually stopped paying
even smaller notes, and which has been dlsposDg Ut
all its specuations in railroad Stocks rotten bank Stocks
IN cotton and in STATE bonds, at the most enormous
losses To the great Of Europe? In these its whole
capital lnny be said TO have conss,ed for It's larger debts
in this country and the unpaid balances IN Europe we
have little doubt will require al! that is sound in It's
boxes OF bills receivable" satisfy them It's millions
of circulation in this country, fever redeemed, will be
at heavy deprecialon-and this the scope of all The
Banks policy The Iossrs of this grea, gambler are 10
fall on the Of the people Of The United States, who
have been so long cheated into The payment Of tax OF
per cent. per on It's "belier currency, which,
that il is brought TO the counter, is found 10 be
counterfeit Globe
, The London Courier says
ave are glad to be enabled 10 state that Mr. Jaudon
has made arrangements 10 meet all engagements ot the
Bank. and hu, Messrs. Barngs will be the agents
for that establishment
A letter from New York, now before us, from gen.
eman who may be depended upon as having the surest
information in regard TO money matters IN London, CIV
ing the news, contradc,s the statement Of the London
Courier. and says that Barings Brothers and Co Inn
injormed hare declined 10 accept The agency IF The Bank
Of Tie U S"-D
THE News BY THE GREAT wEs7ERs The Great
Western arrived Saturday night somewhat earlier
than generally anlIcipated and although she brings
us accounts from England and France twenty.one days
later than had before received it does not appear TO
that the uf these materially changes The aspect
Of things abroad in respect, however they i'm.
porsnt. and will relieve The minds of many-up To the
last hour the agency OF The Bank OF The w. IN Lon
don had succeeded in meeting all lis engagements On
this point refer 10 private correspondence, IN
o regard to which would brsldes observe, that with
knowledge here possess Of the actna condition
of The Bank know some remarks OF The writers 10
be erroneous would have been easy 10 omit these
s bat prefer give them, because We thus present
view Of thu of the public mind IN the places
e whence they On the facts stated IN these letters
n however full reliance may be placed.
1t would seem that the statement made N The last Lon
don journals that MIR Jaudnn had contracted Tor loan
with The Bank Of England is mol true, or such trans
i action actually took place. that he had not aYaiieh MN
self Of but rssnr'ed 10 loan from private bankers 10
the extent Of 0O 900 sterling In how far this amount,
combined with The other which The bank must
possess Europe and which, mol actually avn'abr,
must undoubtedly be daily becoming So, will meet al
the drafts sn pest notes of the Bank isng due IN E-
s. rope Of rannut speak with certainty yet we
should h"s is :" hs e Is Seo there he Sun pe ,
directly made shipments and is holder OF a large Iuan
titles Of cotton do not believe. That il has, how
ever made advances shippers through intermediate
hands and that The cotton shipped is security for these
advances, we do believe. THIS Cotton then being sold,
The Of the market permits. viii gradually add
10 the available means Of The Bank in Europe Some
OF may doubt be pledged for loans obtained there,
but should think this cannot have been done 10 any
thing like It's full value.
Df The of the result OF The Harvest are still
contradictory and 10 those acquainted with The myse
d RES Of the trade England which equal those oil
the Stock Exchange this will not appear strange there
besides anohp for representing this result IN
the most favorable point of TO the people of This
n country They have generally been in the habit here,
Of advancing prices faster than the prices advanced in
,ba foyai
market, limited prudence would there dictate could
e no, be executed We might perhaps have omitted this
remark yet think The state of things jus'iesi IL We
n have stock of flour, than adequate to ten
d days consumpon and in fortnight our mllers along
the line Of The canal ordinarily to forward, whilst,
the supplies which may he expected from the Mssissip
e pi. do mt arrive till February. New sources ot de-
mand besides spring up. The milers in Nuvu Scotia,
who, in other years. supplied themselves with bonded
wheat from England, resort here, and IN Upper
Canada heavy and entirely unusual demand has been
r made The Of our Western country. Add
e to all this, that the frost is ut hand
The suspension of specie payments is still subject OF
discussion in England and the export of coin and bullion
from that country still continues The drain on il for
it's precious metals has already been excessive for II IS
only the nine millions sterling which The Bank has
lost the drain need, buta tina, in The inter
i'm has arrived in the country, probably half much
more is aIsu gone II appears impossible that this
state OF ihngs go much longer the face OF
harvest certainly deficient in actual yield the last.
with exhausted resources, and, consequently, probable
q higher prices.
= All things considered The Liverpool Cotton Market
sustans itself well could be expected and though
planters may not obtain the high rates 10 which they
have Of late years been accustomed, and realize the
expectations these moy have raised prices will still
amply remunerae the capita and labor invested in the
IF cultivation of this plant 1t may be reasonably cacua
ted that any decrease in The value of exports Of cot
ton, which lower prices may OCCASION will be made up
by the unusual demand for bread stus Ship and
that thus the national wealth will experience dlmnu
e ton
e SHES Saturday of Western Four at 3 S 3 4;
l. Of Virginia Whea, ST l3 u.s. Western at no; 500
5, bales Mississippi cotton taken 1912
n ". Y Courier. Of Monday.
The information received from New York by the Great