The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-05-02

tempt was too likely 70 destroy the principles Of ~
production. IN doing % - should do the gra.tsat
concern II was worse than Idle 70 hold out ths nops cf
sss Is ss. ss g :: nc cs.
ss.s =, .ss ssss Deprive .:
the hope Of 10y prics. = ne poar. the advsn.ags
wo s % .empota D.e,s1 and misery must iol'ows
THs DAT or nxEcUnos nxaD--rSn xcr o. 1918 PASSED..
Inc wise intsntseas Nth whicA ths government
opened Parliament vers howsvsE. ssea sbandonsd IA
inquire into the Question o. rosumng specie payments
and young Mr. Feel ~ appointed ~ Cnsirfnan. me
S reported WITH .Ss s as
for partial resumpton Of opoCe payments on February
lS2o and proceeding ~ degrees y totsl rssumpsn.
Nay, l. 162l. - 49, ~ Nh
These resolutions vefo bruusht bsforo the Houso By
Yielded - the he s.iiss -. i s y:
Nov .s e ~sa he sCcs x sSs PR procssdsss
Parli.usnt Who ha1 -. ksps g ~ ior nas yssrs
that since the rooog& e the bullion COMMITTEES a.
1Sa% W. scsssa their Pproschng triumph
70 their yiewsi 49, vannted their own superior jaag.
pent They pr1csed thas The posts "age Of godS wss
Lord 0renvnS spoke - The aersa m Standard Of me-
aAlie vauoH x4g Debo1oa Nay II. 7olol All the Opoo-
wv aM ~ ~ dsgs g pahalIewsd spsca.
weaid nowos sSdaosd 70 : nininuua Is "a lbs foot
len - the bulisnine osatees and wnsn n that
man reason, and IN To virtue Of isssiIectua modsssy
Ia p1ss. WIN sns ssrsoss ct Z which thar
coss e s' :ss as y
caught Up repeated BY Al The vhx esascsmen with
oquAi condolences sthat prcss would nos fail more than
saree Per csnt !" 3n gsbf ,
Far deerenk vse ths feelings Of The usrchants snd
ranucturep "a the couptry q hs prospsct OF speedy
res wa.s i,r g specie pAynAsnm tsss pyis
urA
poured nAe the House of Comuoas from :. the msrch
ants bankers and manufacturers o. Bristoi" from hs
from 'ths .nerchauts Of Halifax - frons :. the
merchants o. liverpool" and lnst but not leas.
bses IA ~ saS Ts q Sse sp a.
london states that maasusss - IN contemplation
win reference e the rssu@pyn q cash paypenss by
the Bank OF England which. IN the opinion Or yolr
utone will tend 70 forced prsclpitat and highly In
furious contraction OF ths ciscussins msdiu of the
country That ne CONSCIOUSNESS Of such csatrantscn
viii be 70 add to tne burden OF ~ pubic
debt greatly 70 increase the pressure ~ taxes i;
70 lover The value q - lssasd com
and private credit; 70 smhsrrass aud rsduSS ali thc
operations Of agriculture manufactures and oSmlnercc
year Of 1870 great proportion OF ths ndusrious and
laboring classes Of the community That your petition
ers are fortified n the opinion which they have thus
perienced by the COMMERCIAL trading NEUTRALITY-SUSPICIOUS.
and agricultural interests OF the Kingdom from the mar
tia reduction tho bank issues which appears has
recently taken plscs" This last ustton vas nrcsanted
10 tho House Of Commons bv the IrstSsr Irst pss,
hiruself COTTON spupsr ana snocrI~d ~ h.r, -Ths
was ina, mcmorsbs occ.s,or ~ ~s,ch ~ nun lns
hia dixsanl fron Tho co,r.e Ma 80 hsd s.La, .rd
tho conIracioaist opinions 10 which sIst son
had laielv becone 4 convnn Among thcsa
London merchants whA wero nrominent In thar
ooposltion 10 the resumpton wss Naibsn wvars
RnthachiII Tasty what wss tha s,titds "a ,he h..r
iny interest on this oues,oc 1y,a nanrsss 800
orally opposed 10 the measure an ira rr,nd ot ssa
their interests would suffer but that the commerce and
production or tho connfrv wolid ~ rad r,c,cd 10 Il
On acc,nt of this THAR nnnos,ti. ~.
raised nde and cry arainss bsnk ~ gcnsrrv ana TIA
Bank OF IN Iand direc 10 pa,tsuar The nra
sc0 ed Ia that ar NJ pexs ana ara R,cn
al Cormilaae The~ nrcnos~a ~. ins,s-S =. ~
bank directors being rsorred 20 pyds So ~ n,ns
notes al the tod mind s,rsce az n ~ ls,H ~, onna
thcv sno"% Ia co"reG - .roy.1o ,ca ~ -. oun1a
for hank notes st the mari 4 mira of ~. dsv Ta,,
netition fparl dehatcs vol a n All a at.soyy $500
Z rns Rsnr Mrcccr. sys All ~ - ~ -. 49, ~,
i. incumhnnt N man ~ : ,.s,s.r - .rsss -, 80
measure 10 b adoptsd a. stnr unon ~ scnera,
iss,e or their uotas ~ which All t,,o nrrata .cr
rarul.txd and az which tne vhns c,rse,cv e-c.,irs
o. the uoses "a .riyats bankars IL crrrssI t~s rasl
Il ~ sntres. - ~ Ssr i~f,-.x ~ -
1870 sstahlf>1 "a xx~r sv,,;j)t :, 49,. 49,.
duties "a the E5nmrul.v - N sySosn -isssrv~s ~
pee mary and commercial sst4on have b~cn ovr1.d
their discretion The directors being thus 10
extend their views aud embrace ira Interest," ~ rho
whole community in their cons,dcra,ion OF this
measure cannot bat fer, a repugnance however
involuntary to pledge themselves m anprobat,on Of
system which In their opinion IN ali rs great
and operations the country in general more
than the Immediate interests OF the bank aions When
directors now to be called upon TO procure
fund for supporting tho whole currency either
IN bullion or coin, and whom u is proposed thar they
should effect this measure within given period, BY
regulating the market price Of gold by Limitation of
the amount OF tho issue OF bank notes with whatcver
distress such limitation may Do attended individuals
or the community al large they fee IL their bounden
and mperous duty % state their sentiments thus
explicitly In the first instance to his Majosly's
Muiscrs on this subject that ac consent and concur
renee a, this unclure may no. a. utrs period be
construed into previous impii,d their part
OF . system which they canno. but consider fraught
with very great uncertainty aud risk They cannot
venture to advise unreontag Continuance o: pecu-
mary pressure upon the commercial world. OF which q
impossible for them either oresee or estimate the
Consequence"
The Directors then PROFOUND their plan, and con.
tlnue.--
sThcse two would allow time for q correct
judgment be formed upon tue state or tho bullion
market and upon the real OF those changes winch
the late war NAV have produced IN an ,s
OF increased public debt increased taxes increased
prices and altered relations as TO int g. capital and
nercial dealings VITA Continent aud how Tar the
alterations thus produced temporary or permanent
and to wha, extent and in what dcsree they opcrate
The directors therefore feel that they have no right
xw.x fot.a