The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-09

reception prepared for the mob The presence Of
formidable military force completed the dscouragement
OF the rioters and they abandoned their intention or
penetrating into the building Since this period a guard
Of soldiers has always been posted nightly in the interior
17s1-The bank charter this year extended for n
further period Of twenty FIVE years, consideration Of
fresh loan Of two millions advanced government
lTS2-3-Durng these years the and bullion or
the bank we're very low, drain Of specie having
from the commercial expansion which followed the peace.
To remedy this state Of things the directors took
the bold step OF refusing TO make advances the loan of
1888. The expedient succeeded. BY alteration tho
exchanges, all further causes OF anxiety on thS sooro
relieved.
I7sO-In December OF this year, Mr.. Pitt made hs
first attempt upon the unclaimed dividends in the bank.
This by proposal made by the directors "a
lend $500 900 without interest, until the unclaimed dyi-
dends should be less than G600 GOO Mr.. Pitt seeing th0
improbabsy Of their decrease accepted the proposal
or i793-INrERrxRENcE PARLIAMENT.
i7s3-Tbc East India annanes were placed under IN,
gloom and distress throughout England. On
the 18th February, the Bank Of England threw out tho
stopped payment to the amount of a million
sterling A universal panic followed. Bankers
Compelled to bow before the storm. Towards
Of one hundred country banks failed and the vane OK
property seemed annhiated. Mr.. Tooke considers tho
distress of this period have been exaggerated and Mr.
Chalmers Of opinion that the whole mischief had ar@en
country banks OF which was in nearly market
town. Parliament was compelled TO interfere and an adj
OF five millions on the security Of exchecner bills
voted for the relief Of the suffering trade Of tho
country This operated like a charm. The cap.
who had held back when help required camo
forward Immediately when government prorered ,ts az
sstance Out OF the FIVE millions voted only two and q
required and by the end Of the year cond
dence was entirely restored
l7s8.-The wealth Of England was this year demou-
straed by the extraordinary readiness with which Mr..
Pitts application loan Of els 600 600 was met by the
country The subscription the first day amounted TO
million, the second 10 nearly twelve and tho
third the remainder Of the sum was subscribed in lo
more than IN hour
SECOND susrEsnos OF srsor PAYMENTS nu %
1797Ths Witnessed another suspension OF specid
payments by the Bank OF England This measurc which
went into operation the 27th February, necess-
ted by variety of The subsidies granted by
England foreign nations-the duplication d the national
debthe approximations Of an invasionhs pressing and
continually increasing wants Of the government and
the gradual dmaton OF gold In the Golfers OF the bank,
during the previous twelve months, 10 the low figure OF
81 272 900, all combined TO render imperative. Had
the minister been guided by the advice and
of the directors, this might have avoided
Mr. Fox thus characterized it in his place in ParlAent
For the first tho Revolution done
which struck at the foundation Of public credit by
| ing the money belonging to indivsdaaisn IL WAS
Of the '' time that the bank might have escaped tho
difficulty by increasing instead OF diminishing liz
a,on. Mr. Hesry Thornton stated TO the Parliamentary
committee, that "t the want Of bank notes and not
Of guineas that felt" The contraction preceding
the suspension of specie payments had been very
the 18th OF February the notes reduced
fourth the which they stood the beginning
year 1t must be remembered however that tho d-
rectors in critical position Between tho advances
demanded by for the safety Of tho country
and the large discounts required for the extensive
necessity Of taking step which must have cost them
many painful struggles
In this year an act was passed authorizing the ssue or
hank notes under f5 and large quantity OF dollars sup
Piled by the bank and stamped by the MINT were put in
circulation and taken in exchange for the Of thH
bank The latter soon however fell into disfavor
the 31st October were called in.
The report OF Of the House of Com
mons printed in November shows the condition Of the
bank the iith Of that month. Outstanding demands,
eli SIS 30 funds for dscbargng the tnot including
Gil $50 500 due from governmeu, Ell AIS 400 Not
wths,andmg their condition, however the bang
restriction act, passed IN May prevented the directors
| from revertng 10 cash payments.
lso0--Thc bank charter again this year
consideration Of further lan Of three millions ad-
vanccd the for six years without interest,
with the right Of claiming payment At any time before
the expiration OF six years II consos should be nj above
30 per cent The directors were however, allow per-
cent annum the repaid for the time that ha
TO lapse In return for this payment they enjoy,
among other advantages, the privilege Of holding the pub
1so2-Concusion Of the peace Of Amiens. An act was
passed in April Of this year further restricting tho
1903
Isos-The Bank of England lost upwards Of 100000
this year by the celebrated fraud in the
chequer bills, committed by Mr.. Robert Ast,eu, III
cashier
Another bin was passed further extending the re-rr-
ton Of cash payments by the bank, until After
a dehntive OF peace. In the on thv8
the Chancellor Of the ExcheQuer remark ed,
that very much 10 the credit Of the hank that
y had not abused the discretion given Il, with view -
its private profits"
1so7-The bank dividends raised from 10 10 per
cent free Of income tax At which rate they renamed unui
ls22
1sos--A revision Of tho public expenditure having
been recommended by tys Chancellor of the Excheaaer
tho bank agreed withdraw f600 unclaimed
dividends FOR the of tho public make an economy
on the management Of the loans Of 10000 per annum,
and advance further loan of f3 900 the state
on the security OF Excheauer bills 10 be made
from the signing Of deGnitive treaty OF peace.
1s11.-Enorts were made by Mr. horncr and others m
Parliament 10 bring about resumption Of payments
specie Lord King distinguished himself by refusing 70
receive the rents Of his estate In the bank To
meet these attacks tho currency Of tho Iord
Stnhopes act passed declaring illegal receive
or give more than twenty shings for guinea, or
less than twenty shings for pound note In the
bank Of the bottom planks Of the ship of nsIand,
and woe be 70 US Il we permit to be bUed through
Al one period in this year the market price of gold
touched f5 H. and the bank note sunk 70 Ils
lsA-This year concocted and carried into
ton .be ceeorasd s'soa Easnsnse Conspiracy esn.
o the allies into Paris, with which the Of The pre-
sent Earl Of Dundonaid Qord cochrane) painfully
extensive character Of this fraud some idea may bo
formed, from the fact that the Saturday preceding
the Monday on which the deception attempted
sols and omnium the Of fs2s 600 purchased
for various individuals, many Of whom we're seriously
isisOn the restoration Of peace Me bank resuictos
was continued by new act until tho sth July, 1870
lsl6-Renewal Of the Bank Restriction act 70 July,
1913 This year and the ast periods of great
mcrcai depression During their continuance there cc-
Cured soit bankrnp'ees g Which 90 we're bankers.
friction specie pay ents enabled 70 make this year
addition twenty ave per cent 20 the capital stock of
estabshnen was increased from eli 400 70 fl bb3
ooo At which amount Il remains For this privilege
the directors compelled 10 pay the government
bonus Of about eighty thousand pounds, in the shape Of
loan without interest.
lsl7-Ihe BANK of England announced that After
the I'd Of May, this year h would pay cash Zoe
ali ns notes of and two pounds, dated rrt-
or 20 lst OF January, 1918, exchange them
for new notes the value Tho confidence OF tho
public ~as however great that scarcely any Of their
notes were sent in. further notice was prucd thae
after the let day Of October they would ready ray
gold for all their notes dated prior 10 LIST January 1s1i
The bullion spccuiators stepped took advantage or
The exchanges and sent more than Ave mlsons 20 tho
continent. Parliament compelled 10 interfere, and
act passed restraining the bank from paying any
of their notes.
isis--The value Of bank paper, which, in 1916 ~As
about i6x per cent below that OF gold this year 70
within ~ per cent Of bullion.
B1e--pessase Of Mr. Peel's celebrated currency bill
BY this bill provision made for the Resumption OF
ce payments by the bank, and all the torner ace 70