Weekly national intelligencer., 1847-06-12

I
of practical men of business like these are worth
citing and their statements may be depended up
on. have always thought that one great merit,
and rery great one II ls in the character OF Sir
II. Peel, is his great practical knowledge, and his
willingness always TO yield TO conviction, even in
opposition to long-chershed opinions, and to ind-
vidua feelings, party connexions, and previously
expressed intentions.
Mr.. Brown stated that there were in circulation
and i'll the banks more than forty millions of
regns; and was inclined TO believe that great re-
lief would be experienced in the money market if
the Bank of England was allowed to issue small
notes 10 the amount, or to great part thereof of
such specie circulation. Mr.. Barring attributes
much of the present pressure to the injudcious re-
striction upon bank issues under the enacments of
Sir Robert PeePs bill of 1874; and Lord G. Ben
tick cited a case where house OF business III Lon
don held 960,00O worth of silver bullion, but who
could not obtain any assistance from the bank IN
consequence of the restriction Mr.. Brown attr-
butes the pressure in the money market to famine,
and the consequent high price of grain, to the abb
sopon of capital by railway specuatons, the high price
OF cotton, and to the bank restriction 1t stated, during
the debate that the entire paper circulation of the Bank OF
England and the country banks this time amounted to forty
millions OF pounds sterling remember when evidence was
taken before committee your House of Representatives,
exist between paper issues and SPECIE many experienced
men stated their opinions be that three dollars in paper
might be safely issued for every oar in specie in possession
Of bank, but Sir Robert Pees bill limits the circulation of
the bank the amount of specie which bods and
cep the fourteen millions which is allowed to keep in cir
cuaon for that amount of money owing TO the bank from
Government and which the latter ought pay in specie.
The cotton market here appears be in terrible
the price is high and manufacturers are unufng to pur
chase in many it is said unable from their finding
impossible obtain discounts from the banks. This scarcity
of cash and the uncertainty which present hangs all
money matters have occasoned it said, many dealers in
grain to countermand orders previously given for shipments
from the United States.
MAY ll-Frem some cause other the price of bread
'tutts has eauy advanced during the last week. least
los per quarter and good wheat feches in Mark Lane
rom t5 to f5 los per quarter, from 81 rs s9 90 per
'uhe We look to you and to you only, for supplies Con-
mental Europe will have enough do take herself
he surplus of part will scarcely supply the deficiency of
another Surely when your canals open and the supplies
brought down to the seaboard you will ship album
lance depend upon It's fetching most ample rcmuneatng
prices, for must perish ,cittou Il.
Su Peel admits that the principles of his bill arng the
bank severely tested by circumstances but says that
It's enacments have saved the country from much state
of things by controlling the issues paper money thereby
giving confidence in the public mind our moneyed inst
tuon In 1916 and 1886, when previous pressures exist
cd the circulation of paper in great unresrct
ed, and failures took place grevous and inous extent
Not at this time; not house Of any has gre
is great pressure but panic the pressure is
regarded temporarythe state of the country sound
The declared of the cotton imported this year is th
teen millions of pounds sterling. The year before was
wenythree Millions and yet this year the price paid per
pound has exceeded that of the former year. Does this arise
from the shoncss of the crop only other
causes at work Business is almost at stand still in Lam
cashre out of l. l6 mills in that county 72s either
closed working short time and of 900 hands usual
ly employed therein, than 100 900 working short
hours and 23, 900 entirely empbyed-auoher serious
item in the Suffering of the country.
May l3 The weather deliciously fine after some
copous but gentle rains vegetation has taken which,
accustomed have been for many years the
burs, of the beautiful foliage of the American woods aston
shng The air feels perfect bam and full Of genial n-
ences and delightful effects When few miles from London
and beyond the range Of its canopy Of smoke every thing
aspect delightful poet described poet
icay warmed imagination conceived Of The APPLE pear
and other fruit in full bloom and fill the air with fra
grance whilst the innumerabe arks blackbirds thushes
godhnches, nnets, &c load the breeze with melody We
nowhere strongly feel the truth Of the poets line that
God made the country and made the town, as in this
neighborhood, where within fifteen minutes, the peculiar
characteristics of country and be observed in their
dege for where does rural beauty exist in high
perfection than in spots within few miles Of Lon
don and in place the mseres and suffering and depr
vaon of crowded city be seen, felt and understood as
in parts Of this vast metropolis. But yet poets sem
tment anthetica than correct for the rich and su
peme beauty the country round London in as great inca
owing the industry, the SKILL and the exerion of man
be yDCth h.
his crimes aud if be who has filled the workhouse and
peopled the jail also who has caused the wilderness
TO blossom like the rose.
One important effect Of this delightful weather the health
ul and hearcheering appearance which has caused the
growing wheat crops to exhibit and late harvest would
which tends TO produce early have directly con-
rary effect There is also suppose that the scarcity
of the present year has induced pruden, attention TO the
growth OF wheat in continental Europe # is said that more
than twice the usual quantity Of land has been sown with
wheat in Italy, and that there will be great export of grain
from thence year.
alluded in my last TO temporary relief which our money
market had experienced from the investment Of from two tn
three millions sterling in funds by the Russian Govern
men IL is rumored that Mehemet All about to invest
similar amount These purchases show great confidence in
political and financial estabshments and are at the pre-
sent time quite useful complimentary.
Lord John Russell pad very high compliment to the cha
racter Of the American people, when audng the hcnevo-
lent and kind feeling which they had exhibited not only in