The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-09-18

Notes issued f2so18Is5 243S61kx3 3o4 sos 22e4 $40
Notes on hand... s3o3785 3,G6523 438l,3aO 4i89 02O
Actual circulation. eco 7o2ao l94sO Issa75 s2es2o
On the 9st Of August, the actual circulation Of the
Bank Of England less than 1t had been at any time
since the act into operation, having fallen of
fs46oso since the 10th Of July period Of about six
weeks To this rapid contraction In the circulation
be directly traced the which have since
swept away so many commercial houses, and produced
so much mercantile distress In oil parts of the United
Kingdom In April, when the general movement
menced in the markets. which led to the great in
hation in prices for all kinds Of breadstus the crcua
ton OF the Bank Of England 1915 larger than
on the 2st Of August when the best houses in the king
dom were daily suspending payment
The operation of the bank act which has been In
existence about three years. has created great deal of
complaint in commercial circles and to the restrictions
upon commercial credit, which, 1t Is said that act has
caused attributed most of the disasters the
mercial world We are not disposed to attach all the
blame to the trainers Of that law the restrictions which
that act place upon the paper issues the Bank Eng
land should have deferred all classes from getting up
those immense speculative bubbles which have drawn
them into the most extravagant Investments and
into the most extraordinary expenditures. After these
bubbles have been inflated to their utmost tension when
an artificial system Of credits had become generally
established that all classes drawn into the widest
specuations and the currency Of the country limited
by act Of parliament, became unequal to meet the
immense demand for facilities and the Bank COM
PEELED to raise the rate of interest from time to time
restrain the progress the speculative movements
those activity the imitation of railway other
bubbles began to cry out against the bank charter
and condemn the principles upon which established
The prime object In view In the formation Of the
banking system Of England, the preservation OF
uniform currency and the establishment Of the crcus
finp boois hio nh;a haa
secured and If the commercial and other classes of
Great Britain had regulated their operations by the
movements Of the Bank OF England, instead Of requr-
ing the Bank Of England to regulate its by
the course tn from time to time pursued there would
not have been many antagonistic interests in exist
to derange the financial affairs Of the country
The Bank Of England will protect itself at all hazards
in 80 DOING the commercial classes will be favored as
much possible but they, we'll all spectators in
the kingdom, are in the power Of tho bank and II
cessary must be sacrificed to great extent.
The government the large capitalists and the Bank OF
England move together, and tho power they have in
the financial world Is absolute In whatever teyunder
take, whether 1t In to initiate depress prices to
any great speculative mania the merch
ants of any other country extensively connected with
England in trade for particular purpose ut the
sacrifice Of their own they invariably succeed and it Is
useless to contend against such trio 1t is impossible
to tell what the Bank Of England intends pur
'
men OF the day It's weekly reports form no guide hey
S"o" '"o 0ono''on Vi '"e Institution Ut tue u"e, put
nethng more ANY contraction In It's circulation may
% 70 or INC Oh prices Tor
any great article Oh 'rade' previous 10 sudden
innA'on anu r"p'o fea0''oh III prices "nsn III
known 'n"' spo"si'u' 'nAs 'n'"'"'on iAAe' use u
It's immense power in the ket and into compe
titon with the very class depending upon 1t for fsc-
Nee' "e NV, go .'p."N NpoA "Ay 1A'o''y :. .A'
'"'' "u ' VI " y, ~ o" NV "A"'
week OF month may oins ior'h IN 'ne financial world
No 'ne ens"s - 'ss'A"'0 D"',"''' '"n op9eo' W TO
rio'onS being p'A'eu upon pahk concerned IN su'n
operations ThH 1ac,. =, .ho u.r,,o,a 49,, M.
,..- o. A.. -. Co.. -. ,o,, -. ~.
f. ~ 49, f' ' ~ - p''' '"'
.A'A'1 :, ' - '0S',r'' NI
For passengers. Si71 Iaa 90
d" freight. Observation-Disclosures. 30 6sl 30
Rents storage, steamboats, expresses mails,
ana other sources. ''''''.''....' e6,9lo %
Total rece,nts xaoa z3s %
Deduct expenses and interest 1877 ,25l 46
Cash on hand Sept. l. ls47, seo,sa4 a.
TIL. amount received for passengers in ls4e, was
s,SoO0l Ol'n'r'A'e IN 'S' s2ao7i w. or IA and one
ar, oso >, ,r...... t. ,o,y 400 ,eo 90 "a'
~ ." P|''''' w. Vi ~Os POI
The number OF ner,ons tran.nortca betveen all the
station. on tho ro,S the pa, YEAR. Is aas sostb.
vious year lel ,a7o-showns an increase OF 1890,
Inc expenses Oh tne year nave necessarily oeen large
IN aaaon 70 .he ieouhaing OF tine ordge over oohneo
ucut river Ill inc important bridges between hAr"oru
ana new raven nave been rebuilt IN the most compe'e