New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1847-11-22
ign Correspo ndesce of The Tribune.

LONDON, NOV. ), l-4f.
Since my letters were sent by the steamer
Washington on Sunday week, but one subject has
occupied public attention. This is the Government
measure Of relief as is falsely called for the mer.
camille and man ofscturing community.
II will be remembered that several Influential
deputations waited upon the Premier for the pur-
pose of prevailing upon him to adopt some measure
for the reliefof all classes These deputations re-
ceived no encouragement But a dsputation Of
London Bankers Of great influence waited upon Lord
John Russell on Saturday the sd ult aud asked for
relaxation OF the Bank Charter Act Baron Roihschd
had sn Interview with the Premier tho day end
SIR Robert Peel bad interview with the Chancellor
OF the Exchequer. Affairs rapidly approaching
extraordinary crisis Ministers were aware Of this fact
for Sunday the oath ult Cabinet Council held
q. Lord John Russes official residence 10 Downingst
which lasted two hours On the following day, Mon
day. the depustion of Bankers, headed by Rothschld
and Mastermsn had another interview with the Pre-
mer and the Chancellor of the Exchequer. The result
of all these meetings the virtual surrender Of the
Bank Charter Act and consequently, it for the
supposed that great relief to the mercantile pub
lie was Immediately to follow But 1t viii be seen that
the public have been disappointed.
The Government sent note to the Bank of England
In which the deepest regret expressed that the
severe pressure upon the Commercial interests had
been aggravated by want of confidence and they
TO the conclusion that the time had arrived when they
ought to attempt by some extraordinary and tempo
rary to restore confidence. They. therefore,
recommended to the Bank of England to enlarge the
amount of their discounts and make advances upon
approved security but suggested that the rate of Interest
should not be less than eight per cent The Govern
tha ma iFna ea1 Parl
ment bill OF indemnity for his Infringement OF the
listing law The proht derived from this
the Government recommended should be carried TO the
account of the public.
The Directors of the Bank OF England held Court,
and resolved TO sccede to the recommendation OF the
Government and that the minimum rate OF discount
upon approved security" on bills not having
than IS days should be eight per cent and thst
advances would only be made Bills OF Exchange,
Stock and Exchequer bills and other approved secur
ties" Ia sums not less than $1,000.
This was the great measure OF relief This was the
psnacea that to restore the country to healthy
state. II to give confidence, revive trade, make
money plenty hold up totterng merchants clear away
all clouds and render every thing bright and cheerful in
the moment
The Governmcnt measure received with Joy
throughout the country. u WIS Ike the laugh Of the
fool at the ray OF sunshine The measure proved
dssi0R II was welcomed by the press and the people
with loud shouts and then they cast II from them
The TIMES ridicued the measure. a. ii IL remedy
for temporary panic, says the TINES not for real
permanent and an increasing pressure VIM the
pressure last The Times says, yes" because the
causes are still In operation fret John Bull is rather
deep In the books Of the foreigner secondly, I'm
pors likely TO continue very great and exports
certain 10 remain very low. The Tims repeats that the
measure will ssy the panic and Increase the pressure
The Bank Charter Act 10 virtually surrendered new
principle 10 introduced Government now comes forward
40 great moneylender Ii proposes TO bolster up the
credit of the country by increasing tho circulation but
the Times says, that 10 impossible attempt" When
the new principle s put to the proof i will be seen
whether We can diminish the gold In the Bank with
out inducing panic run for gold and other disasters
far more serious than those which the object OF
the measure to obviste The money article OF the
influential journal predicts the final result Of the
measure "a Suspension Of speeis payment On smother
occasion. in powerfully written Leading article the
Times says that Government 10 In position TO find
itself one day stopping pay ment, and completing the st
of prncey mercantile houses that have sunk under The
storm.
tits not little singular that the writer Of the money
article the Times and the writer OF similar article
In The Tribune should predict suspension OF specie
payments by the Bank
The Daily Neps which Is liberal paper referring to
the Government measure, says, thai lew ihings 30
monstrous will be recorded in history butthe monstros
Nv 10 not the fault of the Government but OF the law
which letters It, and which In distressing the country
has disgrsced the Government and the Bank into this
measure. The Morning Brald calls the measure a
burlesQue upon the term rttf and In the term eight
per cent interest for accommodation the Herald Ends
general sentence OF bankruptcy passed upon British com
MERGE " Suspension will therefore be order Of
the day The Morning Posi- stigmstizes the Govern
ment measure leeszed piracy on those who viii
submit to the plumber Of their capital rather than sacr
fee their credit and says that directly obsructs tho
execution OF foreign orders for manufactures by mpo
ng exorbsnt discount the bills sent tor payment
But the measure was q, first received with uphfted
hsnds among business men all over the country. ltw"
only temporary demonstration OF gratitude. Stock
rose rapidly 10 true Consos jumped from 79i TO SAT
nearly FIVE per cent but they jumped back agan'-
Money scarce and discounts could not be obtained
This WAS Last week. IL the same to-day. The Morn
ing Head that progress has been made 10 the
restoration of confidence ss 10 facilitate accommoda
ton beyond the immediate connection OF the banks
indeed lit perfectly vain 10 look for discounts beyond
these circles and hence immense mass OF bills OF ex
change 10 for all present purposes Ike mere waste
paper.
tho s,o..y s.is.i.y ,nsr we sre returning again al
at once 10 the fourshipe times OF ls43. We are com
ing to sober state Of sairs-no more. Tho coun-
try has much trfouaton yet TO 90 through The Morn
ING Post says that the pressure not over and what
has already tAksn place 10 a. nothing to whatA coming
The Herald says ths the panic OF 1928 had not all the
fearful accomplishments of The present longcontnued
pressure Ths journal speaks OF the actual position Of
the Bank Of England. II requires sock OF Tour NIL
lions OF bsnk notes, but on the 23d the whole OF It's
stock was reduced 10 only xl7270 Ihusit was clear
thar very few days more would have brought the
whole establishment 10 stand st with no osnknotes
for either dscouns advances or any other purposes
whatever The Herald ssys that TO have eit things
have taken their course would have been tantsmopn
a stoppsSs Of he Bank Of kns1sa!
The Herald regards the Government measure rather
clsptrap deluuOn precuccu on tuo PeoatOf snan
az the sober conclusion OF taking an expanded view
Of the actual condition OF the country
From the manufacturing districts loud complainn
reach the metropolis The Government measure gives
satisfaction The MaHeAsstv Gnardtas. which occa
pies the position of London a. the It1es does
hereessys that before six months shall have passed We
shall have occasion to recognise s results evs OF
greater magnitude, and difficulties Of increased inten-
sity"
II s unnecessry to give the opinions OF other lour
male or 10 enlarge upon the present state OF atAirs
For months have repeatedly stated that the worst bad
not come In July, August and September ioretold
the events OF tho present moment. was no doubt
cused OF taking wrong view neserths cas-
WINGED that 10 would prove The journals
Of the dsy will show wncsher wrong or right 10
forming my opinion. They, however, do not Lwsys
Judge ippsrrsAy They have tifsrsni interests to
servo. .. ...... ... ID. .. l......a . ...
The crisis "a eysn By no means ever. There Is
lnlla Temporary rssi-an exhaustion OF the panio-s
general hope that shlsgs viii grow better but viii
take weeks nav months resiors stsrs 10 the moan
inns trade will continue dull, shs revenue viii suter,
money will be scarce failures viii take place and
general gloom will hang oser tbs country.
The Europssn news since the departure OF tne steam
or Washington is not important Failures nave nksn