The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-04

and next, by the general ba ancc already due 70 this
country. Again, It is probable that much OF the rehe
that granted Will be given rather by allowing the goa
rtmittabcos from California wi ch would otherwise have
10 this country 10 remain FOR time In the tnteu
States than by extensive rec shipments from mere
The whole amount of bullion which will be shipped N the
present week will very little exceed GOO 600, and that
has been sent chiefly to strengthen the reserve OF deren1
banks rather than with view 10 any profit that can De
derived irem as an exchange speculation. During the
present year the shipments 10 the United States have been
uron very large scae-a the rate least S 900 900
fer the year. That dminuton will for some time 10
take place in the trade is than probable ana
is perhaps, desirable, but that with such bountiu mar
vest, and so great demand for cotton al high price,
the United states will soon be able to all our CHAINS
there can be no doubt.
lastly with regard TO the Continent the chief difficulty
consists in tho large undertakings which have commenced
and still in progress. Trade generally is prosperous
and sound Production great and increasing on all hands
and the command both Of the comforts and OF
lie Perhaps the general improvement Of the people Is
more remarkable in any part Of the world than IN
the basis Of trade production and consumption seems
progressing by steady and rapid strides But me capital
lists everywhere are less more embarrassed ny neaVy
obligations, and which can only be relieved By time anu
the exercise Of prudence and economy But the pressure
has now lasted considerable timcthe commercial com.
muniy has been severely tested and has given PROOF
OF great stability and security That the rate OF IN
terest will continue high is certan-that has oeen
evident for long time past At Hamburg discount has
risen 10 per cent the Rank of France acting under It's
new power has advanced its rate FOR the first time above
the old legal rate Of 6per cent 10 6 per cent and WIZ
probably few days follow the Bank of England to the
rate That the bank returns will be worse for ono
or weeks to is for the reasons have named,
probable the directors following the sau
tary rules which they have for the last few years,
may find needui even further to raise the rate oil dis
count is unlikely but If they find ncedfu to do
these most affected will be reconccd to the present
inconvenience in the conviction that is the only means
Of preventing excessive abstraction Of bullion, and
further and more severe pressure home. The only
effect that may be expected upon the home trade will DO
increase OF that caution and reserve which sncn
of the money market ought not 10 fail on all hands
To produce.
Tie revival Of confidence in the stock and money mar
kets continues although great sensiveness still OBJ
servabc Cosols for money which left OFF yesterday at
ssls TO q opened steadily AT ssM TO a. and, in cose-
quence OF purchases by persons who have recently
been operating for FALL coupled with further
investments on the part OF the public uninterrupted
advance took place to SOL. Towards the afternoon how
ever change of tone produced by sale Of more
than $50 COOL Consos partly for delivery Tuesday,
and partly for the account and reaction occurred tossi
to "a which the last quotation For the 10th OF No
vember the closing price was ss9s 10 ~ imrhg inc
morning government broker bought 000i Reduced
10 o00I kxchequer bills for national accounts. Bank
stock left of a, 2l TO 2l3 India stock zoo TO 2o and
India bonds sos to Dos discount and Echcquer bills S.
10 IS discount
In the Stock Exchange to-day money obtainab'e for
short periods government securities At X per cent
At the bank and in the discount market although full
rates freely paid, there was nothing unsatisfactory
in the character Of the demand
In the foreign stock market the principal movements
Turkish which advanced during the day but after
official hours closed heavily, Mexican were negotiated
for the account at 1893 and T.
The final prices Of the Freuch three per cents the
Paris bourse this evening 67f SC for money and
67f the end Of the month, showing recovery Of
nearly quarter per cent. AT Vienna and Amsterdam,
also, the markets have been slightly less weak.
AT Hamburg the of discount has advanced to 9a
The West India mail steamer Magdalcna day has
brought i7o0oo Of which 7booo is gold and the remain
der silver
The Avon and Hea,herbell sailed from Melbourne on
the 10th Of August for England the former with 81 900
of gold and the latter with 5000 or They are now oS
days out.
The suspension has been announced of Mcssrs Whan,
Mclean 4 CO. Of Glasgow and OF Hamilton, Canada The
Glasgow papers mention the resignation Of the manager of
the Western Rank Of Scotland.
The precise amount specie be taken out the 10th
by the Pennsular and Oriental steamer Indus 7.s .es
al which ~ Cs4I for India o. 75s for China and tho
Straits aud Sol for Alden. The greater PORTION Of this
il silver the gold being about 3sooo principally
for India
In he thick Of its erils there wir D. little eV in moral
i-no on the 4meicon panic One piece 81 instruction,
however should be noticed while II Is fresh Apart from
the ncurabcs Of the Birmingham school there has long
been set Of currency theorists who, while recognizing
the doctrine Of convcrtaby have the Bank Char
the ground that where this doctrine enforced
no restrictions necessary guard against redundant
issues According their view the idea Of providing by
law for Of the note circulation In proportion
a. bullion is withdrawn from the country u simply alb
surd the public who the best judges OF their
own wants will perform that operation for themselves
they viii take i i argued as much bullion as they need
| and this can be procured only BY sending IN notes
Tor payment. The fact that Is possible for
! the banks To delay making provision for these
demands uri the exgcncy Is such as TO cause
pane ana consequent rush for tho purposes Of boarding
Ill
ways lot sigh, Of But have IN the Of the
Philadelphia and Baltimore banks, ana oven IN tina, OF the
New York and Boston establishments although the latter
have thus far escaped from anal Disaster perfect illus
tra'on If thc isnccncy Of the mere theory OF convern
bty To secure the advantages claimed for u. The note
circulation Of all these banks Wa payable on denlnd to
bearer A foreign drain had been going on for some
/ time. and lis rapid increase imminent But while
Their were being for gold they pcrsevernrly
issued them in the shape Of advances
bonds aud stocks. OF course, tbs dogma that with
convertible currency Il Is impossible 10 maintain an
yptt rtIe hut The al ull
attained until too late. In proportion they persisted
IN sbssinng from contraction Of their Circulation,
thus preventing fall in prices thai would have checked
the itnportaous Of foreign goods that Circulation
back upon them with increased rapidly, and II not
unit, they found their stock 81 specie becoming cxhausied
that they resorled TO measures Of Sepe-erv alton The
work cf contrascn then feii upon the public with sud
den shock Alarm became universal Houses thai in
ahscnce u warning 1T ANY approaching RESTRICTION 81 ac'
| commodaiion had relied upon obtaining the usual ad
Vences went down after another heavily in debt TO
the banks that had misled them the general credit OF
the banks was thus called notehodcrs rushed for spe.
Gle. not because they wanted w. but from fear that in
another hour they might not get ~ aud forthwith came an
Of pension This, al least. the
! at Baltimore and Philadelphia Az New York and
Boston the position had been rather less unsouud and the
securities held by the banks and their general ysem Of
administration were a better character. Bg, here.
although the banks saved Themselves the mercantile suf
forsBg8 we're less deadly. Indeed, Il may hc qucs.
toned ~ owing tho sacrifices conscqrrnt upon the pro
uaeed struggle Of the bapks after The domestic run had
conmcnecd u prevent ther own F'orgee al ans cost to
their customers the r~va,o losers al these places viii
the cnd prove 10 have been the most In either
instance the lesson l. alike conclusive erl hardly
si 10 convert that section Of the opponents u
rency Laws who profess 20 be guided by any tangible
principle Upon the class who fancy i In the power 0f
governments banks 10 enable people ~ ny debts by
simply promising pay them j. needless TO seek a. ope
Although England NJ the present moment presents 10
the midst of the Indian muny aud her Amsri loses
example q financial steadness ~ The Whole world there
s probably not one Of thesc persons bet would BE- pre-
Pared With tho non0tOnous pcrtnaciy peculiar H. their
stne 90 prove any plumber Of ietors pamphlets
Parliamentary examinations that iho carge now excted
By int Bank England simply the ppu4lty
Of pcrversc neglect Of infallibo and efevdent
nos,rum that would enable 10 secure NJ mofnen,
sufficient and falling supply at the agreeable
| OF three per cent
IN the railway market a general advance took place
during the day, but after regular hours there re
LAPSE IN sympathy with the funds the Market however
closed rather better than yesterday Grand Trunk al
Canada also higher but IN Grcai Wcscre Il Canada
/ there weakness.
| Prom the london Times fcity sFticle), oct, col
The Bank 81 England has to-day raised l. rate III d..
count from per cent which adopted on Monday hat