The New York herald., 1865-06-26


debt from which Gull the following
O. the debt was in pound Bank Of England notes
how much would 1t weight
A. Seventeen tons
o How large a space would the notes covert
A. Four thousand five hundred and sixteen square
Q Ifthe debt was in guinOas how long line would IL
maker an
O. What would be its weight in goldS
A. Fourteen milton nine hundred and eighty thou
sand pounds 49
Q What its weight in silver
A. Three hundred and twenty-sx million pounds.
@ How many carts would the gold load, allowing two
thousand pounds weight to eachS
A. seven thousand four hundred and ninety one.
How long would be the train Of these carts loaded
with goldS
A. Ninety miles
Q How many carts would be necessary to carry the
mt Of tho debt in slvorS
four
O How long train would the carts loaded with silver
maker
A. One thousand two hundred and eighty three miles
What is the annual amount Of interest Of the debt
at three and a half per centS
A. Twenty four million five hundred thousand pounds
@ What Is the individual proportion Of tS
How much is the proportion Of debt 70 each family,
A. Thrcc hundred and thirty pounds
Tho depreciation Of paper during the years 1916 and
1916 averaged abo1t sixteen and Eve egh.hs per cent and
the government three per cent consos ranged between
1fty seven and sixy.sx.
Discomfort AMONG THE PEOPLE.
During the greater part Of the year 1917 tho country
remained state OF torment and it estimated that
nearly three mill ons OF farmers and mechanics out
o. employment So great tas discomfort among tho
people that Parliament found Il necessary suspend tho
habeas corpus aci During Tho continuance Of these
troublesy which extended period OF about three
yoars, elasen thousand six hundred insovens
turned whose unpaid Liabilities amounted 10 ncary nine
millions OF pounds y ta-.s.a. s ~lae
A RAY or ENCOURAGEMENT. "a
BIT about the middle OF the year 1sl7 the financial
stress began to tighten and more was antici-.
pacd The price OF brcntstl1s reduced i'm
provcmont the manufacturing districts APP
parent there strong talk of reduction the taxes
the mint had received orders to coin large amount Of
gold pieces of twenty shings and tsn shill.ngs
value TO be called soveregns aud half soveregns the
Bank England gave notice that after october lsl7,
would pay specie for all its notes bearpg date previous
to the 1s Of January Of that year. and the premium on
the precious metals reduced 10 nearly two and half
per cent three per cent consoIs from five to
eighty four, confidence showed signs Of being weaned
back altogether the prospect at the close of 1877
rathor encouraging
THE BANK OF ENGLAND cURrArLs ITS DISCOUNTS.
There were very few financial movements 70 mark the
year 1878 The price OF specie, with slight fluctuations
about the the year provious-averagng two
and Aveoghths per cent premium Tho three per cent
conso 81 tho debt reduced to f343 0O0
and tho circulation OF the Bank Of England reached its
highest point which E30 0945 $50 But towards the
close Of tho year tho cheering prospects which had ap
peared at tho commencement began TO be ciouded On
the 18th Of December the bank commenced TO curta its
discounts and throw out immense quantities OF bills
which had been presented by first GLASS bankers aud
sponsble Individually and upon the announcement OF ts
intention 10 continue the work, tho clouds began 10
gather and was easy To predict the approach Of dnan
cial storm .
MORE FINANCIAL DIFFICULTIES ARIsE-rHE rRY.
mo TINE
II was found, in 1s1e that the government finances
again in most deplorabls condition. and that tho
resources inadequate 10 moot tho expenses A
knowledge OF this fact weakened the confidence Of the
people. Many now began 10 dstrust England's capa-
ability her obligations and a report from select
committee OF Parliament appointed to inquire into the
condition OF the country was thus spoken Of BY Lon
don papcr:- -' @
Tho finance report 49, in fact virtually declaration OF
quidate which we have E 6S3 7sa-that is to saw we
have annuity which may redeem in tho course
Of about six hundred years. always supposng that wo are
to enjoy an undisturbed peace for all that period.
And what made matters appear worse tho following
6gurcs put forth the estimated expenses and rs
cepts for tho year 1slo:--
Expenditures f67 ITO ss2
kc'enuc ................... 54 0000 900
Deficiency. Gla. 77s, $50
The OLD SCENES RsINACrED -RioTs MoBs AND
BASERurTCIEs.
Tho long looked Tor return to tho sbccie basis which
had been often promised and which was to have taken
place the 9Th Of July 1910, again postponed BY
act OF Parliament for tho fourteenth tmc since 1907 coin
again to nearly four and half per cent premium
and thre, per cent consos sunk 70 e5 Tho ports had
been closed against the mporations of breadstu H. dis
o.tott a.
suspended bankruptcies plentiful as in former years
followed, disafIecon arose, and the old scenes Of
meetings, petitions, threats riots and blood.
shed we're re-enacted. II was during this
year. 1919, that Il said the fate of
Great Britain hung upon a hair Take Il
altogether II was the most oventfu twelve months
that England passed through The house OF Roths
chds finally however came 70 hor relief and loaned
the twelve millions OF pounds al the rate Of
coz 1ss 3D. in paper each hundred pounds Of So
curtes This tended In 10 restore confidence
and the three per o. but as the dsconteps
OF the masses was still manifest they receded again.
10 60
SPECIE PAYMENTS.
Mr. vansttart had on various occasions oxpreszsd him.
self In favor Of removing the restrictions and compelling
tho Bank Of England 10 redeem its notes in COIN but the
bank as appeared possessed power In Parliament
than the Minister Of Finance and the privilege Of suspen
sion continued A secret committee on the subject
was appointed in May 1872 which, as appears by their
report deprecated any immediate alemp, on the part
Of the bank 10 pay Its notcs in specie, az measure
which, by compelling great reduction n its issues and
consequent dminuon Of capital would not fail To ag
gravate materially the commercial distress in which the
country was again involved. Tho committee recon-
mcnded that the metallic circulation should be restored
by slow and cautious approaches beginning with the sub
stitution Of unconed bullion for at nxcd high prices
which could be gradually lowered I'll tho rate oe OK
change would allow the general Of specie at the mu
value
In 1890 specie became comparatively plenty; but as