The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-23
THE MONEY CRISIS.
Another Advance In the Rate OF Interest
Extensive Failures In London, Liverpool and
GIasgow-The Crisis on the Continent.
THE LONDON MONEY MARKET.

THE LONDON MONEY MARKET.
from the London Times, Nov. 10
The Bank Of England have today (Monday) raised Meir
charge for discount from per cettchch ddoei
the 4h inst-to 10 per cent.
This considered certain, and regret may
be felt that the last change was limited TO a lower point
Whether il will prove sufficient TO check the determine
ton of each discouner to provide himself with
three times as much as he wants is doubtful While
cry attempted to be raised that the rate reached is
such TO create ntoerabe inconvenience the demand
the Bank shows each day that SO far from creating ncon
venience to the trader IN providing for his ordinary
quiremens, it does not produce sufficient effect to
prevent him grasping at an unnecessary amount The fact
is with sufficient credit 10 Obtain discount at all
cares in the least about additional per for
a month OF two. For a single month the differ
is S. 4d., and every feels that before
the lapse OF that time the worst OF the trial will be
In rigid justice so long as any number Of the mercantile
body are found to play into the hands of the panic
makers would be satisfactory 10 the ratio carried
20 25 per cent any point that would at last be
garded outlay not safely be incurred unreasong
scishness. Thus far let be recorded that the working
OF currency system has been perfect and has upheld
in position 10 command the admiration of the world
Under circumstances could any currency system be
open any other than two obeconshrst, that has
led rate of interest which ordinary merchant
could even temporarily bear and secondly, that not
only has led crushing Of interest but that has
caused the necessary accommodation 10 be refused
at that rate. Will any one venture TO say that
10 per cent is ruinous raeY In common times in
the United States this Is about the average charge,
and it ranges there between "a and 90 per cent
our idea OF full rate is per cent but surely the
lowest profits business must be cent and hence
a temporary sacrifice Of profits must be the that
occur from the payment OF 10 cent The efforts
therefore fright by pointing TO this charge would
be ridiculous they were not dangerous, but single u
natic in crowd of ten thousand people may throw
everything into confusion. With regard TO the second
point-the refusal Of accommodation any any
prepared with this complaint So far from accommo
daton having been refused II has been extended. The
discounts o the bank during the past three ioces have been
far byrd their usual hints and he notes in the hands Of
TIE putlio consequently erced bg million the total in
year back chen prices produce about per
higher and transactions beirg enlarged all d
retions The only two charges therefore could ever be
an In
heard and the whole that the camorers against the Bank
Charter act can aiiege s that al time when all the
civilized nations OF the earth frantcay struggling for
bullion has enabled the British public, instead OF suffer
ing from contraction, TO enjoy the Of than
million in excess OF the highest amount they ever really
want when trade instead OF undergoing Mt this
moment, rapid contraction, Ia steadily expanding If
the Bank Charter act-which every man with sense OF
national pride should srenuously uphod- be threat
ened let Il be clearly explained in what point II has
failed. That IL may fail 10 Keep of panic when in the
midst Of a storm there a determination the part Of
multitude Of theorists disappointed by the recent
posure in Parliament Of their silly orudcs To produce IT,
every knows; and time might come when, fitting
Dhicop for their dupes, would be gratifying except
for the public disgrace Of such event. TO their
wishes granted. II in the midst Of rush for extra and
unneeded accommodation at the Of IL Is per
government letter could have the effect Of stopping the
mania and sending the back T. the lesson would,
perhaps, operate those who had overprovided them
selves at the enhanced price with more force than any
argument
that indicates IN remarkable only the
general feeling Of confidence which, notwithstanding the
try bat also the abundance Of capital available for all
sound investments. The iBtinaton of the failure Of
Messrs. Dennistoun exercised no other effect than
that OF causing consois 70 open at decline Of
eighth, and the movement of the bank 10 10 per
cent produced only further fan of quarter from which
there was ultimately reaction. The nrst trans
actions IN eoBsos for money were at ssA 10 y. They
then remained for time at ss 10 u, whence the
breaking up Of the Rank Court there dccne0 ss
stock being offered al that price, partial recovery
occurred and the last operations were at ss for money
and so 10 = for Tie 5th Of December After regular
hours there further IMPROVEMENT of than
eighth although the failure Of the Western Bank OF Scot
land then ranspred Rank stock closed al 100 10 al re-
duCed, sTJs 10 three per cents, s7% 20 =; India
2lO TO 2l3 India bonds sos 10 4os discount and
Exchcquer bills 2Ss to i7s discount The fare, tile
tervlson produced d god egect.
The exporstion Of silver the Fast seems 10 have re-
ceived complete check Al present scarcely anything
engaged 60 by the steamer except the 600 900
on account OF the East India Company.
From the London Times, Nov. III
Tho quotation OF gold Paris about per mile pre-
MUM the short exchange on london Il % 32H per
81 sterling ON comparing these rates with the English
appears that gold about 10th per cent dcarcr Paris
than Ia london.
Ty advccs from Hamburg the price Of gold is i2i per
mark and the short exchange London Is i34& per fi
sterling Standard gold at the Euglsh Mint price Is there
fore nearly 1loth per cent dearer in London than
Hamburg.
The quotation f the exchange at New York on London
for bills at 90 days sight about IOo pcr for FIRST
class paper but prices much below that named for
othrdescrpons The rise in the rate Of discount here
" lOper cent will, however, prevent any profit the
u1nsmlsslon of gold IRON this country comparison
made with the above price of iO6 Per cent
The funds have shown absolute buoyancy today Tues
day Nov l0) and have closed az further considerable
advance In mercantile quarters Also there has perhaps
been rather less uneasnes and the tendency a partial
recovery confidence would have been stronger but for
manifestation Of banking dsirust ri Glasgow In conse
querc Of the closing yesterday of the Western Bank
Scotland The attempts TO create alarm al the high rate
Of discount 10 order 10 obtain unlimited issue Of notes.
~ have diminished respectable traders beng
willing 20 either that they destitute Of capi
tai be seriously mpcrled by the existing charges
that their object 10 induce the government
artificial rebound in the prices OF produce al the cost Of
the Consols for money, which left of yester
day at ss arst quoted ss 10 ss1s Mos, Of the
brokers being buyers of stock behalf Of the public
further advance then took place TO S9a. This was
followed by reaction TO SSA 10 Z, at which they
manned 10 the official close but almost Immediately
Afterwards transactions occurred at ss to SO for money
and sos to y for the 7th Of December At later hour
there was another sudden advance and bargains wero
effected for the account at s9 The Aua price, however,
was Sess 10 N The temporary relapse from the Hrst
IN the morning was consequent upon demand for gold
for transmission ~ banks ut Glasgow while 10 explain the
ultimate animation variety OF rumors were circulated
among which was that decree had been issued In
Paris for an immediate ncreaA Of the circulation by
means of small notes. and another THAT the expected
Indian dispatches bad arrived and OF avOra
bic character Ono solution consisted the statement
that amounts of stock will have 10 be bought back
for speCuatcr who has been selling heavily. and who
t settling day and In the stock exchange during the
arrangement Of the account the rate for loans govern
securities about per cent bat at later hour
the demand increased Bank stock e on 200 10 2lI,
Reduced, s1H 20 SsA Three per Cents, sS 10 y:
India stock 2lO 213 India bonds Cos sos discount
and Exchequer bills, 24s to lis. discount.
There we're gold Withdrawals from the bank to-day
fv pxuortaon hut eovcrccug to the amount OF $500 opo