The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-11-06

We are indebted to the editors Of the Cou-
rier & Enquirer, for an extra, dated Sunday,
2 P. NJ, containing the latest intelligence re-
ceived by the Great Western. We make the
following extracts, which are of interest to the
general reader. .
Correspondence Of the Courier & Enquirer.
I LONDON, October l8, 1889.
] send you, BY the Great Western steam ship The
intelligence from London to the latest honr OF this
evening which is permitted by The departure OF the
The money market of London remains without
improvement of any real or substantial kind Capi-
tai is still held in very cautious and alarmed man
ner, discounts remain at the same high rate, and the
same uncertainty exists as to the prospects Of Sus-
pension OF cash payments by the Bank of England,
or the probability of an early issue of one and two
pound notes. Exchequer bills are sill with difficult
~ maintained at par and thoughth funds have been
rather better sustained within the last few DAYS
shares and other similar property of every descrp
tion are very much reduced in value and difficulty Of
sale unless at very large reduction from the nomi-
nal rates Of the present week. The payment Of the
quarterly dividends commenced at the Bank Of Eng
land on Saturday last, and as the entire amount 10
be received by the public is very little less than "a
600, 900 sterling, il will probably be determined BY
these payments whether the Bank will be enabled to
proceed in its payments of gold; for should gold be
demanded to an unusual extent by the annuitans it
is very obvious that, with more than Is 600 900
in the vaults OF the institution, suspension Of cash
payments must be expected to take place in The
course OF few days from the present time But as
very large portion OF the dividends is received by
The London bankers, for themselves their connex-
ions in various parts Of the kingdom, it may be in
the power Of the Directors of the Bank oil England
10 arrange that there shall be objection TO these
payments being taken in Bank of England notes
bur on The other hand, there are the London and
Northern and Scotch joint stock bankers with whom
most imprudent and untimely dispute has been
commenced by the Directors Of the Bank of Eng
land, the latter refusing To discount any bills, how
ever unexceptionable, OF these joint stock banks
who issue their own notes. and who do not think
proper to arrange for the circulation of those of the
Bank Of England alone. These northern joint-sock
bankers in general have always been opposed to and
BY the Bank OF England, and should combination
be made among them, there would be no difficulty
in their now driving the Bank Of England into diff
Guilty aud discredt of most serious description;
and if such proceedings be not taken by the joint
stock bankers it will be, not because they do
derstand their power, but because il is not desirable
TO involve in the stoppage OF the Bank Of England
the supposed consequent alarm and arrangement OF
all monetary affairs and of the general trade Of the
world Besides the payment of the quarterly divi-
dends, there is renewed demand upon the Bank of
England for bullion Tor expectation to The continent
tai nations, the amount exported in The week, ending
on Saturday last, having been 100000 ounces OF sill
yer and 5000 ounces OF gold; and the foreign cx-
changes have all fallen, and became, therefore, uu-
| favorable on Tuesday and to-day, which were the
last OF the two days Of the foreign post The whole
state OF monetary affairs would lead 10 the SUPPOSE
ton that the Bank Of England cannot very long hold
out in the efforts 10 avoid suspension of cash yay-
ments, and though the fine weather Of October has
caused more exhilirating views 10 be observable on
the stock exchanges, il is than probable that,
with the gloomy weather of November these views
will b: changed and that the real result, OF the har
vest will lead to that suspension OF payments, the
consequences OF which are undoubtedly viewed with
too much alarm, and which would be really and ru-
ly the most beneficial change which could occur at
the present time.
Connected so directly with the prospects Of the
money market is the state and result OF the harvest
ofthe present year. On this bect you will find
great variety OF opinions and reports IN the Engish
Journals which the Great Western will take out but
the real state Of the country is probably the same or