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


establishment: il fy beyond its necessities. W..
meeting u The principal Shareholders OF me wes'-
Bark held 10 dsy, Q: which 10 sad ths' Goa
,i5erstle blame vss thro~n upon the directors io'
shutting The bank without first appealing 10 the .6:,e
tocers for support II is ssd ths' guarantees 70 Ine
ouLt Of E600 0C0 have been saoecnoed oy me pm
cpal paitrers 10 enable the bank to pay oh sIa W.
posi'ors. Whether the bark vii resume a. o.; 'ino
establishment. CT smAgsmste with another bank Isl o'
The directors Of the City of Glssgow Bank are ready
10 re,ume bu.i, sss ss they can s.cerin me
feelings Of their dspotnss thsy Ms qu''e 'Ot''N1
provided no unusual run u made ior go@'
RELAXATION OF THE BANK ACT.
Tie following letter wss addressed on the al ernoon
Of the 10Th to the Governors OF the BANK Oh
"DowSIsG STREET, Nov. IL.
"Gys1IrxEs: Her Msjssty's Government have
obs.rsed With great concern the serious consequences
which have epsued from the receIt failure OF certain
jointstock Banks il England and Scotland, a. vel
Of certain large mercantile hrus, cnleny colne0'eo
with he American trade. -,
THE diseyedit and dstrust which have resuiteo
from these events and the withdrawal OF srge
amount Of the paper circulation authorized oy the ef
istiDg Bank acts, sppear 70 her Msesty
10 render il ueeessIy them 70 inform the BANK Oh
England that il they should be unable in the present
emergency to NEE. the demands for discounts and sd-
varces upon approved securities without exceeding
the limits Of their circulation prescribed by the Act OF
1874 the Government will be prepared TO propose 10
Parliament upon its meeting Bill OF indemnify Tor
ary excess 60 Issued. =.
Tin cider to prevent this temporary relaxation OF
the law being extended beyond the actual necessities
Of the occasion Her Msiesty's Government are OF
opinion that the Bank tems Of discount should not be
reduced below their present rate.
Her Msje sty Government reserve for future con-
federation the appropriation OF any profit which may
Arise upon Issues in Of the statutory amount
"Her Msjestys Government are fully impressed
With the importance Of aiming the letter OF the
law, 10 time Of considerable mercantile difficult
y but they bel eve that for the removal Of apprenen
tiors which have checked the course Of monetary
raLeactiOus, euch measure as is now contemplated
bas become necessary and they rely upon the discretion
and prudence of toe dIecu for conhnlng its opera
ton hin the stric limits of the eIsencies OF the
case. We nave, &C,
&c c. LEWIS.
10 the GOv.mer and Deputy Governor Of the Bank OF
Fyo~ TAs DAILY vevs (Ciy ArticIt).
THURSDAY EVENING, Nov. IL.
This day will org be me honorable in commercial
am ais that on which the provisions OF the Bank
Charter Act were, for second time, suspended. Inc
relief has OF come moment too soon. The profound
sepson excited by the Suspension OF the great house
of Nessrs. Sanderson, Sandman, g. Co., was sue
CT edtd this morning by more active feeling OF dis
trust In the discount market business was almost at
q siandstill; dscounters held their hands, and the
feeling Of painful expectation among the pubic be-
came intense. Meanwhile, the rush TO obtain accom-
mediation at the Bank became excessive. Amid the
general excitement, however, rejecting persons saw
Gle aIy that the crisis had at length come and tn at the
provs Of the act OF 1874 must be broken through.
f was soon announced that depu.ation from the
Bank about to have an interview With the MIN.
istert; and from that moment, despite several
agtstirg rumors that assistance had been refused
by the Government, the public feeling became
cslmer. About 81 O'Clock, amid extraordinary ex-
ctement the Bank broker announced in the
Stock Exchange that Government had author
lied the Bsnkof to Issue notes to any amount
that msy be required on approved securities, at
rate of dscount of not less than ten per cent per
rum. The intelligence spread like wildfire through
the city, and received in every circle with FEEL
irg Of relief pIoportlonafs to the anxiety preyioas
count market was very satisfactory In every quar-
ter more confident feeling was epgendered, the bar
to the circulation Of capital being removed. Iois
afternoon the principal discount establishments al
fofded sccommoda alton freely to their regular Gus
tsmers, although of course charging an advance
upon the Bank ratio. At the Bank itself
the general demand to-day was TO An extent never be.
CONNIE ndable libsrality. Nov that the feeling of
alarm excited by confederation Of the rapidly dmln.
sh Of the Bal alay ed there Is strong
ground to hope that the recent unpreeedentedly So
we're demand will subside. l. Is certain, hom he
d. ain lately Witnessed that the reIf return viii SHOW
the Bank 10 be in much worse position than even IN
in tie emorabe October Of lSi7; but, as matters
stsId, this need excite no ur eainess Inc state
OF the banking reserve ID immateral, low mat We
know that this 10 longer forms the limit of the Bank
IetCurces AS regards the bullion il must be remem-
bered that the ( 100 600 in coin which was with
drawn within two days was taken almost soley by the
Scotch ard other banks, and that the return OF this
amount at future date may be relied upon almost
With certainty In the rme date aspect Of the for.
ign bullion drain there lie nothing to eIcit, anIiSey
GOO, Geo worth Of Australian gold has reached our
coat day, ard upward OF $500 0OO the steamer
Emeu, 10 expected to arrive week hence, being nov
on the way across the Isthmus of SueZ.
Some further but moderate amounts Of s0vereigns
we're taken from the Bank to-day for transmission to
Scotland as measure Of pTecsuti0n.
The accounts received nom Scotland to-dsy were OF
a more reassuring character. very henqutlzlpS
effect has been produced st Gssgow by the arnvai OF
such amounts OF specie end there Is reason 70
bsheve that the Iun for gold will SOON su6tide Is
even alleged that there is prospect OF the City OF
Glasgow Bark being enabled to reopen IFS doors.
From TA< Lsnd,n Tmss Gin Arf@is:l
THURSDAY EVENING, Nov. II.
The Bark Charter Ac: Is sbro2sted. Its fate at the
secIrd time slhas been the SANS 90 tie hrst Inc
Epslfh Government have reecrted to the noifcaflon
that the Bank are authorized 70 extend their issues on
approved securities without regard TO the amount oil
bullion IN their vaults az rate OF not less taan ~ per
cent. -
Although the announcement viii give immense re
lief from fears which were rapidly spreading, there
car scarcely be Englshnsn who Will not receive IL
With deep regret from the humiliation il involves IL
uutt have resulted from Of two csuses-either
blind fight, or al Inherently unhealthy condition OF
burnees which prevented our merchants from SUE
tanning themselves against rate OF dscouu: such rs
is bone ct Psns, Hamburg and humoer Oh o'asr
eeners OF commerce. In either case, the conclusion
s equally lowering fame az mercantile nation.
IL is satisfactory TO believe that the measure was
neither a.ked for nor recommended by the Directors
Of the Bank Of England any delegated representa-.
tves Of the Leading mercantile or banking ntns. Al
the same tine il Justice 70 the Government it must
be adm tilted that the period had obviously arrived
vbep protective stepe Of some kind had become absc
lately necessary. The position Of the Bank Of En-
gland and the private banks was never one OF higher
col foerce bat the apprehension was evident on al
.des Il at Withdrawal of deposits FROM the discount
houses and jointstoek banks nigh. commence AZ any
instant, ana totally cripple ther power TO eon!inue
,,,,thar aceorr,eds that The Bank OF Enelard,