Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1847-05-28
THE BANK OF ENGLAND.

The large amount Of specie which has recent
ly been imported into This country from England,
has naturally attracted some attention 10 The con-
diion OF The Bank OF England, and 10 The line Of
policy which the Directors Of that institution
may be induced 10 pursue, in order 10 SUSAN The
drain which is now being made upon il, prnci-
palY for funds to invest in American bfeadslutts.
Near three millions of dollars are said 10 have
been brought over by the Caledonia and The last
steamer, (he Britannia,) also brought over a
large sum- The bullion in the Bank thus rapid
" disappearing, the Directors, al The last accounts,
had virtually declined TO discounl-lhe effect OF
which was 10 put stop 10 large business trans
actions. The announcement that the Russian
Government had resolved TO invest upwards oi
two millions of lis gold in the English funds,
seems 10 have had but liue effect in lettering the
condition OF things, and discount houses were
charging 81 10 per cent. Tor shor'.dated bills of
fist quality, and II per cent for bills running till
JULY Much embarrassment is let in monetary
circles, and numbers OF The trading and mercan-
lille community are being ruined. Referring 10
The condition of the Bank Of England, London
correspondent OF the New Orleans Commercial
Bulletin gives the American shippers and impor-
lers some advice, which il may not be amiss to
republish-lheTeiore we make The following eY-
tract
ITO every man having any transactions with
this country, say, be,rare Of The action Of the Bank
Of England; lei it never be forgotten, from
Maine to Texas, that The first blow struck at
American credit was by the Bank, when il rejec-
ted the bills ON Weldes, on Wcgans and on Will
sons To a very great extent the Bank is play
inc The same game, and making money as diff.
cult 10 be Obtained as possible, avowedly for the
sole objects Of preserving its bullion and repress-
inp speculation, Compared with The position
OF the Bank in the year 1889, when it had only
f2 500, 900 sterling, its present one is security
own self. now thai il has nearly fl0 600 ster-
ling in lis vaults, and although it has lost near
" f60OOO0O OF gold, yet we ought not 10 be
alarmed for the safety OF the Institution itself,
when we reflect that, six months ago, il held The
enormous amount OF GIG ,000 900, or $50, 100000
Of dollars in coin and in The precious metals in
its vaults. Let every shipper of produce from
New Orleans take into his calculations, the GER
lainly that money will he dearer than ii now is,
and thai prices for anything except provisions,
canno, rule very much higher when The bank is
using its utmost power to Keep money so very
scarce: no merchan, will send any money out of
the kingdom, lest he should require il for his own
exigencies al home. Any person who may in
Tend 10 import into The States any of The manu-
Iacured goods, will And the reverse of this pIopo-
siion 10 be true, because the bank, by raising The
rate of discount nomnally, from 3 TO S per cent,
but 10 reality 10 per cent, as ii will not discount
any but bankers acceptances under that rate, CO.
erces The manufacturers as much as any class"