The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-09-17

was not in this way .hst he great Ststes of the
North and West were added to the Union.
II seems hardly probable that anything could be
effected in recaining such a spot from the sway Of
fever end yet ii is said that there were times wis
these visltations were Unknown That localities do
experience changes in this respect Ia certain, and
the circumstance is in no slight degree remarkable
Cons,at 'inope now though the hotbed of plague,
was considered in esrly tunes to be OF the most
delightful and salubrious spots in the world; nor ia
there any record of yellow fever in the lowlands OF
Mexi o the time they frat became known to Eu-
ropeans. "A obvious conclusion from these facts is.
that our sanitary cOnot0n is largely within oar own
control We have already made London ibaccessi-
bic 10 the plague, which at one time il was thought
could be ALWAYS imported IN bundle OF rags from
the Levapt. 1t may possibly be in cur power to re-
pei more insdous enemy, and, as the gre at cpl
demic Of modern times is actually raging on the
shores OF the Baltic, we should do well to take
warning in time.
The Eneiish Mon.y Markst-Inoresse IA the
r. ate or lbte4est.
From tbs J<pcon Icues Sept
The Bank of England tooay Thursday evening,
Sept have raised their rate of dis count to per
CEN. This time last year the rate was per cent.
" was advanced to q per cent on the 6th Of janu.
ary to per cent fortnight Afterwards aud to BIZ
on the I'd of June last Within less than eight
months Therefore, it has been doubled. So rapid a
movement Is without precedent since the passing OF
the Bank Charter act in ls44 except during the
panic of ls47 snd even then although the rise was
Z
from to per cent, 1t was spread over longer pc
/ Rod.
| There can be no question, however, that the Bank
have acted scundly. The proprety of their previous
4 steps in the same direction has been demonstrated
1 by experience, although on each occasion the pub
lie. no are unaware OF the immediate extent Of the
! Grain in progress, were disposed. while they ap-
proved the principle that bad been pursued, to con-
sider that IT had been carried out 18th almost undue
prompiude. But the steady diminution in the
stock of bullion the true guide for the directors
al by following it implicitly, and thus giving the
system of Sir Robert Peel its natural course, they
have saved the commerce of the country from any
violent shock, and prevented an extension of com
mercnl speculation which it is now would have
ended disastrously.
Yet, while the necessity of q continuance of de-
cisive measures is admitted there nothing to Gre
ate alarm. The causes of the drain which has con-
tnued, almost without interruption, for exactly
twelve months, ard which has taken awav upwards
of IS 900 600 of bullion, are all perfectly distin
unlocked for casualties and been protacted beyond
any period originally contemplated These causes
| have been-1 The shipments Of coin and merchan-
disc to Australia, the merchandise being created
out OF raw material imported and paid for in cash,
while the returns from the colony must involve the
| lapse of year. 2. The rise in wages and the gene
raj employment of the working classes so that every
family, including those that were previously dest
tute, have now, perhaps, on an average, two
or three sovereigns in their possession. 3. The
demand for an increased circulation to meet the
larger payments caused by rise of prices. 4. The
heavy draughs of the English and American mer-
chants at the Chinese ports on the London houses
with whom they have credits, such draughts being
consequent the increase in the value Of money in
consequence of the boarding practised during the
rebellion. S. The augmented demand for specie on
The c0nhI ent for the armies set in motion on the
Turkish question, which has caused all available
credits On this country to be used at Hamburg and
elsewhere. 6. The considerable, although not ex-
cessiye number OF foreign undertakings in course OF
hVyp Sfo1. $ha
regarding the harvest and the consequent enormous
speculatioDs Iii wheat, under circumstances that
have been aggravated by the apprehension Of equal
or greater deficiencies IN France, Italy and else
where.
Among this singular combination Of powerful in.
fuehces. those from the Chinese rebellion, the
Turkish dispute, ard the deficient harvest have all
been accidental while even the Australian specua-
tioD inasDuch as it has now been carried to point
that, notwithstanding the favorable accounts hith
ert0 received Of the markets, may warrant very
great anKiety, is also to be included exceptional
since it is strangely in contradiction to the apathy
at first exhibited. We have here, therefore. three
four of the most important elements of the whole
movement, which are to be regarded as entirely of
temporary nature, and which must all cease at
certain limits and te followed by q proportionate
reaction. The Chinese drain, serious as it has
been, must ultimately find check in the exhausted
credits of the merchants, since, however tempting
may be the prices at which they can now buy teas
and silks for cash, the process will soon as
reserve on this side. The Turkish affair seems
already to have been removed from the list of
dangers, although the coin has called into employ
meat may not return to its ordinary channels for
some months. As regards the grain speculation,
owing to the want OF comprehensive statistics, re-
liable opinion can be formed whether it has yet been
carried beyond proper bounds, but it is impossible
not to see that there have been for time indi-
cations Of an ardent tendency in the market especi
ally when the rates OF freight taken into con-
sderation, such as usually end ia partial losses
At all events, although question which still de-
Iends in great degree npon weather must be out
CT the reach Of argument, the turn which affairs will
take after the requisite supplies, whatever may be
their amount, shall have been obtained il a matter
of certainty In of these cases, therefore, is
there any cause for disquiet, such as arises from
hidden processes which seem to indicate some I'M
sound condition Of the country generally, and the
end of which cannot be defiLed. They may con-
hnue longer, and operate as they have done al
ready to greater extent than any one calculated
upon but they can lead to destructive effects
and the ultimate recovery from them is certain. In
the case OF the Australian shipments the prospect Of
an inevitable reaction is still palmer II the hopes
OF the exporters are realized, the homeward remit
tances OF gold must soon be continuous, and far ex
coed any that have yet been received IT. on the
contrary, accounts Should eventually come of fail
ing markets, the rage for sending goods will be sud-
denly stopped, and the proceeds OF the past year
viii be reversed, sir ce, VIII lie We receiving pay
melt, although, perhaps, at deprecated prices for
the supplies already sent we shall be sending no.
thing from this side, and thus the stream, instead
Of being comparatively exclusive one Of merchai-
disc from England to Australia at heavy outlay,
will be one OF gold from Australia to England. with
little going hence in return.
The remaining circumstances that have 0perated
on the money market, and which, unlike those
Just named, were all foreseen, are such ~ are not
likely to have much further influence. The coin
AFFORDED IN consequence Of the improved circnm-
stances Of the poorer classes will not need any add
ton since, after each family has become provided,
a. is now the case with sufficient gold and silver
itI their current wants all surplus accommodations
WIZ hnd their way TO savings banks general in
| vestnents. At the same time the call for EXTRA
circulation rendered necessary by the higher prices
OF goods can be continued only if the rise should 20
on; and, as it has already obviously been beyond
what can he accounted for by the influence Of the
gold discoveries there would be no reason to SUP.
pose that this will be the ease, even If il were Il
| rendered impossible by the present movement of
the Bank of England.
nd oflo a..