The Middlebury galaxy. [volume] (Middlebury, Vt.) 1848-1850, 1848-02-29
FOREIGN NEWS.

The FOREIGN News BY THE HIBERNIA
In commercial affairs there seems to be
continued improvement in England, so far a:
regards the money market. The stock of bull
lion, or specie, in the Bank of England con
| tinues to increase, and amounted, by last re-
turns, TO about thirteen millions sterling, equa
to nearly sixty-two and a half millions OF dol
lars; and the continuous importations Of the
precious metals from Europe, and still more
from the United States, furnish a subject Of
comment for the English papers. The great
increase of strength of the Bank of England
has been effected, it should be noticed, not on
ly by the prostration of the credit of some Of
the largest commercial houses in the kingdom;
but by deprecating the price of commodities,
to great extent, has operated injuriously up
on the commerce and industry of the country.
The bank has, however, been enabled, by
the replenishment of its Golfers, to reduce its
minimum rate Of discount to four per cent
The London Daily news, of the 29th Janu-
airy, thinks that there is nothing in the circum-
stances Of the case to justify an apprehension
that the rate of interest has been artifcially &
mischievously forced below its natural level.
On the contrary, it appears that the course of
the bank has been governed by the course of
events.
The influx of specie into England particu-
larly from the United States, in quantities
which are considered unnecessary, is thought
to have been brought about at too great a sac
riice TO be regarded as favorable symptom
in the money market by some of the English
Editors. Wilmer & Smiths European Times
says
The undue expectation of bullion from the
United States occasions here, at present, al
most as much uneasiness as our own slender
stock did in October last. The indications of
arrangement, which the export Of S3,S0O,OOO
has already occasioned, are watched with in
creaSing anxiety. The effect of this has been
much over-rated. We think there cannot be a
doubt that the loan operations of the United
States Government. in the face of the present
expectations of specie, and the drain of bull
ion for the exigencies Of the war with Mexico
are the immediate causes of the actual incon-
venience suffered by the banks on the other
side. The cessation of the unfortunate war
with Mexico would condnce more than any
other event to reinvigorate trade, and equalize
the exchanges TO their ordinary level. We
apprehend far greater domestic difficulties, So
cial as well as financial, from the perpetuation
of the improvident, impolitic, and, even among
the Americans themselves, unpopular war with
Mexico, than from the transitory efiiux of bull
lion from either country. The one will speed
lily regulate itself; the other carries with it the
seeds of far greater changes, either for evil OIL
good. We sincerely hope the issue may moi
be more disastrous than it is at present.
The amount of emigration from the British
Isles to America forms another topic of remark
in the English papers. The Liverpool Jour
nal last quoted observes that
in 1916, no less than 229,S51 persons emf
grated from our shores; but in the first nine
months of lS47 the emigration reached to the
astonishing number of 24O,732 persons, the
greater proportion of which being Irish emf
grants TO North America. There sailed from
Liverpool ia ,3O1; from other English ports
%, O94-total from England, 1885, 95'; from
Scotland Sl55; from Ireland, 95,9lI; forming
together 240,460 human beings. The mortal
ity attending the passage of this vast multitude
has been indeed terrific. But it must be borne
in mind that great numbers, prior TO going
on board the vessels which carried them to
their destination, were in state of frightful
disease, which, doubtless, all the miseries of a
sea voyage more or less aggravated.