The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-27


them Their Ugh, position IN relation 70 the causes tna
had led 10 it. II any character to be damaged u
was much more pleasant that should De .nsl ~ so
Bank OF England the country and the government and,
thanks 70 the compaisance of the latter they have
succeeded IN putting il on that footing. TO De sure
the, took that the matters should so 10
point at which the Cabinet would have iste choice.
There was, however alternative which aNnougu
equally unjust in being act Of government relief Tor
which there no true claim, would still have prevent
ed sacrifice OF principle An issue Q one pound notes
could hoe BEN ado,sed scithoa any infringement Of ne
doctrines h,ch tie Bank Charter d is grounded The
fact that the permission for the circulation OF snc notes
terminated 1928 not material as ne aU coua nape
been SCI aside on one point easily another. This
plan however seems TO have been considered
After years experience therefore, and all the en-
lightenment that thought to have been attained we
have thrown back at TO the discrediabe POSI-
ton occupied the last crisis and all the admirable
conduct the Bank OF England and OF the respectable
mercantile public has been rewarded by proclamation to
every Spectator reckless money lender who may
science that he will always find his safety in the very
panic which his misconduct has promoted, and that
the only who will be brought 70 or
confusion will be those who have prudenty guided them
selves by the law aud have relied throughout upon its in
volatility.
The English FUNDS opened this morning with an unsteady
appearance although the Of ESQ 900 of
Australian gold by the Avon, in addition to the f525 900
expected by the Ausraasan produced afavorable effect
Consois for money which left OF yesterday at S8 to "
first quoted nominally ssh To 49, but the brokers
who act for the principal banks large sellers stock
and the dealers from the scarcity of money being ns
posed to buy fall took place to S8z. rumor was
then circulated thu government letter relaxing the
a number Of heavy speculative purchases having been
made rally cnsued TO SO Sales, however renewed
and estimated that the whole amount Of stock thrown
upon the market during the day leas. $500 900
E700 600 Under these influences the price again receded
to ss1s to a. Blu, al half past the bank broker an
nounced the letter from the Treasury, and there
immediate advance Ss3s to s91s The difference
between the price of conso for money and account was
per cent and OF the principal dealers gave at the
Is per loans till December After regular
hours there Their improvement, and bargains
we're effected at s9 for money and 9O for the account
str !,
three per cents S7 10 So India stock, 20 to 2l3 and
India bonds SOS to 40s discount Exchequer blls ex'
perienced great fall, and left of al 40s 10 25s
discount.
Attic bank The applications for discount
any time in ls47 To add tot the country banks
drawing notes largely as measure Of precauton
The government letter to the bank does not specify
wha, is included under the head approved
besides commercial bills II thought that exchequer
bills will be received but stock, the latter there
is already a ready market to any amount
Nothing has TRANSFERRED with regard to the void OF f4lO,
$50 created the Scotch circulation by the failure Of
the Western Bank of Scotland and the City of Glasgow
Bank, but is assumed that steps will be Immediately
taken to authorize its being replaced by additional issues
from the other establishments
The final quotations Of the French three per cents on
the Paris Bourse this evening 66f 55c. for money
and 66 60c for the end OF the month"; showing decline
of eighth.
1t is believed that further amount OF from $50 900
to 20a 600 sove<egns despatched to Scotland and Ire
The suspension was announced Chs morning of Messrs
Wilson, Morgan l. Co, wholesale statoners with liabit
circular was also issued by Messrs Fitch 4 Skeet
provision merchants whose liabilities stated at f55 600
and who since said to have obtained an extension
from Their creditors, who have taken bills two, four
and six months, 10 bear per cent interest.
At Liverpool, the stoppage has taken place OF Messrs
7. b Coddington Co., iron merchants connected with
New York.
A meeting of creditors of Messrs. Hsiy Co, whose
suspension announced on the 3oh ut, held to-day
The Dundee advertiser the failure Of Messrs
Mackenzie. Ramsay Co, merchants, with liabilities to
the amount of 100000
Rrifss nn,Iu Mil sta hat he NJ
Messrs. j. Monteith Co. merchants and calico printers
of Glasgow appears in the list Of bankrupts the Edn
burg Gazette OF Tuesday.
THE GOVERNMENT AND THE BANK OF ENGLAND.
Cabinet Council held November 18th at the official
residence Of the First Lord Of the Treasury in Downing
street The Ministers present wereyscount Palmerston
the lord Chancellor Earl Granville the MARQUIS OF Lans
downe the Earl Of Harrowby, Sir George Grey the Earl
Of Clarendon the Chancellor Of the Exchequer Sir Charles
Wood, the Right Hon. r. Vernon smith lord stanley OF
Alderley the Duke Of Argyll, aud the Right Hon NJ T.
Baines
The following letter was addressed to the Governors Of
DOWNING STREET, Nov IL. 1877.
CrsTxsES-Her Majesty's government have observed
with great the serious consequences which have
from the recent failure OF certain joint stock banks
in England and scotland well ~ Of certain large
camille firms chiefly connected with the American trade
The discredu ana distrust which have resulted from
these events and the withdrawal OF large amount OF
the paper circulation authorized by the existing bank acts,
appear TO Her Njestys government TO render neces
ssry for them to inform the Bank OF England that they
should be unable N the present emergency TO meet the
demands for discounts and advances upon approved
rites without exceeding the limits Of their circulation pre-
scrbed by the Of 1874 the government viii be pre-
pared to propose 20 Parliament upon It's meeting bill Of
indemnity for so issued
In order tn prevent this temporary relaxation o. the
law being extended beyond the actual necessities OF the
occasion Her Maesty's government OF opinion that
the bank terms OF discount should not be reduced below
their present rate.
Her Majesty government reserve for future cousdera
ton the Appropriation Of profit which may arse upon
issues In excess of the statutory amount.
Her Maestys government are fully impressed with the
importance Of maintaining the letter Of the law even IN
Of considerable mercantile difficulty, but they be
leve that for the removal 81 apprchensions which have
checked the OF monetary transactions such mea
sure contemplated has become necessary, and
they rely upon the discretion and prudence the drec
tors for coninng It's operation within the strict limits Of
PAIAERsroN
O. G. LEWIS
To the Governor and Deputy Governor OF the Bank Of
England
IRON the London Times (ciiy Article) Nov. al
The condition Of the various markets to-day ha- shown
considerable resumption Of steadness, although there
vval With The return Of gold from Scotland which may
speedily be expected TO commence, aud the delivery O
the large amounts announced from Australia there can
scarcely fail however, 10 be decided Improvement,
and an impression entertained that the Bank Charter
which bad not been practically overstepped ~ 10 last
evening may still In lsiT be kept free from actual
infringement Consols for money, which left 81 last
evening al sai. hrst quoted sss to x and there
appeared be particular pressure stock upon the
market but various fluctuations occurred. and at
one time the price touched 80. From this they went
again ses, and the final operations were a, sa to
= for money, and s9A to for the 1th Of December
Dor short time In the early part of the day loans
stock we're demand AZ 10 per cent but subsequently
the ranged between and 10 Bank stock left 81 at
2Oqk 2l2 reduced - 10 "a new three per cents, So.
TO India stock 80 o. 213, ard India bonds sos a0s
discount Exchoguer bills experienced considerable re-
covery. partly from anticipation that large funding
may be proposed the assembling Of Parliament at the
beginning of month The arrival of the North star,
with New York dates 10 the 3Ist of October was tee.
graphed the afternoon but before the close ~ bust
ness. The statements that the money market
gradually recovering, that failures had been
NlnslOW. O.. a
arm connected with the West, 10 resume The
Is, Of November, the day after the departure Of the
packet
AT the Bank OF England 10 day the applications for dis
count although far beyond the average amount Of
the busiest times altogether moderate compared
with those of the two preceding days In the open
ket the best bills negotiable A. 1914 per cent IN the
morning and a later hour transactions might possibly
have been effected at the bank minimum.
A.. n IA nd haa ccasnd hut no