The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-01-10

fon their dspostors than from the bul holders tss
latter distributed that Il would be dout get
up combination for run for specie nothing but
panic will do that whereas the dspostors all times
the look out for way of investing their funds
and prepared at any time draw arthins
the banks the moment they and any safe and profit
able way Of employment.
The movements Of specie have . very important in.
nuenoe upon prices Of every species Of not only
on our principal staple products, but upon real o.
tate and every thing else; and those who regulate
he movements Of the precious metals can regulate
prices for all kinds Of property The bsnks have
tain amount Of control their specie, and the bill
holders oau long the banks sustain themselves
command the spcie in exchange for the bank promises
but the cepcsltors are In fsot the great regulators
and cam at any time raise dsprss prices m1y from
time to time suit their interests They have IL In their
power to dspress prices for property in this city tons OF
millions Of doars simply by draining from the banks
two or three millions Of dollars In specie IL would not
be for their interest to suspension In that
event. prices would advance to irredsemabe paper
point, and every thing would become very much To-
astsd but In the event Of their wishing to depress
prices for the purpose purchasing would only be
osssary for them to drain the banks to point bordering
on suspension, and keep them In that position
for time. The result Of this would be . great
vance in the rate Of interest and . tight market
As money became and advanced In value, prices
for property would deprsoiae, and those holding the
gold and silver would be able purchase at almost their
own prices The drain Of Ave millions Of pecis from
the banks Of principal cities would depreoiate pro-
perty more than hundred millions Of dollars. Il Is
estimated that tbs drain Of about Eve millions sterling
from the Bank Of England deprecated property in Great
Britain alone, to the amount Of four hundred millions
sterling This estimate Ii undoubtedly correct The
amount of spsoie which has already been taken from
for shipment to Europe Of the and other
things has deprecated the value Of property In this
country at least hundred and fifty millions Of dol
lars. We cannot realize the influence Of the
movements Of specie upon prices until circumstances
compel US to look into the matter, and We do not
how slight the tenure which sustsins tho value
Of property, until we in danger Of suffering
from It, The enormous power few capitalists possess
hardly be believed; but it IL nevertheless true
The delegation from the capitalists Of London to the
British ministry Threatened to compel the Bank Of
England to suspend If the bank aot Of 1914 not de-
clsred imperative, at least, for time.and their de-
mands were complied with The ministry knew the
power Of the party the delegation and they
dared not refuse their request They could have
PEELED the Bank Of England to have suspended In less
than week from that time, had they wished. The
dspositors mere nave the Same power but It moro dis
tributed and they have greater number Of Institutions
to work upon The banks Of this city however, govern
all the rest and whatever operates upon them operates
upon all
IL therefore appears that the banks in very dan
gsrous position; they may at any time be compelled to
suspend specie payments. The government must soon
be in the market for q large amount Of money, and
Whatever amount Of money the government obtains 10
the way Of new loans must BE- paid In specie and this
speci. must come from the banks. Their ability to
meet q very extensive demand 10 doubtful, and the
msrcia Glasses Is to contract. That the only safe
policy to pursue.