The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-04-08
T.ss.e q. Great Brtsni"--rhc Necessity OF "a
Revolution.

From IA. LONDON Post March 80
~ ere Is species OF reform far more pressing and
faf more important regards The interests of the
county, AID pec.ally OF the classes who live by
the in'or Of thcil hands. than that political reform
80 G ainored for thin the walls Of Parliament by
uen - o keep u m store as their capital or who look
upon il as their mission. is ihe reform of our
n,tory dealings, 81 our commercial system, and of
or LapkiRg organisation. ct Mr.. Disraeli pat hs
baud IN earnest 20 this task. let him set about the
amen .mcnt OF the usages which have had so large
share in the production Of tue late disturbances,
ard OF the present inactivity IN an energetic man
uer. and in a state manke spirit, and we viii ven
ture 90 say there " not a man OF sense IN the
Kingdom who will not be content to see Par,iameu-
tary reform put aside TN another session. in order
that this. the most pressing, the most real mischief
IN the Kingdom may ut once bc taken IN hand. We
trust that the Bank Committee il not 10 be permit
ted 10 dawdlc it, way ~ conclusion in the man
ncr which has hitherto distinguished IL. Mr.. Dis
rael We must do him the justice 90 say. did, Ia the
debates upon the crisis put MS finger upon the cir
cutnstance which played tie most remarkable part
IN creating IT, and endorsed with dstinCtivcness and
effect the doctrines which he had in the earliest
stage of our monetary difficulties promulgated, on
the subject Of deposits and the modes in which the
banks and discount houses had become hibi.uated
o. deal with them. We shall look therefore with
considerable anxiety fof the policy of the Chancellor
Of the Exchequre in regard 30 the great questions
connected with The conduct Of our manufacturing
ard commercial transactions.
Tie aspect of affairs IL far from encoura ginc. and
we have reason go know that il il regarded with con-
siderable uncasiness by many of the strongest and
most eminent firms. The moneyed world, IL will be
remembered, rallied from the shock of the crisis
With unexampled facility. From the moment, in
fact. thai the late government took the step which
indefinitely increased the reerye in the Bank of
England money began TO how rapidly out Of the
reservoirs where 10 bad been boarded, that y very
few weeks saw the rate of interest considerably be-
low profit mark. and il Is now more than abundant.
Manufacture and commerce have not rallied in the
same manner We pointed out ~ the tiu.e that their
revival must not be expected 10 proceed par p1ssu
with the restoration 81 money facilities. There had
Jeen large amount IF tacttious ndn,Jacfure IN
many trades forced and bosoiess exports 10 great
degrse. and. above all, au unusual destruction ~
confidence the reality OF all transactions, owing
partly 20 the monetary crisis. and partly to the ex.
posuies which have been made Of the conduct Of
clint stock companies aud their managers. Having
these circumstances in view, we warned oar readers
against entertaining too sangune expectations VI n
complete revival Of trade, but did not anticipate
that the process would Ne so very slow rs y his
turned out 20 be. And il is imp ssb'e not So regard
the present complete staRnatiOn Of enterprise
without considerable anxiety 90 70 the
eject il may have upon the country az
largo, rot only upon the condIctors OF business,
/ bot aIerurOn the working classes and tie demand
for labor, as mary long engagements will now he
falling due, aud, from the Inactivity Of demand. " ~
NOT probable that they eau be ret as they ehyud be-
ont of the profits OF current busness-a position
Which will compel an entertainment upon reserves
and consequent course To that Grst mode OF
economy. rI ductiUn IN 'he amount of labor.
Under these circumstances IL y natural that
attention should he very closely fixed upon the
policy and movement Of The Bank Of England and
eetccialy Upon the last resolution which they have
announced upon the subject 81 re-discounting For
tnrr general uQcv tl oughout, and since Tho crieis
the directors Of tie bank deserve the highest credit
Convinced at last of the faacy Of the position In.
sisted upon by Lord OvortoDe, that TIE act of 1874
would enable them as director of the banking de-
ratlpcp: 10 disregard all considcrat ous save those
I connected with the profit Of Tho institution o.
proprietary and commercial undertaking, they lave
exercised a self-denial and exhibited a rci.,,lce