Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1866-05-23
BY TELEGRAPH.
Associated Press Dispatches.
From Europe.

tlOiu AuiOPC.
NEW YORK, May Traditional news
from London to the 18th inst. says: The
Banl; of England yesterday raised the
rate Of discount from to per cent
and charge for special advances 10 per
cent The pressure, even at these terms,
was enormous, and it was only on accept
able bills that accommodation could be
obtained In the meanwhile, additional
and most serious disasters were an
nounced; the worst were those of the
comparatiyely small banks-the English
Joint Stock, for eS,000,000 then came
that Of Peto q Pitts, for G3,000000;
then that of Mr. Sherman, the railway
contractor, for e290,000. Finally it was
understood that the Imperial Mercantile
Association, whose paid capital was half
million sterling, and the Consolidated
Discount Company, with paid capital
Of quarter Of million sterling, must,
with extremely heavy comments, pass
into liquidation.
The London Times, in an editorial
says, if anything can justify the suspen-
sion of the Bank Charter act, the panic
which rocked the city TO and fro ON Fri
day, May llth, may excuse the act, al
though we believe the reign Of terror was
approaching its end, and would have
speedily ceased, had no infraction of the
bank law been permitted, and even now
it is probable the limit allowed to the
bank will not be used II cannot, how
ever, be denied that about midday yes
terdsy the tumult became a rant The
doors Of the most respectable banking
houses we're besieged, more, perhaps, by
mob accrued by strange sympathy,
which makes and keeps a mob together,
than By the creditors of banks; throngs
excited and tumbling about Lombard
street, made that narrow street impassa-
BILE Such excitement, on all sides, has
not been witnessed since the great crisis
Of 1926 Each now exaggerated the
suspicions of his neighbor, and until
report, at that time unforeseen, was cir
culated in the afternoon that the gov
eminent had authorized the bank direc
tors to issue e5,0OO,0OO additional in
notes. 1t seemed that all of the fear
and distrust of the commercial world had
suddenly become boundless. The state
ment was baseless at the time, but served
to allay the panics, which had no solid
foundation. Even the announcement Of
Petos suspension did not revive the
panic in its first intensity, and the state
meut of other stoppages produced but
little effect
The Times adds: We need not be
persuaded that had the Government
stood firm, the panic would have sub
sided itself; and as it was, we are to ex-
pect confidence will be speedily restored
We shall attri butte it to natural causes
rather than to the interference of the
Executive Government.
The action Of the Government was an
nounced in the House of Commons on
Friday by Mr. Gladstone, who had been
engaged all the evening in consultation
with bankers and others who represented
20 him that the panic in the city was
Without a parallel in the financial history
of the country. He said he had ad-
dressed letter to the Ba nix Of England,
the effect that if they would find oc-
casion to afford relief to the wants of
legitimate commerce, and make such
advances as would require the issue Of
notes beyond the smount allowed BY the
act, the Government recommended them
not 10 hesitate in doing so, and under
stood in the event Of that emergency to
max. immediate application TO Parlia-
usnf for an act Of indemnify