Daily Richmond Whig. [volume] (Richmond, Va.) 1861-1862, 1861-09-17

wealth virtue imposes restraint which sefshness 10
willing 10 obey and il would be vain for vs. to urge hat
every five pound note embarked in this quarrel might
multiply the sad list of widows and orphans and OF
young men manned for life. Ali that we have attempted
s to warn the cupidy to which the tempting lure Of
seven per cent Is now being offered that the security
decidedly bad and though the loss Of principal and it,
tsrsst would be the BETTING punishment of the crme
We hope the penalty may be avoided by njecting TIE
propoeal.
TIE REDUCTION IN THE RATE OF DISCOUNT.
From HE London News tcisy srtlci.), lusu.. ,oth
The directors Of the Bank Of England al their weekly
court to-day 29 reduced the minimum rate of discount
from At per cent, at which II fixed on this day
fortnight to 4. On the morning Of the lst instant the
rate per cent. The fall witnessed during TIE last
month has not often been exceeded in rspidty. 10 to-
days measure the Bank directors have been guided sole.
y BY the state Of their ill., which appears fully justify
L. The fall In the rates In the open market TO point
I'll below the neu charge OF the Bank goes further
indicate the propriety Of the STEP Meanwhile, the eI
changes remain generally in satisfactory position and
gold continues 70 Aow into the Bank Any further &c.
on in the same direction will probably be weighed by
the directors with great deiberaton considering the de-
6cent harvest In Scotland and Ireland ADD the belief
that In England the produce is below an Average.
[Vrom the London Times (eiiy sric.), Aug s0t
This rate 10 the lowest touched since last year. when
Il prevailed for the Eve months from May Novembe
during which period the average Of bullion fl6,-
500 O00 or about one eth than the stock prey
ent held We we're thtn however about to experience
the results Of one CT the worst harvesA known,
WHILE on the contrary, have now the certainty OF at
least an average supply Of food Of all kinds the presen!
prospects Of the country and the money market are
therefore, in every respect superior to any that existed
a. that time. The stock Of bullion shown in the OF
this evening Is the largest thus far, attained during 1851
and the increase in the is such to demonstrate
that having proper regard to the interests Of their crs.
TONER'S Il would have been out Of the question for the
rectors TO have delayed the reduction ordered
The fact of the large Of fsS 900 & having been
sent yesterday from Liverpool by the New York steamer
together with the absence Of any reduction in the dig
count rate of the Bank Of France In the face Of tie
ducton this tide fortnight back, might have seemed
to render it desirable TO postpone further movement
but Il ia said that the shipment In question French
for wheat and the certainty Of further Elm lar
remittsnces being required from that country affords
the time sui lent for the he station in
ducng their discount TO point Locking at these
circumstances in cor junction with the Announcement to
day OF specie arrivals the amour. of 1886 900 rn
the West Iudes and BRIL- and the expectation of sdGi-
tions receipts from the Continent and Australia seems
fair to presume that the rapid return Of which has
now taken place is rot likely TO be followed by sny very
early reaction For the sound interests Of trade |! will
be sa,saccry II the market should remain in it's
present conditioa for many months.