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

ano al circumstaDces, End that It, present s,sns.
= vesansss % the pat Of eov:nm-at s,sss,,si
by IN insane paDio on tho part Of The pcosls -
even those who admit that time msy coma - ga
Bark should be allowed 20 extend its issus -, e
Uphold the Bank Charter Act o. TIE eer.,.i e!
the land They may fairly argue thss ne su.osss s
allowed BY the Govern ent yesteIdsy wa b -
country from returning TO q stse Of bsrt.r ~,e ns
the measure Of values, ard, as lorg a h ~. VOC Q
ciept relation to the transactions OF Ne ,,s sum-
may be required TO make their paynssts - msa
notes immediately convertible; Bat Ess .s, @n
den convulsion the metal falls short, IA ar ssd-
and exhausted at any spot, II cannot Be sI,.ss.y,
all the business ct that spot 10 q once 10 60 nat
remains moneys wofth-Iand and hon,.s -. 40
sugsr, vines and tobacco. AL that u vsn.sS ~
able to express there IN the currency which i lie ~,
country has tie material westh vhch I'M MI ~. 10
back again. AL is . quesnts Of ks n.ss. :
hans OF few weeks IL may in Each a - ~,
lowed TO the Government 10 come 10 TIE No. " -.
nation, by allowing corporation which hss a 1e
national character, snd Is ruled BY asiosslv insss
laws. 10 create fictitious standards 1. ysns ~
shspe of bank notes which have no metallic rsn-.
rsptafives. Such proceeding, however MAD IA ~
derstood to be an extraordinary proeeedin. h vh;.
the community for lis own good sloss csI,,in s.,.A
li,hmert to exceed the limits Of Es and exia,s
dealing. In fact the country mus. be oonsidsred y
becoming security for the redemption Of The srtsalS
issue. or, in ether words itself issuing eus.sss
Of paper money by IFS agent, the Bahk, osdsf a.
the busiress Of tue country may be conducted dld.r
the temporary abstraction OF the usual currency.
II IT, therefore, no proof Vi the failure Of IL B.,k
Act that At certain times Its restrictions shcad b =
pended In fact this extension Of iss ne SHOULD b e.
sdered A something superadced 70 the ordinary ooe
ditiops of tie Banks existence. The Act Of lSi ~
passed TO ccntIol tho Bank, not to conro tas nsts
Parliament decided. and We think wisely, As :
would not IN ordinary times trust one great oofprs
ton with the power Of issuing On unlimited aznbsr
potes. This proceeding is strictly In secoFdsacs uh
tie regulations which control the issue u country
banks, and which restrain London bsaks from HAVING
any iseue at al. Whether the amount Of surplus s-
lowed to the Bank be sufficient for the ordinary pG.
poses Of commerce H. Of course questoo for dscsp.
ion but the principle which establishes rsancso,
of some kind has been accepted BY the nssies 4,
general course Of legislation. 1t shl, ho~evw, ~
Be compe tent to the country 10 remedy any sbsona
deficiency Of the currercy by an extraordinary -,
which The Bank may be empowered TO msks, Ut 3
II vefe on its own account but on account Of " -
ton, which may regulate the amount issued sad T.
pose of whatever profits may sccrue BY the faasae
ton. This seems to US to be the defense ier sea =
interference of the Government o. has Just taken pAca
The susp< mion Of the Bark Act has nothing skh b
the System which allows Amencan establishnssh y
flood the country with psper rspresentps oniy suA
per centsge Of capital, or perhaps no CAPITA q y.
II is the extrsordinary device rendered secessay 9
an extraordinary copjuDcture, and whee the necsssy
cesses the relaxation may cease too. Still, the cue
pension of positive Law Is grave matter, and ny
well necessitate aspeedy appeal to Parliament
r,e~ The London Daily Ne~s (IssItrL Nee "a
Cen merce bIesthes a. am. For the ssoood time 10
provisions of the Bspk Charter Act have bssn sA-
pended. Yesterday afternoon, TO the usxprssbls ~
lief Of all commercial circles, it wss ofSAly a.
nounced that her Msjsstys Governments have sashof.
lied the Bank of England to disregard the eamasA
imposed by Sir Robert Pees Act aud 70 mss uotes,
if Necessary, TO an unlimited amount The conditions
are, that the advances must be on approved .sesn
ties" and at rate Of discount not less than PS
cent Der annum. In other WORDS the mode 81 ishs
exactly the came that adopted In The panic Of ist
the only difference being that the price nov ma
the new iSsue OF notes is per cost higher. ~ NJ
at which relief is afforded not the important ding
the grand pOiLt 10 the certainty tAst upon ceftsa ie
rolief can be obtained What commeroe stands IL To-
mediate need Of is money, aud Tor THIS u feady
pay any reasonable rate. What It regarded With a.
trtme dead was the prospect daily drsviss ssssw,
Of an almost tots saspensioa OF tie rsQpAs sepp!
Copsidsrire however, the ahseluts nsssssity wbsa
exiated for the instant adoption Of cone nsassesA
lstsd TO pour Oh On the tiosbled ysAsn d lneaes ~
dec,sioe adopted By Gov .,DmsctSs chwsesHast Hs
| the most beneficial fesults. We dior - - ss
| denim Lord Psmerston's policy oa many potna "a
the present occasion We uanssi,stpgiy proclaim NJ
we are grateful to Ministers Tor the coufage ssd os
rty with which they have responded g y .sscas
ny Of distress. -Atths ssnsEns itmnst - ksft -
| mind that Government had lnis choice bas 70 COT
a. they have done. This % not The ars sans the
| England has swoke TO 6nd that shs hss beea
Numbering upon an iIcipient eaFthqusse. we ere
90 sincerely grateful for the escspe q ths c'cnsy
from great DANGER to entertain say fsshas q -
nosily toward the party who, while scans teaos:
less 10 the best Of tteIr judgment have lAessed sd
cloee the safefy-vslve; out We mns. teE ~ zap
Orters Of tho Bank Charter Act that they be@Skps
aticn, even 60 recently as yesterday to tbs ssp Of
nsncial edjfce and carried deep dstreas into e's.
sands Of households. Toe secret hstory Of tn psss
We trust we may cay past-foapcial crisb WI 70
badly never be written; IL Is not meet that tk'-
at least until the return OF calm and proepefoes m
when its full bearings may be safely discasssd sis
moral may be pointed for future guidance. Tx ~
strict adherence to mere theory has brssgat -
country, within the last few hours, to the ysp ~
onetaiy ciisis ss perous o. thst witnessed u iNs
The ordinary channels of monetary scconnodAp
were rapidly becoming oboked up. The connnal
were rushing 10 the bSnk for money TO On uspsUsds1
ed extent; AID each borrower, obtaining an eaoaE
far in excess Of bis actual requirsments rsfsa %
lease IL. The Bank WAS being rapidly drsmsd y
banking reserve, ard this was the moment so:eeso
lesoiDg contemporary fol the fippant rsmse, tae
when the great Institution In Thrs aoneedls ssss ~
parted with all ts notes. it would sill BE- sbls b ~ q
oscouhtirg with the funds falling repsysble fOm di
TO day. IL The Times bind, or does II know tbst -
occurrence Of such stste OF things would involve ~
stoppsge Of half the commercial houses 10 fhs ING
dem!
Arc now for a word Ct sober, serious caution tothe
mercantile community. by the coursgs and ssseexy
OF Government sn inminest AID great essgsr b" bee
surmouned. The public must nos do their psn sowsse
the restoration Of confidence. ID was only vhes NJ
BeLk Act stood in the way, damrD, up he .uPp'y
money, that there was any excuse for slasm Is nov
placed beyond ooabt the Bank hiss plenty o. noes
issus. Government have boldly, yet moss japis'easI
RETAINED from fixing any limit TO the amsuse a ~
Botee. Every holder Of approved sseaiitss ny
obtain q much ss he chooses to Hk. These y, -
sequertly, no longer any possible reason way neen
Of money should decline ~ lend, for their nsfkAtss
we shsll be greatly dissp pointed IL the sscss.isy
ssvy applications ct the Bank do not iuansdE
tlaeken. There 10 even strong groued Tor dosSet
whether the provisions of the set OF 1874 wiz Be -
ally irftireed, CT GoverDment be comPeisd 70 ~
sources of the country are o. vast IS ever; IL pcg
In hard ia far larger In amount than u former psss