New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-11-27
NEW YORK DAILY TRIBUNE, FRIDAY, NOVEMBER a. 1877

in etmnen VEL ,r.nS;s. And en- never be realized
except through protrseted egA plveSss 1890 Cor The
money advanced consists OF depoeio ,oosea ~.
most par. az call with the dscoun. Iv ,hs ;o;nt
notice ranging perhaps 10 o month WIN INC lo.nt
siock banis. Heie, then, 10 dehbera.e, otssc .a
Of every recognized banking principe, soo
that on each occasion Of trouble has leo 70 inc ss
results. The London money dealers conno' NV Seo an
r,enibe TO the peril; but their practice 70 cany on
Tie syltem until its inevitable consequences oeveog
tbemeelves, asd then to seek safety by cutunS on
"fscihtes and throwing the applicants upon me DaaA
Of England. Then We have dsputs.sIs 70 ,ne xho.
errors threats that if somethirg is not done the snoi
trace Of the country will be brought TO stano anu
an outcry fcourse successful after the requisite aouh'
of arm has been created, for the Suspension Oh e
Bark Charter Act. however, the example g, ,Sh
had never been SET and heee persons had been usu'
70 feel that happen what might the laws OF the coun
irwin the full knowledge VI which they had unoe.'
taken all ID er operatonswould be rgidy kept invI
olate, not orly would the pubic never hase oeso
distn,btd by Ore dctions OF comirg ruin, but every
ssfegua,d that ingenuity could devise would have
been secretly prepared 70 provide for any casually.
the oiscourthouses and any Of the oint-stock DISKS
snnreberded withdrawal Of their deposits 70 an sf-
~, 20 cause public inconvenience it was their bust
nsss 10 make common cause to guarantee each othefs
,sfety. and, if any nominal or contingent suspension
we're necessary to bear the dscredt OF themselves,
and not to irfct it on the Bank Oh Engsna anu Ge
crnrtrv They could have announced to the puonc
that a run beirg threatened they had combined 70
Mitigate its consequences; that, Rot being aoie 70
foeee ts possible extent they had 70 suspend
for the moment any return OF deposits, ana tnal 70
meet the difficulty they would issue their promissofy
notes at three months bearing nine per cent interest,"
and secured by their common Liability. meeting Oh
ali the prircips bankers and merchants, incinoins
the Governors and Directors OF the Bank Oh
might have expressed approval OF the WISDOM OF
their course. and before few weeks mad passed
theee notes would have been at premium. DAY
urouestiorably, the character OF me issuers "oua
have been damaged .nce me lac. s, Sl could nave
6xed them in their right position In 10 auon W inc
causes that had led to it. any cnalace, tJ 10
damaged II was much more pleasant tna. " snouu 1e
that CT the Bank Of England, the country, anu s az
Goyerpmept and thanks to the comp!assnce Oh tue
latter they have succeeded IN putupg on o, ,S ~
inc To he SIRE they took that matters snoua 30
to point at which the Cabinet would nave nt'e
choice. There was, however, an atemanse wn.u
although equally unjust in being an act OF Government
relief for which there was no true ciaim, ~ouio SUI
have prevented sacrifice Of principle, An issue OF
one pound notes could have been adopted wnout say
infringement of the doctrines on which the BANK
Ter Act il grounded The fact that the permission Tor
the regulation of such notes terminated In 1873 Is not
material, the law could have been SCI ASIDE On one
point ss easly as on another. This pian however,
~ ms tot even to have been considered Aiter Yen
Years experience therefore, and all the enlsht
that was thought to have been attained We have been
thrown back at once TO the difcredtsse posiIon We
occupied in the last Girls, and all the admfaole con-
duct of the Bank Of England and OF the respectaos
mercantile public has been rewarded by proclama-
ton to every Spectator reckless money who
may choose to disregard the painest principles OF moe
ven panic which his own misconduct has promoted,
ara that the only persoIs who will be brought to dis
appointment confusion viii be those who have pru.
GENTLY guided themselves by the law, and have relied
tbrc ughout upon its invioabiity.
At the Bank the applications for discount were
enormous In fact, to-day and yesterday the pressure
was heavier than at any time 10 ls. 10 add 10 1t,
the country banks were drawing notes largely a.
measure Of precautOn. =.
The Government letter to the Bank does not specify
what is included under the head OF approved securities
beside commercial bills. isthought that E1chequsr-
bills will be received but NOT SOCK a. IoI .ne ia'er
there is always a ready market to any amount.
The final quotations Of the French Three per Cents
on the Paris Bourse this evening were DOL ooc ior
INC rey and CO.. 6c for the end OF the month"; showing
dtcnne Of an eighth.
II ia believed that further amount of from $50 QUO
to 200 600 soveregns dispatched to Scotland and
Ireland to-day.
The suspension was announced inis morning o.
Mesers. Wilson, Morgan Il Co., Wholesale staonefs,
with liabilities estimated at about t 0OO
circular was is.ued by Mes.rs. Fitch & Skeet pro.
yisOn merchants whose liabilities are stated 81
Ej5 Geo. AID who since said to have obtained an
extension from their creditors, who have taken bulls AZ
two four and Elk months to bear per cent interest
AT Liverpool the stoppsge has taken place OF
Messrs. I. B. Codoirg ton Co., iron merchants, con-
necitd with New-YoIk.
The Dundee AdreTtiser announces the failure OF
Messrs. Macker zie, Ramsay Il Co., merchants, with
liabilities to The amount of E60oOO
TIE North British Daily Maj states that the name
Of Messrs. j. Monteith IL Co., merchants and calico
printers of Glasgow appears in the list of bsnkruPts In
Tie Edinburgh Gazette of Tuesday.
LIVERPOOL, Thursday, Nov. IL.
Shortly before a O'Clock this afternoon Iumor be-
came cure Mt on Change and spread like wildhre in
every direction that the Bank Of England has been
authorized by Government TO suspend It's act. In
place of esures of the most gloomy Dependency and
fore bodrgs, all u now eIbilaraton, ana the panic
generally believed to be at an end.