The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-11-01
MONEY MARKET.


suits Anything short Of the explosion Of the Bank Of
ENGLAND will be good news these aarmsts they have
made up their minds for something tremendous. We
have no fears this kind do not share In the panic
which has taken possession OF the minds Of 30 many and
We trust the steamer will soon be along to relieve the
minds Of those who have placed too much reliance upon
predictions Of letter writer's The stock market cannot
undergo any material alteration until something definite
is known about these reportsunt the public mind has
become quiet after the agitation and excitement produc-
ed by those who have special object in view The only
good thing about this movement H. that 1t has prepared
the public mind for the worst that moderately favor
able news will have greater effect upon the market
than 1t otherwise would.
Much depends upon the complexion of our next &C
counts from Europe If the suspensions are rapidly In
creasng extending among different class of houses
than previously reported-if the Bank Of England Is
stu suffering drain Of bullion and there Is no falling
of in the railway oas shall abandon all hope Of any
immediate improvement and shall expect to see the re-
vuision continue until 1t find nothing to feed on,
and subside for thewa Of victims. There is limit
to all things and there must be point beyond which the
panic pass 1t is only those who have extended
their movements beyond their and control who
are overwhelmed with crisis like this those who have
properly bassted their vessel to meet the coming
blast impossible for individuals engaged In
mercial pursuits to embark In operations in opposition
the commercial system of the financial
system regulating powerful money institution with
the remotest prospect of and trace most
of the difficulties under which many houses have
tended against long in vain, to this The
mercia classes must govern themselves by the policy of
the government in all matters relating to and
finance The Bank of Engandis spowerful institution
1t folly for any body Of merchants to attempt to
go against the movements of the bank When the char
ter of that institution altered, in 1884, 1t well
known that in the there existed the greatest
strctons relative to the issuing Department. and the
only left for those depending in any way upon
the bank, to pursue restrictive system,
ponding nearly with that forced upon the bank.
Instead Of regulating their movements by the move
mens Of the bank they hsvs gone on from to
expanding their mercantile operations, investing i'm
amount Of capital in foreign possessions without
any increase in the domestic capital until they have
found themselves much expanded when the
drain Of bullion from the bank brought into effect the
restrictions Of the act In dangerous position from
which there was no redemption In q contest Of this
kind, the bank Of course, OF vctorious its i'm
concentrated capital and powerful influence upon
individual credits enabled to crush at every thing
contendng against 1t. 1t looks entirely to its pre-
ssrvaon and would saorinos any number
Of commercial houses We look upon the restrictions
under which the bank is compelled ac as the saliva
ton Of those engaged in legitimate pursuits the
destruction Of those engaged in attempting any
tensive speoulatons and the commercial operations Of
Great Britain regulated entirely by the value and
volume Of the currency, should not be subject to
these panics these revusions and revolutions in
camille affairs 1t only by devistions from the regu-
lar of trade by expansions Of Gre
dts beyond points established by the financial policy of
the and Of the banks that these periodical
contractons produced. The remedy havo in our
own hands.
The annexed table exhibits the quotations for stocks
In this market for each day Of the past week. and the
close Of the week previous There has been very little
variation in prices throughout the week.