The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-11-21

pendence, Great Britain has during the same
period acquired more than ten.
BANK OF ENGLAND PosT NoTEs--MoyEMENTs
OF SpEcIE.--We gave a short account few
days since Of the efforts being made by the
Bank of England to prevent, If possible, or at
eastpostpone, the expectation of specie to the
United States for the payment of breadstuTs,
which were going forward in such large quan.
titles. There is no doubt but that serious APP
prehensions have been felt in England relative
to the probable shipment of specie to this
country, which, with the drain going on to
the Continent for war purposes, would have
been very serious matter. It undoubtedly
has been expected that sooner or later such
movement would take place, and the Bank OF
England has endeavored to adopt such mea
sures as would be the most likely to defeat it,
The appearance of Bank of England post
notes, payable sixty days after sight, in our
money markets, shows that the first step has
been taken, which for the time may be an
effectual one. These notes are particularly
available for the purchase of breadstutfs, and
fill the place of so much first class exchange.
Inc Dunk kcLS UeGWccu tuICC ohN AOuA AAphoAAo
credit, which is the principal object in the
operation. Time is the all-important matter
with that great moneyed institution, and time
it gets by this mode of financiering.
The course pursued by the Bank of England
in raising the rate of interest rapidly, from Al
per cent in April to 6 per cent in October, was
solely for the purpose of forcing contraction
upon commerce. and while it tended to the re-
duction of imports was calculated to give
great stimulus to exports. 1t is important to
the Bank, and to every local interest in Great
Britain, that the export trade should be in
creased as much as possible; that foreign coun-
tries should be flooded with British manufac
lures, and the balance Of trade raised largely
in their favor; that the flow of specie may
be in, instead of out, so to preserve the best
supply of precious metals. In view of this de-
termination and these movements, we doubt if
| the anticipations of our most sanguine specu-
lators regarding the export of specie, are likely
| to be realized. We have found in years past,
| when it was expected that the current Of specie
4 would set this way, tina. We have received in
stead remittances of dry goods, the proceeds of
which have liquidated all balances 1t is about
| eight years since the tide of specie set this
way from Europe. The famine of 1917 created
| balance in our favor, which was paid in geld
| and silver. Since that time we have been
large exporters, and we doubt II, even with
the active demand at present existing for our
breadstuffs, we shall get dollar in specie fren
the other side in the way of trade.
| A month or two since the indications were
decidedly in favor of an Importation of gold
| in payment for our breadstuiis but they have
been dispersed by the financiering of the Bank
| of England. IT we had the power of regulat
| ing this matter on this side of the Atlantic it
would be easy enough to anticipate the result
! but unfortunately our financial affairs are 60
verned and controlled by foreign power
into whose hands we have involun.arily and
unknowingly placed ourselves. Our position
is very different from that occupied il lS47.
We were then comparatively ont of deot. Oar
stocks were not at that time so largely held
abroad as at present, aud the balance Of trade
regulated more or less the movements OF soc
Gle. Not so now. At least three hundred
| millions Of dollars in American securities are
scattered throughout Europe. TIE interest on
which amounts to eighteen millions Of dollars
per annum. This is so much added every
year to our annual payments, and il il
go much extracted every yesr from tne
industry of our people. Over and ABOVE
our trade, the sum of eighteen millions
of dollars has to be paid before the ia
lance can be struck in the account. Even
that is not ALL Any balance that may foo. up
against England or any other European ma
ton, can be liquidated by the return of onr
securities before a single dollar of specie need
be moved this way in payment We 60 not,
therefore, soc the slightest probability of az
importation Of specie in payment for our large
| export Of breadstufs. Between Bank of Eng
land post notes and our own stock securities
and dry goods, manufactures, &c, the means
70 pay for all the food Europe may reqrire,
will be forthcoming withcut the least drain
upon the Bank's supply of bullion. That
Institution is likely to have all the drain il
| can provide for in another direction, and our
own financial afiairs should not only be regu-
lated upon our own specie basis, bat with
/ re gard 10 the serious embarrassEne1ts of our
largest creditors and best customers, which
must affect more or less our great local
| interests.
| Mn. Wise ACCEPTABLE 70 THE BLACK RspuB-
IrcAYs.--The Providence (R.L) Journal, black
| republican, seconds the motion of Greeley.
| i'm favor of Henry A. Wise. OF Va az the do