The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-01-07
Closing Prices
THE FAILURES IN GREAT BRITAIN.


week ago estimate was made Ia Parliament that
the Liabilities II The houses which have failed during the
recent crisis make aggregate of f45 600 stercg
this being az asi double the total reached IN 1s47
may he doubted h' o9ures for lsi would rot be found
10 bave aInsul'.d 70 more than twenty-five and half
millions but there bc question tina; the present
occasion their Magurude is much beyond anything at.
tanned ai any p.,Nious period Suhjoned is list OF the
PRINCIPAL sus pen announced in London since the be
ginning October, when the pressure frs, deci iediy
commenced. Only rough conjecture be formed as 10
the total they represent since in many instances the
balance sheets yet TO be produced, but fifteen
sixteen millions may be taken as the lowest sum. The
failures in tue provinces, OF course, cannot be estimated
with approach 10 precision. but the debts Of i've
banks alone amount TO about twenty three millions (he
Western OF Scotland fs GIL 1872 the Northumberland and
81 CUo 600 the Woverhampon and Saordshirc IL oO0-
COO and the City Of Glasgow $500 000) IL Is evident that
thirty five millions would be very moderate compute
ton for this part OF the question Ihe grand estimate as
thus raised 10 $50 000 900, $3.50 600 O00 and ih is
Jcfo'e them Parliament and The pubic are bo'd u use
ereTy effort % prob The causes Of ne ed With the con-
slant extension OF activity peculiar TO all CONNER
cal countries, it is PLAIN that if the same causes
be due in 1861 viii as much exceed that OF the pre-
sent year this exceeds what was witnessed ia lstT
AZ ibe time the fact must be recognized that
cordug the opinion of Parliament the elements Of mis-
cnoi actually in operation are but family represented
even in the totals given The Doctrine that by The
prohibit and precautions enforced by the Legislature
prevent The mercantile classes from exercising bank
Ing affairs their Independent judgment an immense
amount OF disaster IL avcrted. Indeed, upon other
plea could the French system be tolerated Tor moment
IN branch Of business I'm England. II under this
tefna have suffered 10 the extent o futy mil
Ions what DC the opinion OF those who uphold that
systctn the al that would have been exh bited
rder instead Of being taught u rely upon govern
ygtce ld been LETT 20 the free exercise Of their
IL pc would Tar transcend all Ordinary
conceptions The tscr 81 a. their sagacty therefore.
VIII be proportonaely # our legislators unable
clearly and the baneful nhences that have
been work cut OF doors few persons venture 20 ask
whether the Wanted remedy may not IN fact constitute
the of the disease and II would be very rash, after
having witnessed throughout the present generation the
hngs that take place under the Parliamentary guidance
banking business 10 try the experiment OF leaving 1t to
course In that case however their functions
regards the Of trade would be limited 20 the
SIMPLE duty OF providing inexpensive means by which,
while were eit 30 make such mutual contracts Is they
ua deem best every attempting to falsity or break
sud- contracts might be dealt With according to
hi. deserts u Il muck more pleasant TO fancy
possible 90 control or regulate trade. Any
man Who can persuade himself, especially IN coun.
ry like Grea. Britain that he called 10 take part IN such
operation mus. be conscious of imineuse self mp,r
lance and a. general rule, neither minister members
u Parliament, any other OF the existing race OF hui
beings rroae " surrender the deuson OF mag
yaYk