The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-12-12

thing to d. We have 70 look upon it In commercial
&c sat oniy-as trAnsaction entirely regular
any inquiry int his motivss-as one moreover upsa
which We hsvs no right to remark, except so far
r. in hort to be treated only as an ordinary transfer OF
securities from enc country snothsr-sn ousation
such large single amounts This ransacou began about
ten days ago and We believe altogether
purchase OF Russian gold coin from bank and lei -
very extensive export Of bullion towards the close Of
last week considerable portion has been shipped 10
Holland, which has led to infer that was Ia
tended there be invested but the fact that 1t had been
invested Russian coin would rather lead TO the In
ference that it intended to DO taken To st Petersburg
But at least 1t plain that 10 far AZ this speculation
has affected the money market It must be Of merely
returned not 1t Is however, IRE than prooaols that
win not be long before this money is again rssrasd y
battle any attempt Of the strongest government TO d.
vert money permanently from the spot TO which pso
uI: Of Rass. 81 this moment /. and for aIa
ces which must directly indirectly, to great exten
go from this country and directly Indirectly the pay
ment mus. reach us sooner later 1t Is only matter
OF time Then there II the question Of dividends due
to the holders Of Russian stock. But even on the
this large ia the case Of nssd and invest
1t In securities In Holland has been hinted OF this ct
there must also be- sellers and IL there are ssn.
In Amsterdam Of Dutch stock ct good price to the
Emperor Of Rusis the Ghancss ton that the
and the whole difference may bs, few weeks hence,
that certain amount Of English stock held by Dutch
in the meantime the effect upon the next weeks Hank
return will be to show decrease Of bullion to large
S b.
cd with the ordinary rent OF trade and that In
way Other the lost bullion must soon be recovered
Another which 10 assigned In we'll informed or.
sles in London for the htnsss in the msnsy
market H. that the rates having been lower in Lombard
street than At the Bank, unusual demand has ex-
r 1OW
price has attracted larger share OF the trade whAs
tins dGss mot p ss -
In Lom street only while tho Bank has barely sup
ported its ordinary amount Of discounts Is shown By
has anything to do with the matter 1t must
be of the most temporary influence
20 far as regards al the more permanent causes which
are likely to affect the money arket and the rate q in
teest they favorable to lower rates. 1t is we'll known
that SO fer the government Is concerned in relation to
paying the dissentents Of South SEA stock In January,
which long the grea bugbear for alarming people,
for that pur all completed and the
r and Il H.
counts Is prepared even now, to anticipate those pay
m a,sis Ihsa agaia when We consider that In i'd
Of nearly "a o0o 600 will be taAeu inO private hands
to invest in the early part Of January appears more
considerable improvement must be experienced .TkS
January dividends and the South Sea Stock then to be paid
a sa e. a1: sum ls s, It, e s a:m
vested but put down at half II cannot fail t.
make considerable impression on the market The
only element Of uncertainty Is the state of affairs in
the East But to all appearance there is every
liability Of lu at least till the spring Is far advanced
and in the meantime, to b hoped that peaceful
accommodation may b Effected
THE BULLION DIFFICULTY OF AMERICA.
from the Liver pool Times, Nov. 80
The and currency question Of America is one q
paramount Importance to England st the present NO
ment The policy of the Uaited States government in
dealing with bullion is precisely similar to that which
they have pursued with the States capital in land A
ultra of republican antagon-tics The letter and spirit
Of American legislation has therefore bssn from the days
q down to the present hour directed against
In dealing with bullion the Legislature has, far II
was practicable rendered its accumulation both unpre-
atabls and imp otc. And the views of the Americas
people and their parliament End practically carried
out BY the States bank, which has laid down rss net
to receive the gold coin Of the States at than
fS los. ID per ounce, which is Is 8kd. per b.
low the English standard price
Leaving this startling irducenent in favor Of the
port Of gold to this and other Countries
oversight the part Of the American egs
aure They had long be towed their attention the
subject Of money and their decision shows that they
looked COLA anything but commodity which
WAS Of less value to them than it was to own and
other european countries As commodity, howevsr,
the value 1t bears the demand that exists for ia
other countries In order to Illus rate this fact we need
the states for the last and present year In the month
Of September 1852 the exchange At New York ruled 81
to per cent in LONDON ' And sspssmSs last xhss
money was worth from to per cent in England, bills
on London sold as low as %! to 9X, and at this Low
ably more than the amount forwarded in 1852
The gold exported from the States in the month Of Oo
this year It amounts 5le45b5 This shows that the
demand for money in this country has had tendency to
lows. the rates Of exchange in New York and that de-
than greater than when the rates
higher In addition to this the banks and bullion hold
refuse to discount bills drawn against produce shipped
to Europe, they approhend that ,uch would
lead TO further imports of gold previous to those bills
pr esd in valus and thereby the holders Of proSues
bills would lose tbs dierer between the present and
the reduced value of bullion
This being the monetary position Of the States, al
efforts at speculation in have thus far been attended
with considerable risk and difficulty And seeing the
rapid in nux Of bullion into the Union, do not think
that bills drawn upon this country which has always
paid balion for breadstus, will be likely to meet with
more favor for some time to c,me ALREADY The prsssuT:
shipments considerably in advance of those In the famine
of 1885, In October Of the latter year. the ports
Of -four were 163 e67 barrels and of wheat bush
els For the month Of this year the shipments AZ
hoar are $780, 1888 barrels and of wheat 67S bushela
Now aware of the existence OF any muasdi-
ate want having existed in any part OF Europe which
could have called for the hurried despatch Of such vast
of -four and grain find recorded in the OH
cal returns OF the States On the contrary, think IL
will be- found that 1t the pressure for money In
America alone that led to those excessive shipments.
when nd the fieghts in October, 1896 were IS ~
per barrel for -four and S. 3D. per bushe for wheat
Whereas at the same period this year. thsy paying
20 SO per barrel for -four, and 3s Cd. per bushsl M
wheat And freigbts have advanced very considerably
since the first of this month.
Bavng loobed carefully into the currency difficulties
in America, We can well unde stand how the
ments of that country have been produced but really
for this countrys following the steps
OF the American speculaos by paying more for the
require and s carriage than grain is actually worth.
The figures show that have ares received large
stock from the States and when the feet Of asa
vessels arrive from the Black Sea end the Baltic ques-
ton very much spectators in this country will BE-
forced to realize at . very heavy loss.
In 1857 England only imported GIG, 4Is quarters oe
wheat Of which she exported to the Continent 483 SO
qnarters viii Ireland toek or nearly one half OF the
remainder But whsre the analogy between the pre-
sent year and those OF 46 and AR
In Ireland there has been full average harvest,
which means If goes for anything that she grown
two-thirds than she consume We may, there
FORE lock for large supplies Of food from the Irish ports;
and instead of having the whole circle Of foreign
changes against have shown that 1t is the policy
Of the States to send gold irrespective OF the rates
exchange And to this we may sso add the fact that
Engla nd has hecOma nearly the arla bullion market Il