The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-26

quarterly returns, was this =
lSil. Bullion Deposites
January ., Go, $4,000 f70i90 600
February 3 SAC 900 1855 900
March ,, AO76,OO0 1857 900
March 80, 4,s39,0OO 72l2OOO
April ~, A,63S, 900 1925 600
May %, 492l 900 7242OOO
June -, j09sOOO 72ls 600
Jnly 20, 5,l7OOOO 7746 900
August IL 5lO6OOO 1856 900
From this point there a gradual retrogression
and the quotations stood thus Tor the 7h Of December
bullion "a is6 J00 deposits, CT $3.50 0OO Consequently
We must conclude that the point OF time when the Bank
had greatest degree OF strength was about
the LIST July The recovery to that state was slow,
precarous and pregnant with anxiety for the issue 1t
kept the Bank feeble and made all other prudent dstrb
uors OF money apprehensve and cautious. The man Of
foresight who ,und hesitation shyness at his Bank
ers, immed iaely diminished his liabilities kept less
stock. and incurred less debt. The who would in
easy flowing times have employ ed twenty workmen,
Kept eighteen sixteen or fourteen according TO the
igency Men engaged in large undertakings could not
stop their without utter ruin the weakest Of
these failed those little stronger, who could get
on without discounts and borrow wing, would perhaps
duce sohe independent relation able to command the
temporary assistance OF his Banker 60 that Banker
Tor supplies and the Banker would not like to refuse
this Independent customer lest the refusal should be
Ken as confession of weakness. We could cite
where Inconvenience threatening embarrassment has
been produced by this screw. So the thing has worked
during the greatest part of the present through all
the ramiiic atoms Of society.
We have given the foregoing sketch because we are
convinced that distress in of the manufacturing
ricts so general, difficulties arising from shortness Of
money so universal in all districts cond not be produced
10
mtted by all 10 be of much greater importance than the
foreign and the former has been checked and obrced
in much greater degree than the latter by the evil
working otthe money power. 1t has affected the
chants by forcing down the prices OF their imports the
holders Of shares joint stock companies by deprving
them in great measure OF MARKET the farmers suffer
this year from increased expenses arising from the
weather and diminished produce ofnferior quality. The
condition OF these interests combined with those the
miners, manufacturers, and trading distributors before
alludedto, sufficiently accounts for the unexampled
state OF depression i'll the general business othe country
The action OF the money power being cramped and i'm.
peded through ali the rsmfc atoms operation and
influence by the weak and insecure state OF the Bank
England during the first six months of this year. the
proirscted bad weather which occurred in the months
of June July and August, prodgously aggravated the
evil lproduced that extraordinary speculation in
reign corn which accumulated two millions of quart rs
in potts be let in the autumn at low duties
This naturally alarmed the Directors of the Bank and
although did not occasion great additional demand
Tor the treasure in their Golfers prevented that influx
OF gold aud silver which would have given
Bank, end crested among the Din.eo disposition to
be more free and accommodating in their dealings with
the public The restricted supply ofmoney created gen.
sral disrust caused the credit OF every Banker
tried by the severesttest the weak uncrcumspect and
lmprovident among that important body of men failed
he stoppage within SO brief space OF time Of three
large London Banks the retirement flosses
oil fourth, and now the foresight and wisdom which
suggests the junction two other the of
the Mary Bone Bank with the loss more than
its entire paid up small capital the amazing inc So of
the ordinary banking business OF the Bank of Engand
are striking facts which show the nature OF the parcu
lar pressure on the banking nterest of the
stoppage oil eight or nine priv Banks and
large Bank in the couhy bears witness to
the severity and universal operation Of the pressure
The error. therefore that we fell into in January last
in common " it'll many OF the most eminent merchants
and brokers OF the country was forming fusion as
BILE effects to be produced by this terrible ouey power
1t is true that spoke guardedly and prov for ad
verse contingencies but still far from
realize views Disappointment has ensued bee ause
upon the present system Of the currency, can
form correct opinion regarding its malaga influence,
and the destructive results Of its operation.
az a words as Ia he FIT and
first let us see il We can find any firm footing which
to build hope With respect to the affairs of best
States can be broken down ia the lsl2 but may
and probably will be raised degree to supply
the place o. destroyed The importing merchants Of
the United States are now sound responsible body OF
men, whose business during the present has been
conducted with profit and adv an,sge to themselves The
markets are bare OF goods the farmers, who comprise
more than eighttenhs of the en,iie he colored popu
iatop are in good plight and a steady renuneTative
trade with their country may be expected The same
in the of Canada Pesce is likely to be restored in
Mexico, and with peace will internal tranquii ty
unrestricted internal traffic and industry the Of
mercantile confidence and improved general
governmental and Individual The other States Of
south Americr cannot be in condition for carry
ing Oh trade it'll manufacur than they have
been in during the year isli
Inc foregoing premises appear TO us TO afford good
the country is much attributable 10 the parallels
condition Of our domestic trsc rather than the state
OF our foreign export trade and that this evil is be
cIibedt 10 the want OF an adequate circulating mcdun
and the serious apprehension OF that The most
Ineligible index ofths of thags is the position of
the Bank of England as set forth in the figures of the
second table above inserted but with view 10 our
pecuatons for the future table first inserted is the
most important By that Ii appears that the Bank Of
England is already in nearly good position during
any previous part OF the year. and venture TO predict
That beioe the expiration Of the first quarter Of the
suing year there will be very little short of seven mill
mons stsring in the Golfers OF the Bank consid
eraoy higher than IL has been for two years and half
Wsveniure TO say this the know ledge of the strong
nuN OF the precious metals at the present time and the
m calculations those persons best acquan
oome Of our friends have told that we last week
700 cheering view OF the prospects for the
hs,e OF is13 we take cheerful one this week.
we are convinced that nothing but the depiornble
loving to low prices aud noney.pressurs) that
Ne'hy occurring, could have prev ented more oh.
uous manis sta,ion Of Disagreement
CNrRoFIrABLE.-The books of the British
Queen and President steamship compauv show n