New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1847-11-08
Flsrfuafion. in the stock ,iarket-Bank OF
fngIand-Cnu--- Of the Failures, NC.

II nklIE rN ny - iht.i-t- tNt -''-
Boston an often compelled % entirely omit or
onI, briefly notice some of the Interesting topics u
the DAY either irom want Of time T. reief q Them
10 proper manner or on account oi ne 'AiIso'e
space they would occupy n your columns la
order however. 20 give the principal and mo't iHi-
portsll subjects ] tai tha; must divide nay let
tors aAi thus j the whole u them c-nno. De iiii-
mediateiy published portion OF them msy be.
will nov refer y the fsci1ations IN the stock
markets 70 the Bank Of Engisnd. the revenue &C
counts the failures their caasss and other matters
In the Cousol market sudden aDd extraordinary
fluctuations have taken place lately. These were
caused partly by the deficiency 10 the quarterly
accounts Of The revenue snd partly By tie French loan
sns tas general scarcity OF m1oey From H' 10 li''
within the compass of l@ss thsn week frices we're
forced down b e panic srrfriaiy created N part
nearly frfs pr csf thst TO- equal within ifac.i'n 20
ore whol- years pr cetiasa intrfcss uyou ,.1s-s
stock The D1ns Mars % i1e lS-f Ieilai - '-s -,
Shows mJlstrlus drprCporu1n uttNr'N ~" i'',-fe
importance oi the assigned. and me ercl "alch
fl' ycG This i not .he frat cccas 10 n VI.
quarterly account Oi revenue has been io-la N l--t
- million. or more nor - 1-l ]. - IT tn1 -.tt
time sl.r1g he present evil o. rln IL len-n nat %
balance tee treasury the eud Of The year sroli4 D.
deficient four, OF even i've millions = n7 eo-c 1s.Su
from such premises that eigni hundred Ho-s O. P-S
he SECURITIES should necessarily be damaged 10 value -
the eX.lt 0f g per centlm or say 10 gross OF tehy
four mil Ions sterling IL msuesiy an esresiols ao.-fa-
ify Tor the stock Exchange. LoAsos Aafe 0'en
The directors Of the Bank Of Eaglaud held their rssu
lar weekly meeting thu lilr and . N-s seneIes *
uected &. 4 the rae 90 discount would De rss-d, ult 10
iscsl notice - that eject yrOul gated 4nc min
mum rate eit unsiterrd, All % eccomodal9n ives
granted unless advanced terms 60 tlat IL resliy
minimum IS not What u processes 10 De- ne bank az
counted for the quiet uaprt,ndns class Of traders
AZ about seven per cent but used -tsauce - hc-ses
Of cher standing and whose pursuits are o. iess "a
tousl character under niHcG1d G-hdy per cent The
MgruaS Pot 10 IA money article oi tie liih says the
Dos ton Of several OF the leading firms has been very
critical and many important failures % have Occurred
FIRMS Who have carried on their oferal0ns - ine eN
tent Of millions hardly expect however solvent 10
se.ra and even the ndr0us c0nse Querces OF
rather minute inquiry. Win infr more nuua'o con
necous breaking down on al hands Il t. perhaps only
wonderful that they should md The means OF bearing W
In IL remarked With respect 10 the present rates
charged 81 the Bank Of England thai hey practically
amount o. denial of Gil accommodation Tor carrying on
any regular buu,ss sDd therefore no person but the
ia desperate circumstances or for The purpose az over
coming Some temporary difficulty VII avail themievef
oft The Hrllf remarks that the stringent proceedings
of the Bank been the leading topic OF clclsson 10
the onetsry circles the rates o. interest charged fer
exceeding anything known IN regular banking business
for upward Of q century NJ specific rule is adhered o.
but currently reported thi hey have eAsc"d ~ ine
rate # niut per ccnt public fccuriuts Ana u i 40
ascersned fact tbst they have taken a TIE r,e seven
andahsil per cent 90 mnorcia paper Win scarcely
| i've weeks o. run.
aud he probability that there will be- no customers
for il here The Morning HDaid Of The 18Th says, on
/, one opinion Is eutertauet expecting the impfupfry
oi Withdrawing capital from This country Tor thAi OF any
similar purpose under existing crou instances and u Is
expected mat ,ha Bank Of England vii uso every eg'
mate msals n tle power Of the directors b ihro" I'M
+ pedimeFts ln tie ~ay OF any such insesii.ni- me
only security agsnrt TO- however s holding our superior
advantage h. capitalists q home which Il 10 nc eiectfi
ty malnta1lrg high rate of interest ~ al events until
the present pressure Is smelionied The loan ls Tor
I fourteen millions sterling.
/ Ths Revenue returns Tor The quarter were published
On m, gth inst aud exhibit decrease compared With
the ding quarter Of iast year 81 upward OF
million aud halt sterling. Inc great dchcitncy occurs
under the heals Of Customs aud Excise, and plainly In
dcaes great falling of la the commerce 81 the c0ln-
try srd the comforts OF the people The Spectator nuAs
upon these returns alarming but u says nat the in
iIe u Ireland aud tns uverua0ns ia Lns anu win 81
the consequent dis0cstiOn hscs and commercial could
not hsppen aud not mars tno formidable Effects Oi scar
city sud imprudenc. ia the aggregate accounts oi M
naiion The Spectator reports that the account Tor M
quarter IS dark indeed and the diminished ana wasted
resources Of the county bad harvest Ia the previous
year and disturbed commerce, are telling on ". revenue
II very serious rate The question - ssSej VII u sop
heref ID l. answered that tho prospect IL not cheering
The pressn, auston belongs 20 stage before The r.
cent storm 10 the commercial world could have had TINE
t. operate gfeaty upon the public receipts short iinr
Is ne order of he Gay In ihc manufacturing districts
10 railway matters hested speculation j. succeeded BY
icy -tseuaou diminished e~p1ris must be- sccoinpeniea
~ firsins he'd imports Renewed distress lu ireland
general stasnatiou in every branch 81 trade IN England
,ne calls from France for money sud the railway calls
In this country will seriously Affect every Interest r.
duce their comforts stop large inporaons money
from the people and, consequently Tell seriously upon
] H.. revenue Ol the country Meantime, Cabinet Couu
ellis are held but what Ministers intend 10 propose 10 yet
amystcry 10 tho organs at The Government IL -
supposed that Parsment viii meet AZ an earlier ptrod
than usual 10 take into consideration somn important
measures for the relief Of tbs mercantile snd radiog
/ interest
his remarked tina, the causes OF the disastrous
failure could neither have been fcreseen nor controlled
although one class OF these disasters IL directly chzgrs
bio 20 great impfudeuca aud oVertHding aud anoinef
class has arisen from the misfortune OF rusuos too I'm
ucty 10 the stability Oi great Traditional names on Tue
dr.t class IL ID considered altogether wrong 10 blame
the policy OF the Government both regards the DIM
mutton OF protective duties and respects The Osnklos
aud monetary laws although this policy Is MOI rn0Hy
Justified but the failures cannot b charged 10 thA'
polcy one hat al the recent nrms that nave ialed
we're actually insDlyent and the Bank could not ex
tend accommodation TO such hrms on the mere faith
of their names IL 10 ssd thst prudent merchants car
ryng on business egiifnaiely have suffered Little. II
cept hy the general sasnaton Of business Those hfm'
who hsve fse1 through the sioppase OF Oiner houses
have received sympathy In every quarter sni rrelo
with unblemished character The Of the recent
disasters are thus cissshed-frs long career Of al
advised operations without competent capital the re-
salt preciptaied and exaggerated By unfortunate cir
cumsfsncos secondly maj career Oi speculation 20
corn carried on without capital al least win insui
6eien, means thirdly the nstequscy Of the means
furnished by customers 10 advances made 70 them
by susp-nding arms.
seyersl public meetings have lately been held By
marty called The Anti Gold League. IL is generally
believed that the Currency Laws nave caused much Of
he present embarrassment IN the mercantile circles
and The object OF the Anu6Od League i % procure
renes of those laws Il not desired merely - obtain
revision Of the late Bank Charter Act but % Oyerturr
altogether Peels currency principles The League 4
fat raining strength aud when Parliament assemblies II
I will brinz the whole subject forward
mentioned In my letter OF the 4h inst or the l9ih
sept that the eminent Westeni house Of Messrs H0u
eH james & Co hsc suspended payment This news
commute sted upon the beat authority; but their
have not appeared IN any Of the daily journals perhaps
because they regarded retail house. Their sus
mansion IT, however Important their liabilities
Are upward Of 100000. Alta meeting ofthe creditor
held A. the London Coffee House Luoga'e Hil, OF n,
l2th balance sheet was exhibited. which gave much
sstsfseh1u The actual iolsl amount due By the nrm
COS 400 and the total assets put down a sl36 100
After an exsmDson Of the baancesheei By the credit
ors Il was Agrecd 10 give time 70 the arm g. pay up al th
Ssbs with Interest il full by specified nsslmenis ~
der Inspector aud certain conditions calculated FOL
! T the security Of The creditors
Upward 81 $4,000 placed among the assets. i tn
sCm due Tho drm by thsr customers, AMI most Of TIL
amount has been standing for long tine yet n 10 con
s!aered perfectly good, ~ Il s owed b ihe ~asi lee
aud mosi Afslocrsuc fsmilie1 N Lo1dun These pei