The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-09-13
NEW YORK HERALD FRIDAY SEPTEMBEnv IL, 1861

because experience taught rs that in the acquisition
wiling to obey and II wonld be vain for 70 urge that
every i've pound motto embarked in this quarrel might
multiply tho sad list Of widows and orphans and
OF young fnen manned for life. All that we have at
tempted to warn the cupdity To which the tempting
lure Of seven per cent being offered that the So
curly y decidedly bad and thoigh ,hc loss Of principal
and interest would DO the bedttiug punishment OF the
CRIME, we hope tho penalty may be avoided By rejecting
tho proposal.
Tne Reduction I'm the Rate OF Discount.
- FROM the London News (city arcle) August 80.
Inc directors OF the Bank OF England at their weekly
court 10 day (29) reduced the minimum rate of discount
from ~ per cont, At which 1t ixed on this day
fortnight, to4 On the morning of the LIST instant the
ratio was per cent Tho fall Witnessed during the last
month has not often been exceeded in rapidity. IN to-
days measure tho Bank directors have been guided
justify It, The fan in the rates in iha open market To
point still below tho charge at the Bank goes further
TO Indicate the propfiey Of tho step. Meanwhile, the
exchanges remain generally in satisfactory position,
ana gold continues to flow into the Bank. Any further
action In the same direction will probably be weighed 10y
the directors with great dclberation considering the
deficient harvest in Scotland and Ireland, aud tho
peei that IN England the prodlce below an average
From the London Times Getty artice), August 30l
This rate Is the lowest touched since last year, when
prevailed Tor the i've months from May TO November
during which period the average Of bullion Gl5, 500
ooo or about onelth more than the stock Mt present
held We were them however about to experience tho
results OF one of the worst harvess known. while,
on the contrary, have the certainty Of mt least
average supply OF food OF all kinds The present pros
FORE III every respect superior to any that existed at that
time The stock OF bullion shown in the return of this
evening is the largest, thus far attained during 1861 and
the increase in tho such to demonst that
having proper regard TO the interests OF their customers
~ would have been out Of the question for the directors
70 nave delayed tho reduction now ordered. The fact
OF The largo sum of fSS 600 in gold having been sent
yesterday from Liverpool by the New York steamer,
Together with the absence of any reduction in the discount
rate OF tho Bank OF France in tho face of tho reduction
this side fortnight back might have seemed to render it
desirable 10 postpone further movement but il is said
that the shipment In question French account for
wheat, and the certainty OF further similar remtlnncos
being required from that country affords at Tho
time snfcicnt reason for the hesitation in reducing
their discount TO point Looking at these crcum-
stances in conjunction with tho to day of
specie arrivals to the amount of 1886 900 from the West
irdics and Brazil and the expectation Of additional
ccpts from the Continent and Australia, 1t fair 10
presume that the rapid return OF which has
taken place is not likely to- be followed by any very early
reaction For the sound interests OF trade will be most
satisfactory If the market should remain in its present
condition for many months