The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-11-30

t1 ia'eu " lat TIE Australian mail steamer Emeu
III. a.aa arrived at suez with neary million of gold
Inc actual snm il E525 ,0oO, aud this onnortuna
ahioaht a. may Ice expected 10 reach Southanpton by
'hs e, anstralaaian on the 18th or 10th inst
Ine corn market dull this morning. with a
.euaehcy 70 lower prices, owing TO tho removal of
from France ~ VI "n7a'
:, The final quotations of tho French Three ner
S'hts' on the Paris Bourse this evening ware fisf
o'c lor money aud ST. T5c for the and of tie
niohtu, showing d decline OF an eighth Al yienms
@ snere u great heaviness, and the premium of cold
has Increased. " S'td
At Hamburg the rate of discount hos ,,.,,az
TO 10 per cent s@A "af~uoea
The Paris letters mention the failure Of NJ Gp;.
la acc . %; house in .the South American
'iade' win liabilities for fSB9e0.
From the London Times City Articla Nv 10,
ihe Bank Charter act is abrogated. It's fata -.
the tie second time OF al has been the Same as at
tue hrst The Engfish government have reaar,oi G
70 tue notification that the Bank is authorizad 80
VI ISSUES on approved securities without
sat 10 the amount OF bullion in their yauIts ~
rave OF not less than ten PER cent "
1itnough tho announcement will give in,p,ars,
80 - nom leats which were rapidly spreadin,
eio4s cah scarcely be an Engiishman who viii NJ
IecelFe II with deep regret from the hr,,;I;a.4
"nch IL involves. 1t must have resuIta5 fr,ra on
10 ~ ~ N4"ses-either blind fright or an Inherent
y unheaithy condition Of business which r'r,,
teu our merchants from sustaining thaIpsoi,,ae
1'di!St Il rate OF discount sueh as is Gorna NJ n
1@'iputg ana number Of other centres of co,n
"a ettheF case the conclusion il e1paHIv
""eIiils 10 our 1ania a mercantile nation H. :
satisfactory to believe that the iDeasnra -
n'Aeu Ior nor recommended by the directors Of ~
n8iih OF khgiand or Of any delegated ranras,nta
tises OF The leading mercantile or honlsipt. go &c
NJ the same tine, in Justice to the ooverrtna-t :,
must be admitted that the period had ohyia,,sir
s'iiFou "hei! protective steps Of some kind ma
become absolutely necessary N'"N N'i
Ihe position OF the Bank If Fre,ordon5.
Nale DaHSs "as never one Of higher confidence tr.
tne apprehension was evident en- all si1as -,
withdrawal Ufdepcsits from the disco,rt go -
-Ai J'lnt S''c| pahk4 might commence at any in
STAN and totally cripple their power To c@niyi -"
further accommodation; that the Rank If sr1,fat
from the point To which their resarva Gas -
brought by the sudden sweeping away Of na.r,I
TWO millions of gold for Ireland ami Gco,IorJ
could III such case afford adequate helm anI
consequently that ii 4 resistess panic was not ~
De Considered az having actually commenced we
we're III position III which one could calculate
on its being kept of even fer a single h,.ur
But there were remedies available other tben
that OF breaking ana destroying the lGw-f,r a lav
which has been CCnttnaed each occasion o
trial must be looked upon as DESTROYED The STATE
To which We h;tU come had not been brought about
by any fault OF The government OF of the commu-
nifty ut large, aud it was for those who had occe-
stoned It to lind their own means of extrication-
.ihsy did not look about for those means because
they knew they could obtain relief etsewhore If
this conviction had not animated them they wnuld
long before the present week have concerted
measures of defence
The whole history of our situation is plain. For
years past certain provincial Joint stock bank.
have 2ambled 10 an Incredible amount hy means
ot what ara termed rrdisC0rats-that is with q
limited capitol they have granted as ,fnnloFa ion
- III almost unlimited e2lent sending, the larger
proportion OF the bills TINS negotiated to the Gi
count establishments in london, who in turv dis
count them for the iointsoCk bank on the strength
>uItily of the tGdDlsencHt of such hank. ana moi
upon any careful estimate of the responsibility Of
the drawers OF acceptors or the !agiti;9ete chIae
tar If he fTgT +l,aw-
We are safe with the endorsement OF the Liveruo0i
Borough Bank is the cry "rhe character Of itg
business may be doubtful, but it, shareholders are
all liable II their last farthing." Acair "Hh,
should we hesitate with the Western Bank of Sc,t
audt Among its proprietary are two or three
names which are alone good tor az many millions,
But how IL the money obtained which Is thus free
y granted by the london h0u-es: The security
lied upon is the ultimate resu0nsiiiity Of = Ger
tan number Of shareholders. scattered ovcra lnr,e
district, and which, - far from having an ythnu in
common with 4 sound banking security is wholly
unavailable in emergencies. aud can never be rt-
allied. except through protactet legal processes;
out the money advanced CoGsist8 of deposit, lode
ed for the most part at call with the discount
houses, or at notice ranging perhaps to q month
with the joint stock banks.
Here. then. deliberate breach of every rerno-
niZed banking principle and it is one that on each
occasion of trouble has led to the same results
The London money dealers cannot have been il.
sensible TO the peril hut their practice j. TO carr,
o. the system until itE inevitable consequences de-
vslopc themselves and then 10 geek safety by cut
tinR Oh ''iacillaes and throwing the APPLICANTS
upon the Bank OF England. Then we have dapr-
lat0ag - the Governors, threats that if sogath r
is not done. the whole trade Of the country vii! he
brought 20 stand, and an ouicTy of course euc-
ceSs!ul after the requisite amount Of alarm has
been Created, for the Suspension u the bank char
ter act
II, however, the example Of 1S47 had never been
set, and these persons had beeu tangt to feel that
happen what might, the laws of tie countTy-in
tuil knowledge OF which they had undertaken all
their operations DO rigidv kent iuyolata
not only would tie public have been disturb
e. by predictions ofEcoming ruin but every safe
guard that Ingenuity CUul6 devise would have
been secretly prepared 10 provide tor any casualty
II the discount houses and any OF the iGnt stuck
banks appreLeudod withdrawal ofdeposits to an |
extcut to puddle Inconvenience, it was their
basin tss to make eomaon cause to guarantee each
Others safety, aud II any nominal or contingent
suspension were necessary. ta bear the dsCradit of
it theaSeiyes and not to iuHict it on the Hauk o
hnsiaaj aud the country. They could have ar
nounced 70 the public thar e run being threatened
they had combined to mitigate its consequences:
fhat not BENG able 70 fUIesge its pOssbs extent
they had agreed t. Suspend for the moment any fa
turu OF deposits, and that to meet the difficulty
they would issue their prOmissUry notes 1T three
months. bearing nine per cent. interest, and SO |
cared by their common LIABILITY. A meeting of ali
the principal bankers and merchants including the
governors and directors Of the Bank of England |
might have expressed approval Of the wisdom OF |
tHelr course ana before lew weeks had passed |
these notes would have been at premium. But |
uuqnestionably, the character Of the issues would
have been damaged, since the TACT Of their having
been obliged to resort to sUch a method would |
hare iXed them in their right position in relation
TO the canses that had led 70 ii.
lfany character 70 he damaged it was much |
pleasant that it should be that of the Bank Of
England Si'e country. and the government, and, |
thanks 70 the comP.aisancc Il the latter thew have
succeeded in putting il on that footing. 10 be
they took that the matters should go To |
point st which tho Cabinet would have little |
choice. There WAS, however. an alternative which
although edualiy unjust Icing an act Of csvpy H.
ment relief for which there no true claim |
would still have prevented sacrifice Of principle
An Issue Of one pound lnotcs could have been |
adopted without any infringement ofthe doctrines
Oh which The Bank tharjer act is grounded. The |
fact that the PERMISSION for the circulation of such
notes terminated i'll 1929 is not material, as the
l1w could have been set aside point easily |
Bs on another. This plan, howe6 er, seems not |
even to have been considered.
After ten years experience therefore. and all the |
enlightenment that was thought TO have been at |
tanned, we have been thrown back at once TO the |
dscrcditable position occupied in the last crisis
and all the admirable conduct of the Bank of Eng
land and of the respectable mercantile pubic hats |
been rewarded by proclamation 10 every spccua- |
tor or reckless money lender who may choose II |
disregard the Plainest principles of monetary |
science, that he will find his safety in the very
pap!C which his own misconduct has promoted. |
and that the only persons who will be brought to |
confusion, will be those who
hare prudeutly guided themselves by the law, |
and have relied throughout upon its inyolability.
s-@~~=---=--------.--@
THREE CHILDREN BURNT TO DgaTH--A terrible |
calamity occurred At Bureau junction, near Peoria,
on Friday last. 1t appeared that emplpye OF he
road named Mclaughlin, an industrious and
worthy man, had received the day before some
eighty dollars, the accumulation of his wages. Gu
Friday he was absent from his hsme. and his wife,
having occasion to go 10 q neighhors at short
distance, locked the house up, aud left in it ther
three children an infant the others abunt four
aud six years old. In her absence the house took
fire, how Ii has not been ascertaned, and WIS burnt
TO the ground with all its eepteRts. Furniture,
money, and the winters stock Of provisions were I