, 1860-11-23
THE MONETARY CRISIS.
Effect OF tts Extension in England.

[Fsom the n. T. Evening Post, Tnesday.]
Yesterday more serious appzehensions for
the futura wcrr felt in commercial circles than
commercial men cared to express to-day the
sun shines again, md things look cheerful.
The chnugc Is properly ascribed to the deter
mination of some Of our leading banks to con-
centratc their farors upon the shipping and
forwarding classes, upon the principle that the
wheels Of commerce will resume their reyolu-
tions rs soon ~ produce, which Is lust now
collecting in this city to an unprecedented
amount, IL once more set inmotipn. Eodoubt
tho efforts Of the banks will be attended with
salutarT results. How permanent the relief
will be, It Is not easy to foresee. II we were
surc. that England Is strong enough to bear
whit has already occurred here, without
panic; In other words, Eve had no troubles
but those Of our own household to contend
with, We should hare no anxiety about the f1-
turc::. How far England spreparcd to contend
to her BY the steamer Of Saturday last; Is thcrc-
fore the question Of paramount interest at
The rate Of interest Of the Bank Of England.
on the last arrival, was four per ceht., higher
rate as every ono knows, than that Of any city,
: but lower than experienced bankers thought it
ought to be; Specie bad been leaving In large
duccd during the month ending October 10th.
81 ,2so COO, showing that there had been an ef:
fectud demand for gold from abroad during
that period, and this in facd Of . rate Of inter-
est In London higher than in any other city in
. Europe except St: Petersburg and vienna.
turt,s showed decrease of e., SO 600. Like
England, eho is obliged to buy provisions
largely. and to support 1arge armaments in the
Enst.' It 'is obvious that much of the bullion
That Il leaving England mud Frapce goes to a
: distance, and tlnnot readily tc1urn.
=. While tei.. tfas tho: tendancy Of things IN
England during tho last month, and couGaels
were alfnast edua11y divided upon the lropric-
II Of raising the rate OF Interest, the position
Of the Bank OF EnelanHS AT, the last statcmcnt
wc hare received, the 19th,of October, was as
folluwBs.> .-~+:".;.'@.
-othsr deposits 1sis
- Total liabilities >: " sle s371s
.AEainet restrve of. E;,g5611
:. This Is not bad statement, and II the En-
Gllsa bankeFs do not e. toe easily frightened
ties of their position consist In Tho facts':.'
1-.That both England and tho Continent
lave bought and bare Jet to buy an enormous
amount Of grain, which, IN ca4e of Q CONNER
eial Obstruction like that with which uley arc
Threatened, will cause them to export.ballion.
!, 9. We arc not likely to be in d position for
the next stx months tg take anything Ike our
'usua1 proportion. Of English and French fab-
r;cs in exchange for our grain-anofher oeca.
eion for their raying in gold.
S1he yield of Australian gold hss tcnsibly
II 7ieF' II 4 t1e.s. facts aud de- E, loaT e rato of
which issuch Is to yield Il largo profit to the
importer Of epecler she Bank. Of Eangfand will
IN all'pFoheblllty rs eom4pslled 70 advance the
rate qf Interest to fop .scyen. to ten per cent,
to check tho very strong current of bulltoI
which !. setting Il hi. dIfeetio2: 4 necessary
tothroW large amount Of American. 4ecpri-
ties upon the market, to change the nominal
values Of all kinds Of property, and especially
to diminish tha demand .fo< American bread.
7lI,:, l.'. - f,'a'r:. :. ct. :;e:.,T
III tI4l