The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-10-27

Is 81. lssss,5s4 7'sas,soo is,sss'4ss
S.. is''siS7ss slss sS 1855, SSs
During the PERIOD the government securities held
by the bank have diminished from 2la, 7,24 to
sess o q nd hs b 2,
the bank have no means OF judging The most salts
factory item Of the bank balance sheet is undoubtedly
that Of the public deposits, which stood the 7th OF
July $780, fell the 14th Of july owing to the
quarterly dividend payments, to f2Sll OLA. and has
200 mere glance at the above table affords sufficient
explanation Of the progressive in the bank charges
and is evident that If the Of the establishment
continue to diminish in the same ratio, the rate Of dis
count has not yet seen its highest point On next
Saturday, the 18th inst, some relief WILL it is
se Of e
lease six seven millions; but, the other hand
must be borne in mind that these disbursements have
by the advances made by the bank during the last three
four week. We must also take into account the sum
a mas 10 &c ad on hG & and rfssh
memt the former will absorb e. 900 600, whilst
the following Saturday the 20th an instamen of 20 per
cent the Turkish loan Will withdraw 81 900, 900. The
requirements for these two loans during the next ten
days will thus amount TO 60 600 co., which must be
placed as q set-o the adverse side against the 60
vernment disbursements to fundholders. Moreover the
million destined for the Turkish government WILL it is
apprehended be chiefly required in the shape Of specie.
flow hence to France and elsewhere is not yet stayed,
points still more strongly to the necessity of caution
NCtwlthstandng the prevailing uncertainty however,
we believe the public now forming tolerably accu-
rate idea Of the real nature of the influences a tng
the money market and we fear we must add that their
arrival at such well founded conclusion has been mate
rally mpeded by the remarkable popularity of the opin
ions mpressively enunca,ed by the Times Throughout
this monetary movement our contemporary has sgnaly
distinguished himself by series Of contradictions and
rash assertions and think it greatly to the credit of
merchants that they have been able despite the fog
thus raised to discern the true position Of
affairs We all remember when the Bank rate of discount
raised to four per cent The 9th ult the aacrity
might rely' that further advance would be needed
and also remember how rudly the ppy unconscious
ne ofthe writer as to the coming pressure was d;sPa.
varces however taking place the succeeding Thurs.
and ventured upon the PRONUNCIATION Of his notable
theory that the whole the result Of
Of "a Iu.e y h The most
estimation, was apparently the non.arriyal Of an expect
ed 100000 in gold from Australia Scarcely the
Of the arrival Of this identical amount. Although it
notorious fact that there at the moment large
Continental buyers ofgold in the market our contsm
poraIy Immediately asserted directly contrary to the
opinion tanned in all welin ormed quarters, that
this supply would be at sent into tine Bank. In.
stead Of this, not Of The gold thus
tnned but the contrary the Bark raised its rate OF
discount The 9th to five Ier cent. 1t having trans
pied that the bulk Of these bullion purchases we're to
Bank Of Finance the Times Immediately proceeded TO
prove to its satisfaction that he purchases which
must, when these bills mature, he met in SPECIE We
enabled ourselves to offer ihcnic explana-
conclusion that the return of this gold was not to be
looked 0-. Cur contemporaries, however, The LIST inst,
waxed highly indignant aths idea, and even ventured,
mare $40, but in sngulaily bad taste, to impute
worthy me tiyes, 4 bser,irg:-
atemp. apparently being made create an impression
Eank Il France VII no, niaby ind Is way 81 s IL.
meni simply & an idea tia, the Bank Of Franz;
called upon 70 T. Under ordinary circumstances refer
The delusive view, in spite of repeated contrac
lions, was rersevered in daily In this same week,
between tie 18th ult. and the 4th inst. we drew
attention TO The real extent-no less Than "a
tC0.0tc-of the gold contracts entered into for the
Rark of France, and We felt bound to give ex-
moe cautious Ierton Of the community, that the
Park OF England would hesitate to adopt the further
discount TO 5S per cent This advance was announced
The 4th. The Times which throughout the week had
not made tho slightest allusion to tho probability of the
step could not restrain expressions OF surprise and
dissatisfaction and came forward on the 5th with
elaborate and length attempt at Standardization in which
several Arguments already refuted st persisted in
the writer's able accidental" theory was again
revived, and speculative and unIatTiotic motives were
heely imputed to all parties yentnring to think and
The wler especially upon g multitude
OF theories" put toward by the mercantile commu-
that they had all been msled by the7in while another
comprised the idea that Russia had been secretly
ing.f in The first OF II ese theories many people
seem still disposed believe whilst the latter sidea
was certainly brought 10 the light Of day in the city
article Of the Times Itself.
The most dangerous part of contemporaries argu.
msnt we think Is this that the Of the Bank of
France almost the solo of the present pressure
and that this gold must intallibly return. We have
Hesitation In expressing conviction that rash
statements OF this Kind highly mchevous and that
in Tie present uncertain state Of affairs, journalist is
guilty OF positive derection of duty II he fails to do his
utmost impress prudence and caution upon the public
mind In many respects existing monetary position Ia
anomalous and novel, and should rather induce calm dis
custom than the hasty enunciaon OF partial and ILL
C nsdered views. For part we have endeavor-
cd several occasions in dspas onate spirit, to d.
rect public watchuness to clements of disturbance
which we're In operation upon the market long before
these transactions of the Bank of France commenced
We have put forward statistics showing the enormous
increase IN The Eastern demand for silver which for
time past has actually been causing the withdrawal frcm
France Of portion OF its silver coinage to he replaced
s goa taken from tbs side The drain Of specie for the
gov,Ir men expenditure Europe and for gn
purchases has also been duly noted and have een in
yed readers to reflect whether the influences here in
Gated not sufficient TO induce constant caution. We
now repeat warning that the pressure is not yet
over and that mischief win arise II the return Of our
gold frcm France he relied upon. The present policy Of
The pank Of France has doubtless received the sanction
OF the Emperor who has shown former occasions that
he has scruples In utterly ignoring ordinary prnci
pies Of commerce when special object Is to be at
tsLod. Impressed that irresponsible government IL
an una a. the ons
ture appehend win do Its utmost to prevent the
icfux If gold hther At the time there IL strong
ground for the hope that the upward in our
money market win at least moderate the renux of the
precious metal until such time the French demand
may lie met by the large remtances shortly expected
rem Australia.
From the London News (city Article) Oct IL
II Icing the weekly board yesterday at the Bank Of
Irgard and impression prevailing IN many quarters
that further rise would he made In tho rate OF discount
business in tic Stock Exchange and in other branches oil
trade sui jected 10 much uncertainty. NE sitting Of
ne Gotrs iTorsd extraordinarily proraod and troasdc
no m g,Ie1
ereh at nearly o'clock 1t tanspired that the Board
had broken up without the announcement of any change
in tie rate Of discount. The English funds which had
rulod du at the closing range OF yesterday during the
latter lait OF The discussion, Immediately showed
an Upward tendency the result being known.
and after exhibiting considerable buoyancy, finally
clts,d at an advance of "a to u per cent.
Many Ct the purchases effected 10 previous
speculative sales. The length OF the discussion at The
tonk wds insolrad as indicating The ersce Of oonsiera
t oi1,smoe Of opinion among he directors and lei 10
irss m,@ lets IN he Stock Eschongc and cise.cheye.
The deeion TO abstain from any further advance for the
present has evidently given rise TO feeling OF relief II
Affords iEdca that The