New-York tribune., 1841-09-08
No. Ill.
THE BANK OF ENGLAND.

THE BANK OF ENGLAND.
The Bank of England chartered July 4 lo94 In
1896 during the great recoinagc the baK suspended 'oc
payment of her notes
The uAcious conduct of the Directors and the assistance
of the Government got her the crisis For the iime
er no,cs were at n heavy discount In l797 February
G Rank was suspended by order of Council This suspen
on w continued by of Parliament till SIX months alter
the signature of definite treaty OF peace.
The run upon the Bank this time in consequence OF
the alarm created by the war.
F tho fra, three wears of the suspensions the issues
so moderate that the bills Of the Bank not only kept on par
with gold but actually bore small premium.
In the latter part of 1900 and the beginning OF 1901 their
issues exceeded three times the bullion on hani ana Ike
norcs deprecated per
In 1905 the circulation less than and halt the
amount of bullion hand and the notes OF the Bank were
nearly par.
In 1910 they were at a discount of l3i per cent and
their circulation more than times the amount OF specie
ON hand The bills of the Bank continued to decline hi
1914 When their issues than thirteen times the
amount of bullion in the Bank and their bulls at discount
of - per cent
bnlon in Bank and the bills nearly par with gold
The Bank of England commenced specie payments May
1921 Their circulation at the time nut httie over
twice the bullion in Bank
The policy of the Bank TO have ms much com ana
bullion on hand will onehird her deposite' ana
circulation when exchange is al par
In England Banks are subject to the Bankrupt Law
The estimated quantity of gold for the work produced tor
Silyer...-- .Ilt,ooo,e1o
Total 80 I i--' l'i'o''
For the twenty years ending with 1929, is
Gold t91 ob'S.o >
Silver =. ,"oo2.1 ~
Total td5.3 .372.Gl5
For, he Tribune.
10 the President Of the Tobacco COnrcnton
Sir: knowing YOU to DC a the head Of body which,
although selfcensti,ucd ought and have doubt will at
some future day-and that very distant oneexe an IN
Nucnce in these United States that will be greatly for the
,ress of The several States have taken The liberty ad
dress vou in rthcrancc Of the objects that gave the
Convention
1t may proper for 10 premise my remarks by SAYING
Ina, have been for nearly forty years and still am engaged
nthe importation Of foreign merchandise to limited extent
and ,ha, in the ubec, which you and Your coaduor' are
engaged have earthly interest beyond THAI which ought
as conceive to influence every lover of his country and OF
is institutions.
conceive that our Southern friends have been for lerg
,ipc and are now advocating policy more injurious 10
their interests than 10 any other class OF people IN the
country No people of Europe are taxed Sc heavily by
the Governments in Europe and none contribute so largely
dc!ray the enormous expenditures of those Governments
the planters in the Southern States 1t has been matter
surprise TO Tar that they have quietly submitted
tn sach eNacons without besetng the Senate and Ho't
OF Representatives. from year year to take some decided
Tor their relief The highest tat collected
in the United States of which we have heard much
bagaele, compared the European burdens laid
upon the product OF their industry. Why sir the npres
sion prevails Europe this time to very great extent
that, reduction OF the duty Tobacco 10 onhrd of what
it now pays would actually their revenue from that
Ard what sir, do you suppose would be the effect
of such reduction OF the du,y Would there be no increase
of consumption Would the grower derive no advantage
from such reduction
have very little doubt that it wOsd so increase the
consumption the grower would sc, large return for
one hogshead a, ne gets for Even with such re-
duction the duty would still be the average
would be per pound about three times what the growers OBJ
tain TOR it.
The Tobacco the Riee ana the FJr-,hree of the grca
staples of our country stand in need OF Legislative
give the productive industry of the conntry the proectO
foreign markets to which fairly entitled than
article manufactured in the country with which am ac
uau,ed 10 secure TO it the exclusive advantages the ho
market.
Iyau gentlemen planters of the South will take up 'hi