The Washington union., 1857-11-28

ihE EutDffAN MAILS BY TIE NASDEliBlLT.
The European malls BY the steamer Vanderbilt reach
ed this city last evening Our limits viii only permit us
TO make for the following article from the London
Times on the abFcgAtion Of the Bank charter AIT.
FrVsn The London Dimes, (eisy ariiels Nov IL
The Bankcharte act is abTogated Its late at the
second time Of triai has been the the first
The English government have resortsd to the notification
that the bank authorized 10 extend their issues on a
proved securities without regard the amount Of bull
hon In their yaalts at rate Of not less than ten per
cent.
Although the announcement win give immense relief
from feaIs which rapidly spreading there scarce
y be an Engiishnlan who will receive ii with deep
regret from the humiliation ID involves II must have
resulted from OF two cnses-efer blind fright on an
inherently unhealthy condition Of business which pre-
vented our merchants from sustaining themselves against
rate Of discount such Is borne at Paris Hamburg
and a number of other centres Of commerce
In either the conclusion is equally lowering to our
fame mercantile nation Ii Is satisfactory believe
that the neither asked fo nor recommend
ed by the directors Of the Bank Of England or any dele
gated representatives OF the leading mercantile bank
ing firms At the time In Justice 10 the govern
ment it must be admitted that the period had obviously
arrived when protective steps Of kind had become
absolutely necessary.
The position Of the Bank Of England and the private
banks of higher confidence but the appre
heIsion evident all sides that withdrawal Of de-
posites from the discount houses and jontstock banks
might commence at any instant and totally cripple their
power 20 continue further accommodation thai the Bank
OF England from the point to which their has
been brought BY the sweeping away OF nearly two mil
lions OF gold for ireland apd Scotland could in such
afford adequate help and consequently that resist
less panic not to be considered having actually
commenced in position in which no one could
calculate its being kept of for a single hour
Bus there remedies available other than that of
breaking and destroying the Law, for a law which has
been confirmed each occasion of trial must be looked
upon DESTROYED The state to which we had come had not
f1ta hxa tnff he
the community at large, and il for those who had
occasioned it TO find their of extrication
They did not look about for those means because they
knew they could obtain relief elsewhere If this con-
yicon had not animated them they would long before
the present week have concerted measures Of defence
The English funds opened this morning with
steady appearance, although the announcement of f260
900 of Austrian gold by the Avon, in addition the
E525 900 expected by the Australasan produced favor
able effect Consols for money, which left of yesterday
at ssa 4, first quoted nominally se4 s9 but the
brokers who act for the principal banks large sellers
Of stock and the dealers from the scarcity Of money, be-
ing ndisposed to bury fall took place 10 sSf.
runner then circulated that government letter
relaxing the operation of the bank charter would
appear and number of heavy speculative purchases hay
ing been made, rally ensued to 80 Sales however,
renewed and it is estimated that the whole amount
Of stock thrown upon the market during the day was at
least s600, 900 or f700 900
Under these nfiuenccs the price again receed TO sss
but at 81 the bank broker announced the letter from
ss4 The difference between the price of con-
soils for money and account per cent and some Of
the principal dealers gave at the rate of Is per for
loans till December
and bargains effected s9t for money and s0A for
the Bank stock left off at 289 2lI; reduced
sTl T. three cents, sIi 8s India stock, 2I0
q 2I3 and India bonds Sos 4os discount Exehequer
bills experienced great fall, and left off at 4os 25s
discount.
At the bank the applications for discount were enor-
In fact, to-day and yesterday the pressure was
heavier than at any time in IS47. To add to it, the
country banks were drawing notes largely
of precaufion.
The government letter to the bank does not specify
what is included under the head Of approved securities
besides commercial bills 1t is thought that exchequer
bills will be received but not stock for the latter
there Is always a ready market TO any amount
The final quotations of the French three percents ON
the Paris Boursc this evening 6Sf Sc for money
and 66f 60e for the end OF the month, showing de-
cline of an eighth.
The following letter addressed yesterday afternoon
10 the governors Of the Bank OF England
Dowx1SG-sraEEr, Thursday Nov Il
GESrIDnS Her Maiesty's government have observed
with great the serious consequences which have
ensed from the ointstock banks in England and
Scotland well of certain large mercantile firms
chiefly connected with the American trade.
The discredit and Sistrust 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 Maestys government to render it
sary for them to inform the Bank England that If they
should be unable in the present emergency to the
demands for discounts and advances upon approved
rites without exceeding the limits of their circulation
prescribed by the act OF Is44 the government will be
prepared TO propose Parliament upon it's meeting bill
Of indemnity for any excess so Issued
In order to prevent this temporary relaxation Of the
law being extended beyond the actual necessities the
occasion her Majestys government Of opinion that
the bank of discount should be reduced below
their present rate.
Her Majesty government reserve for future considera
lion the appropriation OF amy profit which may arise upon
issues in excess of the statutory amount
Har Maiesfys government fully impressed with the
Importance Of mantainng the letter Of the law even IN
time Of considerable mercantile difhculty but they be-
eve that for the removal of apprehenEons which have
hecked the Of monetary transactions such
nre az is contemplated has become necessary and
they rely upon the discretion and prdrce of the direc
for combining its operation within the strict limits OF
the exigcncies of the case We have, &C.,
PAIMERSTON.
G. c. LEWIS
10 the Governor and Deputy Governor Of the Bank of
England
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