Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1847-11-06

gold at all but for the of 1884, which was made for the
very purpose draw sufficient specie the bank and keep
there that under circumstances should there be pos
sby of suspension of payment and the existing state of
things England had occurred under the former constitution
of the bank it would only have had specie to
oan and no Of relieving the public but would almost
certainly long ago have been unable sustain itself As
constituted always saenobody has any of its
pension, and the public mind always from the entire
security OF holding the notes. Without going into any rea
soning about it, we may that the present and former
Ministry and of the best practical minds in the king
dom, agreed that the bank act works perfectly, and
admirably every purpose for which intended
Still there great cry for change, for the bank to
have the power given il increase its issues and it by
certain that if the bank could have the power of in
creasng its issues at the present moment the public mind
would be queted aud confidence in degree restored be-
is confidence that is wanted and money! There
money enough, but people panicsuck, and they hold
to their money. Something wanting to act the ina
gnaon and feengsit is not matter of reasoningand if
the power given it would not probably be much used
because commercial engagements must have essened greatly
in England within six months, and they continuing to
esen that the actual demand for money for in making
payments cannot be very great. Still would by
recommend the interference of Government think it
would be unwise make temporary relaxation at a
.
after done again at time when great harm might
We should consider it calamity the world large to
peal the bank law of s44 and especially important to Great
Britain that it should be maintained The aid of Govern
men if any aid be required, may be applied in form less
Objectionable and equally effective. In this country have
gone through various crises with numerous and large failures
and never considered that Government would do any thing
but harm by its interference been thought Of
for moment.
In the existing state of things in England the stop to
gagemens and their liquidation must necessarily bring
far money concerned. great fabric of credit will
have been broken down by the failure of many extended and
great houses Its effects will be felt less all the
world; there will be difficulty of negotiation in distant
places and tendency decline prices generally, subject
of the operation and modification of the laws of
supply and demand The world, however, is in state of
progress, peace, and ndusy and there appears be
great overproducton of any leading articles of commerce
The money-pce of commodities may be lower but their
changeabh value will remain without great difference. II is
important merchants realize that the tendency of
this of things while it continues is lower prices, until
the quantity of money egan its relative proportion to the de-
mand for its in circulating and exchanging the
dtes of the world and carrying its business. Those who
have to pay money ahead will general fact be obliged
10 give commodities for it than heretofore In other
words money will increase in value, and it will be wise not
to be largely indebted.
In regard England, such is the feeling of dsust and
want of confidence there that may expect failures
of unsound houses and suffering among sound houses and
failures of those who would otherwise have escaped
The whole effect cannot be measured. be
how and when confidence is to be restored One thing is
certain that what is violent be lasting engagements
have lessened immensely, and will and lessen.
The fire will burn for of material money will gra
duay accumulate people will look round and the sky
clear panic will sound houses will resume the I'M
sound wind up, and business go sounder basis
The world has good crops and abundance of food Food
The great riches Of The oor and abundance of is the basis
of wealth and prosperity With plenty Of food, the world
peace, the public mind awake, and industry, economy and
intelligence at work, present losses will disappear We
grow wise only by suffering We had experience in the
United States years ago. Let forget it. England
has had fifteen years of comparatively great prosperity She
has her II will have its course, and will be
without its advantages and among them will be the formation
Of habits of caution, prudence, economy and industry.
In connexion with the general subject would offer
two suggestions for consideration
l. Within ten fifteen years the quantity and value Of
the products of the world have than doubled while the
quantity of money has materially increased This show
that owing the quncs of intercourse and other facilities
only half the money is required perform the offices
which il did formerly Consequently, any pressure the
money MARKET by removing large Of specie, operates
with much greater intensity than formerly, and produces
greater effect prices This may account for the severity Of
the pressure few months ago in England and should be
kept in mind here.
. We hear much Of the high of interest in England,
and Of the pressure existing there This high interest is
only S, g. per cent per annum which here considered
low interest High and low interest comparative terms.
high interest cannot be permanently sustained unless by
corresponding profit from the of money. In pressure,
whether merchant has pay for few months 3, g.
per per annum, is material 1t is only important
that he should have something convertible with which to buy
the money is evident that the present time the difficulty
in England with those who require money meet their pay
ments is not the rate Of interest," but the of that which
will buy money Coffee, sugar. tea, iron, lead cotton, good
real estate &c. will command money, and SO will undoubted
short paper and consos
The ToBAcco CRoP.-The tobacco crops of both Mary
land and Ohio gathered and housed and some pains
have been taken ascertain the quantities raised each
State The high of beadstus last year. and the very
low prices Of tobacco, owing both to the general quality
and the large quantity Produced induced the planters of Ma
ryand raise less tobacco than usual present aud
is now pretty well asccaned that the produce this year
will exceed half average crop but the proportion of
good quality will be much larger than last year. and will
probably be larger than in ordinary years. because the plant
er having to manage, have more room in their dry
ing-houses and give Indeed il proper at