The daily union. [volume] (Washington [D.C.]) 1845-1857, 1855-11-22
FINANCIAL AFFAIRS OF GREAT BRITAIN AND
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The Bank of England may be called the fifth estate OF
the realm II regulates the value of money by establish
ing the rate of interest at pleasure and consequently by
making il either plenty scarce exercises almost despoc
sway over the commercial desnies Of Great Britain The
exercise of this SUSPENSIONS power is in great measure,
discretionary though il may undoubtedly be arrested or
checked either by the interference Of Paramentwhich
is omnipoentor by that of the Chancellor of the Ex
cbequer who we believe, is invested with kind OF
control over that mammoth institution which, by con-
centration Of power has, measure become the des
pot of the commercial world
Its only rival the Bank of France and it would seem
that as there is no friendship trade the entente eordae
between Great Britain and France does extend to the
pocket Charity begins at home and, Notwithstanding
the interests of the two powers have become go identical
that my Lord Pamerston recently declared in Parliament
that onehalf the British cabinet in London the other
in Pars we learn that the Bank of France has lately been
syly absracng the bullion from the vaults of its dear
sister repensh its Golfers, which have been some
what drained by the conquest of side of Sebastopo
The elder sister has become alarmed in consequence and
raised the of interest to double what it previous
ly--the direct consequence of which is ALARM If not
panic among the merchants
Some OF the British political economists however who
see pretend to see, deeper into milestone than the
who pecks it. have shrewd suspicion that the Empe-
Of Russawho if believe John Bull like the father
OF evil has hand in all sorts of misehieis at the bot
tom Of this pecuation in the bullion of the Bank of Eng
land. One of these oracles says:
The enemy has found out weak place. and has made
blow at it. He has discovered that vulnerable only
the Bank Of Engandsensitve seriously in the vaults in
Threadneede and he has therefore, dipped his hand
into hu hox He notd
gage ships but he could originate panic in the
market and damage than could the loss of battle
Many certainly believe that the Antocrat has distracted
gold and he has he is entitled to credit for his cunning
for although all rapacous animals endowed with in
snc which directs them to the vital part of their prey
being similarly endowed, the moral strategy
vealed only to intellect"
Again We are told by Paris paper that an. Roths-
child yesterday for London 1t s stated that he is
nrused with the conduct of arrangement between the
Bank of France and that of England Should this fail it
may become very serious NATTER and breach in
the entente cordiaIe John Bull is extremely tenacious OF
his bullion and either the Bank Of France the Emperor
of Russia has found the weak place. and made blow
at it."
However this may be- it Is becoming every day more
and more evident that financial and commercial crisis is
threatened both in England aud France While the polit
of that have combined bring about
cannot be avoided while almost every power in Europe is
greatly exceeding its by its expenditures, and
compelled to vast increasing loans absorbing the
fruits of the national industry The debt of England al
ready amounts to more than will be dug from the
bowels of California and Australia and the interest ab
serbs the surplus earnings of all the industry that labo-
equally involved in proportion to its wealth and
Hitherto the people have borne the burden because they
could help it, But it is the last feather that breaks the
cames back He cannot carry the world his shoulders
even with the assistance of Baron Rothschd the Atlas Of
paper money.
In this state of things and in the midst of such gloomy
anticpatons leading London organ comforts the excel
lent John Bull nasmuch as though he at present pays only
some iftyodd millions Of taxes he pay hundred at
pinch and carry double if necessary. What is fifty mill
lions of additional burdens to him if he humble the
Car and brighten Brother Jonathan by taking side OF
Sebasopo, securing the mpond of the sea of Azo and
burning the Tartar houses of Teheah and Taman, the
latter of which occupies the site Of the famous city OF
Phanagoria which Hourshed in the times Of the Argo-
nauts2 The achievements of the present great war;
the London Times has it. especially those of the British
cheapy purchased at the price of doubling the burdens
Of the people Of England and derangpg her mercantile
and manufacturing interests that is yet be
seen.
The Times however surmses that the present sensitive
position of these interests is merely temporary is only
passing cloud which will disappear in proportion
loans increase bullion decreases and the bombardments
are successful Every Tartar hut reduced TO ashes in the
Zimmerman Bosphorus or the mouth Of the Bug win
contribute the revival Of public confidence and give
lustre to the increasing glory of England So or
something like it. said the Times of yesterday What it
win say tomorrow tell We shall probably
find that terrible amb-dexter bully tossing General
Simpson into the Black sea, proving the Prussan
better than political weathercoc like the clerical hero
of the old song, who boosted
That whatsoever King shall reign,
Ill be the Vicar of Bray, sir"
There might be proprety in the simlitude for if
memory does deceive us there is no ministerial
change that has happened in that quarter for the last forty
years in which his ordship has not turned up trump
PROFESSIONALLY, if craftsmanship consists in retaining
Office through every vicssitude his lordship Is a very
great statesman and understands the science of political
bargaining
But whatever may be the anticipation of the Times
the future it is evident that the financial and commercial
systems Of both Great Britain and France are already
riously deranged and will become 80 II the Eastern
commercial world In the present state Of the civilized