The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-10-28
BANK OF ENGLAND.


This extraordinary increase private securities being
over f3000OOO in three weeks shows the great demand
for discounts at unusually high rates. At the meeting of
Thursday, Sept. 49, the bank reduced the
interest to per per and the of dis
counts in the following week 81 1861 46 That
doubt bold effort confidence. and it failed
AT the meeting of the 3h the again raised to 81
per cent? and two days after, the bank refused aoge Their
to loan on exchequer bills and securities causing great
CONSERVATION Exchequer bills answering our treas
ury noes) fell to 27s dscount-or say IA per
outstanding that the Chancellor raised the
on them last May, sustain them para things
disastrous the treasury In IA days. the bank
in manner destroy all confidence. Its bullion
gradually sinking exchanges unfavorabe and, in the Is,
week of October, the national dividends be paid
To meet tlen it had in hand go 447 ISL of government
deposes and but Ca l2 go Of Last year the pay
ments follows:
1916. 1917.
Public. Public Notes Votes on Public Notes on
Oct - sssel s asPss sl, nnss
%, 4,S70,76 7,l57,355 4,45O.OOO
These the difficulties which environ the bank and
produced those sombe forebodngs that pervaded
cal letters The greatest possible pressure had been pro-
duced to the parayzation of the manufacturing dis
tics and the railway operations continued absorb
all the disposabe capital and to counterfeit the usual effect
of money pressure. As there is of preventing
the operations of the railroads public attention directed
to the bank, and later astounding" change
will take place in its operations. The London exchange
market is affected, like by the fauresvix general
dsrus of bills, and disposition ship specie the CONT
nent instead of taking even the best paper.
Suppose that suspension should be resored to- how
will that affect the United States! Clearly in the
beneficial manner The only difficulty encounter
is, that money much more valuable in England than
anything else, that cannot sell sufficient and farm
produce. The moment that through suspension, the diff
Guilty should be removed and paper money become plenty
business would become active prices rse and increased
quantities of and farm produce be sold in England,
in paper money less deprecated according the
quantity issued This would be exchanged for specie
foods ,sI Tnttp
AS matters stand, the amount due either nation is
unimportant and if the British islands sink
should only have lost customer for the present until Eu
rope increased her purchases If, by adopting paper
money England temporarily teammates her industry, it
will only promote the rapid transfer of actual capital
the United States. 1t is doubtful, however, whether
bank suspension could again take place. without destroying
all confidence in the government and involving the destruc
ton of her debt What will three per soils" the
horse that stumbes be worth when the dividends
paid in deprecated bank notes
As the bank stands, she has control the issue
department. and the banking department holds Ell
OF notes aud t59l,S25 OF coin whths, she had 10 meet
E5 O0O of dividends between October 10 and 90
the issue department should be replaced under the
troll ofhe bank about ES 900 would be added its avail
able resources and would be easy but the moment
the market becomes less oppressed the prospect that
prices, kept down only by inability to obtain money,
would rise imports again commence and the drain for
specie in with renewed vigor On the 18th September,
1876 the bank held E16 800 29l of specie At the
day year, held e. 1872 7O3-having lost one-half
She lose much this year, and ve yet the
which produced that loss acfire than last
year There under these circumstances possible
apprehension on United States The danger
encountered from the great value of money in England
This is passed. They have done their best to bring specie
back them from this country, and failed Whatever
change takes place favor further sales of Amer
lean produce, and by so doing promote our interests
Business generally in this city fair for the latter end
of the fall but the depression caused by the late
affect produce greater less extent,
particularly cotton the receipts of which somewhat in
OF last year and the diminished consumption in
Lancashire caused by of money, has considerably
affected prices and toward the close week produced
something like a panic Prices nearly 81 cents
lower than on the LIST of the month, being as follows,
Ord. to good Mid to good Mid fair Fully fair,o
S SsSHs no sls ga sssa ss:si it:i 10.
The export thus far is S. 1872 bales than year.
of which 3S 065 is Great Britain. The stock
AZ ,379 bales than last year.
In flour there regular demand of about 1000 to 5000
per day. and prices quite firm by reason of
increased receipts Albany. Sales Genesee SO 56i a
So 62s do, IS IL s5 Is for 81 81 50 is
obtained freely Georgetown, Sc 81 SO IS Rye -four is
ste ady at S. a S. Is. Corn meal 50 375. Buckwbeat
-four, 81 S7k So I2 per 100 lbs The exports from this
port from October LIST to the 18th follows,
Flour bbls. 30,l02 Wheat bushs. 1870
Corn, bushs. 49,707 Oats 1895
The supply of wheat is moderate and the demand for
milling good at las l47 for white Genesee; mixed
and white Ohio, 1876 I39 Northern rye 80 81 in
slip, % 92h cts delivered do. s cts Corn is firm
a and round yellow, "a rs cts; round northern yellow,
rs cts Beans, 81 l2s 81 s7i; peas, 81 81 l2i Hemp
ern 81 I0i Lead Missouri heavy - 60 Ohio pork
xead for rifne cifv mess New