The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-27
: AIRS IN EUROPE.
III london Correspondence.


our London Correspondence.
LONDON, Dec. 8, 1867.
Eas;m by Parliament Of the Recent Infringe
Of ne Bank Charter-N Necessity ola Tho
inquiry into the Causes Of Commercial Re
as Course Of the New YORK HERALD and
|ondon Times The 7Aslndcrer Shaking Oft
ntiuewc of the Bank Pcrlor-1he Thea
&C., &c
,ment ne. on Thursday last, Dec. 8, three
before fs usual time, and the motive Of this
re conWcation was to pass bin Of indem-
he Bank of England for violating its charter,
entire acquiescence of the government.
it is the minister's who require dissolution at
ds Of Parliament, for allowing the bank to
its charter 1t is hardly necessary TO in
ur commercial readers, suppose, that the
charter OF the bank was the work of the late
pei, and was passed in 1874. The main fea-
his &C. was TO restrain the issue Of paper TO
millions sterling beyond the bullion in re-
In the crisis of ls47, only three years after
his limitation was exceeded, and Parliament
the illegaIity, with the sanction Of Sir R.
again, in the recent panic, the same irregu-
ts been repeated, and Parliament is again
to legalize it. Sensible people are now in-
inquire whether it is not better to make a
Fter altogether than to be constantly patch
he obvions defects of the old one. This is
question before Parliament and the country
pk oh - a
make it, and shall the government be au-
hereafter to allow the bank, on emergencies
Use ita issues, or shall some new clause be
detailing the circumstances when this shall
ce? This, l repeat, is the immediate cues
the day. But there are other mighty pro
onnected with the financial question that
beyond the circle of bank charters.
sudden and tremendous explosions In the
.ial world, which begin In one hemisphere
Ike the other TO its foundations, are naturally
& TO attract the attention of all thinking
The evil is getting worse than the pests, the
ations and the famines Of the olden time, for
Elections were generally confined to certain
d, whilst tins monster nuisance of panics
Ell nigh universal in its visitations. Ii may
panics are as necessary to the CONNER
IA as lightning is to the natural one, and
} only check or cure on the mania for
that prevent joint stock companies under
.lilroads TO the moon, at least selling stock
|. These disasters may certainly be lessened
Gus laws, and the legislation OF the United
I'd England should be seriously directed TO
the creation OF bank paper representing only
lulent designs of Incorporated rogues and
s, neither more nor less.
curse of the New York HERALD, in writing
against the efforts Of spectators ID initiate
enrich themselves at the expense Of the
Sity at large, is deserving of all praise. IL
no small courage on the part OF n journalist
: up alone against the combined action OF UNI
us stockholders, who not only suborn the
kt frequently lead public opinion captive TIL
aent of reflection and repentance comes. Tie
xxx HERALD has set good example, and is
to the thanks Of the legitimate trader.
I 9Th the London Times begins TO see it is
~ own interests and its mission Of an indie
journal, by identifying itself too much with
pie world. Within week OF so Its very able
J editor, Mr.. b. Sampson, has been allowed 20
yastricted, his skilful and accomplished pen,
Has shown no quarter to fraud, ignorance or
on, no matter what the position Of the delin-
J Only yesterday he caught no less person
3 the Chancellor of the Exchequer in the
e of glazing absurdity in financial state
| I'd he administered him such dose as must
| Tim to the jeers OF the House Of Commons
sarcasm of the public. Journals like the
)ere and the HERALD in New York may do
|, mitigate panics, if they cannot prevent
la is deal more lively than usual at this
son. The sudden irraption Of honorable
r is god-send to the clubs, lodging houses
| tres, to say nothing Of the ubiquitous cabs,
billing echoes are beard the night long.
{-incipal attractions just now in the way OF
Ients are the concerts given at Her Maiesty's
az the Opera House is called. These con-
J vocal and instrumental, and Julien, the
3D. is employed as leader OF an unrivalled or
! These concerts are got up, though no one
bws il, by the inextinguHhable lessee Of Her
rs theatre, Mr.. Lumley, who, though a lawyer
k.sion made $500 600 in opera in four years,
D in four more, and is now recovering it
ban ever.