The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-21
THE MONEY CRISIS.

from tho london Globe (csty Articie) Nov. 81
The unprecedented measure adopted yesterday at the
hension which might have been supposed would follow
such an extremely restrictive policy The public were in
every way prepared for the change aud although ~Aie
admitted all rides that he step unavoidable. The
foiicy wds forced upon tie Administrations through s
The question anxously debated i whether tho
worst has been attsnedS At present is impossible
The state Of public feeling there fs hope Chat the evil
viii not be aggravated by diminished confidence Ia
the meantime satisfactory feature is the ab-
eenoe OF any gold withdrawal from the bank
yesterday and II the advance u per cent
sho1ld restrict this movement, some relief viii be
speedily experienced in financial circles For the moment
y hpr~slhe 10 form any clear opinion with regard
~ future course Of events and change for the bet
watching the progress OF affairs with remarkable degree
~ fofttade Business s curiied the various markets
forced ior sale EXCEPT at very deprecated rates Tenn
puray therefore, serious and nsalculable and
encncc encountered but this ~ things
anomalous that II scarcely he expected tn be Of
long continuance. Those who enabled 10 withstand
this derangemon, viii not suffer IN any very serious
tent, but many houses Will, doubtlses, secunb, and
among the smaller classes Of the trading community tho
strngcncy must prove destructive, Tho discount
terms for deposits " the extent OF per cent, and
IN some quarters n much n ~ per cont s offered.
This viii, no doubt, insure considerable supply q
money and ~ aooD ~ the demand slb-ios which may
be speedily expected, considering the contr acton "
usness, the market will relapse into queter position An
tho probable Interference the govern present
monetary crisis, and there general erpoa;soW fAs
H,ossary, sms Lgt iafiv dtd D1u b. afardoi, but N
smagnod that such proceeding will not be found mpe
rayc Compared with the late yesterday
the funds have rcceded about one quarter per cont and tho
market rather unsettled All things considered however,
values have been remarkably well supported Speculation
s not very active and the hears appear rather un,d
tonsnls are now about ~ a1 for money and rse-day
and for December they ssL sssI being eighth
cent better than at the commencement Of business
The foreign stock market s duh, and most Of tho
Two o'CrocxPN
further decline has taken place in tho funds and tho
market s evidently In a feeble condition There good
deal q animation in the House, and frequent dScns
sons arc heard among small groups Of spccuaiors
the subject oi money Various Opinions enuecai.d
but, usual under such circumstances they mostly
d unfsvorahlo character With the rate Of Discount
at per con, il s rather astonishing that there
unoaincss but the public TOO well informed 70 30
seized with the vague feeling Of alarm which has been
created in former periods of monetary arrangement
Ccnsoie ssS ss for money aud The 10Th, and
ss% assy for Dcccmbcrs
Trrom thc London Times (cty Artiole) Nov. 8
The Bank uf England have to day raised their charge
for discount from per cent, which adopted tho
leth ut. 10 the unprecedented rate of . per cent
The public fully prepared for The measure, and In
some quarters had been anticipated even that The movs
would have been TO per cent Tor bills not having
more than run and 10 per cent for ouger des
crittions That the latter ros,rctoI would not have
proved too strong already 10 have been Indicated
ty the fact that the demand has shown little, any
dimnuion. As the public have now an amount u notes
In hands equal ~ any recent average and business hs
been time undergoing rapid contraction this
unued pressure must b. mainly caused by and the
dosfe Of every person be supplied T
gss,o Uhthr any further rtse sctu b. nscessary
therefore greatly derend upon the ezten 10 wAsrh tA,s
asttn carried II the mercantile community, instead
u recognizing from what they have already Witnessed a
the ~ the bank that they danger being
suddenly shut out FROM accommodation will pertinacious
ly rush 10 cbtn double share, any inconv nvenience they
may sustain will be of their creating The bank
undertake " provide for wants but There
not the slightest provocative 10 panic and whether
such Illuminating exhibition q national ignorance and
folly can now take place is question rational people
would hardly have entertained a few weeks back The
old opponents Of the Bank Charter however, are be-
ginning 70 hustle in the storm, and impossible 70 feel
tam On point One of their great modes Of Great
ing fright by pointing TO the low state o. the reserve of
unemployed notes as II when that s exhausted the panx
would be Obliged to dsoountng altogether But
the fact H that the bank could under such crcumsan-
ees, still continue their discounts on as great scale
their bills receivable each day OF course ou
the average bring large total as hey are ordinarily
asked let out They could not Increase the scale but
will suppose that with contraction OF business IN
all quarters any increase be required There y con
sequeny the the shadow Of pretext Tor any cry Tor
government palla,ives Some persons who have shown
every disposition TO assist alayng IDLE appreheusons
have nevertheless suggested that nen should nu-
mate their readiness 10 grant conditional power o relax
alton in the in st7-that ~ by nounoa-
ton tba, upon payment OF certain rate sufcsenty msh
TO prevent needless applications, the public should be al
lowed 10 have extent Of discount they might require
without regard TO the increase decrease Of The stock