Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1866-05-28

| Such is the state Of this grave business, q,
far as we understand IL, and as, in the very
nature Of things, it must still further deep
en- the gloom which prevails in the mOneta-
ly world, we can only hope that the Ca
amIty will not be made worse than it really
| is."
The city article of the Datly Ner8has the
| following: H". rn1 f..fp Gi'F n.
ut is impossible to describe the confusion
and excitement which have prevailed to-
day in the city of London, and which have
never been paralleled within the memory
of business men,. Throughout the day the
streets in which the leading banking houses
are situated were so filled with anxious or
curious crowds that l0comotion was almost
| impossible. Fortunately q great deal OF
this excitement seemed to spend itself in
curiosity alone, and only few of the es-
tablishments which have lately been chieily
pointed at by the ever-ready finger Of dis
trust experienced any important draught
| upon their reserves. . .I.f --rr-.a) 10 ,
'lt is further satisfactory to remark that
a considerable portion of the notes with
drawn from some of the banks by tifnid de-
pOsitOrs or customers were relOdged in
other and better accredited institutions, so
that the money will still beutilized, AS
regards such. portion as has been absolute
ly withdrawn with a view to hoarding, of
course nothing but a solution of the exist
ing crisis will bring Il back again! On the
part OF all the banks, however, both metro
pOlitan and provincial, extraordinary ef-
forts were kept up to make ample provis-
ion for every possible contingency, itbeing
rightly imagined that rather general
"run" could scarcely fail to result IRON the
stoppage of Oyerend, Gurney & Co. (limit-
ed), combined with the many other adverse
facts of the day. Among those we have
unfortunately 10 chronicle the stoppage of
the eminent firm-We believe we may still
say the millionaire firm-of Sir Morton
Peto, Belts & Co., and of the English Joint
Stock Bank llimited.) The provision made
by so many bankers, caused an immense
pressure upon the Bank of England, which,
according to rumor, has to-day paid away
between two and three millions of the
G4,950325 of notes that remained in its till,
by the returns just published. Assuming
that this Is so, it will be seen how closely
we are approaching once more to the COM
plete exhaustion of the banks available
note issues" ..... ..- .... ....
The London Times of the 18th has these
hopeful remarks:
There are elements ofhopefulness which,
even in this hour of gloom and uncertainty,
are pregnant with encouragement. The
monetary crisis under which we are suffer-
ing is solely an internal disturbance. There
is no drain upon us from abroad We have
brought this trouble upon ourselves. mainly
by the universal and widely dilfused spirit
of speculation of which we have caught
the contagiOn from our neighbors across
the channel. 1t becomes, for an establish
ment like the Bank of England. matter
of earnestandSolemu debate to determiue
whether, in order to rescue weak kneed
spectators from ruin, they are justified in
seeking concessions subyersive of an act of
which the main object and purpose is to
check and arrest financial gambling. To
the Chancellor of the EXchequer ii must
have been profound and embarrassing
perpleXity to decide whether, without APP
pliCation from the Bank of England, he
was justified in suspending for the third
time the act which caused Sir Robert Peel
so much toll and experience to adjust and
devise. and in yielding to the commercial
community that which the safety of the
bank itself did not demand or necessitate."