The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-08-20

This amount contains the average Of the quarters end
ing June Is and July H. whereas the table previous to
this gives the average aggregate amount OF promisory
notes which have been in circulation the four weeks
ending each OF the dates included in the table, This
will account for the existing difference in the The
statement relating particularly to the Bank Of England
gives the best report of ts affairs at the date The bank
evidently intends serious reduction of bullion in its
vaults. II is load too mighty to bear, and mea-
will undoubtedly be adopted to diminish the
Under the SYSTEM with the present amount of bull
lion it will have the privilege Of issuing paper to the
tent of f29 or 900 more than the present
issue. To sustain the circulation whrre it is now
with equal profit, the bullion should be reduced to
1 CT GAG 900, making reduction Of Es62i 000 This
amount Of bullion ON hand, on which no issues are
made must reduce the profits Of the bank very materially
and there il not much doubt but that the will be
reduced rapidly possible The private and joint
stock banks Of England Scotland and ireland, have
ducsd their circulation since the last report 5 The
Bank Of England and the private banks Of the kingdom
are without doubt placing themselves in position to do
business under the system Of Sir Robert Peel The
Subject seems to be settled, and those likely
to be influenced by the movement, are undoubtedly
placing themselves in proper position. is estimated
that full millions Of paper issues will be drawn in by
the middle Of October This large and sudden
ton may have very serious influence trade and
mercs affairs generally but cannot but be temporary
al the currency will be gradually improving and be-
coming more valuable. III
Considerable anxiety begins to be felt in commercial
circles respecting the eject Of the measure although the
impression to be that the operation Of the
newsystem is not going have that uniavorable effect
business that the opponents Of the measure anticipate
The interest may for time be slightly increased
and SPECTATORS may suffer from restricted currency,
but after the system gets there will,
undoubtedly be plenty Of money for commercial pur
poses The existing condition Of affairs Is very favora-
BILE for the commcncemenof the new bank charter. Tbs
crops throughout the country in very satisfactory
state and the hsrvests bid fair to be very sbundant
There is no speculative feeling anoat The manufsc.
turing districts very active and the progressive
provemen in nearly every branch Of business gives
to believe that proptious time for the intro
duction new system Of banking throughout the king.
dom could notbe wished for obtained The currency Of
any country a very important and dangerous element
of trade NEEDLE with and the effect of every
cannot be foreseen by the most experienced We
have had many currency thinkers in this country
that have several times been the verge OF gene
raj bankruptcy Every interest requires little legsa
laon possible, and the laws regulating and
the currency should be made permanent possible
The currency plan Of Sir Robert Peel has ben gradually
perfected has been submitted to the people and from
time to time alterations have been made The bill II
stands h approved by nearly all classes and II
reads will oil human probability so into operation
the last Of this month This movement 10 Of the most
vital importance to the United States. The Bank Of Eng
land exers wonderful influence financial movements
in this country and the effect Of the system under which
the bank is rechartered will be closely watched by
capitalists
The annexed table shows slight Improvement in quo
tations for American stocks the London market The
operations were very limited Illinois So have improved
four per cent, and Louisiana bs three per cent