The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-08

Oct 81 s 900 $1,000 4s9oOO 10 $4,000 p $4,000
SSy1i s :i$$ $ss IsS S S
Here. In seven weeks have decline in the amount
of bullion from clio 900 60 Asa 000 in the face OF
rise i'll the rate of interest from TO 10 per cent II is
true that about e. O0o0 of that decrease has taken
place the foreign drain in great degree stop
ped and has been caused chiefly by demand in Scotland
and Ireland.
stood at $40 $50 900, have been reduced to 40I 900
being difference OF more than "a 900 00o of which one
half has been transferred to the Issue Department in
change for notes and half has been sold in the
ke II il remarkable that, in the face of such heavy
sales the funds have maintained their price well and
this is remarkable when il is known that in addition
these large sales bona d transfers to the
public investments have been made in the same time
10 an amount exceeding five Millions so that during that
period the purchases by the public have exceeded seven
millions.
The advances by the bank upon private securities in
GLIDING discounts have increased from f22 SOS 900 to
$50 299 600 by e. i0 600 The amount OF these ad
the 10th of October larger than they were
upon any former OCCASION and yet IN the present week
they have increased by the large amount We have named
Is however proper here TO remark that large share
Of the business has been thrown upon the bank during the
last fortnight in which the great portion OF the increase
has taken place. owing To the comparative suspension
The private deposits those Of bankers amount
ed the 10th of October To 60 66 600 wednesday
than e. 2e2 great portion of which Of the
deposits OF bankers who being DESTROYS OF STRENGTHENING
their reserves have materially curtaed their transac-
TONS and have been content 70 keep large balances IN the
bank unemployed What they probably could not well
do with safety the Bank of England could.
II not for the facts, that large portion Of the
drain OF bullion which has taken place during the
fortnight has been for INTERNAL aud not FOR foreign de-
mand that the exchanges are now all favorable to this
country and such likely TO lead to early return
Of much Of the bullion that has already been shipped that
Scotland and Ireland confidence so far restored that
considerable portion Of the gold sent thither may soon
be restored the bank considerable amount having al
ready arrived from Scotland since these accounts
made up and lastly that considerable arrivals from Aus
raa taking place, and that others may soon be
looked for should be disposed 70 view the condition OF
the bank with its reduced amount OF bullion a. being far
from satisfactory and indicating the necessity for some
further rise in the of discount IA Is, with these
favorable prospects Is to be hoped that the present in
sufficient reserve will without any restriction he in
creased considerably by a return Of gold aud the subs
that o anxiety and dstrust which have ad
ded not little to the pressure caused by the events Of the
| last month
| From the Ionaon Post Nov. Is
The FIRST step which the government will recommend 70
Parliament after passing the act OF indemnity To the
Bank Directors WILL we presume, be the appointment o.
select committee TO inquire into the circumstances OF the
monetary crisis which imposed upon the government the
necessity Of interference with the act Of 1874 Such
will be strictly IN accordance with the precedent Of
s.7 and is at the same time the one dictated by common
| sense
The currency has not been tempered with in the slight
est degree. The bank note maintains is full value, and
everybody who possesses onewhcther II be for fS
or one for 81 0o0knows perfectly we'll and feels per
eety certain, that he al any and every moment oh
tain for IL its expressed amount IN gold coin. There
diminuon IN is value, no difficulty IN IL circulation, aud
no attempt 10 give anything In its liquidation but the gold
which processes represent. How be said. then
with any justice truth that there has been any tamper
ing with the currency that has been exposed ~ dc
probation by the infusion Of 1000 900 Of additional
based securities instead OF bullion Why this not
as is attempted To be shown, creation OF new. bu,
m extension Of an old currency. There has been no
suspension Of the charter properly but simply retaxa
ton q restrictive clause aud the bank note issued upon
the additional securities Ia strictly and a. perfectly
verb,e az that represented by the Ga 900 900 parcu
larsed 10 the act Of 1sii As FOR the Of the raudu
lent silk merchant put forward as analogous, II tumbea
u the ground There analogy, for there has been
attempt 10 deliver any hing but the pure article
promised Had indeed, the letter OF the government
been delayed, this result would have actually ensued
and cash payments been suspended That would have
been the issue tho government had with the apostles Of
tradition held that he highest wisdom would have been
10 suffer the crisis OF commercial distress 10 its
course" We hope 10 some stable and certain
provision made for the future, but in the meantime we
would have the public clearly and acknowledge this
truihthat Is the perempory interference Of the GO
verpment and that alone, which has maintained the
vcrbly Of the bank note, endangered aud brought "a
the very verge Of nconveby by the provisions OF the
act Of 1sss
AMERICAN RAILWAY SECURITIES
With reference to the market for American railway
curitics Mr. T. r. sat,erthwae reports as follows on
the oath 81 November
The market for American securities in London has been
moderately active during the past week There has been
sustained inquiry for Erie third mortgage bonds, at al
vanced raes with few offering Some small transactions
have taken place in Erie shares, from IA to 15 Illinois
shares not much inquired for aud there IL regu
lar supply on the market now, the certificates are more
freely circulated after payment Of the call Illinois con
sructon bonds advanced 10 Is, the important rise
ported from New York but the enhanced price brought IN
sellers aud they close rs 70 IL New York Central bonds
continue rm the per cent converhes have brought 90
Michigan Central per cent bonds 1869 have been done
small amounts at former rates, being equal 10 pre-
MUM Of per cent on the bids aoesei by the company
on the loan. Pennsyvaua central bonds heavy
and more freely offered, at lower rates.
The following quotations are Is Cd. TO the dollar
BIZ asked.
Belvidere, Delaware, 6s, lst m, 1877,
~ Camden and AmboV 9g 4 int.