The New York herald., 1873-10-19

Constant at church or change
Iais HIS gg;,l;nrs gains were ere sure
Save for things to the poor.
The devii was piqasd such ,ssaintshp 70 behold
And tempts by making rich, not making poor. tSic)
THE ADVANCE OF THE BANK OF ENGLAND RATE
predicated here yesterday shows still further the
purpose of that institution to stop the flow OF bull
lion to this country-if 1t can. But, with England
and France having a starving population-the
word starving to be used in comparative sense
what can the Old Lady dor She may let the opera
tives famish in the manufacturing districts-such
things have been-but can she dare 1t now9 We
do not think SO; and, although we are
without the rate in the open market
to-day, we cannot but regard this strain
OF the time-honored institution as beyond the
requirements OF the case. The danger to US from
the effect OF this action Of the Bank OF England
upon the London market, If the JOINT stock banks
are not strong enough to apply the corrective, is
certainly serious. As said here yesterday 1t Is
a struggle in which, despite our direct interest in
the result, we are interested speculatvely also; (;
the struggle being
BETWEEN THE JOINT STOCK BANKS AND THE FAMOUS
INSTITUTION OF THREADNEEDLE STREET
to control the money market. This is an age OF
iconoclastc sentiments, and II the Old Lady
has fallen under the hammer where are weS
natural condition; where, the basis OF exchange
being accepted, the actual exchange rests upon q
common confidence and trust. Outside OF that we
are a pauper country to-day. II we don't believe
in one another, have confidence in one another,
trust one another, there is not specie enough in
the country to liquidate claims. Do not let US
get excited over the cries OF the bulonsts. Specie
payments are far away from us, and 1t Is question
able whether resumption would benefit US as q
people.
MUCH CAPITAL IS KEPT IN THIS COUNTRY
by the large gold premium which has ruled, not Of
late, and prevented its profitable transfer abroad
and with such large foreign Indebtedness In the
way OF interest," upon our obligations ned abroad
OF early resumption is simply the announcement Of
an experiment, II 1t be attempted. Reports from
Bank OF England, in which many small enterprises
are likely involved In ruin. We. oil course, are In
ON the u ondpn marfet which would naturally nave
it's effect here; but this fact remains, that our
crops are wanted in Europe and that we have the
GOLD WAS STEADY
to-day, ranging from 1Osh to 10s%. In the loan
market from to per cent was paid for carrying.
FOREIGN EXCHANGE.
In the foreign exchange market the foreign
news naturally created demand 1or demand and
short sight bills, which caused an advance In the
rates OF the prime bankers to 10S against 1914, on
Friday, and to-day bills are also up to 1862 for
tne anu ~ th aan ps Rom are tS & sort avc
sight the market is dull Yesterdays steamers
Tor Europe took out s120, 249 silver bars.
The following Is the report OF specie exported
from the district Of New York for the week ending
October Is, 1S73:-
October l6-Brig George Arroyo, American gold 5000
October l6Steamer Java Liverpool silver bars 10 sos
October l6Stcamer Silesa, Paris silver bars..
October l6Steamer silesa Hamburg silver bars 1913
5000
can silver coin l5olo
bars $40. 75.elg
box gold bars -. NEUTRALITY-SUSPICIOUS.. esOu
silver bars 81 100
Total 1886 f29