The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-07-24
rhs Bank Of England m les4.

". lS.I
We NOW proceed 70 lay before our readers our ss-
rnal analysis Of the Bank Of England m co1tiaus.
ron of the one published LAST year, No. 1888, VOL
AZ The information contained in the movements
Of this establishment affords but little that is nse-
resting to the casual observer, or to those whose
views are confined to the surface Of things which sEe
Saily occurring around them; bus TO the man who
ear fos time withdraw nimssa irs@ sn , pus
which are involved in the operations OF the Bank Of
England, the subjec. is full Of the most important
philosophy; nor are We aware that this import lnce
nAs ever assumed grsver i welgnt man during the
Two years since, the civilized world, and more
esp< ciAlly the commercial part OF It, was raised TO
the highest pitch Of expectation by the enormous
influx Of gold to these shores. The Bank Of gland,
which had for many years previous only received
some three or four millions Der annum, suddenly
became Absolutely gorged with the golden treasure,
ssd possessed ct one time upwards OF f22 900 600
sterling Of the precious metals. Under this re-
narksble ctaoge the bank had 20 YER to issue its
Dotes TO the extent Of f35 1878 600, which left O
margin Of unssued paper under the head Of reserve
Of fl4 IA 000 the active circulation at that tins
being f23 900, and The minimum rate Of ds,ouat
Tor mercantile bills only per cent.
u b unnecessary for us to point out to our COM
Mercial and manufacturing readers the impetus
they have only 70 have recourse to their edgsri fer
1851 and 1852 t0'be fully sensible Of the crest
changes which t:ok place; and it certainly csnnos
BE- matter which is I'M sortby Of their Sonsiders-
before them to dsy may be regarded as the coEse
suenee OF our MONETARY System. We arc aware
that we have 10 deal with some who treas an ex-
animation Of these facts with ~ mach indifference
6 il they had not the slightest infuen upon the
Interests Of the public, while others r csive them
with ss much submission as II they were some sa-
ned ordinance Of heaven; bas all this Is wholly
unworthy Of q gres: aud intelligent peopls; it Is
bcwing down to Dagon which monopoly, power,
and amtition have SET up. Touch it by the magic
wands Of truth justice, and reason, andiit c:umbes
10 places before you We trust, therefore. that our
readers will net threw aside the array OF figures
that are here presented to them as unmeaning and
useless, nor treat with neglect or Indifference the
philosophy which they unfold.
We shall now proceed To notice the principal
changes which CURED in the bank operations in
1854.
j. ISSUE DEPARTMENT
In comparing tie highest amount OF issues In 1854
Of the table at page s3l it will be found that the
power 81 issuing notes dininiAhed considerably, the
hghes and lowest amouots for the three years being
as follows:-
900 Hghest: Due; u Lo ouest: Date.
1854. 2s523,62o Feb. Ii 25,77SOo5 MAY 20
These figures show that the fuctuation In the power
e the bank 70 issue notes between July, 1852. and
or neatly 80 per cent. These fluctuations ara go
ySyped principally by the fluctuations in the gold
In i the issue department, and do rot afford any
Measure Of the notes actually incircu!asion.
Tho amount Of notes in active circulation, given
h column 3, for 1864, when compared with the t1o
previous years, fuctuated as under
Highest. Dd'c. Lopest Doe.
1852. .f53, 379,755 July 10. fl92s4 500 Jan. 3.
1853. 23,SS0,060 July l6. 20,077,S60 Dec. 81.
1854. 22,557,025 July 4. 19,039.G65 DEC. 16.
Here we see that 1852 the active circulation vas
reduced t. f40950 900 in about six mont u.s. in 1853
was reduced about GO $50 900; aud at thu Gloss OF
1864, il had decreased e., s40,995 below what 4.
was in July 1853.
TIE metallic assets in the issue department Of the
bAlk during the year 1854 were consi 1eraoly bso
what they were in the two previous years, and IL
deed lower than they had been the four preFious
years in thEir extreIns uctuations for on the 4th
Of February the hIghsst amount was only els ,523,
go, and on the 20Sn of May it hal fallen TO Ell 49,
096, the extreme iniDution Of gold being f3,744,-
S25. The following Statement. shows tn. com lara
tive fuctuati in gold con and bullion for the FIVE
yknrs eudry 1ShI.-