The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-06-18

the washing Inca and equitable system Of pawn
aS az home % @1 wSs pp1 pSSm OEdzeo Bank
were in the vortex and in some of the most lucrous
pTt posed capital OF each company was however in
those DAYS, much more modest than now, the usual
range being rom 45O 0U0 to 100000, instead OF from
hall million 70 five millions with power ofincrease, &
the funds pyecipiiaey went down and cOnsOlS in 1852
place, aud Lombard street and BGrt6o omew lane pre-
nsea scene s mot unlike eu mat m met tor
aid was 30 great hat IL was Teso we'd TO autnOze an
made upon goods. 5handse and other securities.
Commissioners were APPOINTED TO carry out the arrange
ment In the principal commercial owns, and c0nh
dence was almost Immediately reawaksned The app Il i
been expected. and in many places the Commissioners
The next panic occurred in 1887 but this was of a
more restrcsed character and was not attended with
discount IL arose 0m an eaeernsss to MAKE loans to
the various states of the American linton aud from
York, New Orleans etc. The chief London houses, oy
Whom these edits haa been granted WERE IN the nrst M
Bank OF England but It ultimately found lmposs-
1871 The preceding years had been marked by the
PRODUCTION hallway projects to the amount of abouS
c6iet promoter 0onsols on the lst OF January had
sood wi bin traction OF "a, and in October they were
ne d1ai. Of gold was extremely severe and the
9ll7y,to the Government on repressnt alton from the
prncPa discount houses authorized @ the suspension Of
operation. The minimum rate at which advances were
The effect sudden had been that OF the Gov
eminent resolve 10 make advances goods in 1926.
lntwO months Consols recovered lrOm7S@ to S5B and
within seven months the rate of discount down
it hen remained with little ysflaou ranging bet seet
and Der cent? for neaIly three years
In the panic OF 1851 which brought about by the
most wild speculation on the part OF exporting mer-
chants chiefly supported BY reckless credits from banks
at Liverpool, Glasgow and elsewhere the of
the act took place on the 9th November, aud the
minmam rate for advances was fixed at 10 per cent
being per cent higher than the previous occasion.
during the panic to 86h and the bank down
93671l0; but on this in former instances the
was lapdyand continuous. In the next year Con-
soils stood at 9e and the rate discount had fallen
~ per cent, after which, for two years. 1t ranged
between 9 ana 3.
recent panic the feature been the high
point ut which our stock gold has Deen maintaned
through the steady eSactiOn for the past eight
process which has the spme time tended to preclp-
tate the breaking down OF the specu ave mania betor
IL had reached oegtee TO compromise setiou y
the commerce of the county. Even in the return o,
this week the stock of bullion is shown to be near
twice great as that which held in the panic OF
1857 ana fifty per cent In OF that fl847 hs
peculiarly 0rable circ cumsauce. and to
rant the generally sed belief that the restoration
than at any OF the former periods OF difficulty aud that
the losses from he breakup even OF speculative pro-
perty VIII be less permanent ana serious than one
would have supposed.
counts and the price of Consols in of the three
panics that have happened since the passing OF the
OF lS44:-
Notes in ID discount. Price O
Bank Bullion. ReseTue. per Cent. CgRsols
lS47.......G8,4t8 $50 Gl l76,740 1872
N51....,.. . 464Og6 0517l0 10 3oh
1856 ....... I2,3l3S05 73O $50 10 S4sl