The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-02


ING the financial ideas Of neghbors might be said
such system would be more in harmony with continen
tai than English views 1t WILL however, be urged that
would be foolish sacrifice the interests of the
country to national pride and consistency, and that
although in strict theory governments should never in
terfere with the voluntary contracts Of individuals
cept impartialy to enforce them would be better
if we not sufficiently advanced for such state rather
than that everything should be brought TO chaos, that
master in the shape either of Finance Minister Bank
Commissioner should be allowed to interpose and say,
''This confusion must be stopped will adjust your
relative claims so as to give relief to one side against the
other You unfit to be left to yourselves and 1t is
time for to step in.p
Before adopting such conclusion will be the duty OF
Parliament: 1, TO inquire whether there is way
for government interfere in crisis except by tamper
ing with and debashg the currency and 2, whether Is
not through tle coh'cuon on tue part oi irauduleht
traders and reckless money lenders that this tamparng
will always be resored to 70 throw the consequences OF
their own misconduct upon the country that we find our
selves periodically dsgraced by such events.
If the government choose inerpose the credit of the
nation help the imprudeni against the prudent-for
amid all the verbage about giving 'reef to trade the
springs of industry, the pressure of the screw and
FORTH II must be remembered that the result OF an IN
ternal crisis simply to force portion OF the
nifty who allow themselves 10 he drawn into panic TO
part with their property at sacrifice another and
clear headed portion who find themselves in a condition
buy it-ths credit AT all events be given in its true
form and need not be infused 10 aduerae whole mass
of currency Treasury notes bearing interest neces
sary would prove the true medium What would be done by
the people OF Hamburg, where the currency purely me-
talc supposng they found impossible carry trade
with discount at 10 per cent which happily they do not
although comparatively their American losses have been
mix with the existing circulationS Obviously their only
would be to put out notes, honestly carrying
their character upon their face and ayowedy represent
ing credit and nothing else.
The grand aud final question: however, is, are we re
ally ignorant and immoral in the management of our
trading affairs Ia need any paternal State contrvances
to keep from going wrong to exricae US when
folly would otherwise bring ts natural warning?
A greater libel on the nation could not be pro
claimed, and before Parliament sanctions it by
placing under the discretion OF Minister armed
with relaxing power let them thoroughly investigate
he al
witnesses who prepared to unfold the whole and they
will find that the reputation of the country has been
sacrificed ia order that the consequences o the most uncru
ouS conduct might b hrolcn anyohere rather than upon
those who deserved them, and that syses Of fraudulent
credit hich 'o0ud render fair trade impossible anywhere
inedd Of beg broken up forever might be again resumed
10 the immense profit Of s principal supporters and 50 as
TO lead another ten years 10 the same dsgraceu result
Tie charge that credit 10 the extent OF millions has
after year been granted by large provincial Joint stock
banks and other establishments in scotland and England to
the lowest class Of specuators that the power TO grant
this credit has been obtained from London, where the
money lenders, holding all the floating balances Of the
community have employed such balances less in
redcounng the dsreputable paper thus manufactured
that although the balances in question were liable TO be
called for at an hours, or at most few days notice,
these houses we'll aware that In OF any sudden
pressure discredit. they bad means or meeting
such call and that the only real security Of large
Of the paper they had taken either the liability
Of hundreds az unEuspectDg shareholders which could
be enforced only by long processes az law or IN reaza
their prote2s hold and which such times would be
almost unsaleabc and lastly, that, with the know
would be brought crash unless they could force the
Bank OF England step into their shoes they resolved in
reliance upon precedent by government in lst To
accomplish their ends by absainng from any precau
tonafy sacrifices by spreading universal alarm and by
threatening the bank aud the government with general
stoppage II IL also asserted that the principal parties
In the moyemen-aready celebrated for analogous pro
ceednFs IN 1887 and 1s4resorted not merely to in1u
% this description, but TO subterfuges expressly
planned al the eleventh hour 70 embarrnss the bank
and 10 render panic unavoidable, such as would be
deemed incredible In any community where the
externally upheld Let these things, therefore, be ex
anined at once and let tae persons themselves be
moned give their explanations and attempt their
justification The Legislature can then decide wheth
the laws q the country shall be modified 10
practices be pcrpetuated, whether shall be an
nouuced that those who for their sordd purposes supply
capital Adventures OF al descriptions, trusting to es
cape from loss by the final responsibility that be en-
forced against the aged men, widows and orphans a. well
as the more wealthy" sections Of the propretares %
protect themselves, and that, II any Of the trading com
muny choose " he entrapped into common CONFUSION,
the only ree they are TO expect must be such as they
derive from recognizing the wholesome lesson when
unde~ Tie natural relation OF and effect, has at
length been rigidly conveyed 20 them.
The funds opened this morning at the closing prices
OF saturday but some large sales BY the bank broker sub
sequenty caused depression. ON the whole, however
the market continues ~ exhibit extraordinary rnness
The demand for discount al the bank to-day again
extremely heavy, and s presumed that the infringement
81 the act Of s must have made further considerable
progress
The transactions foreign stocks have been moderate
and show no marked change.
aud Picard, old house largely engaged In the corn
trade Their liabilities stated to amount 10 about
E1gOOOo but the prospects Of liquidation not yet
known, heavy sums being due TO them from America.
The books have been placed IN the hands Of Messrs Tur
quand. Younes A Co, the accountants
The Paris letters mention two mercantile failures. the
firms being Bourbon, IN Butt and Co and Ponson Philippe
and yibert The liabilities, especially OF the later are
Al meeting Of creditors of Messrs wilson TIauett and
Co whose suspension announced the 81 inst, held
AT Liverpool Friday, resolved 10 wind UP the
afafa md
The railway narke, opened buoyanty at the late ad
vance but subsequently gave way, the fha prices at
O'Clock showing general decline o. los. 70 EOS re
ducon took place 10 Great Western Car ada and Grand
Trunk which perd touched 81 left OIL at 80 TO 10,
or los lower than on saturday.
IRON the London Times (City Article Nov. ls.l
The quotation Of gold Paris IS about per mile pre-.
MUM and the short exchange London 70 30 per ii
sterling On comparing these rates with the English MINT
price III f3 LIS 10I,d per for standard gold,
appears gold about 2ohs per cent dearer 10 Paris
than IN London =. . a.. -
mark and the short exchange on london l55h PEI II
sterling standard gold nj the English Mint price tnre.
fore nearly 5lObs per cent dearer 10 London than
Hamburg
The quotation Of the exchange At New York on London
Tor bills at 90 days sight about los per cent Tor nrst
class paper and 1903 % o4 for other descriptions The
present rate q discount here will therefore prevent any
Eont On the transmission Of gold from this country
ne English funds opened this morning al the lower
urn ana after regular hours decided Improvement took
place On report that the Bank Of France about TO ex
teno ther nlfon either by immediate issue Of the
1ohtempapd 5Oi tG2l uotes or in other manner
The first transactions oonsos for money we're nj TO
i, and the last oihoal prce se 70 \. Ultimately
bargains entered into AZ spt 10 s. Tor money and
90 for the Nh ~ December The rate FOR loans on cavern
ment securities throughout the day ranged between and
10 per cent Bank stock e of az 2l 10 "a India stock
2ll 10 214 India bonds sos 10 4os dscu,nt and FIX
chequer bills 1ss 70 13s discount.
The demdnd fer discount al ne bank continues IN an ey
Is tellsrod 70 has ben already carrSed rstAsr wd
cre7t