The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-04-28
FINANCIAL AND CONNER GAL
FRIDAY, April 27-6 P. N

FRIDAY, April 27-6 Pm.
The financial news from England by the Africa
is not calculated to clear up the doubt and uncer
tainty created by the previous intelligence. The
Bank Of England had again lost money, the bullion
having decreased f246 ,495, while the notes issued
had increased FL ,62l ,665. The demand for money
quoted less pressing than it had BEEN and the
funds are shade higher; but at Liverpool cotton
had fuctuated as much as 1ad. in 4s hours, and
some failures were spoken of. A very strange
story is told in the London Times of the 14th as
follows
which, but for the otherwise inexpcable character OF
what s going On, would seem altogether incredible The
bank have resolved TO lend encouragement to the vi
oious practice OF redscountng apd that while opening
their doors to the commercial community, they have for
that reason excluded the discount brokers On the in
heren soupdness OF this policy there be dispute
and the leading members OF the mercantile world have
regarded , win ,s strong approval Is now asserted
discount firms have resolved to draw from the bank
many notes as possible, TO cck these notes up, and
venent advance in the bank terms that shall induce all
business mea TO beleve that they suffering through
this nshtv Is csussd hv ts eycu.o r. tnn anu .as
from the bank An operation OF this kind would be at
once 90 ridiculous and 30 censurabe that every
rate person will refuse credence to IT, unless au
thorty Of the discount houses the nseves In Iced but
FOR tho circumstances that the report evening Is in
universal circulation, that the alleged particulars are
fully stated in commercial circulars and that some iudyi
duas even affirm that the parties In question virtually
ADMIT Its correctness, any notice Of would i'm
proper and even as matters stand the reference TO II
must merely be Tor the sake OF enabling an uncut VOCAL
contradiction to be obtained without delay.
The same writer, in his correspondence to an
evening paper in this city, abiding to the subject
more at length, says
In the panic of 1857 1t was found that the discount
houses, and especially Messrs Overend Quincy Co. had
extended their advances far beyond prudent limits the
ability to get the Bank Of England In case of
gency to edscount the bills they had incautiousy
aIen The Bank made objection to assist them to the
iu extent desired but naturally demanded the fair mar
ket terms, and these will be remembered, went
rapidly from ~ per cent TO 10 per cent. But Aess1
Overend, Quincy Co., and their colleagues found It
limited supply easy conditions Under the ACT OF 1884
the Bank could not extend their note issues indeh;
that would exhaust all their resources was in
ing their charge in proportion 70 tho pressure
unless some could contrved to break down the
act question. cry was forthwith get up that unless
the bank would make advances TO any extent required
without any corresponding increase in their charge
every leading house throughout the country would be
compelled tostop Mr.. David Barclay Chapman one OF
Overends partners went TO brighten the Chancellor Of
the Exchequer with this representation suons
came up the insovent joint stock banks in Scotland
esewherethe discount firms asserted that the bank
had refused them all further ,ommodation although
mot single application had yet been rejected-and
state OF panic Ut length brought about to which the
Ministry against the feeling Of the bank directors gave
way, and the operation Of Sir Robert Peers bill was for
second time suspended Since that the Bank thorough
warned by experience, have refused have anything
70 DO with the discount houses The business OF these
parties has been proportouaely crippedsnce unless
they look TO the Bank resource their own means
are only sufficient for moderate aud legitimate extent OF
raneacuone and the consequent evaporation has
great They have constantly endeavored whenever anv
little pressure has arisen to represent as entirely owing