New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-11-27


the Community No others receive pscaniary truss Of
greater 1nse tcde aud not any dschage them more
fstbtuy .1d scrupu,ousy. 10 stock operations they
represent people Of al classes srd geoe'sJ speaking,
finley DO Dot discharge the fsoctions Of an agent In
.:esd ofthose of princip. their movements arr IN
fseuced ard guided by the opinions snd scons OF po
NE outside OF the speculative arena. Entertaining
ih.se views 70 regerd TO members OF the Stock tx
charge We see TO sres. IMPROPERLY or Inconsistency
in their Suspension Ot business, % psHelpse ID me
scc.sl epioyments Of thanksgiving They are proos-
Div So much entitled TO psr.sfe rsioosly OF turkey
trd plum padding as any ether members OF the COM
nurity.
IL another portion OF the paper viii be found
oopi0us eI'rac,s from our foreign files, received
Der Vanderbilt: Il viii be observed that the sus-
repsion of the csuss Of TIE Bank Charter-the eecs
Of which lie 70 permit an unlimited issus of notss-is
bsed rs mes'urs which will restore the equilibrium
Of frsrce and trade. We are led 70 believe that sue
ce.dirg steamers viii bring accounts of the gradual
revival of confidence. abatement IN the money
pres sure and partial restoration of trade, which bad
beer paralyzed throughout the kingdom.
A correspondent OF Tie London DAILY Noes tsxes
the following intelligent view of the measure adopted:
dispersion oY The BANK CHARTER ACT.
To he Editor Of The Daay Nee'
SIR: The hopes which you expressed Yesterday
he been verified. The relief OF which you nave
been for come time urging the Ices ssty has oeeo
grgr ted ard Britieh meIce reVlves aier Que OK
the .versst trials 10 which ii has been exposed
Coysrnuept hss SUSPENDED the operation OF the u
600 COO cause Of the Bank Charter Act, enc au'no-
rzes the bsuk TO issue notes regardless OF the res
iors prescribed by that clause. at ~ per cent on ap
proved securities TIE tang Sir il done just in time
Like the relis. Of Lucknow, was NOT day nay not
an hour too econ. The strain had reached its max
NUN Of tension: little more and the money marAet
would have been strewn with wreck snd ruin, ana '1e
credit Of the county srbmersed that theoy might
be upheld. As il IT, sensation OF relief pervaces TIE
city houses but yesterday toter1g to their base eei
that they are ssve5-s thinking men rel pee tast Tue
vast Interests Of this great commercial country are nor
10 be sscrifced 10 Crot.he. OF the Currency Doctors
ard that while legitimate aid has been assured 20 tue
sound trader no encouragement whatever has been
offered TO rash and UT sound speculation.
Except indeed by the fanatics OF theory It Il impos
sbe TO conceive that serious doubt can be eater
taired as 10 The wirdor and necessity oil tlls secoud
tusper sion Of the Back Charter Act All the reasons
that existed for the suspension OF loi' were 10 llI
force Yesterday. Credit was brought 70 a dead lock
The highest Bar rate Of discount IN October, loi
bad been e cent; in 1861 it is 10 cent. In loi'
the lowest point TO which the reserve WAS reduced was
e. 100 900; il is reduced 10 less than E9UO,Vo
Under such the necessary consequences
were taking place. Ii was no loagtr qaestion OF
the exchanges or the export Of specie. A season OK
general alarm had set in, prompting every man 10
over provide for the future and to keep all that he
could possibly get in the way OF notes aad com LOT
himself. This alarm was based, and not unlusty, on
the belief that however good the security, money
would soon rot be obtsnsble any terms or al any
sacrifices; aud this belief was founded, with equal
rea.er the artificial restrictions of the Bank Char
ter Act.
Rejecting men perceived not without indignant
ve1stiop, that much OF this Incredible amount Oh
suffering aud uIessiness was caused by wel'meant
but mistaken persistence in theory. They saw the wae
difference between the of the crisis OF lof and
Of that which row prevailed. linen Wi,u sput OF
speculation fostered into positive insanity by the ia
ces offered in the low rate OF interest in 1914, leio,
and 1885, had perysded every department OF our COM
merce; We had to buy corn from America for starving
Ireland END pay for II in hard gold There IL nothing
of the kind now. Trade IL sound; there IL no over
speculation, either abroad or At home; industrial en-
feIIrisee comparatively limited scale we nsFe
been blessed with magnificent harvest. Two things
prees heavily upon us-the Indian nntiLy and toe
American crisis and the effect OF these two IL,
doubtless increased by the general demand through
oat the continent for oaneole money. But aSainst
al pressure arising from these causes the sounJ
trade and stable crecit Of this country could
rotten banks gave way. Well and good: it
their just fate, But it did rot stop there The con,
vfibly and rapidly dwinded the instincts OF nercan-
lie sefpreserva'ion became paramount. II Peels
Act WIS 10 be upheld it was perfectly obvious that
all further scoomm odaiiUn from the Bank would soon
be hopeless thst there must o. vntusl end OF loans
and discounts any terms Then the soundsst houses
and the most established firms felt the once firm basis
Of credit az confidence treb ing beneah them The
tbipg lad clearly reached its eliminating point.
country fell of wealth, metallic currency of more
than go 900 000 commerce s0urd. speculation Lon
ited Industrial enterprise anything but 10 e1cese-ai
was brought 10 ssudien late OF ine1t1cable emoar
IoeLt: BIZ what AN arbitrary restriction in an Act OF
Psriament-foupded theory, maintained out OF
species Of financial superstition-ac lag smoothly
eEot Oh in foe weather, In, wholly untitled for storms,
end once necessarily abandoned with the result
NJ relief tempest OF last krea.
mercantile criss. Whist was TO be done W ere the
best houses in the Empire to be sacrificed to a
croiche; OF was the t14t 900 clause TO be sus'
pended in order that commerce and credit night be
saved That vas the Issue which Her AsJestys
Government had TO determine, and they have deter
mined il wisely ard well. They have suspended the
empirical" restriction which in all seasons OF trlal
has proved 20 prolific in mischief, so lu potent Tor
coed. They freed the Bank from the letters OF TIE
Charter, snd by the very act of liberation have, IN
al probability rendered il unnecessary for her 10 use
Der liberty. As in lS47 now, The result VIII most
likely be that the Bank will have DO occasion to issue
e rgle note beyond the limits OF the EllUp,UV0
clause. The evil which has been principally proiuced
by the spprehen sion that bauk.notes would soon De
unprocuTable OH any terms will be sufficiently slevi-
ated by tie knowledge that they may henceforth % Is
sued without stint. Hosids will be oper ed creolt VIII
be r. abhed, commerce. willrevive aud auteis De-
osuae Government has hsd the wisdom and hrmress
10 reject CROCHET of .he currency doctors out oil re-
1@ r;t Nov ~ ANTI CROCHET.
From The London Daily Nssi Of Nor. H.
The monthly return Of the Bsrk Of France, as made
ND 10 THURSDAY last the II OF November. shows tue
following results the exchange taken ct 25f. 20 the
pound:
Coin Anc buon.... 81 5sl no.. Decr-sse.. ~
Bis dicoguts G..... % 81 ooO. Decess-..'... tos
Notes T. orrulst.Cn.. - 49,. DeeIe-se...... - -
Treasury depcsits... ESQ Decrr~s-'''''' -
Private C. posts.... tItStto..''Decrrse'''' '''''
Aevsrces French .o
Gov'run Securities i,lsjieo..... lncF.ii-.s.'. If'O
Advances Railway 80.
Securities l5el increafe iN'S''
The principal ste alter j. The falling on OF iiV,vV
ir he coin and hulon. following The decline Oh $40