The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-11-04

- aeslsace8 by the hnancif operations q Russa7 II
sen informed that gold 70 TIC aonns Of 81 900 has
been traced from England 10 Vienna but beyond it,
Was that gold for RussiaS People in London have
much puzzled by the way In which the bullion has gone
there much mystery about the transactions that
the operation assigned 10 the circulation OF bills not
strictly commercial All this lends some coun tenance
To the suspicion that Russia has contrved to interfere
with money transactions rather than with the
of exchange The Bank of France has been exposed
similar visitation; and it will be recoected that the
emperor OF Russia, on former occasion, evinced his
financial power by coming OPPORTUNITY to the relief OF
the Bank of France Tbs resources which Afforded sup
port might be converted into q means Of embarrassing.
II competent to Russia TO resort to financial
through Austria and Prussia, and their agency in
But did shea Are we not needessly alarmed? Twelve
months ago there similar kind of gold fever raging
The gold In the bank October 49, fl2 s5oooo the
21st fl2 3S0 40. The bank took fright but 22d
Of December the gold Ella 600 and on the first
week of January fl5 o0o The truant gold
autumn there alarm Of scarcity for f,od not
felt now, although flour is nearly the same price.
Sia there Is Something not fully explained IN The tendency
ogod 10 iedpe the bank and the bank directors obviously
think that there is for the remedy they resort 10 Is desperate
rather than bold. The rate Of interest is unnatural,
and If there be anything Of sinister character in the
gold transactions government should promptly inter-
fere, and give freedom the bank. The present
state of things has revived the banking 1t
agiatea Derby and Nottingham, and OF course, Birmng
ham, and IL will be that the Liverpool Chamber of
Commerce ia invited to consider the subject
[From the Liverpool Post, Oct 49,
A requii.ion Of highly important character was
yesterday signed Change addressed to the Chairman
call meeting to consider what should be instantly
adopted for the relief of the community suffering
from fearful depreciation of property consequent upon
our present monetary system. The requsition headed
by Iittledae and Co., Sandbacb, Time and Co, Molly
neux Taylor and Co., Haigh and Co.. Zwilchenbart and
Co., Buchanan, Brown and Co., and other Influential
Names received in very short period large complement
of signatures and will be presented at twelve O'Clock this
ia, 70 Iao4 C,at,, .r fl.r
until which hour it will lie for signature ut the Offices Of
Mr. Beloe Is Brunswick street.
The following is the requisition:-
To the Chairman and Committee of the Liverpool Cham
Der Of Commerce
We the undersigned residents of Liverpool deeply en-
gagged in the commercial affairs OF the country
help viewing with dismay the continued depreciation Of
property under the influence of present none AIRY
system which has again arrived at an alarming crisis
They request that you will call meeting Of the Chamber
of Commerce to consider what should be instantly
adopted for the relief of the community.
Mr.. Heath, in receiving the above memorial sail he
was aware Of the step being taken by the mriats,
and that he himself member Of the commercial
ter s helm with IN r an Of b
commercial friends. In the capacity OF chairman of
the chamber he was willing to use every endeavor
calculated to promote the object in view. He would
remind the deputation, however, that it would be
necessary to proceed with moderation, the only
OF maintaining that influence and position which
the chamber had by pursuing such obtain
ed He observed further that during the past fortnight
he had bad some intercourse with various gentlemen
monthly meeting Of the chamber, to have brought the
matter forward He should probably have taken upon
its general merits well in connection with the great
question of the money charter Having, however, re-
ceved this numerous y signed requsition he should
slider 1t his duty to call special meeting of the council
OF the chamber on the subject.
After some further consideration, the Chairman init
mated that he wond call special meeting Of the coun,
ing OF the Chamber would be considered.
From the London Globe Oct 191
Yesterday the Bank OF England advanced their rate of
AT Liverpool signed memorial calling upon
the local Chamber of Commerce to petition Parliament
for temporary suspension Of PEEPS bank act of 1914.
This We fully expected aud the gentlemen at Liverpool
have conferred favor upon the country by bringing
ward the proposition possible in order that
the policy may be sunrnary discussed exploded and
dismissed If there is thing decidedly settled
than another it is that notwithstanding the continued
drain OF bullion there has been down TO the present
ncnt an unbroken confidence in the commercial sound
ness OF the country and must assign this correct feel
ing mainly to two In the first place. trace 1t
to the comparative absence Of speculative trans
actions; and in the second to the conviction
of the public that currency is perfect
". genuine and that any inconvenences which
might result from the drain of bullion to supply va
cuum on the continent Is, much possible, under
tire control Of that establishment which has 10 charge the
Hoodgaies % The currency Although the nature OF the
known the nature of the operation al the bank is per-
fecty understood by every commercial class in the
try. The bank has successfully raised the rate of dis
count by hafper cent Mt time, in the expectation that
the increased value o money which is nj recognized
ana confirmed by that enhancement would assist in
ing reaction to bring back bullion from the continent.
Last week there believe that this operation
had been in part at least successful; and it from
that copyclion that the public explained ne
az -; ar.dav without 'aa expected raising Of discount.
The point Of reaction however il appears has not
attained and hence he proceeding of yesterday.
1t follows that The operation at the bank NUT neces
sarly have influence on trade, and anticipation
was confrned at the colonial wool sales which com
meneed yesterday-the Caution Of buyers bringing
down prices expect that any contraction q
he Ike
traction commercial dealings. But believe thai the
facts too powerful to suffer any unhealthy excess OF
tcrday not different from what is on "Wednesday
what il has been for several months past We
still possess the ample but not excessive supp les of
Gu manufactured commodities; we have reason to ex-
pect commodities in exchange from all the great countries
with which are in trading communications and what
may be the price III money the relative value % all
these commodities remains the same though their value
in money is for the time Affected The proposal 10 suSpsad
NE dttof 1874 hoirerer is nohiRg les THIN
proposal to rergore the safeguard ,cica has curs5 ~
comfot chh &c nom e5bg a permit Of monetary trial
what was the object Of the act Of lsii i was supple
Of the Bank of England should be convertible into gold
al the rate of 60 lis. lo1ad per ounce u We did not
this date to remark that - lis. 1924. Is not the
price of gold but 1t only that agree to call
piece gold weighing quarter OF an ounce Us % and
ths ola rennygyisg to the lump OF stamped gold the
colloquia name Of sovereign. This is the answer to
Peels question What Is pound ~ and waen II Is pro-
poed to alter the standard Of value in order to suit the
of raising the falling price other uc
tuation make exactly the proposition As il
aspiring hero with more ambition than inches were to
suggest that he recruiting sergeant should be supplied
with foerule Of different lengths to suit the different
heights Of candidates. The act of 1919, however.
presumed that the directors of the Bank Of England ID
their discretion would keep such reserves of bullion
would enable them to ud the statute but the demands
Of the commercial public the hand and gu the
other lie dislase TO bul lion dying idle" without
making profit for the Bans induced the directors - ia
crease their notes and diminish their bdon in an in
ratio. Thus while the securities which stool at
go 100 600 in December 1873 advanced TO SIS 900 900
in tue follow ing September the bullion had sunk from
90 500 600 to g. 500 900; Ian OF 81 0)o COD from the
Bank Of France ayered suspension Of cash payments.
How would our Commercial public like to contemplate
that state Of things But not the worst instance in
1s24-5, had The speculative mania for foreign loans
aud joint stock prnics. involving export 20
the amount of e55 900. 600, and Needing capital
Of f372 600 00c--much Of il winibag com
merce. which necessarily exploded. seventy banks
swept away in six weeks; the gold in the Bank Of
England sunk to few THOUSAND pounds aud the country
was .,witnln lev hours OF state Of barter" How
would commercial puoic ike TO return TO that state
of things lie act o 1874 the complement 20 The
1870 obisnu the bank directors t. iuli such