The New York herald., 1866-08-03
THE BANK OF ENGLAND.
MIR. Disrneii's Oriuions fic Bank Arf ard
Charter-The Rate OF Interest and Fiow SS
Gold.

nkf. EtnFufu@- OrtuI0uN ON tNe lShEk Arr
Charter-The Rate OF Interest and Fiow sr
rrro;n tho London Telegraph, July 10
deputatop consist Dg .. thr Lotd Provost Ciasg0w
and the following members tho Glasgow
Chamber OF Coumerca, Mr.. stephen Mason, Mr. Hsnry
panlop, Mr. W Hiaston, Mr. George Crawford and Mr..
James Fleming waited upon the On nceIior of the
Exchequer yes rday at his ofcsi rosiience In Down
lng ctr or for tc purpose of supporting n" pra of
commssion saoud lake place lnto ihe WORKING o. the
Bank net The following gentl'ncn accompanied the
scpv,aoo;1Mr sa palsisn' " pr uF.,an, ~ 49, w.
~ r.. hr Robertson, p; Mr. smnIstt, MP
Mr AcKRoyD, NJ. T., said thai the nztstion or Tho
inquiry which would give rcnt eatisfac-
~ the commercial interest Of the ooantry For the
last two months the bank rate had been ten per cent
wbe 10 Ffsncs tse rate \ ID ben four per ma aer
ence or 100 per cent NJ betwccn the two countries
Now the rate Il " materially affected tho cot "
produciin, and consequently NE aiay o. tho English
1narkes In this country, to- sbor was At higher
rsis shcn scrcss ths q apns and sh,S WIS aaJsa The
r. Eus~rri led wtb .r,at cotaJsWe uron tho
hkelnocd ~ tne hign rate cf discount bringiug now
altgs<he osp3aivsd Only Ecs vsk ~sns n T20o 600
" 70 Fansc. How could they account for the
fact Of thnt Hnrn ynng nom country Ia witch money
vss ten per cent 70 country IN Which four per
cent? There evidently some II work other
thas the rate Of Discount In fact harc strons
feeling that tho mode adopted by the Bank OF England
70 strengthen their position had contrary eject. and
confidence IA our banking system Aad ZEN shdken a.
homo and ahrpad The eent,em~n from GIasgox bad
very shre~dy susgced that the inquiry should bs an
open II The coumissones rat IN London only they
nigh, irnbb indon banking notions and he therefore
thoorht with them that evidence should he taken
Glasgow, Firm ghens Manchester liverpool Leeds and
eiscwnerc The mperai government had found
sary, notwithsisnding III. favorable position In which
France stood, 10 institute an inquiry, and Issue num
Der or giestlons upon th. several bank NJ systcms
That conmisson bud not yet reported; but an inquiry
we're nec~sssfy 10 country IA which tho rn'c four
pr cent bov much more Necessary wns Il In one in
which the rate var ten per ceatg Hear hear Tho
investigation sough, would no conxidsi cd boon by
the mercantile community, and would show disposition
to OF the government 20 inquire into the disad
vnatascs nnder which commerce lsDoEsd
Tho cgAsCsrroE ~ TIE EreeyQrYE-Is " your opinion
interest IN London and in pariss
Nr. MISUNDERSTANDING that the difference
fros restrictions which could be removed by slaon
the great disparity which exists could VI oil events
and the cursncy OF the country reduc very mach
10 hank notes of which the sgue Ten one hank
BANKERS invested IN consols whch became their capital
The 1sAscsrL"R oY TpE hxcgsQrw-Isu yvsr opinion,
nt0f o0<<ots c1prdLf
hr AxroyD--Yez; convertible generally only recon
vertibsc ai q time Hike the rres nj
The Gn<sevxon or rms Exfar2uEg-T losk ur3a Uesa
a. IN asnary
Mr AKnoyD--Raplers can siI them and thus con-
The CBawEI OK TBx EvcrrorxR-Tha~ ret FOR them
the market price of the annuity. whstsger Il nay ~
and that ol courss depends upon crsumsfana-.. lie
continued :<'eutensen, have lsted very great
atxenton and interest 20 vour rcmarke " II
always . greet satisfaction % ~ meet gcnilemcn
OF such experience In matters rel ssug 10 coInmerce
and banking. and shall always bo bsppy % receive
you. IL appears to me, ~ doubive.s Y does H.
you sso that there would net have this great de-
10 ngesiQa the principles upon " och tanking
system should be oondnctea wers il no for the peHenl
sais " the monetary market coufess ulnk y wes
very w- 10 yuu 70 limit your repreeent SION Generally
70 the afsisabliity OF investigation can ascuasons
Of an inerocutory character upon the qu sion ~ eur
eison and are sai'sxctcry Ir ailude 4, tte "a
t.sa witho.t dwelling upor q, " ONT scczase
% ss, ss; s.s .P ss' d . d. .ss .s s ssa x S
~ arc sulersng from u not .sscA a scoat ~
cuv1sy a. ~an n capitot 10 - think
there y any banking arrangement ,hs; could seee
from tho embafnGsnsnis daily expe venciLr
Possibly initl alton msht have been ioa ~ in
hank act framed differently tho present ~ not
ziye any opinion upon that ID - not necessary tslni
should do 10, but the mlgaton w0ud fear have
been of no great amount The evsls that mo o. 81
seknowidgs 10 exst thr sfnbnfras that Of
~ feel. arise firm d>spv Than ncr8 han hing
srnngemenss. with regard % investlg Cation saso
be principles Of banking and the of the Bank st,
without giving op,ncs - tho yrnsent moment NJ ue
shelter ~ " expcdent 80 ksUai. have an luves
'nuon would las. observe that tnere would b. no nA :
neniary committee 70 obtain the opinion Of local abo
ries and eenIlemon connected wlsh the greet empora
" banking and commerce in this country Bexuse Al.
hongh doubt travelling committees might nvesfi.
tate the question at Glass0w, Liverpool and Manchester
si tho rafss time when there have bc n invcrsgs
lcns kindred suhecis BY committees OF the House
" Commons, We have been favored with The Il
presence o. the hirbea sa.lnonaca fron those
hat Al tho inv-~lgaii1a which tosk piaca Ia
hs year 1854, and which iascd three mnsihs
. tue rsprcsensso, n beth opinions both schools ~
,ankiBs snd carrency We had the adyantsge - hsiv
nfCtnasion and views, AMI DO not SO Inys.ai that
We should obtain, by rJyai comm spl1n running
bout morc aathsuilc ~ more val1nbe rfeSms
iun Than should Obtain under The elgeumsiancos
o which havs r. eryd. Irrespective " that you
nov, the means n ioconio on arr nov msr' ct.y |
inn they were twelye years $40. although they were
hen ioleraoly easy. \ % noi aonocise thAi any
frry great bonoat wcUd - obtained w a rowing 4
. nmlsson, shooa dscsde upon the expea snry \
4 A. luqury. rhsre ' - d,ab1 iha' royal comns.