The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-11-05

which Is he main circumstances to -, No..
stsn and per cent eaeusi' - considersd oN
ATHEIST ia ! uiu n t~oee adequo ~ ufo" Ltk o. Ms
td nsus GO IN so loiq as b. - 70 aTret the soiaI
a,s r. hs d. aafSst fr t unI.
abut M lar as conce ~readed which Is already
aiso ,a.d the rate :" Ole IN, Sss,essy 10 iS pe, cent
sure siun Of the great npon s'ock y 10 per cent
selves !. seems 70 BE- .nne asa that the Bans Act mss
winter session ~ tFerons appear to aniici pate that
pose.
AFFh 80 os THE BANK OF FRANCE.
a., (from la lresse Oct Is
'ho ns' res taken last week by the Hank Of France
tn.weu q ally that the balance between the specie in
.aaA an the circulation destroyed It Is bat in
'ns ip e that they be jusided. The demands for
earn inc rea.ing from Gay to in fightf proper
u." ard the critical moment when It oecame adispen
directors h~si'ated Tor fortnight. before changing
the rate OF discount o the cil FIR
first days Of the on however all the first bankers
| knew hat it was 10 be raised to Ger
Ever, therefore, had bassn-d 10 offer for discount
the commercial paper he had In his folio and
before perhaps had the back oeen offered to
discount than in The three four days preceding the
raising Il the fnea Merchants and traders how
ever, more troubled from being unable t. obtain d.
counts for PAPER having than sevenyfve days
run han by the increase in the rates and the design OF
this last has failed for tho large mercantile
houses have sent to the bank two three days in ad
vance all Inc notes IN ing ninety days to rum
At the time the Rank OF France resolved tn make
sacrifices in order to ia part for the
numerous demands caused by the rapid diminuiion Of
specie. large banking house and Of the largest
which the bank was in need Of The English press
that four mill ms sterling (00 millions Of francs
withdraw in this way from the London market for the
account Of the Bank Of France but this believe to be
onehal exaggerated the premium paid for this
ton amounted TO about If Doc. for every thousand
| francs.
The Tpgsh journals were 1ch occupied in discussing
these of the Bank Of France which contributed
to Drain the specie in the London Market and to bring
about the raising to 81 per cent OF toe rate OF discount
OF the Bunk Of England Severe criticism has been d.
rected against the system employed BY the Bank of
France, but the London papers especially devoted to
money matters did not hesitate at ali to defend it.
When monetary crisis occurs In the London market
the Bank of England lakes two TO remedy it,
she raises successfully the rate OF discount In order to
check the expectation of Specie At the time the crisis
Of October, 184T, the Of discount had raised
In fortnight to per cent. In the meantime she pro
cmes specie by selling consol,dates at the London Ex
change. Is thus that during tho last days ftD000O
| ana 81.
| Every is aware of the principal reasons which
caused such large quantities of specie to be drawn from
the banks Of France and Eoglandthe moneys requiced
in the Eastern by negotiation Of the TURKISH
loan in ordon the i'm Efficiency Of the crop which forced
France 10 buy her grains abroad aud alo the high price
OF silver in comparison with gold Every packet ship
than ten millions of francs in silver aud there also
large quantie sent to the United States.
Some Of these of Impeachment for France
and England are permanent but they largely
ensated by the constant arrivals Of precious metals from
(aliornia and Australia
Within a few days prepared by the
Bank Of france talted Of II said that the
bank would agaip take notes at 90 days. consequence
Of representations endorsed ny the Board of Trade am
Ore dc LtniMeyfe) but ut the Time therate Of
count would b@ raised 20 a. There is to nope
that the bank will not he under the necessity Of raising
again the rate Of discount will able i've
back 70 ade those facilities which she has temporarily
Withdrawn.
Since 1905 the Bank of France has raised the
rate VI discount above per cent although the Bank
England kxed it at per cent the 25th Of October
IS47 Annexed the different change he Of
discount at the Bank oil France since It's esabshment