New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1847-08-30
Monetary Panic In England.
Foreign Correspondence OF The Tribune.
LONDON Friday p NJ August 10. IL

Foreign Correspondence OF The Tribune.
LONDON Friday. p. NJ. August 10. ls47.
| take the opportunity afforded by the departure
from Liverpool tomorrow OF the new steamer GU0-
ddlqnirer to write letter respecting another ex
uaordinary monetary panic and OF numerous heavy
failures
On the 9Th the Bank gave notice that the minimum
rate OF discount would be 81 per cent in reality, how
ever |, charged per cent and only few favored par
ties could procure discounts at this rate The brokers
and discount houses Immediately became alarmed and
the ordinary accommodations were suspended. The
consequences have been seen during the past week
the Corn Exchange. The heavy purchases OF bread
suas which the largest firms have made in the United
States and the Continent a, high rates the present
low prices aud the difficulty Of obtaining discounts TO
meet bills falling due have demolished houses within
one week whose liabilities in the aggregate not far
from one million and half sterling This sudden and
terrible crash of be felt In the Uoed ss,es
The London Herald of the 9th referred to this
ure In strong terms and said that bad created deep
sensation in monetary circles II Is almost unneces
sy to state" says the Herald that the serious
consequences ere Involved Ia such measure, for admit
ting that restraint 10 required to be imposed upon
the expenditure Of Railway Companies II cannot DO Ell
ieced In this without crushing the msnuiactur
ing and commercial interests 20 such extent as will
prove rninOus 10 the public revenue end subject large
numbers Of the lsborlug classes 10 severe privs,ons
The Morning Poa of the llth says; One of the
leading L0mbRrdstreet houses is understood 10 have
signihed lie dets rmination to take bill having
than three months to run At an interest OF less than
per cent per snnum Higher rates in other quarters
spoken Of II 10 believed that the greatest jealousy
Of the Railway Companies exists with gard pecuni
AIRY matters il 10 naturally assumed that decided effort
vii be made by influential parties 20 keep them out Of
the market"
The rocen, movement by the directors of the Bank
thus again referred to by the Morning Hrad on the 9th
There little prospect OF the state OF the money mar
kei being easier for some time 10 come, and II need eN
cite wonder should II become necessary iorthe Bank
directors 20 increase the rate farther within brief pc
rod its Indeed. alleged In the banking circles that
considerable lumber II the members of the Court were
Tor advancing the minimum rate o. per cent and that
they only overruicd BY the msjorsy the ground
ma rsoueAy the business be done at CHER rates
and that the advance of half per cent Aa time would
be less likely 70 excite alarm On the I'm tina ssrna
Journal remsrss the, Money continues exceesinslv
~ i ~ Saa'seo are In many cases spprox
msung eos'y 10 tnose prevailing At the end of April
and beginning OF May last We have hesrd Of a. -
and 10 per cent being paid on paper OF nnonss,on
able character only little exceeding three ,an,e W.
sitach however less importance 70 the pre.sn, ST..
the market than do TO tbs view entertained unys,
sally IA the banking circles relative 10 is
viz that there IL very little expectation Of its being
much better for some months 10 come
II Il stated that Apgo American house, long known
snd respected for prudence and ability, have received
orders fro the L. 5 20 ship goods 70 the smcunt OF
$1,000 and refused TO al the orders There many
similar cases some Of the manufacturers Of Brmins
ham, sheffield and Manchester now refuse TO execute
foreign orders Sach step II generally adopted must
have serious effect upon the trade Of the United Stsies
Having given these opinions respecting the Bank
nov necessary refer 10 the recent failures The fret
and largest frm JAILED on the 9Th inst This was the
well known house Of Messrs. Charles Douglas & son,
o. the Corn Exchange. whose liabilities are pu, down
a 100000. On the It'll Messrs. Lsngdsle & Co. Of
Stoekecn on Tees merchs ants failed for xOOOOO
ssd On the 9th the failure Of Messrs Fraser. Nelson
70 was announced On TIE 10th Msssrs Lesley Alex
sn1er Co corn merchants, stopped payment
ihe Morning Herald OF ths ION refers TO the failure
oae OF these parties In the following terms The
ga ana hghy respected Arm OF Lesley < Alexander, in
's corn trade was announced early Ia the morning
arg anaols 10 meet their engagements Their hsbi
nnes are stated considerably 70 exceed half million
sefnng large proportion OF which IL 10 alleged will
az upon American houses The partners in this res
liable hrm were possessed Of large amount OF pri
"s property and Il rumored In ,hs AFTER psrt Of