The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-05-24
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,ers OF the body OF n
~ soon as mye Asd time TO but expect to
% leaye nv pla ~ecments in this house will allow
he ioint sto q, depoation from the nombers of
.nrvort OF III sanks in London To the effect The
conceive As statements made by them is that they
ssSa Pa Sass sa = r. :ss. y &c
soeses. n Of ttssi,sess in he eiy Of London. They
sSlsf and desire that in some fern or other
Of :, should be afforded But am not yet coenxant
IA ne actual state OF affairs In the city, as it
Q. exhib ted from time to time BY the accounts
the Bank OF England, II being very well known that
Ore reserve of the Bank Of England constitutes tho pr
cai part OF the dsporabe money Of the country ana
upon by any extraordinary demand for money eeIore
take any steps IN the matter, should WISH 10 know
the precise course OF events which have taken place AT
the bank during the day. but In referring TO the course
Of at the bank do not lei 1t be suppose that
make the ausion If 10 were possible TO raise any
question with the position OF the bank ITSELF
merely speak of tho that have occurred there
during the day likely 10 guide us in the course we
may adopt because the Bank Of England Is In reality
e Rirr Of monetary state OF the country, and by
its means we obtain from day TO day tho most definite
account OF the condition Of tile money market The
| representations that have been made to Of
general and indefinite character, while, at the same
| lime they are representations which, on account
| OF the quarters from which they proceed,
entitled the greatest weight and importance,
and wen deserve the immediate consideration of the
government Possibly, In az short time that during
which have been occupied this afternoon shall have
acquired very valuable information the question: by
VIII Ga we shall DO guided in the course may adopt
At the present moment only say that the condition
of things in the city has most careful and
bring the matter as far as in lies to wise and
prompt issue. The honorable gentleman behind
asked me whether should to suspend the
bank act in the event OF the directors OF the Bank Of
England making proposition 70 that effect On that
q eston should wish to make two remarks:-In the
first place. having stated anxiety proceed promptly
ia this matter, had rather the question and
secondly that the question proceeds upon the hypohe-
which do nc" Is likely exer 10 reab S
Majesty's government from that quarter.
Suspension OF the Charter.
AT later hour in the evening during the sitting OF the
House. the Chancellor Of the Exchequer said:-I
stated IN the commencement Of the evening that repre-
sensations had been made to me from quarters of the
greatest influence and credit with respect TO the extra
ordinary state of the market and the distress prevailing
the city to-day stated that those representations had
come TO me from gentlemen representing in particular
the private banks OF London and expected that
should shortly have received similar represen nations
from those connected tn the Joint stock banks Those
representations have received accordingly and they
were pressed even more earnestly and urgently than
anticipated. stated also at the time whom had the
honor of addressing the House that the effects
of the days proceedings through the Bank of
then We have become acquainted with them and find
that that the bank, yough desire 10 e,nd relief, has
mare than f4OOO0o0 The effect of that large accom-.
mediation to reduce The reserves Of the bank TO sum
no cery far short Of GO 600 600 Of money Under these
circumstances, far the facts known-and there
being reason to believe that any change has
Cured in tho state of things tho estimate is sufficiently
accurate for all practical purposeswe find bank
serves reduced in single day from approaching
CT, 900 to te erceedng f3 O00 oO0 The govern.
ment have felt that this q state of things which, com
bined with the public feeling, calls for Intervention
their part We have taken the opportunity during
the evening Of considering OF the facts and the
result has been that have addressed a letter the
governor and deputy governor Of the bank substantially
the same was addressed to those high officers in lsi7
and 1857 That is to say, the bank proceeding upor
its usual prudent rules Of administration, shall find
casion 10 make such advances from tho issue depart
ment shall exceed the limits allowed by law we |
that they should not hesitate mako that
ISSUE and we undertook to make immediate application
Parliament for It's sanction Cheers There other
points of DETAIL but that is the substance Of the letter
which shall be in the hands OF the governor and |
deputy governor of the bank tomorrow, and which |
earnestly hope may have the effect Of aayng the feel
ing Of uneasness which prevails in the country espe-
cialy as does not arise from any general usoundnes
in the condition Of commercial relations, but only
from causes Of peculiar and specific character. In
that respect able to draw favorable distinction
between the present crisis and others in times
but there Is also another distinction, and that is the
tardindry rapidly 10Th wich tie crs upon u.s.
aQd WHICH has prevented the adoption Of measures
which Otherwise would have been taken FOR its relief
selves to the subject with all the means in power
and trust that the proceedings will meet with the
appreciation Of Parliament Cheers)