The New York herald., 1865-06-26
GREAT SPECULATION.
THE PANIC OF 1926,
60, &C.. Go.

COMMENCEMENT OF ENGLAND's TROUBLES.
The most formidable financial difficulties that the gov
ernmon Of Great Britain encountered during
the time from 1872 to ISl9 and again in 1928 On
the 1s of January of the former year, with popu-
Iaton Including that of Ircand of only seventeen mil
lions her funded and floating debt amounted in round
numbers to six hundred and fifty millions of pounds
stcrling, which is about three thousand hundred
and twenty millions of dollars ard the paper cir
culaton embracing b1nk notes and exchequer bills,
had reached hundred and fifteen millions OF
pounds equal to Ave hundred and nftysix m lions OF
dollars which deprecated nearly twcntyone per
cent while the government credit was twenty cent
below at forty per cent under the gold standard
The troubles of the country also greatly agra
waited at that time by the dim prospect Of termination
of the already protrac,cd with France the growing
certainty of hosties with the United States the
renee of numerous failures and bankruptcies which in
the preceding yoar numbered thousand hundred
and forty four tho discomfort Of the people and the riots
and disturbances in manufacturing districts which
general prostation Of trade all which may
be added the burden Of mbecie monarch and the
ruling of stubborn and unpopular regent
DIFFICULTY IN NEGOTIATING L0ANs-sCARcITY
OF-COIN
The FIRST loan In the year 1872 which for twenty
two half millions Of pounds offered on the 18th
OF June twenty per cent discount for Bank of England
ono hundred pounds in money. The term "moncy" at
that day in England either coin notes o. the
Bank Of England which were certain extent legal
tender while in United States II had reference excu
sively TO gold and silver The loan negotiated with
great difficulty, and drumming had to be resorted
before the required amount represented in the
footngs of the subscription books The precious metals
had become that great Inconvenience was expc
rienccd in the branches Of business and thirty
shillngs in paper would at times barely purchase
guinea, or twenty shllings in gold 1t stated
that British coin plentiful In Paris than
was In London owing 10 the fact that Bonapartc had
cunninely permitted the expectation Of grain and other
products express purpose Of draining his enemy
of hard money and dopreciating his paper credit
DEPRECIATION OF PApER-REcErPTs AND EXPENSES.
During year the three per cent consos which were
the mercury of the government credit thermometer,
uctuntcd between 5 and g. and the average price Of
one hundred pounds sterling OF gold one hundred
and twenty pounds fourteen shllngs and ninep,nce in
paper-which was a depreciation of the currency Of
about twenty yone and thrcc-quarters per cent
The aggregate receipts and expenditures for the year
1872 follows:-
Perman mt tax. t3o 9oo,ySO
War tax and miscellaneous. ............ "a 4I6, 159
Loans and exchequor bills. 2s,2OS,os6
Total receipts. .tI3. l0s, 10
Expenses. l0i3oo,SS7
Excess Of receipts expenses. f27 733 s3s
Balance. ..................... $1,000, ,4sA
TuR MASSES GETTING DISCOURAGED.
The year 1918 opened with no brighter or more en-