The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-09-24

confidence were not long in showing themselves Tho
country bankers pu'hed out fl sh bales Of paper mo-
thing 10TH" Speculation reused ITSELF ana commenced
building fantastical castles in the air after Fashion
rarely II ever seen before. The South Sea madness
seemed again TO have become epidemic among inc
people. As the paper became excessive in amount ana
the currency sweed and bloated ITSELF prices rose and
as prices speculation took new forms me who'
national business became like monsruus balloon IN
the process OF inaton and people INDUCED IN goaeh
dreams Of the most preposerous description The dis-
grace inflicted by the entrance of the Duo dAngouime
into Spain and his triumphant march to Cadiz which
now took place forgotten amidst visions OF pros
perty and such were the varied and deusve schemes
aoat that to the few sober minded and Intelligent spec
nlaors the country seemed little better than huge bed
lam.
The speculative madness Of these years certainly al
most exceeds belief Nothing approaching IL in sheer
insanity had been witnessed since the epoch OF the south
Sea delusion and in 1924 some wag, who 70 humor
added witt repubshed one OF the pamphlets describing
the South Sea madness, warning to those engaged
in the fantastical schemes then nfe was OF no avail
but the parallel between the schemes Of the times past
and present we're both close and amusing.
Again, the dangerous consequences of imitation, a
shown in the receil and public dstrust TO which
1t ultimately leads indicated in the following
evidence taken before secret Parliamentary com
mittee appointed Investigate the condition OF the
Bank Of England in 1926
In some cases such was the want Of confidence that
goods obtained by barter only. Nay, the whole
country confesscdy and, in the words OF the Min
listers themselves within twenty four hours of ruin the
Bank Of England being drained Of coin and only saved
from insolvency Dy one Oh tnose extraordinary intcrosi
funding system until shall reach the verv rotenpess
Of rpcness and rpeness of rottenness and afford
ka an example n9 10 DC NOV 20 oo W on
Bank Of England was dcscr bed in evidence by of
its principal directors Mr. jeremiah Hartman. to the Sc
q. Was there period in December 1926, during
which the bank contemplated the probability of being
entirely exhausted Of goldy A. AT the latter emo OF
@ DO you recollcct the lowest quantity Of gold which
1882 A. / do not remember Immediately, but it was
miserapiy low. =. ooo ooo
A Iynouestionablv'
O. 1t stated by the late Mr. Huskisson that he
member OF tnc aamnlstlaon, Nv ,nat .lihe sugges.ea
mace naner against their door stating that thew had not
gold to pay with, but might expect to have gold to
Tecommence payment IN a shors perou 10 you .eco,
O what would in your opinion have been the conse-
quence that placed against the door Of the bank
without preparation 70 supporl connercla anu nancii
O The hank issued one pound notes al that pcriod
Was that done to protect Its remaining treasurer "A
pociueuiy ana - "prSct an - nd mts ~
one box containing a quantity of one pound notes had
been overlooked and they were forthcoming at the lucky
mChen' a ,. hoo, No ,,ro.,.,, In Tho r,o,.ro,;or
Of these notesg A None what YER. solemuiy declare
@ Do you think that the issue OF these one pound
notes dd avert complete araln! A. As lar Us my JUG
n'ea. soes y "a. wy .'ee' ',' =. WV .ss
a.. po''ou' ~ p.pe ~" 49, 49, =. 49,. ..sr - A.
ovo,anros ona Tho loo, oxort nar,,auv con.
ioreign exchanges, anu 'he 's' eAcr' Paruahy coa
trolling influence upon the gold premium.
Tho stool EXCHANGE committee apnoInted 70 ,poure
-" u,, ~, p,,..,. -. -
INTO the transfers Oh cieVeHhu anu risonrs sares re-
ported this morning that they had discovered irregu
Ior;t IN tho issue oe tho same. Int suprestion WINS
'"s' - NN 80. 49,. -, ..,,a,.,s -
'a"c III ia'or VI no'e "'''. anu 'o""oo '''0'o "
transferring stock than that hitherto adoped and It Is
mn, ;,rohoo TINT tho ccrtiGcotes will hereafter he
- , 49, p.s,,.-, 80 49,. o.,,,,. 5000
sgned ny the rresuen' Vi Tue oo'ni'ny "h" eoan'ei
signed by tho agents in this city.
Tho order dated septcmber IA PROMULGATED nv the
. - NJ ~ -. ....... .S.,. A.. A..
secretary Oh 'he treasury respecting 'a"a''o" III TIC
South important holders Of manufacturers for is
orored that all articles in hands found which
. -, - - a., =. 49,.
can DC SHOWN 70 tue sasacon OF tue assessor W nave
been manufactured before the establishment Of the In
,orro, Iovoruo district IN which thew are found
- 49,. -
shaii DO hed iIoe from the Prcscn' "s'es1-
ment or collection Of tax unless transported
bevond tho limits of the staes rcccntv In insurrection
-. o"N 'o $50 = - ~ - ~.
ihs older was susscs'cu ny ''o ~oi' N"o"" "'' .''
during the war large quantities Of manufactured pro-
ouc'S "ere mel" ny manufacturers ia s''' Wv" "''
the safest modo OF investing property WI Tue rcturh
of peace that n largo of the uufaStures
,o .,..oh In x,.iuo tha
retained have been 80 much deteosed IN vauo by tho