The daily crescent. [volume] ([New Orleans, La.]) 1848-1851, 1848-06-03
The Bank of ENGLAND, etc.

"a
our neighbor of the Bulletin; which seems to have
awakened spirit of inquiry in the mind OF some
person who has sent us string Of interrogatorles
over the signature of g Deta,'' which, by-theway,
he has written in Greek letters, without remember
ing that there are capitals, and rules for using
them. in that beautiful and ancient language. 1t
is not often that we would stop to answer anony-
nous inquiries but these are evidently so well
studied and are put forth with such an air of con-
ceited smartness that we fear the author would die
of chagrin were not his letter noticed. We there
fore give it entire, followed by what we hope will
be satisfactory answers:
BANK OF ENGLAND.
l. What reliable data prove that the Bank OF En- te
land precarious condition, and that ii may soon s'o
e What reasonable probability that the Government may
3 When did The Governmen forbid the Bank to pay
Gold and Silver! Did it ever r. DO so Has the GOV fN',
1 When lid SILVER" in England become legal
Who are the Continental holders, alluded to- OF the
Finish public debt y How are they known , how
g. How much scrip have these holders S''u "'>
WbS nboud the subjects of Victoria be creduous
as to ,a s,rvE dealers British public stock. less in
formed than wand the Continental s How has he
,,n Inhn Ruj very stupid in business analfs iio' ~ ~
become 50 s c Editor learned that the Emperor Of US
ss i nUe Of The largest English fundholders or that he
Is a fund holder all j., >;.,,o,,s of rss; anne.r
TO- In what and month dd Sicno'as oi haS''
How wonid the stoppage of payment in Gold and 81
yer py Wh We the Government of England of such
FACT il of it, does 1t wish to FACILITATE THE
II How would the sale of SCRIP SAID to belong to Nicho
las embarrass the Government of Eng and Is that Gov
eminent bound to pay than the interest Is not THAT
aoags ready for the pholder on the day it is due
win the Editor please to Examine ms If e aa lo ew
in the vaults of the Bank OF England as ound by ne oo
INV. Was found e to B b han 6at Gae
16. VIII not So goo COG qcc9rdtng to a~ ALWAYS cover
the sRe and LIABILITIES ,e ref s b1P be oom the
meas in New ork and elsewhere pending the Charst
sS ON e he o news vs. came that John Bull had no
trying the blessings of Revolution !,
evidence in representing England be on the verge of bank
rupcya nation that exercises so vital an over a
moneyed-over al our own mefcah'ie 1ais"''o' :
i9 Would the Editor Of the Crescent really wish to See
despoic successfully over Eastern Europe ana
20 What a sad thing is preiudce1
n How stood British stock by the last account Were
not Consols " as high as s2i4 uela'
|. We gave the authority at the time
3. The probability arising from the course which
if nursued on another occasion, when the bank was
embarrassed. and from the well known tendency of
British politicans to stumble on in plumbers to
the last
3. The Government did forbid the bank g to issue
ana cash in payment by order in Council, on the
Goth of February, 1797-whether it has the power
to do so or not we leave to the writer OF the COM
municaton. or some of his teow-subjects to say
it certainly exercised the power.
4. In 1774, by the act of IA Geo Ill, Chap. AZ
5. We are not particularly acquainted with their
names but there is no doubt the writer might ascer-
tain some of them by inquiring of the Rothschlds,
or of Lord Ashburton and others of the house OF
Barring & Co., who have invested largely in the
English funds for Continental capitalists, both
during and since the wars of Napoleon.
6. We really must be excused from going into
particulars in this matter as the authority to which
we referred in our article did not specify the names
and amount; it merely said that the holders We're
anxious to reahze-and were converting their ASSETS
into gold.
7. Because it is the nature of the animal y to
believe that the whole world is going to destruction
but their particular nook Of it.
8. Their general stupidity we can endorse-they
have grown rich partly by robbing India, partly by
robbing the laboring classes at home, and mostly
by good luck.
g. From common report in England
TO- By himself or agents often, and particularly
when both bank and Government were hard run
the one to negotiate the Irish loan and the other to
save itself from avowed bankruptcy, in the year
of grace, lSi7.
H. In the same way that an exclusive and uni
versal consumption of potatoes would make wheat
useless to the English as food-if paper be forced
into exclusive circulation, as II would be by al
authorized suspension, gold would no longer be USED
as money and as wheat, no longer required for food
would be exported to exchange for something else
so would gold and silver when not used as Curren
money.
r. Because, probably, its wise men have moi
profted by the lights around them, and are now
very likely to follow in the footsteps of their illus
trious predecessors in 1897 whether they want
to drive the gold out of the kingdom or not, we vii
not pretend to say probably, like our paper money
men on this side of the Atlantic, they may think
that stoppage of payment will retain the cash IL
the country, notwithstanding the demonstration tt
the contrary, furnished by their former experiment
49, The process is very simple. Nicholas owns
we will suppose of the English debt, tlO $1,000
he sells this to Englishmen who believe the govern
ment and the debt to be eternal he is paid in Banl
of England notes: he calls for the gold and breaks
the bank the government wants to borrow money
TO carry on its affairs in peace, it would want tt
borrow more in war; lis bank is broke, It's mer
Giants are broke, its credit is destroyed, and the
'ssinews of war" are not forthcoming. 1t strikes
us that this would be a very simple and efiectua
way to g embarrass the government of England.
ii, Is, Is. We do not think the game worth the
candIe-there has been no run on the bank that we
know Of unless it may have been run against by
cab or Observation-Disclosures there was enough
to meet the demands in law, we cannot say-ther'
was not, and never has been enough to meet thu
liabilities in fact.
II. We do not remember any particular gloom
but have distinct remembrance of a very genera
and not fully concealed rejoicing at the prospective
overthrow of the English system OF robbery ant
| msrule.
49, 1t is wise on the part Of the public press 0
this country to expose the real POLITICAL financial
and commercial rottenness of England, in orde
that our citizens may avoid involving themselVe
with a system which must sooner or later be pros
| trated, and injure all connected with it.