New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-01-18

some reason her mails were not distributed AZ tne
Post Office till near II.
We have nothing further concerning the Allan
tic by this arrival.
The news is of little Importance. We give be-
low whatever of interest we End in our fles.
ENGLAND.
Bank Of RnsIand-Rasc Of Discount.
From The Times Of Friday, Jan s.
The Bank of England have announced to-day
an increase In their rate OF discount from 20
per cent This measure was unexpected. and
created considerable excitement In the various
markets.
The rate has been 81 per cent for about thirteen
months. namely, from the 22d Of November loi9,
previously to which it had stood at per cent Tor
about q year. Judging from the last returns, as
compared with those for November, l64s, when
the rate of % per cent was considered expedient'
there were but slight signs 10 lead the puonc %
anticipate any change but these returns extend
mn 10 the l4th December and it is understood that
since that date a considerable decrease has taken
place in bullion. Then, however, reduction has
been going on for three weeks, amounting, IN the
aggregate 30 300 900, and, although this was not
highly important, it was more so than it appeared
because under ordinary circumstances, at THIS
time there is always a large and steady increase.
In the returns for the week preceding the re-
duction to O. per cent in November last year the
bullion was tl6O37 $50. On the 14th inst. 1t
was only E2l7, 500 below that amount, the total
being lis. 500, 100. The notes unemployed In NO
vember. ls49 were I'll, O27 ,655, and In the last
return they were still as high as flO,9O2,s25.
1t will be SEEN therefore, that the subsequent
reduction in the stock OF bullion during the Iu'
few DAYS must have been the cause OF the alIer@-
ton decided upon this morning.
The public will be aware that this reduction
hasIbeen occssioned by the transmission Of gold
to Paris, consequent upon the question oeing
raised of the desirabeness of abolishlng that
metal as legal tender in France. The French
merchants and others having payments to receive
In England, have called in the amount while II Is
in their power to get it coined and the English
houses with payments to make In France nave
been equally eager to ship gold, to avert the pos
sibility of being required to pay in silver at pre-.
MUM, which would be the case II the talked'oi
alteration should be decided upon.
This being the chief cause of the movement
which has been going on, it is easy to define It's
limits In the first place, the drain upon us can
only be to the extent of the claims OF French
traders or capitalists on this country, either In
the shape of trade balances, credits or convert
bic investments; and, in the next, it can only
continue until the commission now sitting on the
currency question shall have issued their report
II tho decision, about which little doubt 10 enter
tanned, notwithstanding the panic In Paris, should
be against any alteration, then the whole move
will come back by degrees as matters resume
their ordinary channel. If on the contrary, gold
,hould be put out of currency, then further ship
ments from this side will be Ofno use.
Moreover, the prospects of continued deman ,
upon US, even during the period of uncertainty
are now greatly diminished, owing to the regala-
tons enforced under the existing pressure at the
Paris Mint On Tuesday, the sum received was
5000 OOOf (f240 900 \ but the extension of the
tiDoa fr ira 70 deiverv coupled with the fact that
it is necessary for the depostors to be at the gates
by six in the morning, none being received after
nine, will operate as check, while a notice is
also anticipated that no further amounts will be
taken until the coinage shall have been completed
of what has thus far been handed in. Either from
these or other circumstances an approaching re-
action seems already to be slightly indicated by
quotations at the rate of exchange and of the price
of bar silver received this afternoon. 1t is also to
be borne in mind that this reaction will be further
accelerated in January, when considerable sums
in the shape Of dividends on French stock and
railway shares will be receivable in England.
But, although the diminution of bullion is thus
owing to exceptional circumstances OF an entirely
transtOry character such as call for no precau'
tionary measures, the step taken by the Bank is,
perhaps, hardly to be objected to. Ii is probable
that with the large mportatons of grain that have
occurred our balance Of trade with the continent
has been for some time slightly adverse, and un-
der such circumstances there can be no harm in
taking the safe side by deciding upon moderate
rise, which still leaves money below its average
rate. The serious effect produced on the Stock
Exchange today the moment the announcement
was made, shows that, both in the stock and share
market, but most particularly in the latter, an I'M
sound state of speculation was again prevalent,
and it must, therefore, Tot be regarded az an evi
dence Of any similar consequences likely to be
felt in general trade.