, 1873-10-08
THE LONDON PANIC or 1866.
Important Discussion by the Gov
ernor and Company Of the
Bank Of England.
The Practice Unanimously Con.
denned.


Wo copy from Mf' Wa'tor NaEollota recently.
published work, entitled "hompard stroct,
tho following important discussion Oh tho Loil-
dom Panic or 1eoo. and tue practice OF paying
Interest Oh teposlts, "Iaon tooa p!aco u
meeting OF tho proprletora OF tho bahK OF Eng
land, held sept. l3' 4opo'
A general court OF ti'e BUNK oi 1"si",'", "aa
held at tlo Bank at Ia oelocN Oh LILO Aa1n i't''
(septo1nper, lsoo)' 1of Tue purpoSo u ''''"'''s
adisidond Tor tho past he'l-sear, ,n
AIR. Aahhcelo1 no'."n'' Ito uo'o VI,
Bank, who pro7laeo upon 'uo oueano'., ,m,'' =. aa
drossod tho proprlotors as 1ol.o"s: ln's ~ ono
ol tho qaartorly general eout'7 aplo4''1'u =, o
chartor, aud IT ls also ONO o' our n"'l-soa,iy
general courts held under our bylaws 1or ts1o
nurposo Of doclarng q dividend. From Btate~
t,o,.t Wild, hold in NV hand, It appears that
n'ns 49, 1,o,,,r co. tt,o hnlf voar oud.
ing OH tho 5lBt OF August las1 a'not'n1ou 70
G970,014 It's. 10d. making tho amount OF tho
rest IN tint day c. QS1. .783 1Bs. lid. mud after
.,.o,,;,1;n., for a i1iy}1ond at tho rate of
'6 los. per cent, tho fcss "'l 1.ana ~
60. 035. 1888 18s. lid. Tho Court Of Directofat
therefore, propose that half- yearly dividend Of
;,,tarost and nrof1te to thu ano,nt OF rG 10s nor
80
cent Wlthous aoa"o1'o1 on @esu"ns =, -Noono n'as
tax, Rliall be made OH tho lUti or uctoper noxs'
Tint IL the proposal have now to lay before tile
conera1 cp,rt !. Int M important eyoutB hayo oc-
-, .;,,.a ,,.o l,.. -,,ot t,rl II ro,,t a1,orld
eplrco sl,oo w. -. N.as . n',' % 4,,,a aa'aS;on
briefly aavott 10 tnena upon 1h's occas'op' -
great strain lag, within tho last fow months.
boon nut upon tho resources Of this house, aud
.,,,'',- 49,, o,,,;.ia,, - oov hat uot onIv
ana th'nR aln en''''ou ~ sHy s'''' not o1s
this ho1eo, bat tho ontlro pahkln6 pouy' w.
quilted themselves most honorably and orcdlta"
u11 'u.'as1 -; ror, non,,;or I,,a;noas mr., n
.s ,,,o,, ,,,,,,, oro,;t +bot +ho
aepeuas NJ naen "ton ot1"4 .A"s ~
loast blast Of suspicion lR sufficient TO sweep
away, nj it were, tho harvest OF q whole year,
p"s ~ 'a,s1,,. - n,,;aat, ,,ot +,'o aooorao
not,an H o 5o1t tt,n, Sr;,,n tn ornntcr nort;nm or
uuuG u.oii tuo ao nr.ooria ,rnst eatiafoctoru
rI';o r1G;oi ta;r +, iv,s;uosa a co3uctcd s I,ousa
nxnrtad itaa1f ia tIo utmost-sud oxorto iteeIf
exeEteu .sas i, cot tn oriaa, Wa d
ys5 nut 5ineh from Our post. When tic storm came
upon US, on tno 1aoanang an " ,,oran1 I ~ hnJ
known that tno HOUSE, VI , Wsai'nu .,s io.it, Hnu
lallea W. "o,v a,,., hak,r nst"hf;sn,ont cnn3
Tx posl'oa, ~ 70 o MY ,hat dnv md ti,yonehnnt
tho sGecomnE week W. 'adp 10 nt hes" "oH t',at
would Aardy pe ~ ~ lrn;nn axa,s
any one Woulu na4o ~ r. ~, toaa
ut tno saoltesa po''oe o, "'oa nnt nnai1r that
IN this a,ato u tase, ~ 'm.. ~ ~, - h
shona hayo 'ahnm @ se,;red u1 o nas
tAint. 'sa X, t.ts' ,,1, "hnu1t1 Loro rono r. liza
ton rom ING DaN aaou nav9 a tese sunw ~ ho
Government 70 enpom"t ~ :" ,n s,'no s,a ,Jsg1 tm
yond tllo statutory atu, y" S,t ~ ,.ae
that sucm onao 40 con1n mH' roco;ro anv en noxor
70 act pelo!S IT, NY Gcr Su.u ~ tSa Mycaauar 90.
pernp7 q eus o. ms ,nch wepo @ certainjv
ono-ai ol our RESERVES, mnsn "uto os,,a ssi ,,a
t9lls feanegu " VI t M eo"1a nnt 1;nch
wltnesa waous .r w. co"r,;vc sns innosel
upon uB Of supporting iao uaia. lo:S
ANT am not aware tt's nus Ky ~
Lion Tor naasla1co uu " & tn'o ora mI viii
fused. livery e a;!torai,,, oait With ,ad 4
adequate socurty "ns npot"'s noa,s ntsat ",'f ~,
acconnooatloll conu H., ~ ~ ,, 1 ~ p
Bxlont winch Ws ael1aSu, ~ % oo W. t.n.,, ~
proper security laicu " op. i;t.o rpot ,nra ;1s
honse. aase potpn sVo ,,,o,' ti,eSo nccos;nus
but tllo tunes navc ooo ul'lsunuf .,,,s, f.
au1 thought II desaIatio ~ guy yto7 h ~; -
1astlnea1ion o., o J4ateI n,rr ''iI[ Is
house su9 tnno cant1omon n nnnIy INV cons1o,
poult NsilIn 1 sGuio fhaa hos'oIn In.o,o'' rnn, 70
dangerous: Lpoa,uB oash a.,S h,a,,a ~ th;s
cent events tane auy paG f ~ a,,c!,
Souls los H. 4 rat n1 10 ~, thn ~
totnuo ~ stnY ia ia Tort ~ niractnra vii
n il fif 1,fa
tee! tnat no't ad t1ot t,,nv 1d ti,er hast r.
thAs occas.o au iy .not og
meet eeey ntHap .taap t;"n,,1 a 20
nave noW oy ~ ~ r. tas a ~, sor ia ~
s!Asea .. tno 'a'e u o A'' p'' eo'S Aoe WV pA'
haii.yc955: 5,,.,> .;a .,,.. ,oforo t,,a ouostto,
r. h5s't sh'e' tla,; ~ 1,fror fov I naorvoeiou
Waa nas Nv M'e9Y " e'o1 Afm t,'at In atnta
u tne Sonaa. a,t. 80 wi;n,, bni1 int bce,
mone aeSo"ss .; o ~nom onfoctv | sc3tisfoctnrv 3Isf
,Ala nolo1a 1lt tno1t 4as ts thn h;ro"tnra ~
iio alHo s1uusHa ~ osns+ snn t,a cormerc;oi coasn
cone ihoit nsst M ~ s nss ,t Il nv
tliouSho"s sao ~ t1tn S ao,"o Tina I'LL thcv war
W ha .ot ~ ovinr .n "nr1;cd at an earor m
~ iau.s - ~ III rhano1n15 ~ tha Exchennor ri.
r!uu " ana - H. nn,,,t nct II ,yna Vii now
sspens9n " w ~ nn, w., pan, ,roa 1os
Ias ;no ~. s1;ar III w. 'art ~ IN av i, nansr
eeheu ~ 'no oa'" 81 *, ;,a1 hoon 10 o3xIann;uo,
qleneo W M ,ni'o. n,us ~ t ovori an tEn l;mii
cneu4atou uaAt a. ~ I,"I Too,' rrapto1 ,Tin
ia'u uoMh ~ sae w. ~ s: ~l', so,' ,sao ~
concession, no"uSe, nae4 a noot, NJ
the 1noat n1s1mt pp'ar ~ tho T1can,,er at
nfeseea 10 ~ ~ si%,I't au5 r. II hod haon re-
ate Aour t ~ ~ t,at t1a uiaso ~ ami,
n,I, Lava laon rn,c wnrsn m tba Eaturflo
Woala hayG neen ''Ion @ Frav W ro @ f"ct ~"
than H.. y n neS M 1eth raa tntav ,,,sni,o to Ii
Euat Lue Ack " 3o2t hEn tot"AJ ~ W