Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-11-08
:..,,on0, a. Friday, Nov. s.
y,,,y Matters in Eag!aad and .4meriea

Harfu
UNITS BY the Grea, Western show US how Mr.
c,n,,ived 10 patch up for the present the EN-
" cti;cnlties in which the Bank Of the u. s has
1,yoly,d N England ny its excessive issues of
W. By grea, eff is and ingenious devices, he has
-, ,,,,ons ut dollars nnder the auspices nf seve.
@dT,,sd Bankers aud Merchnnts-buta al very great
So The London Correspondent Of the ~ York
:! Inns states the terms-"Ths notes (given by Or.
IN ,,,ry per cent interest, guaranteed by de
a',u 5 Bank shares at "a, and portion Of Penn.
~" hands oesdes-ihe notes TO be at l2 months but
lts 10 3 years. then To be paid off, and The Bank
deemed at par. which brings the operation TO a
nor cent interest Other accounts state, that
=" notes given BY Mr. Jsudon are payable in !, 9
AIS They heal interest; and the securities of
,,n,, stock are said to be deposited as a guaran-
rat. OF as To the 100 The Correspondent Of
~ York Herald writes, under date Of The 18th
that the negotiations Of MIR. Jaudon for wind
me agency, and retransierring it to the Barings,
~ o,hfI house. have not yet been completed. MIR
'", on. Of the Directors Of the Bank, is here from
.l.bs 10 assist h,m in the business And il is
5,nlle Globe, that The Barings will not accept the
,rdon writer also says, that "the British Queen
.,oe;,rd with The derprst anxirty for, antcipa'ons
I gloomy prevailed respecting The state of affairs
-, SIDE Her aec0uRis soere considered muck more
I'm. iiaa could hope teea hoped, tskng all things
81 =. ,cc,un, with yon and in tins quarter From the
., those accounts, however, no safe conclusions
iii }, drawn, Tor at the date you were ignorant Of the
,,,ns tate Of the u S Banks bills in Paris where
L., var. refused due honor by the house of Hottin
& CO.. their correspondents of long date. Those
- As sou will by The papers, have since been duly
,ytyc for by an arrangement with the Ruthschids
ii Il. can only guess, what the London Bankers will
,h- gloomy accounts which have been just carried
/ i, ~ the Liverpool They certainly will be much
,, uni4yorable than generally expected. When
hear that The Bank oftle 5. has only suspend
.,rcs Payments without waiting for the accounts that
II, bf IN. Llvsrpp,l but that she was the first 10
The I'D; the most active in bringing The Southern
n~s'srn Institutions into like predicamen'; tina
sc K had fallen down TO 20 per cen, that her credit
threatened, and even her soivency suspected II must
T. !ucs a tremendous shock in the British market Mr..
q3,a sill scarcely be able TO repeat hs negotiations,
any success or even 10 satisfy those who have re-
.ay aided and thuse who have loaned him, sbou, The
,,:lness Of his statements or the faith Of his obiga-
fhs n. Y American [Whig) gives the following &C.
sa Of Mr. Jaudun negotiation: "hlr Jaudon, it will
SEN has been enabled, anticipated in our COM
.n', upon The by the independence, to render
Is, able for his purposes the Pennsylvania stock which
Great esern carried out The course Of the trans
l,a seems 10 have been, that these Pennsylvania
cks and other stocks belonging TO The Bank ct the
) had been pledged as security for the re payment
new issue OF bonds by Mr. Jaudon, in London, bear
~ per cent interest, and which The parties who have
5,et 10 take them 10 the of f300 900 sterling,
t. at 90 per cent making the interest PAID
b. the Bank for This loan, which is redeemable
d az average OF eighteen months, II per cent
In. banking house of Thomas Denn,stcn y TO are the
trustees tor The subscribers 10 this new "un Another
ION unon similar terms, for ten millions Of forms, or
aru $500 400 sterling was, at the last DATES, IN pro
y-s, Of pociapn with Hope IL Co., and, as the news
hr banks suspension in Philadelphia would not pro-
babv sach Europe rr two weeks after the depart
ue the Grrat Western, il is probable this farther ad
cIIana sum will be ablained
loss o: near III per cent this Loan fearful
a., indeed upon the Bank Of the u. Few inslitu-
tons could stand such deep cutting.
is certain tina, the Banking system OF tie u States
nnw constitutes very important Problem Tor the cons
Gra'loD of the English Flnanc!ers. They see what we
have seem end hat indeed must be sufficiently obvious
Indifferent observer, that our system Is 'ncor
rect and that the machine, as at present constituted
works badly They are already kind enough, not only
busy themselves in specuaioDs upon the nschiefsc OF
our Banking system, but TO suggest some Iemedies Tor
IL abuses We have proof OF this fact, IN The bank
.s Ctcuiar, which was issued in London on the 18th
oi October After detailing the means by which Mr.
udon had contrre 10 meet the Post notes or bonds oil
his Bank which Tell due 10 the early part o: the monlh,
lie Bankers Circular proceeds with the following sPe
citations
Leaving all such points whether the Bank OF The
United Sales have have not committed hag'ant vlo.
a Nt good banking ruesby entering into cotton ana
,nd and state STOCK and public Improvement stock spe
cuai"ns, TO be determined by future information, We
mus, a4e curious coincidence in the present state OF
American money affairs. with that which existed before
The commercial rupture 1887 The credit hal has late
ben created by the Banks and State Governments to
sbsorb III. money England s ~e believe, just about
in amount The merchants credit created ior
the same purpose in the years 1856, which was des
,oyed by the conVusion Of 1887. Tat amount OF ere
t must b. annihilaed render the Bank of England
unter pr-sen, system Of currency; and all public
works and individual enterprises in the U 3 which are
dependent on It tnust stop.
The conclusions tha, are 10 be deduced from these
premises are-
lis, Tha, Banking in The U. S is unsound and un
stable. because has not like Scotch banking had the
adsso'ee of period Of canlion difficulty, economy,
and rlt TO render it circumspect, skiliui ndePend
ent, and strong.
I'D That lis directors and managers are as class
Fangune and bold relying too much on the INDUSTRIAL
energies and growing wealth OF the people; ana ths
letc Them 10 borrow money in England for the purpose
Ct stimulating those energies promoting that wealth,
aud insnrng 10 themselves great gains and much inu
snce by lending that money to their customers OF hgher
Issrcr.
sd That such practices are emnently hazardous,
,rcsuse ibey borrow principally from, through the
q. dlum of, agents. who will be tn cir friends in easy
nd prosperous times, long as their own interest
prompts, and no longer
'4rh That this forced and rskfu state OF things must
e altered aud amended II would be better set right
y some general compact among The Banks themselves,
iiher By cnsiescng with the farmers, planters, manu.
acurers brokers' aud merchants to force the Leg'sa
IRE TO charter general Bank as kind OF exclusive
bankers Bank and principal regulator; or, by The BANK
orming among themselves such an institution as Inc
orrector protector, and guardian of oil minor banking
Establishments, and equalizer Of oil domestic exchanges
Money remains extremely tight, and all who are DE-
enhen, on The London money market for accommoda.
ions must continue for considerable time to come 10
truggle with great perplexty and difficulty.
The arrangement with MIR. Jaudon for the U ; Bank
. We believe, complete far this most important
ONT IN his proceedings is concerned GessIs OVerend
iurney g. Go have successfully negotiated loan Tor
nat Bank for ssO0 600 a, 92 Tor every bond OF El0O
.ch bond bearing per cent per annum interest from
% day Of lis date The bonds payable at the exp.
ltion Of fifteen months and thirty months ~ equal
mounts We said last Friday that all respecting this
had then been settled, but the preparation and
gnng Of the proper instruments These were signed
Tuesday, the 10Th, and the neutrality-suspicious.,
chigan, Mississippi Stock, &c were then lodged
irh Messrs Denison & Co trustees for the holders
these bonds No adverse casua!,y-which many we'll
formed men are prone aniicipa,e-coud we believe,
possibility damage or derunge this settlement Those
rsons who greatly influence opinions and transactions
The money market say enphaticaily' that no security
he befter than this the interest ample and secured