The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-23

TFrom the London Chronicle Nov. Ill
Each day tells with increasing force what the real
meaning and effects OF unprecedented Of discount
doing for the commercial interests OF this country Sales
Of produce are no longer possible except at runousy
prices sugar for instance being down In price from Dos
to 24s per cwt, or f20 per ton, Sapcrc rice, metals,
and other articles but coffee also down considerably
The mercantile interests of the country fail
perceive that are M we have long been nghting In
their defence against the evils Of the present bank charter
and that within the last week or two, ourselves aud the
champion ia the London press that charter, have
brought forward almost every argument for and against
which bears upon the suoject The hour Of trial bow
h AT hand there II increasing pressure against
which the bank charter is utterly poweress 70 the
country.
our Contemporary 10 day writes"will any one venture
say that 10 per cent (dsoounD a ratcs' We
answer both yes and no.
IL is not ruinous in itself as a mere matter Of so much
per cent for the use of poney-ceraiDy not-but u Is
ruinous by Of the effects pro iuces Il fact
that the bank throwing out bills fiom each batch pre-
there is suspicion attached 70 them. In some cases
this may be 50, hut not in all II is fact that the
England shuts cut a large number of persons from
discount altogether. II " fact that this high rate
for money has complicated business by increasing the
difficulties of obtaining assistance, that produce has
conc d,arn fedrfuuy IN price The fdh IN sugar
yesterday and today bring from S. b los. per cr
and il rs morally certain that shortly some produce
viii be utsaleabe at any reasonable figure indeed IL IL
already in the of sugar 1t is fact that the
s,ni resr,ons tr,nging doacn mercantile houses right
and IN; houses sound to-day rotten tomorrow be
cause o the non payment Of debts due 10 them. II
iufther fact that all this commoon and the rise In the
and trying stop the drain II not with the view 81
arrestng speculation which, allowed 10 extend would
create commercial difficulties h Effects, hocsrer are %
purdlyse trade, and force ypon commercial crisis
uhich Is inerttaiL Our contemporary further OBJ
servcA temporary sacrifice of profits must be the
that occur from the payment of 10 per cent We're
the than 10 H. Is per cent charge
this would be true, but have st shown that s not
qu, ston of 10 much discount which would in act be
paid by the consumer but Of the destruction Of both
pta and profits s vain 20 shirk the PLAN and real
question before US sophsuy, ever 50 plausible cannot
shao hafora Tho fznffh
charge for discounts which the commercial interests
indebted ~ tho bank charter.
The market for the English funded securities has been
extremely buoyant 70 day not~ithstandng the very
favorable state q affairs The market for consos opened
ss ss'' q, money They went up to se and back 70
late in the afternoon. For the December account,
ss sssd for the sh they were operated d.. IN at =,
regular hours Of business and finally
quoted at se 10 sos, FOR money and SOS 70 S9 for the
several The settlement Of heavy bear account in the
first Of the excitement the primary cause, followed
late IN the day by the announcement tha. the financial
difficulties In France 20 be by the issue Of 50f
notes and report Of the Indian being N with
counts q TIC relief Of Lucknow and tho entire supprcs
sion q the mutny and lastly by large account Of
soils for about fi50 being bought in against the
SPECTATORS FOR she fall The commercial aspect OF affairs
dealers appcrred inclined 70 ignore me existence Of
any pressure out q doors, the probability Of further
commercial disasters.
[From the London rost, Nov III
The settlement Of the in the English funds has
chiefly influenced the market oday and the tendency OF
prices has been upwards, In consequence - several
bear accounts Of magnitude having been closed The
exp, citation o the receipt OF favorable intelligence by the
mail from India the telceraphic summary of which !.
houey expected had the effect OF Strengthening he
tone o the markat during the greater part o the day and
prices were at one time nearly 4 per cent above the
closing quotations q yesterday. subsequently however
reporpohtaned currency that the propriety IL further
In the rate Of d. ount under the consideration OF
the bank authorities and she market LEFT Oh rather heavily
at the closing quotations Of last evening For money
consos have been dealt IN Mt sSss, S9k - sea, SS4
and for the new account, which commenced 10 day