With pressure on its bullion reserves easing, the Bank of England drops its discount rate again

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With the pressure on it bullion reserves easing, the Bank of England reduced its discount rate, the interest charged to smaller banks, from seven to six percent,  This was the second one point reduction in a few weeks, down from the emergency high of eight percent seen during the onset of the secession crisis in the United States.  Stocks of bullion and reserve notes had increased significantly enough to make the change, and a further reduction, to five percent, took place a week later. (By John Osborne) 
Source Citation
Chronicle, The Annual Register or a View of the History and Politics of the Year 1861 (London: F. & J. Rivington, 1862), 23.

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