The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-07-02

tor observes that he and others have not ced Amer
to be less exctabe aud apprehensive under such
circums aHces than Englishmen, and we have some
where read the parallel remark that IN Liverpool
there is more calmness and coo-headedness than
IN London. Perhaps the difference is that Lon.
is lar The most subject to the in
HuCnce of unprofessionai aders aud spectators,
r,untry folks no dab IN stocks aud shares with
their little savings or rclCr men who WORK their
more liable 10 rorant and unredectIng alarms
II an the experienced cOmmunit es Of Liverpool and
New have B sF m s N we DO S0T whs
except for relief essentially sim lar to that afforded
to liverpool and London BY the suspension OF the
Deus ndchinG In England some mliODs OF the
Bank of England reserve were delivered over as a
prey 10 The urgent borrowers in Anne ica the Trea-
sury hoard was produced for the same purposes
and the amount Of The boon wa about the same
hen the Bank OF England reserve was falling fast
II was acknowledged that there must be q limit to
this artificial distribution Of capltal.
return OF the crisis was narrowly escaped here;
and il will not be WISE to be too sure the are ear
of t yet in America for the Ireasur cannot sell five
New YORK mav be- too wise y fall voem 10
senseess panic still 1t is not exempt now, any more
than in 1867, from widespread commercial disaster.
All ma iors among which mercantile credit s libe.
rally expanded are liable 20 periodical cOlapses of
credit; ianic. we suspect in the proper accepta;;
terror, is q far more rare event.
AS usual, 1t IS very difficult to distribute effects to
America 1t is stated that at the very beginning of
the war prices OF commodities ie |. Then came the
Issues OF paper Wmch' ncluong the natIonaI bank
reached f173 600 900 in November 1854 AT that
time prices had doubled and go d was quoted at
al out two hundred and SIXTY. The extreme quota
ton Of tvs hundred and eightyfve In the July pre-
ceding was attributable to the uncertainty OF the
m nisters and such like accidental circumstances
La ely gold has fallen to one hundred and twenty
and the Southern States notes are obiterated
Prices of commodities, however, remain about the
pected that the contraction OF the money would
have mace its purchasing power greater, and com.
IS so manifest in the piice OF bu ion.
There must be some counterachng influence some
changes int II the GesGns q supply ana de demand to
months ago. Probably. accurate statistics would
which has fallen, but that many objects of luxury,
at all events are similar affected by the improve
of necpssaries Of life, and goods of ordinary
consumption, and in the laeor market, much allow
flom peace to war As the waste OF war dimioishes,
the country enriches itse'f This alone won 90
far to preven fall OF prices When the return to
specie payment approaches, then indeed If not
sooner, there Is likely to b. some CONFUSION, but
that ali prices do not at once find their level not
very extraordinary.
THE LATE FAILURES.
From the london Time toisv ArticIe). Ji,s is.
VIce-Chance lor Wood, in whose court the Bank
of London Is being wound up, has sanct, o aed the
arrangement Professionally come to between the
official hq dator of that bank and the ConsoIda ed
Bank IL now only renal ms for the sharehold RS
and creditors the Consolidated Blnk to give their
assent in order 10 complete the measures for the
reop pening of I. Conso Idated Bank.
At meeting of the creditors of Moore Mcqueen
& Co. (,imited held Yes,eIuay 1t was reso we'd TO
recommend 10 the meeting of shareholders convened
1or Friday next, wi the view to the proper AMI
economical realization OF the assets, hat the mauags-
ment OF the business be taken in hand by commit-
tee OF i've creditors who enjoy not only the conf
dence OF the creditors but the Shareholder.
At meeting to.day Of the creditors of uessrs. H.
Liverpool chiefly in the metal trade, who suspended
on the 3Oth of May, O statement was subnItted by
Messrs. Coleman, Turquand & Co., showing liabii-
ties or Else 9O7 and alrestimated surplus OF f66 $40
1t was resolved to wind up under nspec ion letter
OF license 10 be granted Tor the purpose, and vote
OF sympathy with and confidence am the firm was
also adOpted:-
LIMITED LIABILITY COMPANIES.
Mr. NJ. Gibson lin reply to Mr.. Otway) stated that
amendments) the bill which had been thrown It in
the Lords TO ena0le companies to divide their cap
tai INTO greater number of shares, but at present
he was not prepared to the length OF agreeing to
Dill allowing them to ter their orig nal memoran-
DUN ol agreement to the extent of diminishing the
amount OF their registered cap tai.
TUE BANK OF ENGLAND RATE AND DEM AND FOR
DISCOUNT.
| From the London lines (City 4 ttcLel June l5
he Bank Directors made no alteration this (June
14) morning in their rate of discount Under ordI-
nary circumstances tue Justification or this delay
would be in the figures OF the weekly return,
TO pIeyen anT great in the reserve OF notes.
snd consequently that the Terms still exacted can
Lot lie considered to b. above the ma ural market
| ia Q. but weaTe in midst of an entirely eXcep.
| toDal p nOd when exceptional measures won
| o. lparently Ds most advantageous rhe iacts that
| the notes In the hands OF the public are at this
instant f5 $4,000 above the total held at the
| corresponding date of last year, and that the
| stock of bullion is higher than at any previous
date of the present year. demonstrate that the
Owness of the reserve to be attrbu ed not to any
causes that would render 1t essential for the bank
| qua that reserve by the usual means, but from a
general system Of boarding adopted by all the bank
III establishments IN the country, from fear of the
consequences that ma arise from the pressure OF
the existing charge ParadOXlcal as 1t may seem 1t
Is, therefore, highly probable that the true way to
bring notes back TO the bank in the present state of
affairs would be 10 reduce the "a OF discount while
| 1t may be considered certain that an attem 1t
to advance It would ins sntly produce di'
| rectly opposite effect lhe demand now Is
| precautionary demand which would simply
be slimu ated bn every IN lvement calculated to
lead TO the idei that precautions are especially
necessary and may be cipated thar he iceforth,
just as the rate of discount declines will be the
Iapldty with which capitalists will find that they
have more monT than thew can readily employ.
y lth the contractor in the bill cifcu alton that has
taken ace durlR he past three months far greater
tnan In any former panic, the limitation likewise oil
business ali diections from the simu aneous oc-
eurrence OF finanpa disnust at home and political
olstrust on the cptnent and the progress that mas
been made in pa ing of the large amount of bills Oh
London that hd accumu ated IN Paris and e'se-
where, there canpe title d0uOt that th9 real cur
rency requiremelts OF the country are no Drought
within limits tina If all sense of panic could be ex
tlnPuished wou cause discount instead oil Delng at
ten per cent to 70 down at an average point.
Under hese circumstances it 10 one great evll OF a
needless maintenance of the rate that IT causes the
ultimate reaction to be more vioient than won
otnerwlse be the iae. 1T may also be suggested IN
favor of the suaering public tina. the protection
afforded to the lank by the Government authority
TO dispense with q strict adherence 70 the Charter
act was meant 70 enable course of relief 10 be ur
sued with a bOldnes that wo obq otherwise pc lnde-
fensible and that no suoh Doldness be exbio ca,
the measure with ne exception OF Its service at the
! II moment of is announcement, Will have actually