The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-07-02

sales Of h,aion q eten @ fpe mipIss 'te lrg There
Treasury and the Secretary tualy employs his com
mand Of il 10 prevent ~ possible fluctuations IN
the premium The worst among 'hs many n an q
contracts which s occasioned by variations tn the price
Of gold. An American merchant having 70 remit TO
ssf sfss ssna Be- the s sending gold
since bills are not always 70 be had Now, In London,
merchant always knows beforehand pretty nearly what
will cost him to send gold TO any part OF the earth
but In New York he does nd know wstAin ten per
cent Aow much Ne ,oR have pay In the paper money
with which his creditors fulnl their obligations 10
him at home for bullion 70 export 70 Europe. JAi g
Ae darge, and Ae obIacie which Mr.. Nccu
when ,hs marse. % rses and buying When il falls II
may be profitable practice for the treasury, ana
may bc expedient In the interests OF trade nut
system which Deccssiiates II must be terribly dcnorn
zing. In consequence Of the drain OF gold money
became scarce In Wall street. that IN to say borrowers
were few and their pp,ies small stocks fell There
few failures and much anxiety but no panic aud
nothing approaching 70 a general collapse Inc . coz
have notcd Americans be lcss excitabe and appre
hensive under such than EDsishmen and
have somewhere read the parallel remark that IN
than In London. Perhaps the difference ~ that
London s far the mos, subject 70 the IN
country folk who dabbe In stocks aud shares with
thclr little savincs richer men who work heir cap
tai through other peoples brains and these are moro
liable 10 ignorant and unrefecng alarms than the
experienced communities OF Liverpool and New York
But after all, do not know what wond have nap
pencd in New York last month except for relief essen.
Tally sim lar that afforded 10 Liverpool and London
by the suspension OF the Bank act In both cases the
goverDmrnt the Deus psdchind In England come
llions OF the Bank Of England reserve tcere dhoerod
opcr prey 70 ae urgent borrower; In America
the Treasury hoard was produced for tho same pur
pose; and the amount OF the boon about tho
same when the Bank Of England reserve was falling
fast acknowledged that there must be init 70
this artificial distribution OF capital return Of the
crisis was narY ciy escoped here; and II VIII no, be wise
be they clear OF Il yet In America for tho
Treasury cannot sell five millions sterling OF gold every
weck Although New York may DO too wise TO fail .
victim 10 u senseless panic, st IL not exempt now,
any more than In 1857 from wide spread commercial
dsaster All nations among which mercantile credit IL
literally expanded Liable 10 periodical coliapacs OF
credit Panic. suspect In the proper accepiation Of
the term that Is unreasonable aud unYcrsal terror
far more rare event.
Al usual "a very difficult TO distribute effects TO
causes now In operation in the commercial affairs Of
America II Is stated that tho very beginning Of the
war prces OF commodities fell Then the issues OF
paper which Including the NATIONAL bank circulation
but no, that 9 h southern Stnis, reached fl1a coo uoo
IN November 1904. A. that time prices had doubled
and gold quoted at about two hundred and sixty.
The extreme quo alton Of two hundred and eahtyn, N
the July preceding attributable 70 The uncertainty Of
the war; tho abortve Gold bii the change Of finance
ministers and such hke accidental eircnm.
stances Lately gold has fallen 70 one hundred
and twcnty-fcur, the issues arc reduced IN
about clio 600, 900, and tho Southern States
notea are oberated Prices OF commodities however,
remain about the same as November, 1894 II might
have been expected that the contraction ~ the money
would have made It's purchasing power greater, nnd
20 manifest In the price OF bullion. There must be
.sns eracting influence some changes IN the res
supply z, and 4 a 10 ls s = e.
sasy sss;ss.s shsen months ago Probably, nceurs,c
iss nn,v an,, show that hull on s MT literally
many objects OF n.,nry =, a, ersn,s. an ,in,..
var ,a'iy % anec.sa ~ ne Enforcement Of tho money
culinary consumption, and ia r.s labor MARCO much
allowance mnst he made for shr conee1ueuce< d. a
change from peace TO A. '.he we n var al,
minishes the connry enriches Itself This alone world
20 far 10 prevent iali Of prcea when .ho yctirn 20
spece payments approaches a-n na1d, II ~ sis.sr
not a. once nnd their level u not very oxsfardlnfry
rHE LATE FAILURES.
fl'ro,n the London Times lciy snielel June Lsi
Vice Chancellor Wood, Ia wh0s0 cOgrl tila Bank .,
London 4 being wound mp, has sanctioned the nfrahgc
meat Professionally come 70 between M oiica aaida-
s cs ,n Dos ar an ina T .,s so
Consolidated Bank TO give their aFysnt In order COM
Banl
Alta meeting Of the creditors Of Moore scQpAsn A
Co. initedl held yesterday was resolved 10 recon
mend TO The se,.ng OF shareholders convened Cor IN;
DAY next with the yies 10 tue proper aud econ nical
realization oil the assets. that the management o. the
bussnosS be taken In hand BY committee of ve creditors
who enjoy not only ihs confidence OF the oroiosS nut
At meeting to. day Of the creditors n .csrs ~ J.
En- hoyen a Sons nsrchan;p OF london and Liverpool,
May, siaiamcnt was anhinned ~ lessrs so ma,
Iu,auana % ses~ss >, .s 40 ~ o ,n.sIra
up under inspe on letter u c@nEe o BE- granted for
fhr plrpose, aud vote Of sympathy xi'h aad conf
dence In the ffrn was also adopted -
LIMITED LarffirY coprtsIrs.
Mr. NJ Gibson I'm reply 10 Mr.. otwagl stated that he
Intended, al future ume, 10 rsin,lodacc " ith
Amendments, the bli which lad been iroVu ort n tha
Lords enable companies 20 divide their csr'ai into
greater number OF sha - but At present he not prc
pared 10 20 the length Of agreeing - b s1@ng them
10 alter their original memorandum " pgfceucnt 10
thu OF diminishing the amount ~ their registered
capital.
THE Blsx or ssoLiSo nATE ASP pExAsD ron
DfsCoUSr.
from the london Times tcl'y srilcicl Jrne III
Tie Bank Drc cors made alteration Tits tIune ~
morning Ia their rate oi discouDi Under ordinary CIR
caulssnees The Justification for tbs delay would BE-
found 10 the figures o. the weekly return Witch
show that ne assand hss si1 ,sn F,.cs q prstea'
Act sras esccfe corne, D. oorsidsr,f y rory ~
aafa ssnvf.iv1. But u Tie mdl' II "a entirely
eseeptionss p,foo, sneh e.pTna iaT' ~ s,sa ho't az
the hsuas Of the publ are Al ths gs.an E5 IN 600
abnYc ihe total held q The corresponding fsir % last
year and ,b0 hs stock ot biliun y higher hsn =, nny
pr~yoos dsts Of the presen year. dcDongtfsc that tie
iowns,s OF the rrssrys y 70 be stibutd not 10 any
e,nses thsi wcud render essriiai for she bank 10
guard thai reserve bv The usuni meuus bat ffpm
! general system Of boarding adopted b. oil the
banking es,ablisimcnIs IN The county from fear
Of the cor seanences that may sfsra lrUm il.o
pressure Of The existing charge Pafadoxcai o. II
may seem e. Therefore, highly probable that The true
" brng noies back 70 the Bank IA r peseE state
of Affairs would b. 20 roiace the rate of dn, shlie
~ may BE- considered certain thai sitemp,io avse
" would Instantly produce directly orEoshe eject.
The demand row v precautionary deutnd, which
uorld simply hs Stimulated by every movement calca.
lated 90 lead The idea hat precarsens are esreaay
necessary. asd a may be anticipated that heDces0ftn.
IDst ~ The rate of d@Cvn ciincf vii b The Tapdty
with whi capitalists will ani That they have money
than they can readily employ with tho conuae'ion =
the bs orcaiaion hsi Ia ssken plsca daring Tie raa
three nonihs. gag xre.isT Aan IN any former p1Eio.
n hmHfiss trri, ofia ias o. ~ dfrc fio8f Cos ths
HmaaHsois NJ Assaacigl a. fpH ~ Line ass
p,Gtc1i diar,< ne tos,sep and the progress 4 al
has lsch rss IN paying "a iit llgc eaOanl 0i bg On
London ihni hal accumulated In Par AMI epeNhero,
there be little d0uss that the real currcbcy require.
menis ~ ~. country arc nov es0gl within Unite Lsl
u siI sense u psne G. III ~ eangaishet would cse-e
di-rsan insesi % beng ~ zen ref cent 70 ~ dawn at
average O!st Under fhess crrlHstsn L s great
evil ~ acefiess snf.nsno. ~ tho rate hat
the ultimate restgn 10 be violent lhan would
otherwise be the case II insy No b. eff,repled
IN favor OF tie snfsrtrs tsr tar thc protec too
afforded 10 the bsnk hy the Government nntbory
10 dispense with stnt sdhetercs " the Charter al
mena ~ enable coIrr Of relief ~ b. IBrsaed f
q bo6H~zs hn, U0sf o''srciH h flfsHsib and thai n
xIch bn,nrzs - - hbitri the ar. wth the
ceps.on of ns service al the nrsi rhonon, q ia
ncnnoeneni, viii haze sctugy cfuatel naonye-