New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1857-02-20

notbinr In The improved condition Of the Bank
accounts hng IN the lessensd demand for capital nothing in
the the continental nothing in the rates
abroad point 10 the wisdom Of such course 70
saw the least appeared at premature The highest
point which bullion the Bank had risen was flo
the 18th December Since that time il hiss again steadily
creased until stood Saturday last according accounts
published last night al ED 94 and this
Che enormous mpoations bullion which have taken place in
the interval The whole of since that time
shows press in making the demand upon
the Bank the Bank committed mistake and was not
governed by enlightened commercial principles which have
much distinguished its OF late when yielded
to the reductions in two successive weeks
in the Of December What has been the result The
pressure has continued both abroad and at home
rather to diminish The reduction to the rate OF
mar cent here when money was worth per
abroad has only had the effect of draining this market at
cost to supply their markets their greater Is this
imaginary Not at ALL On the 18th Of December the
pryae securities the Bank of England stood at f16s0oo =
the rate OF reduced frst from and then
psr cent the following What has the
People hare naturally ocked to the cheapest market Bills
have London for discount from the contnenthe
amount private securities increased to sos in the
week ended january god has been exported larger
titles and reduced weaker condition than
ii stood in when the minimum rate was per cent Naturally
unwilling its action and to raise the rate
Of discount obedience the law of supply and demand the
Directors had the expedent OF raising
the Of nterafor advances made seeur.
81 per while bills discounted at cent We
will say that under circumstances this distinction
might not Unstable might happen. sometimes has,
that in order foreign operations large advances have
obtained upon Consos when the would not have
submitted the price Of the day order 10 raise the means Of
feeding large exchange operations BY SALE when in point OF
the side would have than counter
gain but when BY obtaining advances
from the upon deposit of stock the loss Of the sale
been avoided and gain of the speculation But the
Directors may assured that general rule the
cluso by ahge rate INTEREST," Of class Of securities
only brings another favored class to the Bank
larger there is good obtained by these capri
cious distinctions If they upon stock terms
favorable upon bills they will have abundant demand
from dealers out DOORS will make profit by the dis
count Of bills which the Bank has repealed If the contrary
they discount bills upon favorable bills will come
them in larger abundance profit made by applying The
to advances upon the stock which the Bank had
fused upon Private interests are too active ant
too acute to permit of such nominal distinctions
The conduct of the Directors Of the Bank Of England ha
been DISTINGUISHED during the last four by their stead,
application only principle which banking
any be conducted They have been governed
only be the law of supply demand Disregaing all tbs
theories doctrnae and relying longer upon the sup
posed sefegaang power of the Bank Act of 1874 in spite Of
which they had led such difficulties in ls47 they hav
kept steady upon their of bullion and upon th
upon for advances and have regulated thei
accordingly Was in moment OF hesitation that he
Welded few weeks ago. the for reduction in tn
rate of discount that they took sangune riey
Of the general around which besokened the probabi
ties of future? either it is too evident tina
thew made istakehey reduced their price low
and have encouraged foreign demand not altogether
harmony with home convenience and sincerely trust tina
thew will not permit any false notions of consistency to tn
course recently interfere with any which tn
. real interests Of the country may now dictate.