New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1853-09-17

The leading London papers Dy the Niagara speak thus o
the condition of the Money market One journal says
The advance in the minimum rate OF interest and dis
count by the Bank Directors yestesdsy was followed by
the that the discount houses would take
money ION call" at ST cent. y annum. This u the
natural IT suit of the movement the part Of the Bank
and expecedhat the foreign exchanges this afternoon
will be affected by the increased value OF money mere
bu, the main object Of checking the Corn speculaons
appehended will scarcely be affected by the advance
under present circumstances.
Another remarks On the whole does not appear that
tie step Of the Bank likely to any anxious feeling
as had been generally anticipated although many parties
as usually happens the necessity OF the measure
At present As regards the effect of the Bank measure upon
the Money market arge there is reason to believe 1t Will
he rather decided II undoubted fact that for months
INST money has been in increasing demand TO meet the
Cqutnets Of the enormously extended trade OF the ma
ii. and in view OF the that every class of the pOpl
ation is now in active employment il is probable that
es Of m. ney all quarters VIII quick be raised in ac
coTdance with the Bank OF England movement 10 dsy
for instance the LombGTdt discount houses have raised
,r rate for money on call TO 81 per cent ana iheir cur
cent discount understood 10 be very little below the
enhanced If the Bank 1t is very possible however
hat die, unles generally may keep their rates slightly
fellow h sc Of the Bank with view to drawing away
IOItIOD Of buslLCsS ron thNt IstIulOh
The I,nes writer says
Their, CT be no question however that the Bank have
r,tsd soundy The propreiy OF their previous steps IN
The same direction has been demonstrated by experience
Though on 10 occasion the public, who were unaware
If The immediate extent Of the drain in progress were dis
odd while tlcy approved the principle that had been
ursu,d 10 consider that il had been carried out with al
rcst trdue rrmldiiudc But the steady dminution in
L. sio,l IT bullion the true guide for the Directors
90 ~ folowgt implicitly and thus giving the syssen
q S Robot Peel its natural course they have saved the
cnmeIce Of the country from any violent shock ana pre-
,cred an extension of commercial speculation which Is
usw seen would lave ended disastrously
Yet while the necessity OF continuance oil decsV mea
uros admitted there is nothing to create alarm Inc caH'
a. of the drain which has continued almost without nerrdp
ION for exactly twelve months AMI which has taken away
fu hutlt a
.ti eor II Ley have mostly arisen from unlocked Tor
ca talies ara been proraoiod beyond any PERIOD Org?
ry corttnl lated. Thee causes have been l. The ship
aat OF com and chandise to IA traa, the merchan
lie being created out of mater al imported AMI paii
ol in cah while tie returns from tn colony must involve
liz afee # q YEAR The rise in wages and me genera
ment OF tie working classes, so that every tany
including those that were previously destitute nave now
DhHTs average two or three soFereiPhs III theiI
sesiop g. The demand for increased circulation TO
ree tie larger caused by arise of prices T. The
I,lvy drauehis If the English and American mer
hGits Of tic Chinese ports on the London houses WIN
wm ty have dis such drafts being consequent on
Tie increase in the value Of money IN consequence Oi the
Iosiding Iratic, during the lion s. The augment
"a demand for specie the Continent for the armies set
N motion on he TuIkbh question: which has caused all
a,ilflIcatdts On this country 10 be used at ii mburg
md elsewhere g. The comfortable although not exces
sye ~ NH If frCgn IND rakn.s IN course OF cOmpe
ion BY British capital and lastly the fears regarding the
he harvest and tie consequent enormous spcculati0ns IN
Wheat uIGcr IL, that have been azgrayat by
lie altAeuion Of equal greater deficiencies IN France
Itly, aid IL, whore.
Among this singular combination Of powerful influences
he se I m the hnese rtbeon the Turkish dispute and
,he d. tc eIt harvest have all been accidental.
Six per cent debentures of the CINCINNATI Loganspo
and CLiosgo Railway Companies to the amount of quar-
ter milan sierng wee beng offered in the London mar
Let at the rate OF 95 The interest is payable half
Yearly in London and the debenures stated to form
tint mcrgage on the undertaking
Ihere lad ben fair demand for United States securi
lies Of the various descr ptons, unaccOmpaned by any
n Rail Con A. 70