Weekly Council Bluffs bugle. (Council Bluffs, Iowa) 1857-1860, 1857-10-21


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AzaAsp u - - Az &c.
soszsa i 81 -
sasazs sdasisss e - kuaiass7 sazaIaana-
b. b ! msaslssg asizsz y Hrsaba sAs
sosssssaI IaliFss6ly sEsps Ia, md fhros
Ne Reak Is Kzsnss purchases mialions
= 80 sssE s ; pssaiam, eaa saaas b
gasana Eaaan aasEiase savaa tAs ooaa-
tFy kFom oshawisa innamaraAla evils.
Whha III - - u Nsw Yoska 4AeI
hmaA& ii a0wfmg 80 buuimmas eeaMmRnf- 4
W 10 paEaah @i1Ahoaaing ali aia aighs-
eMin& Asaa 8aRsw wazan NJ xhcuad BE re- I
vsz86ds I'D az II ~ EasnIss Men nz |
nnAonbxsa msaIkh a2s snAnsndin9 an sx- /
ugs 81 tie agat houses ara gtyfng sAy. |
hn4 shs han&s ssy. sour course q right. |
ana ear spsaia i innssaalng In eenss.
ausnns a oax pro1edars.H Indeed, it
may hs asked how YES il that, whsn tina
diss0ahaa waea imersasing ia aaaouna,
M apeais waa also ineFeasingf The
apeaaa j mos iaasaaalsg In consequences
az washholdane aeaeEamao2aainms 10 the
publ Is II inaraassng few hnadgeds
o. thousands Il spite AZ sha banks' mad
oamssaek
TAahaahs q Asw Ysrk shoula take
warning From tie ennSnee q che Bsnk
d kngiaad, The grsat penie ct l825 IN.
England vas caused BIZ she Rank ot Eng
land eousracsfng it. issHes 10 the extent
Of three and . half millions In the Short
spaee Of six mantks. From the years
1877 20 1884 % enormous iR6ux Of gold
took place in England, which gaFs rise
10 maany apsculafiohs. In 1924 4 reHux
had see In, aaa tAs Bank Of RngiaHGf sud-
denly found its treasure lsaytng It's
raalts, In April, 1925, when ak mil-
Hons and s half Of their treasure had left
lthazn, thsy began 70 tighten the screw,
Gas the baAke a9 New York are nov do
ing, snd contracted thair isauss. This
/ they did with "a unapaxing unfealing
/ handles tbs backs Of New York are
lnaw defngl. Rrosn Nov. l82A, 10 Seps.,
1895 tan naalliams Of treasure had left
The banks vaaltsa and only khrss ail.
lions remained, They began 10 screw
i tighber. All vas dark add gloomy a.
Nav York 10 SOW. Persons of undoubt-
ed wealth and real capital were walking
4 distracted IN the city seeking 10 get
loaEls. Msn who had money Eapk it Ia
their pockess, they followed the exam
pie "a tbs Bank Of England. If the king
turns his back On the sasmy, will not
the soldiers hee2 The crisis grew fear
tui; TIE counIrY banks began TO fail
The Bank of England said, las tbs banks
| 81 New York now say, ] ssif VIE afford &C.
Recommendations TO khe public, We shall
lonly be causing furthsg exports Of gold,
and driving the exchanges against the
lsOuntry.a One country bank after an
other broke down; the evil did NOS stop
there, On the 18th Of December, one Of
the oldest and largest private bankers in
London stopped payment; dreadful run
immsdiately sook place, a panic seized
upon the publie-she most honorable
merchants Of Loadon ware begging for
moneys bat not penny was to be had,
even on the best securities; tina question
was NOS who should fail, but who cod
Esand. At this moment che Bank Of
England saw its aggoEs. After having
doggedly refused aid up to Tuesday af-
, ternoon, the 18th of December, fs25.
they commenced new sra on Wednes-
day; they then commenced 10 discount,
and that TO the sxteat Of millions Of
pounds. The great panic waA caused By
tbs Bank Of England withdrawing its
accommodations 10 the public 10 the sx.
tent Of thrss and Q half millions sterling
in the short spaes Of six months. The
great panic ceased TO exist, when the
Bank re- extended their accommodation
To the public to twice that amount Ia
sixty aays-khe Bank of England dis
trihntsd in currency the value of Rfgy
millions OF dollars IN less than eleven
days.
The banks of New York ought TO &C.
alescs and purchase ten millions of gold
in England or elsawhege--khis they can
easily do from the capitalists of Europe.
Suppose they gave ten per cant. fog the
loan-suppose thsy gave pEemiam for
il, az the Bank Of France has SO wisely
done, would 1t not be well2 Must tens
Of millions be sacrificed when for a mil
lion in interest the panic can be quieted
land confidence be ressorsd2
/ Fourteen millions Of gold lie not SUI
lReisnt for the banks Of New ToFk--shey
Ought to have twenty-four millions Of
Ispecie basis at least.
believe enc Of khe causes Of the
periodical pauies that take place ia late
years arises in Consequence Of the banks
mot being allowed to issue their notes,
their sspromisea to pay" except to the
amount of securities deposited In Alba
my. Whan, therefeEs, gold becomes
scarce, they hare to send thsiF notes In
and get their securities back and sell
them for the purpose Of obtaining gold.
The Bank 81 England issues its notes to
the extent Of 500, o00, 600. The banks
Of New York, with an immense capital.
issue only s. ,000, 900, and that it can
only do By depositing securities for the
amoans in Albany. The banks Of New
Tork hare really NOS the privilege Of a
small merchandise latter can issue
i &5, 600 In nokea oil hand in promises. 70
lpay-~hat tbs banks cannot iasne one dol
Knx Rnleas dsp0siting les yaiue in Albany.
IN W. 0panien the banks should be al
lowed b gsgAt to issns to the extent Of
cns-sAird af It's capital, without depos-
lssne he vaIms Ia securities. Now the
S100, O00, 60 woskh 81 bank notes Of the
Bank Of Enelana sess in the plaes Of
goId--is Is 70 al inssnts living blood to
chs body poiisio--i Ii q nsw and borrow
ed power, bat il Il . stronger nower than
manual. Tie great warrior JaekHon
said; 'fThoaa who sraGis On bagx0wsd
capital oukht 10 break bwt tha great
est fortunes have BEEN obtained hY boz
Fowsd capital. Il an snasny eounes IL
worry, and 10 tear, and 10 saaae rim and
misery, mast lbs enemy be suffered 60
have his own way2 Mast not means be
got2 The borrowed assistance Of lkans
from France did great service at the
time OF the Revolution in this country.
The greatest fortunes have been obtain
ed by borrowed capital.
The banks Of Now York ougha 10 acs
literally new and tbs panic would iH-