The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-05-19
Foreign Correspondence OF the Herald.

LONDON, May 3, ls47.
Important MISUNDERSTANDING Proeeedings-
Defeat Of the Catholic Relief B-Monetary Crisis in
England-THe Bank Of England peeuIators-Irish
Poor Law Bil-TAe Treasures Of the Car Of Rus
sis-Spamish Matters Tneatricals-Ferer in Ireland.
Parliament since its reassembling after the holy days.
has been productive Of but little interest An interest
ing se-to occurred however, in the debate Mr. Wat
sons Roman Catholic Relief BILL which has had the ef
feet Of creating excitement in the religious world
The object of the bill to remove remaining
strctions against the Roman Catholics and doubt 1t
would have passed the House Of Commons had little
tact and moderation been employed by Its friends
But the Earl Of Arundel and Surrey out boldly and
aaooted with the declaration that he advocated the
bill as stop to the entire extinction Of Protestant
ism, which he believed would shortly DO eradi-
Gated, by the establishment Of the universal supre.
macy Of the Church Of Rome This bold declara-
ton alarmed tho House, and though the bill sup
ported sy the larger number Of the ministry ys. it was
oumstanee and compared with former times even such
majority 10 triumph
To the increasing expectations Of specie With every
exit Of specie from the vaults Of the Bank the currency
branch Of business throughout the country This is
ing chiefly the law which obiges the bank to equaze
its circulation with the amount Of specie in M vaults
law for the passage of which Mr. Peel has taken to him
self premature credit and which, at the present crisis
will have fatal effects upon the country unless i'm
mediate remedy be quickly provided Such is the drain
you may depend upon the factthe bank actually con-
the ths al
to very stringent measures by contrasting In all haste
s circulation by raising the rate Of interest and by
throwing its excheQuer bills into the market In such
quantities. that they fallen to discount As the
issue Of bank notes becomes contracted at the bank
private discounts refused greatly abridged all the
other banks throughout the country and the bill bro
kers vast class In London, catch the'alarm in in
cressing ratio and almost entirely refuse all accommo
dalton to their customers Unless speedy remed-
al action s resorted to, tho results will break cut
and show themselves In the stoppage Of hundreds Of
country banks and the failure Of hundreds Of otherwise
substantial houses. The bank has had two great OBJ
jsets in view in the urgent has resorted to-
both OF which, however Is to b. believed entirely
spseuatng houses land all the great firms merely
great speculators The other and concomitant object
In view has been to check the drain of bullion abroad
1t has missrably failed In both objects and unless
France tho chamber Of Deputies Sas provided for the
Bank OF France by enabling to increase its circulation
by issuing notes Of smaller there is no
calculating the Of ruin which will fall upon the ira
ding community at large and resutingy upon the peo-
pie In general
The depression Of the public funds which adverted
to in former letter continues unsbated with every
tona prospect Of augmentation. This is serious AZ
fair in this country where the greatest amount Of
pety Of tho meu Of property and the gentry whose pr
waite expenditure gives vitality to the home trade
ssts in the public funds This depression within the
calculated that at least third of the capital
the funds say nearly three hundred millions has be
nom various annually sold out. With these da.
Ia you may calculate what terrible loss s suffered In
individual property at tho present rate Of El0
~ hundred pounds. .l
The great specializing houses which BY of bank
facilities and thor immense resources have possess
cd themselves OF the command the stocks of grain
In the country hold aS It were tho people Of England
the Bank Of England and the fortunes Of individuals
their mercy. They have almost the Fame power which
Joseph had in Egypt when he held for Pharoah all the
public granaros and the people Of Egypt became Phara
oah's servants The whole United Kingdom Is pay
ing tribute 70 them, and pouring their money and the
hard earned fruit and profits of their industry Into their
purses They draw weekly from every working man
throughout tho country at least 20 per cent Of
BY the increased price Of wheat The increased price Of
bresdstuhs would, In its effects upon the prosperity Of
the people be, In measure, neatralsed by increased
abundance OF money. But when the scarcity Of the
prime and daily necessary las IL now is accompanied
by still greater scarcity Of the medium Of procuring
this prime necessary Of existence there lies the rub
The continuance OF this state Of things its dscon
tinuance, depends in great measure upon circumstan
and contingencies beyond the control of These
are LIST. Whether 1t shall please the great Ruler of all
things to make the coming harvest abundant and pro-
ductive. I'd. Whether America will be able to pour In
continued and undated supplies Sd Whether the
cash and bullion in the Bank of England will be adequate
TO supply the means of purchase. For though tie
wealth Of tho bank Is Immense aud it's assets. capital
and property far beyond twice its liabilities yet It
cannot at crisis like this the extent Of which
foreseen, command bullion II IL wanted, than
a rich farmer can command wheat as he wants 1t. To
comprehend fully the present crisis must be inteny
considered that the main circulation Of England consists
Of specie that Is Of eovereigps These rapidly
leaving the country, and nothing to supply their place