The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-11-22

10 regulate the supply of money, II is now a mat
ter not of ctlcul alton according to fixed laws
but entirely Of individual discretion; but, thai
such events, or others analogous TO them, vii
happ-7, can only BE- doubted on the superstition
that the yielding minister of to-day will deter
miae, At some time of far s~verer peril, TO take
his stand and to deny relief of any kind.
From the Anesenens Zsitung Oct 2s
The present aspect OF the Stock Exchange
MIGHT iustify the belief that the worst is over
for the public have largely bought up Consols
this, however, is very failacious sign, foi
these purchases of stock are VIGOROUSLY made
for the accounts of private individuals, who
avail themselves of the present depressed state
of consols to make profitable investments but
the amount cannot be large. Formerly, when
consols were reduced by contingencies to 81 OF
S. the public rushed into the Stock Exchange
TO avail themselves of the favorable opportunity
Now, when stocks are much lower, Few nuh
bred thousands only slowly and heslta.,h ~.
bought In at price OF 80 !NoieHs poes' ,he
radical error must be reverted to-nanh ayys 81
railroad payments; Few Goi ~ hnt neverthe
less more money continues TO be spent IMAM the
nation can afford, and still severer inCneaarY
pressure, and greater prevaIence II hsoorn.
must take place before the pnolic VIII pecome
s,1srs 81 he absolute impossibility Of going on.
In addition TO this, several railroad companies
have ALREADY resorted 10 the dangerous means
&c nevino their contractors IN bills OF exchange.
The Rir6nin cham school of political economy,
which lately convened public meeting TOR the
purpose of laundering away against PEERS Bank
Bill of 1914. uttered nothing but smoke In their
resolution that the odlum of the crisis was UNI
Justly cast upon the railroad disbursements,
whereas the mischief was solely attributable to
the banking arrangements oil Peel: Tnls Is
sheer nonsense, and will produce no impression
on anybody---no more than the Anti-Gold- Law
League, which Is but base and beg2arly imlta-
zion Of The Anti Corn-Law Confederation. The
best argument against the opinion that the rail.
roads not in fault, lis the seriously proPounded
apf IN lQQn q
money. bearing per cent. interest, on the secu-
rity Of those railroads which yield an interest
of 5 per cent. and upwards. This paper would
Gel tainly be safe but would not such an issue
of paper be equiv ,lent TO a secret con6scation of
all railroad property of the state To this, how.
ever, II may eventually come. The railroad
works cannot go on, and the only question Is
who is to stop first1 II the government do not
interfere, every will 60 on as long as he can;
but IN the mean time money must remain al an
unnaturay high price, and by and by thousands
Will be leu destlt9tei to say nothing o. ans w nI
be compelled to sustain.
tFrom the European Times, Nov. Al
We regret TO state that, besides the mercan-
tile failures, we have TO record the stoppage OF
several banks IN various parts OF the country -
The North and South Wales Bank at Liverpool,
having numerous branches in the Principally,
has suceumbed under the influence of mischie-
vous report, which cansed run upon the bank.
The Salisbury Bank (Brodie & Co y the Shaftes-
bury and Hindon Bank (Brodie s. King.) and
the Shrewsbury Bank adams, Warren & Coz
have also stopped payment.
Manchester has not escaped amid the exten-
sive ruin which has prevailed elsewhere. The
failure Of Mr.. Robert Gardner, merchant trad
ing largely to China and the East Indies, be
sides having extensive spinning and manufacture
ing establishments, has produced great surprise.
The house of r. & j. Partridge, and Martin &
cartwright, besides several minor firms, have
also failed.
In Loadon the chief suspensions have been
Scott, Bell & Co., extensive East India mer-
chants, who have, however, it is stated, since
resumed business. The colonial brokers of
Mlnclng-ane, J. p Howard Co., and Charles
Sutherland & Co, have also been compe lied to
sumed business, We regret to state that Messrs
Coates & Co., the buyers of goods for the Anne
rican market in Broad street, Cheapsde, have
stopped payment. Their liablities'are estimated
house in the hide trade, has also failed.
On the continent considerable failures have
taken place Leghorn, Genoa, Trieste, Lisbon,
and Client, having chiefly suffered; Inc frencn
house, at St. Petersburgh, of c. Riva & Co., has
also failed
We NAV mention here that the drafts of the
Union Bank of Calcutta have been refused ac-
ceptance by the London agents, and have been
returned, the effect of which will be serious to
the parent establishment.
The statement of the affairs of Messrs. Cover
& Co is not very satisfactory. Their Liabilities
are eI50 s32; their ledger balances f573, 50l;
the present valuation of their assets only fIl2.-
33i The Mauritus estates do not seem to be
capable OF valuation. The debts of Fry & Crit
fiihs are ESQ., 1873, whilst the credits are but
El923I. An investigation of their case is in
progress. 1t was with sincere regret that We had
TO announce in paper OF the 9th ult. the
failure of the highly respectable firm of Messrs;
Thomas, Son, & Lefevre, extensively engaged
In the Russian trade. Letters received In Ham
burgh state that the Emperor OF Russia had
given orders TO the bank to assist every merchant
that might be able to prove his solvency by his
books" We are gratihed' to learn that Messrs
Thomas, Son s. Lefevre were the first to whom
this generous aid Of the Emperor was extended:
In consequence ofthis, II is generally anticipated
that the London correspondents OF that hrm
would forthwith resume business. statement
of the affairs of Barclay, Brothers & Co. has also
been made public, by which 1t would appear that
lis. in the pound is the most that can be hoped
for the creditors, and we are afraid the dividend
will scarcely amount to that figure. Ii Is salts
factory TO state that Messrs. Barnett, Hoare &
Co. have announced the receipt OF ample funds
to cover the drafts of the Ohio Life Insurance
and Trust Company at New York, on Cover,
the bills for the needful; and it has also been
notified that the drafts of the Gore Bank, Upper
Canada, drawn on Ried, Irving, & Co, will be
protected by Glyn & Co., ample funds having
been RENTED for the purpose by that Institution
The interval since our last publication has
been pregnant with the most remarkable com
marcial events. The Circumstance we now de.
TAIL, which led 10 the intervention OF government
It's transitory effect and the resolution of assem-
bling Parliament on the 18th November. will all
be reed with feelings of deep interest in every
quarter of the globe. The state OF commercial al
fairs in this country, as well as the consideration
of what is to be done for Ireland, rendered it ne
cessary that Parliament should meet before
Christmas. 1t is also very desirable that if the
Bank Charter Act should be iniringed by the
government measure the heavy responsibility
which ministers have. taken upon themselves
should be relieved with the least possible delay
by the people Themselves, through their constI-
tntiona representatives in Parliament assem-
bled. We think it right to add, however, tina,
the best informed persons, including the bank dl.
rectors themselves, of opinion that no actual
violation of PEEPS Act need be ventured upon
The bank directors perceive that to infringe the
act would forfeit their charter and before Par
Lament consented to pass Bill of Indemnity.
such conditions might be insisted upon would
destroy the exclusive privileges of the bank for
ever. Whilst the bank directors themselves are