New-York daily tribune., 1858-12-28
The following table viii show the fluctuations in
ro,sols aimee the "a inst
A telegraph dispatch from London, dated Friday

In 10 shut . ,hgt hut ...... 81. s7i ST.
rkxdiv
A telegraph dispatch from London, dated Friday
evening says:
"The effect Of the reduction in the Rank rate of
dscouut was further mar sted NJ the CONNIE ncsuent
81 bus;psss in the Stock market TINS morning, the first
TRANSACTIONS being AZ An advance of nn from Hnlch
there was subsequently further improvement. ne
highest prices. however, were not man'sn-i to tne
close. Consos opened at - n tx ulElenu lUi s.'
uary sni returned 20 that quotauoh a''oi "a'iue q"
taibed 10 97s.
" There was n good demand for money at the Bank
today At the rate. and 10 the Stock EAchahee'
Also loans were IN more reques'
We annex the remarks OF the two leading Lonion
;ourpaIs upon the subject Of the reduction OF interest
BY the Bank;
Turpsn,y FyIslSG-The city was to-day taken
counet.y by surprise in consequence of not1hc ston
that the Directors of the Bp1k OF England Al tlelr
week cour, to day have reduced tne'r mnunum fa1e
of ;i.count from 3 q cent, at which u was hNed on
tie llth Of February last, 70 y E cent ahhouSn
the terms current in the open market have oog been
10 q cent below those Of the Bank people hsi quite
liver up the dss Of any a'erstion being MADE a. zoe
eut year Merely from its being nn-hpec'ed q. @ IT, 80
uucure, The announcement created qle srnsil 80. -
s,ocs FIhsug. well snowu, rise IN The value OF money
is usUsy followed BY rise IN ne prices % b,n.s
fall ia III. yau. Of uouey By fal IL e'uritrs py
chsuse. Of Ibis DE-. crpton are almost lVNsoy y
upep the occs.on however the alteration has been
fnnd Drs the earlier part OF th- day IN. msrse' was nat
ar at ocock, ~h.n the Bank bTorer hr'; made tae
Frchange-foT nobody thought OF nasuk
II aury 3, the Bank i,sefprices were quo@d a. reausn
of about . cent. Renewed frmne" vas the inndsdste M
eou.qu.nce ard after general but bref pause wo'h was
@ .s.Sv sx,rd movement 81, in Cousol. len on
S.u, hsh. thar Yesterday English Railroad S'ock enAio
..u,ibe adysrc,, and French snd Indian were 1e
stance Of the d, and after The close OF the Stock
E,cbsuge, fr 81 Improvement was established ,,.
During the morning tie dsconut market retn,hed easy %
ur imuu the best bills being about 1t cent ana
Bsrs the applications eee rather more Numerous OF
late Upon the stsa'ion Al the Bank ne en- MARIE @ s
for the time unsettled The probsby ths' he t-r' i
The b. spI vii Erfe for t3 PirnD @ nebi ne by br other
noi.d e,.sblmen,s /. certain Esnwhe the later have
not adopted Uniform resolution with regard th- rse
-,eed their terms the London ana Westminster uuon,
Ccmmercsl and Beuk Of London.
These essbi.hmeuts will hencetorh allow only II y cent g
.npgm FOR s,Po's ins,esS Of cent On, "a 1 , s, 0l @
Sly treated and will be SLOWED only = cent The Lonion
Joint Stock London and County aud City Banks have yet
mentioned No notice has been put forward by toe
W. 70 se9 bf term. 70 n = cent r money at
i" ard II c-tt susec. TO days notice OF Withdrawal
The BY The Bank sppes likewise to loans
syemsr stock bat the terms in the Stock Exchange are
The motives which have sctusted the Bank Directors in
taking the s,epA the present PERIOD OF ne year Hase G
given rse 70 lively discussions Probably 1t felt ,ha tue
banks regular customers claim consderaon The hrmsr sp
ed by the continental exchanges during the lat
fortnight the fact that gold flowing into the banh aud the
subsdenoe Of tie oenard for money in the German markets.
pred Sever ha; in todsys decision the Bank Board
far from minority attaching importaoce % the gen
diversion the Continent OF the bulk OF the gold imported
Rnitances OF the Turkish aod Chisn losns have
likewise n be and the prospect that other for
en projects will s1on be brought iorws is no unde'ervns Of
The present the third occasion since year 1874 on which
the Bark rate Of discount has been reduced from Sto
The comparison that gathered
Nov u. sD........."....... fl6oS76e slt0H65
n,
Dec. g. 1858 (sst returnl....... l8T6S4 l2,324,co
From The London Times
THURSDAY EvKSISG-The Rank % England to-day
have reduced Their rate Of discount from 3 v cent a.
which il was fixed the llth Of February last TO q
T. cent
As tire rate in the open market is now higher than
il WAS five weeks ago, when reduction WAS conf
denty expected, ard period Of the year has arrived
when there is always for three OF four weeks grad
ual increase Of employment for money, this step was
of course wholly unlocked for. Criticism upon it is
Of question because there be but sound rule
barking management Attention 10 the law Of supply aud :e
msnd and 20 the .tem Of taking only se eh ce .ecutie'
however dseeaby low be- the profit 20 BE- obtained
.hem mus, constitute the only true course.
When the Bank kept Proaibi.oy rate which drove every
men they departed from their avowed practice OF the presd
ing years and those who concurred with them through the
whole OF hs, period could not they resiy
csp any inconsistency fail TO protest against the change
the including eroy the best repute clear
views economical science opposed 10 this 20 the
s9uatsd oes Of toe which preceded the legislation OF
Robert Peel and according repor, effected only by
morit.s the slender By the to-day
BE- assumed that the opinions Of these gentlemen haze a.
length prevailed ard that the public may hope there will be
further attempt 20 depart from comprehensive principles
The injury inflicted capi
tasts ho holders foreign balances the understanding
a they should the Bank rate Of interest and the national
intended .pec. guiding public win
hews- be dpatsd II the recent refusal 10 scsp lover
rate than T. cent was 10 b. int rpreted warning what
the contraction that nigh. BE- psced the present
met' I'VE shall moreover longer witness the anomaly
Of the best bills m the country being carried 20 other bank
than the Bank of England Of that
establish being placed ressrd their discount fgct-s,
ia position Of inferOrty 10 their neghbOrs Thes. will
be- the sole effects The public sufficiently well
Informed 10 know that ~ the kind have Any
the Bank Directors the future them.
selves that with the change Of the tide they look for
immediate return 20 higher charges and that II they
into commitments beyond tte atoms Of the they
must be prepared 20 bear the responsibility and thr
the Bank 81 England. horeoy,r If there
sufficient Intelligence these things would
ample reason 70 rely that mischief will The
frauds alike Of traders snd public paIe and
foreign and especially American underakngs have produced
morbid condition which viii several wears
and instead Of tendency iDfaton there exaggerated
symptoms ia the opposite direction.
There is dancer Of bloyancy when
bcTyiIg out about When the hour Of peril really comes
oply about one il ten thousand will sSnoWedze they
VII De denounced Or all sides panic sud
British enterprise Th. satisfaction present acton Of
the Bsuk however be qualified by that they do not
sv' np sosether the system OF having fixed kind
In.y could nomnsly adopt rate from week
nes serve As the nearest approximation % the of
mAi 70 govern all open contracts the mercantile
sot from day 70 day by course
of business TO be desirable.