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Jan. 28, 1860.j The Leader and Saturday ...
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.; ' ' 7 ¦ ¦'¦ • ¦ ¦ . ' - ¦ ;¦ ¦ •/ DIS...
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A NEW LIGHT. , PEETODS continually arriv...
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* National Jiovivw. No. XIX. Artiol", " ...
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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Transcript
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.
Re-Enslavement. We See No Reason To Ques...
_ -quite forgetting that every argument which justifies the bondage of the negi-o would equally justify their own reduction to that state . The abolition of Slavery in the United States is , sooner or later , inevitable ; and the only question for the slaveholders is , how can it be effected with least loss oY property and danger of life to themselves . That is just the question , however , which they obstinately refuse to consider . Their policy is that of the old saying , ascribed to Metternich , but in vogue long before his day , " Aprea moi le deluge ; " and with a blindness which , may almost be called judicial , they are how doing their best to prevent gradual abolition , and make the overthrow of the institution
sudden and dangerous . The presence of a number of free negroes by the side of the slaves , which has been held in Maryland , Arkansas , and other States too great a danger to he borne , was really , although probably productive of some slight inconveniences , a safeguard against violent change , and a pz omise of an emancipation followed by order and good will . So long as the slave and the free negro—the one working for an owner , and the other enjoying his liberty—were side by side , the slave had a gleam of hope , a prospect of freedom , although distant , before him . He did not feel that an incurable taint attached to his blood , and that the white man was his avowed and irreconcilable
enemy - Freedom was a boon , open , even if its avenues were hard to tread , to the slave . It is no longer so . The whites of the South have said to the blacks , " We don ' t regard you as human beings ; we allow no ray of hope to shine upon your race ; you are our servants , and shall for ever be so . " And the blacks will reply by a deadly hatred , which will find its manifestation for a time only in those occasional acts of unmentionable brutality which even now throw a terrible sense of insecurity over the family of the slave-ownerj and its final satisfaction in a violent overturn of the whole system of force and fraud to which Southern " Chivalry '' obstinately adheres .
Jan. 28, 1860.J The Leader And Saturday ...
Jan . , 1860 . j The Leader and Saturday Anafyst . 85
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. ; ' ' 7 ¦ ¦'¦ ¦ ¦ . ' - ¦ ;¦ ¦ •/ DISCOUNT . . ' . ' . ' ' ' ¦ . THE minimum rate of discount at the Bank of England within the last ten years has varied from 2 per cent , in 1852 , to 10 per cent , in October , 1857 . At the Tattfer period there was a commercial crisis ; at the former , political events abroad had checked new or speculative enterprises , and we gather from these figures that 8 per cent ., the difference between them , is more than trade can bear : the profits gained in it generally do not equal this sum , and though it ' may prosper when it borrows at 2 , it will be bankrupt when it cannot get loans under 10 . Though the Bank rate was at 10 in October , 1857 , six months hefore , in April , ' it was at 6 £ ; and then , in the very height of the speculation , the Bank lowered the rate from < 5 £ to 6 , and to 5 £ in July . When it should have checked , it stimulated the fever , and then blamed the disease it promoted . Between October , 1857 , and July , last year , the rate was successively reduced from 10 to 2 £ per cent . " Since then the lowest rate at which the Bank would discount the best mercantile bills not having more than 60 days to run , has continued at 2 & per cent . 'Last week the Bank raised the rate to 3 per cent . The rate fixed by the Bank does riot absolutely govern the money market , but influences its condition . Much business is very often done both below and above this rate , but it may be considered as the central point to which the oscillations on both sides tend .
When persons can rarely borrow on the best landed security below 4 £ per cent ., 2 £ . and . 3 per cent , does not seein a high rate for bills , which may be dishonoured before they come to maturity . At some periods mercantile bills cannot be discounted at all , or the holders are willing to give 8 or 10 per cent , for money , and cannot get it ; at other times they may get it at 1 £ —it hns even been obtainable for short periods at 1 per cent . ; but the r « te of interest on good landed securities rai-ely varies , in modem times , more than between 4 and 5 , or at most between 3 and 6 per cent . The demand for loans on landed seourity , and the supply of the
money usually devoted to such loans , ore , therefore , at nil times , much more equally balanced than the demand and the supply of money for discount . The former is a permanent investment , and to it only goes the capital not required to carry on the current business ' of society . The hitter is , by its nature , temporary , and to it is devoted the saving which cannot be , or is not required to be , permanently invested . All the balances in the banker ' s hands belonging to his customers ; all the spare cash of individuals
which they do not like to lock up , nor like to keep idle and unproductive in ' their drawers , may be considered as the discount fund ; and prudont bankers usually employ two-thirds of tho money belonjging to tlieir clients in this or , some kindred mamie ' v . For their security it is esisential that tho bulk of their loans should bo speedily returned to thorn ; to lock up their funds in land , in manufactures , or mines , i * j contrary to the business of bonking , and is generally fatal to the banker .
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The totals of these two funds , those destined to be permanently invested , and those to be employed in current business , are continually varying as profit and saving are great or small , and as there are moi'e or fewer 'opportunities ' of ¦ ' employing capital . ; actively with advantage . For these funds , too , the demand is continually varying ; but it varies principally as business varies , because the carrying on of business is essential to the existence of society . Though the rate at which bills are discounted varies continually , and at times to a great extent . On the whole , however , it is astonishing that the savings of one class should be always fully equal to the wants of other classes . The figures we have given , 2 and 10 ( the rate of 1 being entirely exceptional ) , embrace the extremes for a very long period . Since the peace of 1815 , 4 per cent , has been about the average ; and the habitual variations have been limited to between 2 and G . The high rate for many months preceding October , 1857 , was the consequence mainly of the impulse given to trade by the gold discoveries . By an infelicitous use of language , which confounds capital with money , money , judged by the rate of discount , was made dear by making it abundant . For the last six months the Bank rate has been 2 ^ . per cent ., and the rate in the general market has been generally something lower through the whole period . For the same period speculative trade has been almost suspended , and new enterprises have been very few . At present , the people on the Continent and here are recovering from panic . Speculation , to some extent , is growing up , and new enterprises are beginning . When the Bank lowered the rate in July last from 3 to 2 h per cent ., it possessed bullion to the amount of £ 17 , 941 , 791 ; now it has only £ 15 , 844 , 498 . At this time last year it had £ 19 , 186 ^ 269 . It was not , therefore , from an influx of bullion that it lowered the rate in July ; but at that time in Lombard Street the rate had fallen for the best bills to 2 i , and the demand , for mercantile accommodation was very slack . Now , besides having parted with £ 2 , 100 , 000 of bullion since July , the demand for mercantile accommodation has become brisk . It has advanced £ 1 , 700 , 000 more on private securities than then . Clearly , since then a great alteration has taken place in the ratio between the amount of funds loanable for current business and the demand for them . This alteration seems likely to increase . The demand , of gold for the Continent has latterly become unusually active—a corroborative sign of the increase there of industrial enterprises . Credit is very much less diffused there than here , and to begin new enterprises there requires capital in the shape of the precious metals . The Bank returns tell us that the issue of bank-notes was £ 32 , 855 , 315 at the beginning of last year , against £ 29 , 643 , 005 now . As business has . increased in activity , the issues of the Bank have decreased , because that activity causes gold to be taken away for the Continent . Actually , the business of the country requires £ 2 , 100 , 000 . more Bank of * England notes now than at this time last year , and there are issued £ 2 , 200 , 000 less . It is not possible to supply a more conclusive proof of the impropriety of the legislation , which makes the amount of credit money required by our business depend on the demand abroad for bullion . The promised changes in the commercial policy of France cannot fail to stimulate enterprise very much , both abroad and at home . For some time the demand for bullion on the Continent is likely to continue and increase ; most probably , too , enterprise will again go ahead here . It is going ahead in the United States ;—it will go rapidly ahead there when the Emperor ' s programme is known . We shall probably , therefore , see a still further diminution of gold in the Bank ; a further curtailment of its issues ; n greater demand for capital , both abroad and . at home ; there will be a greater discrepancy between the supply and the demand , and a further rise in the rate of discount . The great extension of business in 1857 , though it then went too far , showed the way how to achieve much by small means . The essentials of great trade are rather co-operating producers in different places and indifferent branches of industry , acting with confidence in one another , than great capital , unless the term be used as synonymous with great skill or useful instruments ,: —a theoretical principle which was fully established by tins practices of 1857 . In 1800 , it will again bo extensively acted on , and probably with more complete success , making the trade * of 1800 far surpass that of any previous year .
A New Light. , Peetods Continually Arriv...
A NEW LIGHT . , PEETODS continually arrive when many fuctH previously nscer * tniiMxl in tho same scienco , or in different soiuneps , throw light on 6 ft « h other , evolving tjomo general truth , tho ojcpre / tHion nfwlncU co » HtitutOH nn epoch in soionco . Such an epoch hpomik now urrivon . Tho National Beiricip , treating of tho origin of « ponii-t * , * and Wo
* National Jiovivw. No. Xix. Artiol", " ...
* National Jiovivw . No . XIX . Artiol " , " Dai win on tlio Origin of tho Spooiott , "
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Citation
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Leader (1850-1860), Jan. 28, 1860, page 9, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_28011860/page/9/
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