The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-11-29


market yesterday with those ruling at the close Of the
previous week. exhibits improvement In Treasury
Notes Of 4 per cent Ohio IS, Pennsylvania IS, !;
Reading bonds, ~; mortgage bonds TX; Reading R.R.
u; Harlem, ~; Long Island, a; Farmers Loan IL;
Canton, u; Morris Canal, q; Vicksburgh, u. The
small fanoies do not make their appearance in the
ke to any EXTENT holders evidently little disposed to
part with them at present prices.
The steamship Hibernia from Liverpool for Boston
has been at nearly ten days, and will be due about
Saturday next There Is considerable speculation on
foot relative to the complexion of the advces she will
bring the crisis ofthe crops prices Of cotton and Of
bresstu of further and the probable result
of the panic of the movements in specie and Of the
change in the current. The policy Of the government
In repssling the Peel Bank act of 1884, will have had
time for full developement and the effect upon fnan-
ca affairs fully realized We shall have probably days
proceedings in Parliament but nothing Of any impor-
lance could have transped In that time to affect In any
way the movements Of the revulsion Our last
from London reported q decided improvement in that
market in the price of money, but from the FIRST effects
Of the removal of the bank restrictions lock upon
the improvement reported merely of local and tenn
poary character The position of the Bank of England
in the midst of the panic, Is by means of satisac
tory character. Its management is sadly deficient in
financial talent, and It's Is fuotuatng that the
community generally depending upon know not what to
expect from week to another. This immense money
power appears to be in the hands of small clique capt.
tasts in London who it exclusively for their own
interests and have turned 1t into complete specializing
machine using 1t at time to initiate prices for bread
stus and at another time to depress thema another
time to depress prices Of stocks and then to initiate
them 1t has in the hands Of these spectators become
merely auxiliary for the advancement of their inte
rests The commercial classes not only deprived O
the benefits such institution the Bank of England
was created to confer, but they in reality at its
mercy they at time deluged with credits and
facilities for speculative purposes and at another time
restricted to the smallest amount The rate Of interest
at one time rules low two per cent at another at
eight and at times accommodations of every kind are
out entirely off, These fluctuations. ruinous to the
financial and commercial classes generally, which are
ignorant Of the movements Of the bank until they
made are the direct cause of the revulsion and
panic which is sweeping daily many old and
wealthy houses from existence. The influence
of such institution I'M the financial world, Is
such that when used for any purpose it usually carries
untilwhen used ilegtmately for any length Of time
1t gets beyond Its DEPTH and becomes merely helpless
object in the current setting strong to bankruptcy
The o7nes which have used the bank, which have In
fact appropriated Its immense pal and credit their
interests, abandon IL in It's extremity, and make
enormous fortunes out Of Its ruin
This brings us to the development Of fact connected
with tho recent movements Of the Bank of which
is destined to have very important effect upon anan-
cal Affairs. 1t Is we'll known that tho most intimate
connection exists between The British Ministry and the
house Of Rothchilds both politically and
that in the recent speculatons Of bresdatus the ga
veynmsnt played into the hands OF the Rethchd, ana
the Barings. This shows tho power Of these house.
Wien lbs I'D 1bs ssvssHuent Il rsauirea lshsgval.