The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-07-15

Condition Of tho London 'Chnnge-Sympathy
With the Paris Bourso-Tho Influx Of tsoid.
From the London Times (ety artIclei July
Consols continue to fall, who the Influx OF gold to
the bank aud the brilliant weather for the crops
interrupted The market on Saturday opened without
recovery from the decline OF the previous DAYS and
further reduction of one-quarter ultimately estab.
shed Sympathy with the Inactivity and heav'ness Of
Paris Bourse the only apparent cause Of the
movement although the state OF prices at Paris Ia party
owing the anticipation Of loan Of GO 100000
or El0 100000 sterng-an operation that could
have no material influence on this side supposing the
can only be conjecured that they are holding back
under the impression that some Disasters political or
otherwise occur of sufficient ma nituds to
the bullion tide and create general demand for
money. So long gold continues 10 pour Ia u must
lead to in securities or swell the amount OF
lying idle 10 the tils Of the banks In the
former case there must be direct action the prices
OF socks IN the iattor tue rate Of discount must
will be exercised. since the temptation to buy
stocks that pay from three TO i've per cent will
or one and half pcr II s idle TO speak OF
sales OF stocks BY the public in the sense of their creating
alteration in the existing prospects II man sells
81 900 of c0ts0ls something must be done with the
proceeds They must either b. lodged at his bankers
or must be paid 70 some other man. who will then 10
turn have to decide what he is to do with them. No
hand fsh In the discount market the other,
and the question how far the public will permit the
latter proceed before the rate will have reached
point sufficiently low ~ promote return Of courage
their part sufficient to induce them to hid stocks 81
kind.
or course any persons who fancy they see q strong
probability Of war, bad harvest mania for foreign
loans specuaons or any other calamity that In the
of twelve mOnths may entirely change the
present position and dsappont all existing hopes, will
pursue perfectly rational course in submitting t.
ali their capital 10 hand 1t the critical momeut but
may be doubted IL such apprehensons really prevail to
serious extent II would DO some time before even
the most adverse influences could break down
the accumuiatious 10 the banks OF England and
France and meanwhile tho loss Of interest by those
percentage saved It may DO hoped therefore, tina. the
public will weigh every point Of the subject go that
they act al all events from clear conceptions and
from blind distrust whicn Is less dscredable
than madness of 1865. Il iamentable that the
principles OF economical science have made little
progress in this country that while the operative classes
are endesvorng every cancsl primary
rights Of free labor the capitalist casses have
steer between widest Of prodigaty and
the most abject conditions Of miserly dsquietude
The Bank OF France.
The last returns Of the Bank Of France, BY mail show
that the metallic has again Increased aug
meniaton not being less than IL, 100000
French Review OF tho Position or tho Bank
Of England-Money Crises-Tho Banks Of
Scotland and France.
Paris Juno 25) correspondence Of London Timesl
work Of more than tive hundred pages, from the
pen Of n. Wolowski, the we'll known economist, mas
just appeared The subjects are the Bank OF Epgand
and the banks OF Scotland, and they treated in
when proves the writer to DO thoroughly ac
qnainted with All the Details concerning these nsu.
tions
The volume consists OF five parts-the first, the
bank and the suspension Of cash payments 797-lsl9)
the second on the financial crisis OF 1866 la England
and which originally appeared 10 the Rer des Deur
Noes August last year under the title "Vendredi
Noir The ,hrd part contains the letter Of NJ Michel
Cnevaler, whose views on banks differ SO widely from
those Of the writer, and NJ woIowskis thereto;
his letters TO the Avsr Commercial and to the Econo
M ~ ~. s,r, sne sa , o. .ns
Eromc" "a nrar .,rrsrcv ,,,,au ,r Isss ' 10, ,s
ssh a. Sco,rp psrSs IT, ,.s, NO., - Eli ~ ,ra
to- h;,bsr,. i,,,,s rmownp 20 a. sh,s n'n,rr
sWsr ~ nus,ns.s In En,Ia,t. nh,ov uo.", ~:
and tn: q Ss Of n. most
uciriaa addresaod Ia him he To
there is no good work on Scotch banks In thai part
wncn trests o. the bAnk Of hneana no essennA iact
apPe.s 70 W ofsoAen anu Tue cAPanasons respeotng