The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-06-27
l05,525

By reducing the wheat to -four the quantity of the
latter left at tide water this year. compared with the
corresponding period of year. shows an excess eoua
to 445,25l barrels Of -four
1t appears by the last advces from England that one
of the Earrings, Lord Ashburton, who is well known
throughout the United States has written q pamphlet
on the recent financial and commercial crisis Of Great
Britain. This pamphlet has created some conversation
in the financial circles Of Europe and Amerc, aud to
satisfy the curiosity OF readers gave few ex-
tracts in the columns Of the Herald several days ago.
Owing to the desire frequently expressed to u.s. for his
opinion relative to the present position of the Bank
of England we now make another extract -
Let US shortly examine the unfortunate ymptoms
which we now witness when, with sound state of
tary distress greater than when in 1895 the Golfers
" the Bank were empty, and large portion Of mer.
Bank had stood for u long time ut about fi5OOO 600
in round numbers the amount Of this treasure was
considered burthcn to them, imposing a useless
waste OF interest IL was subject Of complaint and
for a long time the directors would have been much
obliged to any body who would have taken four
ave millions off their hands The want Of food
then occurred, and combined with the Increased
price OF cotton, overbalanced the amount of
exports, and required part payment in bullion The
natural question: then to be asked to what extent
this was likely to 60? The continental exchanges af
orded ground for alarm Russia at first took some
was for America-a country with which have an sx-
tpnsive reciprocal trade 1t might fairly be presumed
ueman0s
which would the of the bank from Is
10 millions This which might have been the practical
estimate of practical men, turns out to be the truth
and the bank with its ten millions left in its Golfers need
nave interests disturbed them slightly
But the had power to exercise any opinion
rhe rigid Parliamentary machine to think and act
for them the whole country disordered, and IL
would difficult to form any estimate of the immense
Losses beth OF the Exchequer and Of individuals which
ensued beg not to be Understood wishing to main
cain that the eux of specie the state of the
foreign exchanges in be considered by the
bank hold these symptoms the contrary to bs es-
.ental elements In guiding its conduct but that they
must be- considered with all surrounding and connecting
circumstances by u business and experienced
Of giving to thcm all corresponding weight aud impor-
in their elaboration and not be imposed upou
them dry and automatically, nay. mechanically, by
Act OF Parliament This is n question between
Limitation by rule or by discretion, aud the lmita-
zion by rule suits only state II things ms as
the rule itself IL would be foolish even mischevous
to incucate ind ference to speak lightly Of any sus-
pension, even for hour, OF the cash payments of
great bauk IL would be to say the least of It, a
great public scandal to be guarded against by every
prulnnaal measure absolute curity against such
catastrophe is hardly attanabe in tn. ca, of bank
o. irsuo The @ct Of 1914 certainly does DOT give It,
for tbs Whole treasure lett by tina, Ac, az thcdpoeal of
he Back might have been drawn out in i've minutes
hy the private depositors Is worthy Of remark
that with us under the former uucon rolled MENACE
ri.Dt u "a directors such disgrace happen.
I'd exc pting Ia 7y7, when the suspension forced