The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-06-27

ron the Bank by the large foreign payments OF the
minister and these operations were reluctantly con
ened to by the directors from belief that the safety
pf the country from foreign enemy depended them
ut why Is this extreme of the purity OF the stan
Of value OF the Of sHs pouna he 50
carefully after possibly small fractional difference
for short time between gold and paper If this object
were not combined with the more important one Of
msintaining, well circumstances will permit an
equable value of money money taken in its popular
sense and consisting among Of the combined ingre-
dients OF paper and meta-of money compared with
and commanding all commodities Now this fright Of
the Bank with ten millions in her Golfers. of violating
his parliamentary restraint has driven her into pro.
eedings which have deprecated to great extent
Every description of property food only for evident rsa
depreciation extending all merchandise stocks,
railroad shares &C. 1t probably would not be oversta
ted at from 10 to 20 but what il 1t has
this property in the hands of the
rendered unavailable towards meeting their engage
sacrifices much SsvonS the mers deprsc.ton Of
the value Of the property itself 1t has further
stoned the suspension Of the execution Of orders from
our customers In every quarter thus distressing manu-
facturers and impeding those very operations which
would have corrected the tendency to an unavorable
balance OF given safety to the
Bank 1t needless follow farther all the fatal con-
sequences to capital branching from this mistaken
anxiety about currency the latter Is after ALL but the
shadow OF the former-the small change by which the
transactions quidated though undoubtedly In some
respects the regulator of its value but have hesa-
ton in thinking that If these fluctuations in
value OF property and these occasional
in manufacturing industry are nseparabIe from the cur
cuation of pay too dear for this accom-
modaon great and useful 1t Is and that would be
safe to have banks of issue and ase only those
OF deposit like great trading city OF Hamburgh
however, equally convinced that such sacrifice is
necessary and that for the artificial restraints OF
the law the integrity of the currency the medium Of
value could be adequately maintained without disturb
Ing the more essential equabe currency OF property and
capital the Birmingham philosophers are puzzled by
che question often put to them to define what they
mean by pound sterling when their paper Is clothe
In its rredeemable character sounder reasoners
pear to have equally failed in any precise definition
of the word currency The act of 1914 treats 1t
simply as bank notes to but they who observe
critically and carefully all the varied mazes of our
moneyed must recognize almost endless
variety Of objects acting more or less directly and
with more less celebrity, the same part-bis of
change at long or short dates-Exchequer bills
the great money brokers-lattery post Office orders
Tor small Gums passing from town to town, of which
useful description of quasi currency the public will
probably be surprised to learn-that little short of
5000 O00l circulated last year But above ALL de-
posits both with the Bank Of England and private
they do appear the tangible shape Of piece of pa
per passing from hand to hand they in fact the
most formidable of the treasures of
tae Bank though they to be wholly overlooked by
cur exclusive guardians of the currency The heorist
sses in circulation nothing but the bank but the
many millions through his hands without his seeing
or touching banknote and how many varied securities
and engagements perform the essential duties of his cir
cuiaton 1t is undoubtedly true that the offices per-
formed by these several articles different from those
performed by the paper which the immediate repre-
in degrees and modes differing from each other which
would be difficult to define and which appear to escape
all precise analysis in circulating the immense transac-
tions of our colossal commercial body"