Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1857-12-02

1he 0espOnuelg con0Ieton " MOne ftaSIys3 W \
the departure Of the stsamship Atlantic p ne
ternoon of the lithsuat, tesused on the following
dsy In fearful panic throughout the whole connt8A
All the banks utterly refused to discount fog thsiF
patrons, which naturally added to the Wild excite
ment, until the afternoon Of Thursday. when the
treasury letter appeared in London, and vas in
stany transmitted BY telegraph to all the chief cities
and towns, suspending the bank charter act, and
au.hosisng the issue Of notes to any amount sp-
proved securities. The effect at every point was in!
Simultaneous, and, the panic ceased as If by magic.
At Liverpool, Manchester, Glasgow and other inn
portant cities, the news received with the most
extrasagant acclamations ofsjoy. -, ,x;sfssio
The charter Of the Bank Of England, itiseems, was
suspended by the government, and an unlimited ii
sue Of small notes authorized. The New York
Times noticing this important government measures,
says: ' -ea e'+5 '.t ~g.". -'s's'1. s's1<>2
"Down to 1874 the Bank Of England was q ho-
megeneous institution, differing from other banks in
England chiefly by it's financial connection with the
Government, and by the enormous proportions
which its capital had attained in the course Of cen
fury and half of existence and activity. Circum-i
stances bad given it an anomalous position and a
power Of unquestonab1e utility as the unmatched
Waterman, the unregulated regulator of the price of
money and Of the national currency. In that year
Sir Robert Peel assisted by the advice and informa
ton Of Mr.: Jones Lloyd since Lord Overstone, and
OF other eminent bankers and financiers, cas-, the
Bank in a new mould, with the double object of as
surfing stability to the currency and of controlling
the financial movements of the kingdom.
The essential feature of the new Bank Charter
the separation " hich it established between the Is.
sue and the Banking Departments of the Bank n
all practical aspects the Banking Department of the
Bank Of England is now an independent Bank, do
| Al
Banks Of London but hampered by its connection
with the Issue Bank Of the Government in the fol-
lowing Way: Under the old system no bullion was
set apart exclusively to meet the circulation of the
Bank. Every sovereign in the vaults of the Bank
was at the disposal Of the Bank Government when
called for, either by general depositors by bor-S
Powers on security Under the new system only so
much specie remains at any time in the Banking
Department, as is not needed in the Issue Depart
nent to balance the excess of the Bank circulation
over the amount Of the Government Debt to the
Bank. In 1914 this Debt amounted to ETA OOO, 900,
certified by the securities Of the Government and
against this sum bank notes might be issued. In
1856 order in Council authorized the further ennis
sion Of notes against securities to the amount of
| e475 600. For every pound issued by the Bank in
the form of notes, above this Of fl4475 900,
the Issue Department must hold pound in Specie
This arrangement it is which has caused the great.
est dissatisfaction to the enemies of the Bank Char
ter Act. For it will be at that the prac.
GreatIy
the development of the Banking Depa, tment and
interfere with its natural movement, particularly in
times which threaten public panic
The Banking Department can only show specie,
Of course, TO the amount of the notes which it actu-
ally holds, and the notes in the Banking Depart
ment b. gin to diminish, the Directors must natural
ly enough begin to feel concern for the Issue De-
partment. just here it is that the Government in
tervenes in the present instance. The elevation
Of the rate Of discount proving impoent The
drain upon the Banking Department, the Treasury
suspends, not the obligation Of the Bunk to pay
specie but that clause of the Charter which limits
the increase of issues by the increase Of specie"
This prompt action of the English government has
postponed, and probably prevented great financial
embarrassment and disaster; but the issue Of small
notes. even good securities, as in this case, will
| hardly restore permanent irmness and confidence
! in money matters. We cannot understand how the
evils resulting from the credit system can be cured
by an indefinite extension of that system The last
New York Ne,os says mas
.'The news from London BY the Vanderbilt is i'm
portanr. The English Government has given au-
thority to the Bank of England to increase its dis
counts without regard to the limitation imposed by
its charter. This step has relieved the market The
| expansion Of loans and discounts will remedy the
mischief which had reached its height by the discount
brokers and banks, except the Bank of England
stopping discounting. The numerous failures re-
ported do not include any large banking houses hav
ing establishments in this city. Now that the worst
has been reached, expansion of discounts agreed
on, feeling Of confidence is more likely to return
here The Bank Of England keeps up its rate 81 10
per CENT apd the Bank OF France has raised its rate
to the same. Conso!s were steady. The Cotton
market at Liverpool shows panic feeling, and de-
cline Of Sd. had taken place. recovering however Id
The news is favorably received in Wall street, but
much anxiety is felt to get the newspapers by the
| Vanderbilt. The Cotton dealers take courage from
the fact that reaction in prices in Liverpool had
occurred at the last moment The cotton interest is
far strong here reclamations can be dreaded
| from the other SIDE the stock in Liverpool being
| owned there and not here.
The feeling is strong that the American houses in
London a,e now safe being rendered able TO- get
sisance from the Bank Of England: great CT ash
has been prevented by the giving power to the Bank
1 to extend its issues securities. ,"'.
! The money market here is easy on cali and short
time, at 6a7 per cent The discount market is still
| dull. Spofford Tieston's paper sold to-day at 10
| per cent. The range is 7a9alO per cent for first
class paper Endorsed, and 1Oai2 for single names.
The Stock Exchange, after the first Board ad
| journed for the day, and until Friday Morning, to
| enable its members to keep Thanksgiving day out
| of town. 49,. '... ~.- - =. -sr ava
The receipts at the Sub Treasury to-day were $s5,
1 1884, including So 900 from customs The pay
ments were $751; 056 81, and the balance 81 40 AL
| o." ..rt -. ... ...-.-. - ..-..,,,- 80, .
!. 80; #-- -j rr
New LAMp-Messrs. Williams & Haywood have
sent US new lamp, manufactured by S. H. & H. G.
Uford, of Boston, which we have tried for several
nights, and which we think excellent article. II
burns oil, taow any kind Of grease, and the COM
bustion being perfect there is no smoke The cost
of burning it is said to be less than half cent
hour. By the arrangement Of aShade the eyes are