The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-11-04


effect In restoring them TO the degree Of currency they
hen enjoyed 1t is evident that unless some measure
y TINS and be rssortsd TO- 1t win be Impossible after
past six months to keep the present amount
of Those securities In circulation.
From the London Post October 81
This Ia not the drst time that the bgory Of the GO
vernment upon monetary questions has been maintained
70 the enormous injury and terror of the public Lord
huential member displayed similarly logged stupidity
In 1870 mere accident saved the country from the
the bank had the sense to sac and the to do
what was necessary and accident suddenly afforded the
means when the ministers Of the sst STILL not in
without the fk without the energy 10 do what was
needful for its relief The following Lord Ashburton
account OF the monetary crisis in ls25 The gold Of
the bank drained to within very few thousand
pounds; for although the public returns showed result
rather less scandsous certain Saturday night closed
with nothing worth mentioning remaining The sppli-
cation made to Lord Liverpool was an order in coun
oil to do that which necessity seemed about to accom-
phsh-the suspension Of cash payments The credit OF
the bank for all domestic purposes was perfect There
was no man In the country who ready to take its
paper rs means Of circulation, and to give his
gold for It, the moment he assured his nsighbor
would take 1t from him again The gold wanted
domestic; what was wanted something which every
body was disposed to trust q substitute for what
England answered in such state Of things the
az wei as goldt may be said to have even bet
Ter as being more transmissibe, and reaching more
readily and rapidly the points whore it was wanted In
this state Of things the remedy for the difficulty
sioIs and unanimously agreed to By US Although the
bank had no specie left large additional issue of notes
was made and about fl 100000 Of those Of Ell which
were accidentally found to be In existence, circu
lated The relief WAS immediate, the country receiving
circulating currency In which every had cofdsnce,
and the useless gold WAS returned to the bank. The
notes by this proceeding em 900
In December 1895 to f2447O 900 in Maroh 1926; and
having served to relieve the pressure, they gradually
subsidized before the end Of that year to thar ordinary
amount again. OF flS,95l 900; while the bullion in the
bank was successfully by this increase of pa
per- opposition to the theory Of 1874 which prssumes
ID no reason Whatever to doubt that similar in
crease of the circulation Of notes at the present time
Of the public, to s2a 600 900 or era 100000, would
give complete relief to the suffering mercantile
Interest," and as soon as confidence restored, the
amount would gradually come back again to something
like twenty million circulation Of notes. But some
VIII say that there can be fair comparison instituted
bstween the state Of things in 1925 when the bullion In
the Bank was drained OF to within few thousand
pounds and the state of things when the Bank
possesses eight millions in bullion There is even now
much misunderstanding on this point. that il he.
comes necessary for still explain that 30 far as the
accommodation Of the public with money is concerned
the bullion In the issue department Of the Bank Is
more available than II 1t with the ballast Of the
President steamship wherever that may be. The ensot
OF the present law Is to render the eight millions Of bull
lion In the Bank totally useless as money There II
must remain till Bank notes withdrawn from crcu.
ation to give in exchange for It, and the withdrawal Of
bank notes from circulation just the very thing to
be desired In so far eight millions of treasure in The
Bank may be considered good security the convert
vt the desire Of the holders It is security tor such
UonvsItoiity To this and to this alone, its utility
limited by the law Of 1874 The law absolutely
that sh ud be applied any other USE however pres
sing the urgency may be.
From the Dublin Journal
1t Is now stated that the liabilities Of Messrs Dickson
Co, Of Beturbet, do not exceed f96 900, and that
they have compounded with their creditors for 6s in
the pound at three six and nine months the last pay
From the London Globe
The following has been sent from the Office Of the
Stockport Mercury We beg to correct error which
inadvertently appeared In the trade article published in
this weeks Mercury Of the stoppsgs of the highly res
pectabe firm Of Msssrs. J. and j. Gibbs Manchester
warehousemen.
LONDON MONEY MARKET, Oct 5-QuARrER BEF ORE
THkEE.-Consos for Account, san At Is underst God
that accommodation was yesterday dealt out at the
bank with q much more sparing hand than for some
time past and that In TACT discounts have been abso
utely denied In many instances, granted only In
more contracted amounts to parties seldom II ever
fused The restrictive soon Is said however to be chief
ly applied to domestic bls that s bills and pay
abls at home The bank has been liberal with TO-
reign bills which were discounted freely This
preferential admission OF bills payable abroad may pos
sibly be connected with some financial combination
with the object Of preventing moderatng call for
bullion for expectation Reports current still more
strongly to-day that the frequent communications be-
tween the bank directors and the heads OF he govern
ment would lead to modification Of banking policy by
the authorised suspension Of the system upon which, In
accordance with its present charter banking action
necessarily be governed Meantime the recent conduct
betraying vsoHtion of purpose, and the absence OF
any fixed rus Of action, resulting not
and the policy resolved upon the dsy before
and communicated to the monied and commercial nte-
rests for their information and guidance Daily Nevs
Happily to-day, without any failures 10 record
and appears also that the report Of the favorable
In which the bills which fell due yesterday met has
been very generally confirmed. Times
curious contradiction with the depression Of public
securities and the sort Of panic In the stock market
had go0a ,0r M NTH
at assigned limits Of price wene more numerous than
could be readily executed An impression prevails that
tnta k.rkt bta r..
mainly founded belief that spectators have
sold themselves aud will find difficulty obtaining the
The state Of affairs in tbs city Yesterday had not i'm
proved In regard 10 the difficulty of obtaining banking
accommodation Great excitement, Of course, prevails
on the Stock Exchange, and parties are anxioury
hoping for relaxation of the recent resolution Of
the bank directors but In the meantime the pressure
for money continues great that the dispa
rity exists the quotations of Consos for Money
for the Account noticed yesterday The commercial
bills due the 4th appear to have been met far better
than was expected.-Chrenicie.
We have q favorable reaction in money stock,
which Is called SAX to a. whilst, the time prices
reduced to per cent half what 1t has ruled ut for
the last two days The reduction, considerable a. II H.
eight days only We have q heavy pressure still for
money In the stock market and exorbtsnt ates sub
mitted to for loans securities readily
tbe at all times Consols ut certain sacrifice Of price
We have loose reports OF failures at Manchester
but until satisfactorily authenticated, 10 not
necessary to advert to them Acknowledgment.
No further disasters to commercial houses have been
announced In the city upon authority that be
lied and pay no attention to vague rumors which
still continued STANDARD.
Der. IA subsistence OF the panic was observable
Yesterday and although the fluctuations In the English
funds rapid and extensive the general result show
ed considerable improvement In London we are again
spared the task OF reporting any failures From Man
chester the letters mention the suspension OF Messrs de
Jersey Co., event which expected, in .conneo
ton with the stoppsge Of Thomas Son. and Lef-vre AT
the time II Is stated that the immediate object IL
to ascertain the position Of the latter hr and tna ne
liabilities extremely large and the house having peer
extensive purchasers yarn and machinery Tor the con-
tincnt the engineers and spnner throughout banca'
shire will be heavy sufferers These
have been chiefly made upon Russian account ana rs
tho proceeds of their sale will gradually come forward
IL IN ouits probable that Messrs de Jersey Co may
require time alone 10 restore them TO sound position
Another fa announced from Manchester the hrm
being that OF James Nephew Co, with reference TO
whom IL In remarked, they are most respectable
house and 1t Is generally reported thrs tnsy ~ yotpay
~ the stock Exchange Is also mentioned,
and IL i, said the amount will prove serious From the
country generally the letters are not ansatsfactory
AZ Liverpool the Impression seems to bs that the panic
"a IL IL evident that