If the Bank is to be saved from another suspension—and
even that is not certain—her measures are producing the consequences always to be dreaded from them, of almost paralyzing trade, and putting a stop to all commercial operations on a large scale. The leading merchants of the City have declared, without reserve, for some time past, that they avoid all business which is not indispensable, until they see the course which the affairs of the Bank are taking. With the decline of business a corresponding falling-off in the amount of bills to represent it takes place, and the money-dealer who employs his capital in discounts, must lower his terms as the number afloat diminishes ; and then superficial observers exult at the supposed restoration of private credit and return to commercial prosperity. In reality, the trade of London has not been for years in the anxious and crippled state that it is at present. The common remark to-day among the discount-brokers was, that the amount of bills offering is extremely unimportant compared with what ought to be, and is usually the case at this time of the year. This alone would seem to show the truth of the preceding remarks ; and it is feared, moreover, that no improvement in trade and manufactures is to be looked for, at all events before the latter end of the year.— Times.
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