The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-11-12

Feels Bill and the Bank OF England.
From the London Examiner
The currency bill Of Sir Peel aimed merely at the
regulation ofths issue Of notes by the bank said TO
the bank you shall enjoy the lucrative privilege OF H.
beyond that amount you shall not ISSUE except In sx-
change for gold and your transactions shall be pub
gold coming or going out Of the countsy and regu
late their actions accordingly This all that Peels
n ad Those who now lay to Its charge In any degree
OF else that Its severity has been increased and
tnued by the restriction which prevents the bank
issuing more than fl40oo 900 of promissory notes
less In exchange for gold Proposals suspending
sweeping away Psels bill mean Let the bank
To state the fact Of what Pses bill really s in the
plain and simple manner that have done. sufficient
by itself to show that ths spabiity the bank dur
ing the last three years issue Its promssory
more than ETA 700, except against god,' cannot
possibly have been the cause Of the present cri.sca
come were the bank invested to with the caps
billy withheld In 80 far, indeed as vague misrust
on which the public imagination happens fix might
dissipate the vague sPprshsnsioos and produce in
portion Of the crisisto which the name Of panic has
been very properly affixed, and which Ia unsmsnsble to
to the giving power the bank to issue beyond the
300 would Immensely increase the severity Of
Now the essential cause Of the crisis a. that the tr.
ding and world has covenauted bring
Forward In given time greater quantity OF capital
would enable the first receivers them TO perform con-
tracts In which they would otherwise have failed and
likewise, the SECOND GLASS; Of receivers This aug
mentation of the circulating medium would
enable the OF capital to sell higher prices
than they would have obtained otherwise but as the
total quantity Of capital will be by the In
crease of the circulating medium the performance OF
the whole number and amount Of previously existing
contracts is quite impossible as before Moreover the
temporary movement In produce and other capital
which ensured upon tho issue Of the notes cesssry
Gearing as this unmoved and unmovabls disproportion
between capital and contracts begin again to make it
self felt ana a. the securities upon which those
iaarnah haSn As,As
In consequences repsyable q moro dreadful crisis
ours For the primary OF tho evil viz a. actual
to be brought forward is now reinforced by
sundry auxiliary and additional contract into which
pe9p's nave been tempted to enter during the sacous
lul In snort as In the Tuipomania In Holland no
augmentation Of the currency could have enabled con-
tractors to deliver roots which did exist either
In the rairoad mania OF to day can IT, any other
ceivabe co trivance, enable the whole body of cove
nanters to find total Of capital greater than the exist
But this branch Of the subject OF the l.at prac
cal Importance big with the fate OF thousands and In
.ns very grave circumstances under which We
scentious discharge Of duty II We permitted any
confederation to deter from declaring our full mind
regarding It. We implore those who are tempted In
the gloom and despair Of the moment to cry out for the
suspension OF Peels Bill and immediate issue Of
sstrous nature not inflicted upon them Ave weeks
ago whether the arrangement It was calculated TO
Tmes city article Sept g. and whether the nsouar
agones OF the past week directly tracea Bile to
I! FIVE weeks ago, when money selling in the
market a per cent the managers Of the Bank Eng
land, having great mass of that commodity sccumu
lating on their hands belonging the public notwth
standing that their published weekly returns proclaim
ed that tho value Of money steadily increasing com
menced undersslling their rivals in the market and
effect Of this extra issue was What is called rsiief
money easier, traders obtained discounts rather
freely and at lower rate than before property
moved and persons tempted to accept contract,
which they would otherwise have rejected In the
meanwhile the weekly Bank returns vent on an
VT ni uiab A..
natural value Of money enhancing and such by
ISLANDERS as ourselves awaited in brssbess
the inevitable result OF this terrific proceeding on the
part Of the managers Of the Bank II came-those ma
nagers met morning last and found that they
paying the public dividends They turned round in an
Instant upon the unfortunstes whom they had been
often DONE beforsJ and whom they had led and ullsd
into fatal seeurity and by contraction denial of
loans more sudden more peradious, and
less than before heard Of but me-
cessary themselves from the Of the
criminal act Of which they had been previously guilty.
plunged thousands into distress and hundreds into ruin
We say that thisast act because they
compelled to provide notes In time the Octo.
they would make this provision by selling their own
SO at heavy loss to hemselves by scattering
ruin among others. STILL the act Of contraction, in
whatever way performed, WAS an unavoidable necessity
sprnging out Of the sntecsdent act Of expansion We
say nothing Of this act at than that
I'D Of last September and subsequently, OF
"expsnson OF the currency an act Of what is called
"reef;" that 1t just such act in Its nature
though dictated most wretcned SELF dee
ing hopes Of proht) as is earnestly demanded by
large part Of the public from motives praseworthy and
at any rate honest-but, convinced, entirely
erroneous The panic wo that befel US in the early
part of this week IL entirely distinct from the general
distress and superinduced upon wholly and solely
BY the u,snagers Of the Bank Of England tsmperng, Ia
most baref breach Of their duty with the natural
value money the I'd Of September last and since
But II the puoic itself should refuse the warning this
recent occurrence affords and invoke tsmpering
with the natural price Of money BY cabling for the
pension of Peels b-we speak advsedy and after the
observation and reflection Of years 1t will draw down
on Its head . repetition OF those agonies under
have inflicted upon 1t.