Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1853-09-23
The English Money Aarket-InreSse In the Rate OF H.
teTeSt.

The English Money Market-IntreSse In the Rate OF IT,
terest.
Prom the London Times, s.pt.2
The Bank of England day Thursday evenng Sept II
have raised their Of discount 1 per cent. This
smo las: year the per 1t advanced
l-2 per cent the 9th of January per o,t-
nigh: u'terwards and to l3 the % OF June last
Within less than eight pontbs therefore, it has been
doubled so rapid is without precedent since
the passing Of the Bank Charter in 1914 except dur
ing the panic 1877 aud ihen although the rise was
practically considerable, inasmuch as it was from
10 per cent, il spread over longer period.
There be question: however that the Bank bav.
acted gundy The proprety OF their previous steps in
the direction has been demonstrated 10y experience
although each occasion the public who unaware Of
the Immediate e1tcni oil the drain in progress dis
posed, while they approved the principle that
had been pursued to consider that it Rad been
carried out with almost undue prOmpttudc But
dmuugon in the stock Of bullion was the true guide for
the directors and by following i: implicitly and thus giving
The system OF Sir Robert Peel itI natural course they have
saved the commerce OF the country from any violent
shock, and prevented extension of commercial specu.
aton which il Is now seen would have ended disas-
ously
Yet while the necessity Of a continuance of decisive
measures is admitted here is nothing create alarm
The causes Of the drain which has continued almosi
without auy interruption for exactly twelve months and
which has taken ards Of IS 600 900 OF bullion
all perfectly distnguishable although thew have
mostly ariSen from unlocked causaes and been pro
trtcied beyond any period originally contemplated These
causes have been IL: The shipments Of coin and mcr-
cha ndie Australia the merchandise being created ont
Of raw material imported and paid for cash while the re
returns from the colony must involve the lapse wear
The rise in wages and she general employment OF the
working classes so th,t every family, including those Iha;
previously destitute have now perhaps on an av-
rrsgc Two VI three suveIrgus ia their possession The
demand for Increased circulation to meet the lar.
ger payments caused by a rise of prices l. The heavy
draush;s OF the Eugh AMI American merchants at tic
Chinese por' on the London houses with whom they have
crets, such draush beng consequent the increase
IN the vuut OF m1acy IN consequences Of the boarding
p5sc;-ei during tho rebellion T. Tine augmented demand
pr specie the continent Tor she rnoiiO on
thu Turkish question, when has caused al credits
tH- c.Uu.fy % D. ug.i HImJur. and el.eUhsrc-
g. Toe considerable, although excessive, nuh.r Of
iorel-n undertakings u course OF completion ~ British
capital! aud Lastly, the fears regarding the harvest a1d
tue consequent enormous -prtgtions Ia wheat under
circumstances that have been aggravated BY the aypre
nsnson Of equal or create. deficiencies in France, Isy
[ and el5eH where.
Among this singular combination OF poseifll innnen.
those from the Chinese rebellion the Turk,h dispute
sni the deficient harvest have 40 been .ccen4l Will.
even tue Australian speculation inssmrch il has nov
been carried % pIst ti' Outstanding the fay1ra.
ole accounts hitherto received Of the markets may var
rant very great anxiety j. also 10 DO included eHrcp-
uonal since 10 il strangely contradiction the apathy
At brst exhibited W. have here therefore, three or
four OF the most imYprtul elements Of tho whole
'Dyn' which are - be regarded entirely OF n tempo.
rary nature, sud which al cease az certain limits
ami De followed by pr0pDriiyn4.s reaction The Ct-
rSfc daiu, serious as 10 he's been must ultimately hud
check Boo the exhausted credits Of the merchants since
however tempting py be- the prices At which they can
no" ony toi' H'H s- igr cash. tho process, vii anon
'une speculative character that will excite
iHs -IIe. Tue Turkish ssr already have been
removed from tt list OF IsuRrrs although tho coin IL has
called utO employment may return ~ ordinary
channels for months. IS regards the Grain .pr,I.
iauou owing o. toe want Of clmpsaH,n s1t4c no
ibe opinion Do formed .'r.it hs vet been trrivd
beyond proper bounds, butt. mUD.l not 10 -re hat
wore nav. been i some une iicao"aDi CIV ardent ten
i'rcT boz She market especially when tc % freight srs
taken uto confederation teh suiy clI in partial 1sscs
At al eyeut although question which It'll depends 10
.cft degree upon Ec.frr boz 0 the rr4cb ur NJ.
guiurn tho fu which ~ fs Y BOD take after tho r.qui-
-iie -rypH.s whatever rIy bs their supI' h.U have
been Obtained s nmittor nf certainly. iu.ae ortic-c,
a-f- therefore, f'Igr a1y rlu." Tor Ii MET,
from tiI.cu rrrrr-aof which seem io indicate
@.ur1 condition 81 rr ryIr"y GENERALLY. tho c.i n
Fheh cannot ha daad They may continue l1rger,
tent iuin any calculated upon but they cau r4 'y uo
d''ifueiro c"c auI be ultimate recovery from them s
cntia.n Do tIr o4.r of tHe AG'uattu shipments tIc
p'-p'et on 100 inevitable reaction BE- EfiU pri.cr il
80 hopes Of hr rrp,f'crt fs realized ta l.n.4ar rr.
nittn0rapi gold 48J br .JrtihuJlf s.| On. exceed
any hh have 5c' been yoi lf on tHr rIurr,.s &C.,.
i1r acudug gDpl' H Hc .IIsfiy stopped arI trc pfD
ceei- Of .hc pi.f lrir u brrrssr.-I, sYrs eilc w.
are receiving pa}H.'f although, rorhuP' %. G.r5co'toI
pfn,' g.. t.s spiI.a already SENT shall Le sending
nothing if'n nH, biol. aI U- 'br ftr,afu ifg.lI ~ boz
irg comparatively rE..uIy,y one oi merchandise from
h1rIild ' AH-ru a'a hciyF ouuHy,a De- one ~ gold
turn.
Tue remaining circumstances at have operated oa the
money market, 1ni s.rh unlike bpsr jrs rlulI veto
a I1fescrn lie su.Hs nos likely have much lr.
i'er ni1eur" Tue coin absorbed ir c1usequ'n~" Of tho
improved circumstance 81 c poorer ois''. will need
any addition SINCE 1'r s7rh family has become provided
10 nov iI' rc. ei .u .cut gull and -iggr i.r their
current Wart'. OH surplus HDe0u0 istou1 vii .ul their
"v Co SiFinSf banks general invs.untrs. a. tho
sime tru The call iur extra circulation rendered rcrs.
rly Wy 90" higher prices u goods be continued only
the fc should ~ ou and it has alreijy obg ous
Den beyond WhH coo be accounted Tor BY the influence
OF ne COLL dscDvec there w0uil be no re4sou 20 sup.
pose mt p- Will bc tho case % we're noi rem.
dsrsd Impossible y the present Of Bank
Of Euglsud.
Vadsf all sreunsiansss, therefore, the conclusion