Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-05-21

eigns coined during the period was 947,
534,929. Tho total value of the silver coin
acknowledgements penny, andtlrret
halfpenny pieces-was s., 4l0,1Sl lss. lOd.
being e2l, 659 9s. nd. more han the real
cost or value Of the metal. No hall
crowns have been coined 1851, aud
no silver greats for the last twelve years.
The total loss sustained during the ten
years 10y the purchase Of worn silver coins
for reeoinagct was GAG 33 rs. ID.
The increase in the Bank Of England
rates OF interest appears TO have been al
most entirely due TO extrlnsle causes.
Trade has been very dali IN England tor
] the last three wears, and it is not pretended
that there wersany indications of specu-
Iation. On thG contrary, a degree OF
something like over caution has marked
| the operations of capitalists. Money has
been seeking investment fora long time,
and there is a heavy accumulation OF cap
ital.
The real trouble in England seems 10
arise from the yexed condition OF foreign
affairs, and from the large amoun of for
eign loans thrown upon the London mar
ket. Russia. for some time past, has boen
borrowing vast sums for railroad pur-
poses, and recently threw a loan of $780,
0O0,OO on the market. Then there IS Il
Spanish loan of S50,000,000, besides other
loans of foreign Governmentssfor smaller
amounts. There are also proposed Italian
Brazilian, and Portuguese loans. AFRO
gether it is calculated that the actual and
projected foreign loans since the LIST OF
April last amount TO q total of S~2J0,OO0,OOO.
II is also complained that vast sums have
been drawn out of the United Kingdom
forthe purchascofA NEUTRALITY-SUSPICIOUS.
u-fth fn.ranafnn
favor rs a source of pernianontinYestment
The Bank of England authorities re-
gard this tendency toward a train of capi-
tai to foreign countries with alarm, and
to check it, increased the rates of interest.
The bank, by simply making money dear
in England, can not only draw to that
country specie from abroad, but can also
check its outflow. England, as the cred
itor nation OF the world, virtually controls
all foreign Honey markets, and can rem
der money plenty or scarce everywhere.
The policy of the Ban of England eX-
ercises a marked influence upon ur New
York markets. Gold is dearer for one
thing, because there is q greater demand
for il for shipmentsagains balances. II is
the same in nearly all the foreign money
markets. As for the See-saW course OF the
Bank of England, that is a result Of the
absurd law which requires it TO take N a
sovereign in gold for every pound note
that goes. This produces an artificial and
arbitrary scarcity of money that frequent
" proves ruinous 20 business interests.
Congress passed abill al the late SEES
sion under ca bravo name of 4" y Bin to
Preserve the Public Credit" The decline
Of our bonds abroad and the upward
movement Of gold al homo, says the Bos-
ton Herald, show its value. We know Of
no way TO preserve orrestore the public
eredict except by a reduction Of the OK
penscs of the Government 20 an extent
which will assure the world Of our ability
TO paw the public debt. One act of honesty
and economy in the Government is worth
morl han all the acts Congress can pass,
Of III character named. in n hundred
wears.