The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-11-01
vais Iurkey respecting II, the specuIs,cn prom
The fuhThGS RESTRICTIVE MEASURES OF THE
DAkK or pSauAnr

AAo P's'tNS" VI Nio money market exCieuI II
.ressea uatas'ness me demand Tor money yesterday
in the oisco Mt marse. very tive and she current
'es are low ABOVE those OF the bxtk In fAct, money
was bepn scarce and ught the dividend funds having
been Gu,cAy absorbed The DIRECTOR of the Bank os
England have Jutt adopted measure Of restriction
Dawn come " the oeccn altogether refuse ed
on government securities excnequer bils excepled Ia
many respects this Is .tep OF serious import II ndl
cat.s tna, the teps dro itself una 70 AZ ord
oson 10 tne STOCK Exchange. Ia addition 70 the demand
irf o. onary con rcis quarters With view theec
ore 70 rtsrve the banks the more leg
mate REQUIREMENTS OF trade, tue granunP of iacles 20
tue s'ocs hscharge Will for the present be srsrend,
ne most important point for GRAFTON is the axtent
10 Wnh toe step wl effect the private ard ont STOCK
oshs o. gaout tbe country, which habilualy aod
eie ~ eovtrnmeLt IT OK, relying upon s being nj nj
nfn' Nv Liable Tor raistDg loans upon tlue tf need
ne hAu'a nier.erepce Is tnat these Embellishments in
tne evsit Of continuance OF tie pressure will be com
otbto to throw stock upon the market The banx move
M nt ooes not aem 10 have boen prompted by any
nm" late Increase OF demand part OF tue Stock
Exchange money being raher easier in "the house y
o"De 70 the rseAss OF the dividends coupled with the
saaoy absorption " stock oy The pubfc la the ludt
meut q the bans autborities however this state Of
innes probably constituted favorable opportunity
or ine ehiorcenent o. the OF restriction
tiao ibe announcement becn q. moment when the
'ook sSchaDse was greatly pressed FOR oney, the pre-
lsh mrse severe Although the decision OF the c,rec
tore anec IN ne first iaita1c4, Roverpnant stock only
obvious ihat al descr ptoas OF securities must be
nore or efs prfudiceo Tor private and Joint stock
babAs and oier dealers 10 roDey are rendered loss VII
hDe 70 lend upon sosarnment stock, follows that still
greater ohnculty w.l be experienced Ia obtaining sd
vances ups railway other ss eligible securities
la every point OF the measure ia ca 10 one
, ,a,s as great osoourngemen to al parties WHO
holding recurifs ulcn borrowed money IN tho hope o.
rally the ~ oersl appearance OF the monty market s
suMter'y oscorIaspg 10 call FOR tne exercise OF
ttmo caution n eyny qaa'ter, since can feel
cat that further restrictive easures NAV not DO
adopted AT the same time Il DO borno N mind
bal the tRhinesa row experienced Is tho very wearon
upon wh,ch Ha1k Eng and reies for the means OF
Ssrdie of ,he attempts Of the supply i.sef
sth oney here Capitalists who have hitherto ouud
20 IN uhy 10 raising money on stock for employ Ia
he remittance OF goo 70 the continent, vii find
bef OPERATIONS greatly impeded. Meanwhile the un
unfinished confidence Of the publ s Indicated by their
constant ovesimens which VIII become mo. sctye ns
prices recds; ana ibe soundness Of tradc is amply
orovao ., the absence OF commercial. embarrassment
From The London Herald lCfty Art.ce), Oct l7.1
the directors OF the Bank OF England hs STATED long
osore hey raised the rate Of interest from a.. per
continue in that frame OF during tie past fortnight
bIe measure or restriction after another rss followed
WIN Tapdsty and org ere the mercantile comm nifty
been called upon TO bear with another On Toe sday the
oanA gave rotce that advances would be made on
ut securities &c. for loager periods thar week
and yesterday eerg bot two da later they have come
10 the resouoG MT make upCn govern mept
securiirs &c, al, except upon excbeouer bs. How
long these fpasmcoF changes be endured without
disaster question which is In the mind almost every
comne rcai an ard tie only wonder TO be that
pressure so weh ss they have h,therto done. There
must be limit however, and, judg NJ from psst expe.
been almost reached. when It becomes mpcrious
oe<y ior ihe government 70 take steps to afford the
reiei which II s otherwise impossible be obtained
s stated With what uth will be seen that the re
serve OF notes n the banking department hes been re-
orced below two mi Hons sterling AM that on appeal
u about 10 be made to the government Tor the per
aaor 10 issue n considerable sum in notes-in fact
virtually 10 repea the BANK Charter act Such s the 70
rori IN circles generally well informed, ana Is
heartily 70 be desired that such step should bc takeu
without ioes Of tine. The eifux of gold continues and
w.t. as We have ispcatedy shown, continue whilst
demand Tor II on the continent continues the same
character n present is futile suppose thar the
advance G. the bank rate within reasonable BOUNDS can
aye 10 esitmA.e nuenre at present since IS not the
ing our bullion. The only plan which can be followed
With safety that which WAS adopted IN the midst of the
psnc of lss!vz, TO suspend the bank act That opera
uon bowever, would not prevent the export bullion
but i would render matter OF infinitely less conse
quence tho COMMERCIAL II Is At present
We should deprecae rahness Of all thDxs in interfering
with The existing state OF affairs, and. Consequently do
MT expect any rec vN.icn N tho mismam d d.s
count but we do say thai the goverDmeW Is hound by
every consideration of humanity policy and common
s'nsc 10 prevent the occurrence OF those
gers which loom largely IN the distance and which
avoided unless relief speedy and ecctual be given
IRON tho ms chic workings OF q currency systcm
tuii NJ on m ingenious isacy cannot be denied that
the rates charged for discount approach worry closely
TO the average margin OF pront commercial opera
t'ons, and, consequently renewed turn Of the
looked rpcn with foFcbodpg Why. when the remedy 10
siupiu should commercial crisis be allowed to take
place. 8rd especially when II Is considered there Is
real cause Tor any hing OF the Kind In the Of
trading operations OF the country France apparently
Emerging out OF the dicuues which threatened few
veess back and By the exercise Of little sense
OurHclVel
from the present unsatisfactory position OF aaIrs az was
for fr0 CO, because and enterprise have
no, exceeded esimaie bounds The salvation OF France
however, bas been at the expense Of England and
ry and solely because persist In the Abeurdty OF Ak
ing price for gold and making that tho sole
currency SYSTEM tits to be hoped that the bankers OF
the METROPOLIS In lss7 win represent 10 the govern
ment the dangers which surround tho mercantile world
and nsist upon the immediate adoption of OF
From the london Post, (Clty Ar,lclc) oct. III
Anopeh the directors OF tho Bank o ngapd have not
made any alteration 70 the rate OF discount they have
taken step OF scarcely less piportance-paney, tho
rsfusa to make advances except upon cxchequcr bills
u can therefore no longer be concealed that the o.on
or the bant has almost reached that poni when d.
rect Interference o. government must be sought and OBJ
tanned IN order TO pat end TO tho unsatisfactory gae "
affairs at present existing Indeed, IN sta ell thas Me
Of notes has b, reduced point low Ai
bag not been paralced since the disastrous year
is4I. and said In quarters well informed that 10 ask
the permission Of government to OF notes
has almost been determined upon in the bank parlor
The prcent posture OF Affairs Is therefore most serious
and world be almost amusing 10 watch the shlns to
which tho bank cctors have been yut o. late we're
not that each cxpcdent carries with the germ Of das
ter ana ruin u no longer the mc FOR discussing the
mtr 6 OF such steps n have been taken during tho rast
week, they traas acutly the offspring Of tho
moment, aud essentially Of the character Of experiment
that they are scarce worthy Of serious consideration
cxcept OF distress tho len ID md
breadth o, the land. rnesh tho directors OF tho bank
intend 70 follow " ise, work q Yesterday b, demand
poseibo to calculate the amount Of injury that viii result
% the commercial classes from the reuss 10 make ad
Nabtfo ol EoFcfnmeut kcCirtfe Save
exchcquer bis. In ihc stock Exchange this wll bc felt
severely and urlcss sere taken 10 afford r~cf
On enormous depreciation in the value Of The national
curtcs must cnsue. II must therefore be assumed that
there s foundation for the report current day
thai m application will be Immediately made to Tho rrea
tury Tor permission TO ssuo xed amount of notes In
addition 20 the amount prescribed BY the Bank Charter
act u this do done win uDquostouably aDrd relief
to The commercial world and IN all probability will act
as much Ike charm did the suspcnson OF the BAns
Charter act on the 26th October l45. According 10 the
rumors IN circulation, the bank MOI IN much boser
oeiion than u was In Ortober, lsS1. but Ia indeed
happy circumstance, and q great distinction between
then and DOW, tha, the Of The country IL sub
santsaily round, and consequently there has been
panic occmoned BY Succession OF iaurse in tho
camille world. no tpe authorities who rule the mono
tuy affairs of the nation wish ior justification In
the shape OF commercial disaster before they ven
ttIre again 10 suspend the operations Of the bank
surely, such cannos be either The desirc OF the d.
rccors Of the BANK OF England The government III
be- II much 70 be feared that they will hot have oog
% wait Tor utterly impossible, oesptc the soundpess
ard hcabness and elasticity OF trafc for the mercantile
community long 70 Withstand the soont OF pressure
teing broueh 10 bear upon them Ear better would Il
be 10 adopt preventive measures and is tho duty and
the right of oil TO call upon the 10 al once 10
tfas