The Sun. — London, England, 1848-08-03 00:00:00

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( -:. 1 4 .-- - - 1 a ,I, 1 7 ' \'' L i ' -LA , ' '''' 4 %. - ~3, ' ' \"4o#l ,doW :4l4 '''-' P , \,'''':• ‘ • ,f 4 '' . , --' ~)., , week. 71, Lombard street, London. - ;, •'' . .. i '',-' -41 •-• ~,,,t . ;:',-' ,-- 4,10. 4 -' d' t t ; . . --- • ,-_,,_....,\-i t k,h% 4 - ' A i tlik . , 1' , ..411K - ---:_ .---nr -...\ i . , have 1 . ~4p• ~ 1 , .. /.-t A Notice is hereby given, that the HALF-YEARLY GENERAL \'' t . , ....... , - . - ,---.. . - k* .. ' i , r • i -e. --...„ . tr.R , ----, ~ . IiEETntE3 of the PROPRIETORS of this COMPANY will be held a . ''-'1'.2.,.... ~,,,,,,': I , ~..i: . • 9 ,-.' n, ' . I P ' - . 0 4 ',:;. .., -,..*: 4: , ,-..-' ...x . 70 :, , our pui ... ~. - /•:.,.'"*. ~..s? ' :-_ , , ,, v,c4),_ 4 4 gi g. ,'„ ~ •;,. ---V:: : ,.. or - Ok*(r# ~ ',- • .. --: '‘._ ''''-', fe - rt - ( period at the Company's Office, 71, Lombard-street, on TUESDAY, the 29th A... ~.' '.•, • - - -,. - •• • • .• • ..b.' _ " 4;'. ( " I. ' ''' A. •11 4 1 '4,f..,kir: :,,.. .• ' S - ,-. '' 1 - 1)117->ii..;‘-',' of .•;a: ......„, ,-,, The natant, at Two o'clock precisely, pursuant to the Act of Parliament, , JOS P ,, ik O, , r'2.:. •,• •.r. , to transact thr -gel' liness, and ' declare the DIVIDEND for . , . ' f. usual business, and to the Half-year ending Juno 30, 1318. London, August 1, 14 45. JOHN WILSON, Secretary, No. 17,427.] LONDON ) THURSDAY EVENING SUN, AUGUST 3, 1848. THE GREAT NORTHERN RAILWAY COMPANY. The Directors are prepared to receive TENDERS for LOANS on MORTGAGE for Sums of 5001. and upwards, and for any period not less than Three, and not exceeding Seven Years, at Five per Cent. Per Annum Interest, to he paid half-yearly by Coupons, at Messrs. Smith, Payne, and Smiths, Bankers, London. Loins may be effected for Sums of less than 5001. by parties wil ling to bear the extra cost of the stamp. [PRICE 6D. T ABLE LINEN WAREHOUSE, 261, Oxford street, near North Audley-street. Damask Table-cloths, Napkins, D'Oyley,, Slip-cloths, Worsted and Cotton Covers, Plain and Twilled Sheeting, Diaper and Iluckahack Towelling, Glass Cloths, &c., all made of the very best descriptions of yarns. COMMERCIAL DISTRESS. REPORT OF THE SECRET COMMITTEE OF THE HOUSE OF LORDS. By order, J. R. MOWATT, Secretary. Company's Offices, 14, Moorgate-street, London, June 6, 184-5. UNITED KINGDOM LIFE ASSURANCE COMPANY. -8, Waterloo-place, Pall-mall, London ; 97, George-street, Edinburgh; 12, St. Vincent-place; Glasgow; 4, Col lege-green, Dublin. SECOND SEPTENNIAL DIVISION OF PROFITS. This Company, established by Act of Parliament In' 1834, affords the most perfect security in a large paid-up Capital, and in the great SBCC233 Which has attended it since its commencement—lTS ANNUAL INCOMR BEING UPWARDS OF 94,000/. In 1841 the Company added a bonus of 21. per cent. per annum on the sum insured to all Policies of the participating class from the time they were effected, to the 31st of December, 1840, and from that date to 31st December, 1847, 21,i1. per cent, per annum was added at the General Meeting on 6th July, 1848. The bonus thus added Ico policies from March, 1834, to the 31st of December, 1847, is as follows: Sum *it= added to Sum added to Sum payable Assured. Time Assured. Policy inl BC Poi - lulu 1848 at heath -------. — - £5OOO 13 years 10 mths .£683 6 8 £787 10 0 £6470 16 8 5000 12 years 500 0 0 787 10 0 6287 10 0 5000 14 years 300 0 0 787 10 0 6087 10 0 5000 8 years 100 0 0 787 10 0 5887 10 0 5000 6 years • • .. 675 0 0 5675 0 0 5000 4 years • - 450 0 0 6450 0 0 5000 .'2 years .. .. 225 0 0 5225 0 0 The Premiums, nevertheless, are on the most moderate scale, and only one-half need be paid for the first fire years, where the In enrollee is for Life. No Entrance Money or charge except the Policy Stamp. Every information will be afforded on application to the Resident Director, No. 8, Waterloo-place, Pall-mall; London. r 1 1 HE ROYAL POLYTECHNIC INSTITUTION, REGENT-STREET, -IL • The,Natural History of Electrical Eels, illustrated by Galvanic Ex eritnents.—Also, New and Important Experiments in Electricity, by sham Bags, Esq., explaining the Phenomena of Thunder-storms and the Cause of Lightning.—Popular Lectures by Dr. Ryan and r. Itachhoffner.—Dioramic effects are exhibited in the new Dis solving Views, which, with the Chromatrope and Microscope, are shown on the large disc.—Experiments with the Diver and Diving bell. ---New Machinery and Models described. Opea daily from Eleven to Five ; and in the Evenings (including Saturday) fropi Seven till Half-past Ten. Admission, ls.—Schools, Half-price.—The New Catalogue, is. R OYE R'S EFFERVESCENT NECTAR. - Homer sang of nectar for the gods, Soyer has concocted a "Petar meet for gods and goddesses."—Mornirg Chronicle. , 4 "Gime us t hi rst and a b attle o f S oyer ' s Nectar, say we, and we " 611 1 laugh to scorn the cup of Hebe."—Sun. Li Manufactured only at Messrs. SOYER and CO.'S, 40, Rupert-street, Haymarket. Retail price per dozen, 6s. ; bottles allowed for at the rate of 23. per dozen when returned. A liberal allowance to the trade; • VINAIGRE DE BORDEAUX WINE VINEGAR, well matured, is the strongest, finest, 4 ' Porest of all • for pickling and every domestic me , it is preferable to all Other. me rchants, id throughout the Kingdom by Chemists, Grocers, and Wine w:tose names may be learnt trot the Importers. W. and S. KENT and SONS, Upton-upon-Severn. London Stores, 3, Queen-street -place, Cheapside. W. S. RUMSEY, Agent. URE PORT —A combination of interested 'lnca competitors in the Wine Trade having existed at Oporto the year 1844 (with all its ramifications in this country), for ( ..no manife s t obj ec t o f preven ti ng PURE PORT WINE from being drunk in England, as it used formerly to be, OFFLEYS, IVEBBER, 2 ORRESTER, and CRA.NIP, Alto Douro, farmers, have determined, rgrowers, in self-def enc e, to supply the consumer direct ; and there fore Make this public announcement for the information of those gen tlement. who are disposed to replenish their cellars with pure, fully. fermented and high-flavoured Port. 36, New Broad-street, July I, 1848. . WORD or TWO on PORT WINE. Ad dressed to the British Public °generally, but particularly Prl ;ate Gentlemen, by JOSEPH JAMES FORRESTER, of the House f ° OUP!, Webber, Forrester, and Cramp, of Oporto, author of " Sur- LeYB of the Wi ne Di str i cts o f th e Alt o -D o uro," " Surveys of the River 0ur0,.. Published by Royston and Brown, 40 and 41, Old Broad-street. ELEGANT TOILET REQUISITES, EACH OF INFALLIBLE ATTRIBUTES. ROWLAND'S MACASSOR OIL /2 hi g h lot 1 Y and universally appreciated for creating and sustain in g lax ant Tresses. ROWLAND'S RALYDOR preparation of unparalleled efficacy in improving and beautifying the skin and complexion; and is ROWLAND'S ODONTO, or PEARL DENTIFRICE, dt'valuable for its beautifying and preservative effects on the teeth The ms. ."L.,august patronage conceded by our gracious Queen, and t he se . Sovereigns and Courts of Europe, and the confirmation by ex perience of the infallible efficacy of these creative renovat in g speci ority Unparalleled. Sow!les. have ch aracterised them with perfect i on, an d g i ve them a cele *** BEWARE OF SPURIOUS IMITATIONS. _a lire offered under the implied sanction of Royalty, and the 0 0 a lvy genuine of ernment Departments, with similar attempts at deception. The each bears the name of " ROWLANDS' " preceding that a f the Article on the Wrapper or Label. SPENCER'S CHINESE LIQUID HAIR DYE. The thousands of individuals who for upwards of twenty Years have Used this celebrated liquid, pronounce it to be the only art icle extant whi c h e ff ectua ll y c h anges , i n a f ew m inutes, red or [fey hair, whiskers, moustaches, &c., to a dark brown or black, ( 7 1 tbotit trouble (by s i m ply com bi ng it thr o ugh the hair), and pro ..suced by one application a pleasing and permanent change ; and it be incontestibly proved, that while many dyes tend to destroy the hair by their pernicious properties and dangerous process of ap plication, that this article promotes the growth of hair, nourishing the roots till the latest period of life. Price 3s. Gd., 65., and 10s. • • Per bottle. To be had of the Proprietors, 29, Nottingham-Place, F,leldgate nr.eet. Whitehapel-read, London also of Mr. Johnstone, 68, Corn :L:4 BUtier, e 4, Cheapside ; Prout, ; 229, Strand ; Sanger, 150, Oxford r"t; Barclay, Farringden-street ; Atkinson, 24, Old Bond . street ; Itoop . r, 43, King William-street, London bridge ; Finnlgin, t into m - street, Bath ; Elmore, Bull-street, Birmingham ; and of most a ny Part and Medicine Vendors in town and co untr y . Sent to Part of the kingdom by receiving a remittance, pest-paid. Please to ask for " Spencer and Co.'s Chinese Liquid Hair Dye." -- °.rve, the Proprietor's address is on the wrapper. A R R I A G E. ig One half the world are desolately single, and the other ii .% lX4l all them *ed questionably contented. Diffidence, or a el right de m te a rm m ine the former, and miscalculated hopes ern .,h--rr the latter. The solitary one may shield himself under the plea co .P. ft ell ' utie ll and worldly prudence, and the indissoluble, regret un alld l o r° Bleg harry ; but the truth lies deeper. Physical incapacity, re ken health, are the great hindrances to domestic happiness tr so cial content.- The dowry should net be the onl y marriage set in Merit. Ho nour and j ust i ce dernaad that health sheuldform a n item • the compact ; it alone dignifies the alliance. Blighted hopes o r neglect wound more sorely than poverty or misfortune. Reader, if mes e gti xt E „,,,,rrnises concern you, procure Dr. CULYERWELL'S little a o,"'"•" - 'On Single and Married Life, " pub. in 2 vols., Is. n ,,.,(eY Dost, in stamps, ls. 6d. each). Let no imaginatively l b; 7.,;`,; sr Prudish feeling deter you, by their titles, nor be hindered ` .. minterpretation of their supposed coatents, from obtaining th "• Th ey are not intended certainly for mere idle cariosity, but the closet perusal of those mere deeply interested, to whom •• :1 1a7 are offered a s an t agon i s ti c t o the empyrical trash put forth on nether' subjects, by unqualified authors, which alone or her ' ar e a disgrace to the age. Furthermore, two other Publications claim your attention (same price Is. each, • Z, 44 ,,Ptet Is. 6d.) called " What to Eat, Drink, and i „„, s e, and " How to be Happy." They are not merely ts, but equal in quantity a library volume, nor are they the ePhemeral scribblings of the hour, but the study of the author's s er f r ae awes his present existence, health, and position to this anee of the maxims he would inculcate—to do unto others as he - '` e li)e done unto--te live after nature' e laws—and to keep always : 0•4 " sunny side of the way." The above works may be had of 39 er e w , 5 1A,_,.. 23 , Paternoster-row ; Carvalho, 147, Fleet street ; Mann, art s .,'"_ma 1 Nelson, 457, West Strand ; or direct (by post or other- Irons the author (who may bo conferred with personally, • I.:_`;'eaka and evenings), 10, Argyll-plaee Regent-street ; sad all Just NE RVOUS DEBILITY AND GENERATIVE DISEASES. 'Mt Pliblished, the Thirty-sixth Thousand, an improved edition, re vised and corrected, 120 pages, price 2s. in a sealed envelope, or forwarded by the Authors, post paid, to any address, secure from o bservation, for 2s. 6d., in postage stamps, illustrated with nu merous Anatomical Coloured Engravings. MANHOOD: the CAUSES of its PREMA- T AUTI RESTOR RE ON DECLINE, with Plain Directions for its PERFECT auA Medical E ssay on th ose Di seases o f the Generative Organs, taiing Irons Solitary and Sedentary Habits, indiscriminate Ex - 7 , the Effects of Climate and Infection, & c., addressed to the • rer in Youth, Manhood, and Old Age; with Practical Remarks DilitMarriage, the Treatment and Cure of Nervous and Mental De- Which .n l Potency, Syphilis, and other Urine-Genital Diseases, by even the most shattered constitution may be restored, and ''".n the full period of life allotted to Man. The whole illustrated With numerous Anatomical Engravings on Steel, in colour, explain ing the various tunctiens, secretions, and structares of the repro ductive Organs in health and disease ; with instructions for private Co rrespondence, cases, &c. By J. L. CURTIS and CO., Consulting Surgeons, 7, Frith-street, Soho-square, London. " Manhood.' A Medical Work.—To the gay and thoughtless we trust this Uttle work will serve as a !mama to warn them of the danger attendant upon the too rash indulgence of their pa.isions, Whilst to some it may serve as a monitor in the hour of tempta tion, and to the afflicted as a sure guide to health."—Chronicle " ' Manhood' By J. L. Curtis, and Co.—Their long experience and reputation in the treatment of these paint ul diseases Is the attent's guarantee, and well deserves for the work its immense cir illation."—Era. " Curtis on Manhood' should be in the hands of youth and old NM. It is a medical publication, ably written, and developes the r ,eatment of a class of painful maladies which has too long been r,ue prey of the illiterate and the desigaing."— United Service v, ezette. • The Parent, who beholds his beloved child pining away, and fast , a t Pr°4 ellion to a premature grave, in consequence of some disease, .. "toll. for want of carefhl investigation of its real cause, has been !lhe et down to the score of consumption, will, on perusing this work, astonished to find, that in nine-tenths of the cases of young per 'Qns of both sexes, who perish of what is called pulmonary con- Inniption, heart diseas e , t a b es , & c ., the sole a n d exc l us i ve or i g in has ,041ehl.iiii m o r etthiTth e , in o dulgence in certain destructive habits practised by youth frequently:Evoarning tio coin. ui th ta anit n erisaotm ` Eleven allsus till suspected. 114. w Two, and Six to ox Illustrated by 26 Anatomical Coloured Engravings on Steel. . . lI YSICAL DISQUALICATIONS, GENERATIVE INCAPA /Taw CITY, .AND IMPEDIMENTS TO MARRIAGE. Edition, enlarged to 196 pages. Just published, price 2s. 6d., or TbYPost, direct from the Establishment, 3s. 6d. in postage stamps, HE SILENT FRIEND, a Medical Work on te utv the rintues and decay ef the generative system, from ex -1,,,,, e iadulgence infection and the inordinate use of , mercury, - .. 1 rem ar k s " •lhanfl o ne o Marriage, end the means of obviating certain dis- L, I,"l.enti. Illustrated by 26 Coloured Engravings. By R. and Ik'ula i ,_"lrl9, Berners-stroet, Oxford-street, London. Ila t ,,"u by the Authors : sold by Strango, , 21, Pa . ternoster-row : Str eet `r. 6 3, and Sanger, 150, Oxford-street ; Starie, 23, Titehborne p "aYmarket ; and Gordon, 146, Leadenhall-street. ~,,t ae rr I. treats of the anatomy and physiology ef the re-productive p 4 , 4 21, and is Illustrated by Six Coloured Engravings. Ilei,, e ' t il. treats of the consequences resulting from excessive is:dui :ski „... and their lamentable effects on the system, producing mental it i s atlY Weakness, nervous excitement, and generative incapacity. 4 iestrated by Three Explanatory Engravings. tits A i !? lii. treats of the diseases resulting from infection, either in theii.V,.. l4 eT7 er secondary form, and contains explicit directions for .e ese r , — „t tE leet. The censequonces of early neglect and oftheabuse •Y g ev - Z . Y. are also clearly pointed out. This section is illustrated P ia m oon Coloured Engravings. blieitu: I V. treats of the Prevention of Disease by a simpleac IP; • silk - , n, by Which the danger of infection is obviated. is D 4',.e but sure. It acts with the virus chemically, a nd i ts destroys b • rt, d 7 r , en the system. This important part of the Work should P AL ,. 7 every Yoang Man entering into life. Mie s : , • is devoted to the consideration of marriage, and it s thtwhl'h. causes of unproductive union are also consider ed, an d Ane(,, "Meet critically and philosophically inquired into. m1n,,,, - ebtat, BALM OF STRIACIIK is exclusively employed in treat bOttl, ' 6l lg and sexual debility, impotence, &c., 1/ s .and 335. per ter▪ n ely :rile Concentrated Detersive Essence, an anti-syphilitic Vole. ru "°,,r Purifying the blood In cases of infection, secondary symp ,,,,.` erry.,, p„ PU "S• and the abuse of mercury, 1 is. and 335. per bottle. s'ltalt -"`:Sing Specific Pills, 21. ed., 4s. 6d., and Ils. par box, a Bon or t 'irnedy in gonorrhcea, sleet, strictures, and chronic inflamma- WI., tit ki,,L b leddor. Consultation fee, if by letter , 11. 51. Packets a .._"•sis m „ - _ . ,'• tobe had at the Establishment only, by which the fee, sul T, To '..i. Attendan daily at 19, Berners-street, from Eleven '"d Piro to Ei gh t; n Bandar; from ZICYOII tO Ont. de he Eke __ be sr tle- [led isr- that a to DWI the epr giirep a, 4% L 6 i 3• ►034 lover' 1 tsopP► ntlef' IV' J. Air' ife °I •ife of ffest' csrP' eV. ies te. , . P 4.1 g i re ° aper„-i 3beth► „ Dt t- 'abed" ;eat° Lib' .......!. i, Si 6 11 ,f riti I . ~"~~ DAVID BIRRELL, Manufacturer. COLONIAL EXPENDITURE. Now ready, price One Shilling, SIR W. MOLESWORTH'S SPEECII in the ROUSE of COMMONS, on Tuesday, July 25, on COLONIAL EXPENDITURE and GOVERNMENT. James Ridgway, Piccadilly ; and all Booksellers. CORN HARVEST. BENJAMIN EDGINGTON, 2, Duke-street, London-bridge, has a few good Second-hand Rick Cloths at reasonable cost. Marqufts and Tents for royal or noble parties, or fetes of the most brilliant character, on the shortest notice. New Rick Cloths, with poles complete, of any size. Netting and Bunting for fruit trees, A Warehouse, 208, Piccadilly. Address, per post, to the Mauufac. tory-, 2, Duke-street, London-bridge. RHEUMATISM aril RUPTURE.—During the last 30 years, Mr. COLEP , , the patentee and sole inventor of the most simp!e and effectual mode of treating these distressing maladies, has relieved himself and thousands from a state of suffer ing scarcely to be doseribed. Read advertisements in the Post-office Directory, and all the Court Guides. Letters on either subject, 2d. each, at the Mahula,tory, 3, Charing-cross. B RITISH COLLEGt . of HEALTH, Ne *- road, London. A Pamphlet; containing a Report of the Cases of Cure effected by MORISON'S VEGETABLE UNIVERSAL MEDICINE may be had as above ; also at the llygeist Office, 368, Strand ; and of all the Ilygeian Agents throughout the country, price 2d., or 4d. by post. In consequence of the'numerous counterfeits of Morison's medi cine on the Continent, parties travelling abroad are requested to be on their guard, and to purchase only of respectable merchants. N.B. No chemist or druggist is authorised to sell Morisohi's me dicine. REMOVED TO 37, BEDFORD-SQUARE. OR. LA'MERT ON THE SECRET INFIRMITIES OF YOUTH AND MATURITY.-WITII 40 COLOURED ENGRAVINGS ON STEEL. Just published, and may be had in French or English, in a Sealed Envelope, 2s. W„ or post-free, from the Author, for forty-two _ - Stamps, IELF-PRESERVATION; a Medical Treatise on the Physiology of Marriage, Infelicitous and Unproductive Unions, and the Secret Infirmities and Disorders of Youth and Ma turity, usually acquired at an early period of life, which enervate the physical and mental powers, diminish and enfeeble the natural feelings, and exhaust the vital energies of Manhood ; with Practice: Observations on the Treatment of Nervous Debility and Indigestion, whether arising from these causes, close study, or the influence of tropical climates: Local and Constitutional Weakness, Syphilis, Stricture, and all Diseases and Derangements resulting from Indis cretion. With Forty coloured Engravings, illustrating the :anatomy, Physiology, and Diseases of the fteproductive Organs, explaining their structui cs. uses, and functions, and the various Injuries that are produced in them by solitary habits, excesses, and infection. BY SAMUEL LA'MERT, M.D., 37, BEDFORD-SQUARE, LONDON. Doctor of Medicine. Matriculated Member of the University of Edin burgh, Licentiate of Apothecaries' Hall, London, Honorary Member of the London Hospital Medical Society, Soc.. Maniaga requires the fulfilment of several conditions. in order chat it may be really the cause of mutual happiness. Could the veil, which covers the origin of domestic wretchedness, be raised, and its true source in every instance disclosed, in how many could it be traced to physical disqualifications and their attendant disap pointments. Excesses are always injurious; the gift, which when aced in moderation is fraught with advantage, becomes, when abused. the prolific source of mischief and of greater or less injury to the constitutional and vital powers. The particular excesses, on the nature and consequence of which this Treatise professes to dilate, are productive of greeter severity of misery to the kuman frame, than any other to which it is subject. This work contains an accurate and complete account of the Anatomy and Physiology of the Reproductive Organs, and of their relative conditions in health and disease. It deservedly requires the closest attention and study, for what subject can be of more importance than the preservation of the health and of the physical capabilities of which every man should be possessed. It unfortunately happens that the unhappy rictim of excessive indulgence and vicious habits, whether acquired in early life or from the follies of advanced age, while suffering from their invariable consequences, unwisely entertains a fear of ap plying to a qualified physician for relief. Shame and the dread so ,requently, but erroneously entertained that these complaints are beyond the reach of art, alike restrict him and prevent his seeking 'or assistance where alone it can be procured. In acting thus, he forgets that accurate discrimination n ascertaining the causes of iisease, sympathy with the sufferer, and, above all, secrecy, inva riably characterise the intelligent and practical physician, and to the medical man who can show by his posse,sion of the requisite legal ivalifications that he is entitled to esteem and respect in his profes sional pursuits, the utmost confidence should be extended. Dr. LI'ME la has obtained the highest medical honours, as his diplomas certify, and the great extent of his practice for many years is a ruarantee for his professional experienee, which has reference almost solely to the treatment of these diseases. Published by the Author, and may be had of Kent and Richards, 52, Paternoster-row; Hannay, 63, Oxford-street; Starie, Tichborne street, Haymarket ; Mansell, 115, Fleet. street ; Gordon, 146, Leadenhall-street, London ; or, free by post for forty-two stamps, from the Author, who may be consulted on these disorders personally or by letter. daily, from Tee till Two, and ftom Five till 120'; at his residence, 37. Bedford-square, London. WESLEYAN METHODIST ASSO- CIATION. The annual assembly of this body is now holding its sittings in Lever-street Chapel, Manchester. The Con nexional Committee met on Thunday, the 20th of July ult., for arranging the stations, and for other preparatory business.: The assembly was opened on Wednesday, the 26th, at nine o'clock. The Rev. Henry Breeden was chosen president, and the Rev. Robert Eckett, secretary, both by large ma jorities, and thanks were tendered to the retiring presi dent and secretary, the Rev. R. Eekett and the Rev. John Peters. The sittings are from nine o'clock to half past twelve, and from half-past two to half-past five, and are epen to members of the denomination, as spectators, un showing their society tickets. Representatives are present from nearly all the cir cuits in the connexion, including Cornwall, Wales. Scot land, Hull, Carlisle, Lynn, Birmingham, London, Leeds, York, &c., &c. The proceedings of the assembly are marked by a large amount of good temper and cordiality, the deci sions arrived at being, in general, those of unanimity or nem. con. Committees on finance, &c., have been appointed, and are sitting at intervals. The reports from the circuits are, in many instances, highly encouraging, and an increase in the aggregate number of members in the connexion, amounting to upwards of seven hundred in Great Britain, has been announced. Communications from the circuits have been read and considered. The stations of the preachers were read a first time on Saturday morning, but are still open to revision and change. 3 Services are held in Lever-street Chapel, daily, at five o'clock in ttlemorning and at seven in the evening. Mi nisters from. various parts of the kingdom, who are in attendance,on the assembly, occupied the pulpits of the four Manchester circuits on Sunday last; and on the previous Sunday such of them as were in attendance on the preparatory committee officiated in most of the places of worship in these circuits. A lovefeast was held in Lever-street Chapel on Sun day afternoon, and was attended by a large number, some of the parties having come from distant and neigh bouring towns, as Clitheroe, Sandbach, Heywood, Roch dale, Scc. &c. The services generally have been well attended, much interest has been manifested, and delight and profit ex perienced. On Monday evening the Rev. Ira Miller, who has completed his term of probition and passed satisfactorily the customary examinations, was publicly received into full connexion as an itinerant preacher. The usual questions were proposed by the President. The Rev. J. Molineux moved, and`John Kipling, Esq., seconded the proposition, that Brother Ira Miller be now received into full connexion as an itinerant preacher of the Wesleyan Methodist Association. This proposition was put by the President, and adopted by the unanimous vote of the representatives composing the annual assembly. The Ex-President's address followed, found on 2 Tim. ii. 15, and was one of the Rev. Gentleman's happiest efforts. It was listened to with breathless attention by a very large audience for upwards of an hour. The service throughout w as highly instructive impressive, and and and yielded th o grea t est satisfaction. The Ex-Presi dent has been requested by the Assembly to publish his exc ci e b lle T n u t e a s d d cl ay v res e s. ening the members of the Annual As sembly celebrated the Lord's Supper together , i n w hi c h t T h h e e y s were ervi joinedservice was presidedby a large eve over concourse by the P of c r o e m s eue R of the Rev. n t i , c a w n h t o was supported by the other officers and ex-officers co nnexion. Addresses were delivered by the Molineux of Leeds, the Rev. W. Patterson of Liverpool,e. J. the Rev. D. Rutherford of Birmingham, and th e John Peters of Manchester. The attendance on both even i ngs (Monday and Tuesday) was unusually u merous. The business of the Assembly is not expected to ter minate until about the end of the present week. [ADVERTISEMENT.] —Amputation of Two Legs Prevented and Cured by Holloway's Ointment and Pills —Extract of a letter, dated Roscommon, Feb. 19, 1847: " Mr. Ryan, proprietor of the hotel next door to me, had two very bad legs; one with eight ulcers on it, the other with three. After spending some time in Dublin with several eminent medical men, he left with the choice of one of the two alternatives—to have both legs amputated or die. On his way home he met with a gentleman in the coach, rho recommended him Holloway's Pills and Ointment, which he used, and by their means he is now quite well.—(Signed) Charles Tully, Proprietor of the Roscommon Journal."—Sold by all Druggists, and at Professor Holloway's Establishment,244,Strand,Londo n. OLD FRIENDS.—On Monday last the anniversary of the ancient order of Old Friends was celebrated nt Highbury Barn Tavern, Islington, when nearly 100 mem bers sat down to a most excellent dinner, which, whether for quantity or for quality, Minted great credit to Mr. A. Hinton, and gave great satisfaction. After having done ample justice to the good things provided for them by the liberality of the spirited host, they adjourned to the beautiful pleasure grounds of this delightful spot, where a succession of amusements was kept up until the by commenced n numerousp any fi finally anda body ll y separated pna o t were graced evening, when they re-assembled in the ball-room, and when hour, dancingwhen trifna continued eeddhuign beautiful htilly l u ad l i a e t s, he enter tained on the occasion. AUSTRALIAN PRODUCE.—The vessel Lord Auck land, arrived in the Docks from Sydney, New South Wales, has brought, in addition to a very large general cargo, the production of Australia, 17,000 horns, 39,000 shank bones, and 85,800 hoofs of cattle, the produce of the place. By the Lords Committees appointed a Secret Com mittee to inquire into the causes of the distress which has for some time prevailed among the com mercial classes, and how far it has been affected by the laws for regulating the issue of bank-notes pay able on demand, and to whom were referred several petitions and papers relating to the subject matter referred to them:— Ordered to report, That the Committee have met, and commenced their inquiries by calling for accounts illus trating. the state of commercial affairs, and the flee tuations both in the circalation and in the value of securities for some years past. They have subsequently examined witnesses, who, from their official position, their knowledge, and experience, were able to, give useful evidence, more particu larly respecting the pressure and alarm which prevailed at the beginning, and towards the close of the last year. The committee have also examined into the influence of the ith and Bth of Victoria, c. 32, and the effect of the letter of her Majesty's Government addressed to the Bank in the month of October, at the moment when the commercial panic was most severely felt. A sudden and unexampled demand for foreign corn, produced by a failure in many descriptions of agricultu ral produce throughout the United Kingdom, coin cided with the unprecedented extent of speculation produced by increased facilities of credit and a low rate of interest, and had for some time occasioned over trading in many branches of commerce. This was more especially felt in railroads, for which calls to a large amount were daily becoming pa) - able, without corresponding funds to meet them, except by the withdrawal of capital from other pursuits and investments. These causes account for much of the pressure under which many of the weaker commercial firms were doomed to sink, and which were felt even by the strongest. To these causes may be added a con temporaneous rise of price in cotton; and, with respect to houses connected with the East and West India trade, a sudden and extensive fall in•the price of sugar, by which the value of their most readily available assets underwent great depreciation. In what precise proportion these different causes contributed to the common disaster there is some room for difference of opinion, but that each had a consider able share in producing it no person has been found to dispute. Some of these causes are obviously beyond the reach of legislative control. But upon those which are connected with the extension of commercial speculation, encouraged or checked by the facility or the difficulty of obtaining credit, by the advance of capital and the discount of bills, the powers and position of the Bank of England must at all times enable that corporation to exercse an important influence. The committee have consequently felt it to be their duty to inquire into the course pursued by the Bank acting under the provisions of the 7th sad Bth Vic., c. 32, and they have come to the conclusion that the recent panic was materially aggravated by the operation of that statute, and by the proceedings of the Bank itself. This effect may be traced, directly, to the Act of 1844, in the legis lative restriction imposed on the means of accommoda tion, whilst a largo amount of bullion was held in the coffers of the Bank, and during a time of favourable ex change; and it may be traced to the same cause indirectly as a consequence of great fluctuations in the rata of discount, and of capital previously advanced at a lowrate of interest. This course the Bank would hardly have felt itself justified in taking, had not an impression existed that, by the separation of the issue and the banking departments, one inflexible rule for re gulating the Bank issues had been substituted by law in place of the discretion formerly vested in the Bank. The banking department was considered to be thus absolved from all obligation but that which was connected with the pecuniary interests of the proprietary. Though it may be true as stated by the Governor and Deputy-Governor, " that if they were to do anything for the interests of the pro prietors that was not for the interests of the whole com mercial community the evil would fall back on the Bank, and, instead of having a beneficial effect, would have an injurious one, as far as the Bank is concerned ;" yet this principle does not appear to have been practically recognised in all cases, and the Act of 1844 avowedly left the directors at full liberty to act according to their own views of their corporate interests. But before they pursue this subject further the Com mittee feel it their duty to lay before the House, from the testimony of some of the witnesses examined, a more full and distinct account of the causes, extent, and con sequences of the distress of the last year. This is neces sary, not only for a due appreciation of the facts them• selves, but to enable the House to consider what remedial measures may he required, whether by an alteration of the law, by an altered system of administering the affairs of the Bank, or by a combination of both. The following is the statement made on this subject by the Governor and Deputy-Governor of the Bank. SECT. I.—CAUSES AND EXTENT OF THE DISTRESS or 1847. " An unprece:lented large importation of food caused by a deficient harvest, required in payment the export of a large amount of bullion to the extent of 7,500,0001. from the coffers of the Bank, and probably not less than 1,500,0001. from other sources—together 9,000,0001. From this great re duction in the available capital of the country, in addition to the still larger amount invested in railway expenditure, acting suddenly upon a previous high state of credit and excessive speculation, arose the pressure in the money market. There was an abstraction of 7,500,0001. from the bul lion held by the Bank, and consequently a dimi nution in the notes to that extent. I assume that 1,500,000/. may have gone out from the gold in circula tion; that may be more or less, but I assume that about 9,000,000/. went out in the purchase of food in the course of the year 1847. Then I make a distinction between the panic and the pressure. The panic began by the failures in the corn trade. The price of wheat had risen to about 120 s. Large arrivals of grain from the continent of Europe and from America, coupled with the prospect of' an early and an abundant harvest, caused a sudden fall in price to about 605., with a corresponding de cline in Indian corn, The failure of most of the corn specu lators followed this great reduction in price, and their failure caused the stoppage of an eminent discount broker, having a large country connexion. Ellis latter failure, by closing one of the principal channels of discount between the country and London, caused distrust to extend into the country. Credit became affected by these failures, and several London firms of a high standing also failed. Then followed in rapid succession the failure of the Royal Bank of Liverpool, the Liverpool Banking Come pany, the North and South Wales Banking Company, some private country banks, and the Union Bank of Newcastle, followed by a tremendous run upon the Northumberland and Durham District Bank. To these disasters succeeded alarm, and an almost total prostration of credit. The London bankers and discount brokers refused to grant the usual accommodation to their customers, and necessarily obliged every one requiring assistance to resort to the Bank of England. Money was hoarded to a consider able extent, so much so that notwithstanding the notes and coin issued to the public in October exceeded by a c t arcityo f houses 4,000,000 1 . or 5,000,0001., the amount with the public in August, still the gener al y o ed f a th s money. Credit was so on th air busin trading to distant countries carrying newal of their as s ac through the means of credit, y were no lo ecnotmirepllysindtes wastro meet their engagements, an d were forced stop pay ment. This was the state of t hin g s p revious to the a ner able ceptances as they became due, to Wawa[ to g issuing of the Government letter in October. speaking ''T e aa large g e e a bout houses, th r t w y h they failed to the amount of 8 , 129,0001. The first seven t i tl e h r e e h ahvoeu failecomparatively; are expected to pay in full ; of the other houses there is one expected to pay ss. 6d., another ss. 6d., another 6s. 6d., another 95., another 125., another Bs., another 35., another 55., &c. The result is, that with respect to alargehemeanjorainfityfcoiefntthotsne carryhouthem houses through thoseno assistance would have difficulties." " Is the average above 12s.?—With the exception of the first seven, which are expected to pay in full, it is believed that the average will not be more than 6s. Bd. in the pound." Mr. Horsley Palmer, who had received a signal mark of confidence from the Bank of England, in his re-election to the office of governor, in order to facilitate his negotiation of renderedn: d4 t 7 h hteo renewalhnaevcee failures s o a f the charter in 1833, has given the fol lowing testim on y : —" I consider the distress of the year arisen rnyf a t h f ve r e o rp m y n the tal atnr deficient gnernimpof por thatta harvest tiony eoa offr, foreignl whichB46, grain. Consequent upon the arrangements made for that import, the exchanges with the continent and mAiamldleieornicrsuaeidpn upon npetted December declined, an d b etween t h e mon th s of December, 1846, and atnokin eth April,re their Banking Depart ment millionslB4 a 7 , h n A e p r d i l e ; m a t n h d e e t e h m e B the reser ve f rom nine and a half m last two and a h a lf m illi ons of wh n which ruction.aend the 1i theeq 27th of u e nce o f that March sudden redu ctlo7otkh nf place Apr i between In nn n s lion the Bank was compelled under the Act of 1844, forcibly to contract, in order t o rega i n its position, which forced proceedings caused a ve r y severe p for the time up m the money market. Shortly after that period it transpired that speculations for the import of grain had been carried far beyond the power of the houses engaged in them to support, added to which the quantities imported in the months of May, June, and July, occasioned a fall in the price of wheat from 1103. per qtterter to 60s , and even below that value. This fall in the price of grain occa sioned failures to a considerable extent in the corn which engendered a ma terial discre dit in that and trade other ' branches of commerce. Subsequently to those events came the suspension of almost all the firms engaged in the trade with the Mauritius, which was followed by a general discredit, principally affecting the houses connected with India, particularly those most largely engaged in the export of British manufactures. These extensive sus of bank notes and coin from circulat ion to a very pensions caused a general discredit , and an abstraction mate rial amount, thereby creating a largely increased de ' mand upon the reserve of the Bank, which, under the Act of 1844, it was found most difficult and indeed im possible to sustain, the amount of the reserve having been reduced, on the 23d, of October, to two millions, including London and the branch banks. Thus situated, notwithstanding the Bank had ad vanced the rate of interest, in August, Septem ber, and October, to five-and.a-half, six, seven, and even nine per cent. per annum, the demand con tinued to increase until the 25th of October, when relief was afforded by withdrawing the restrictive clause of the Act of 1844, and by which the pressure was immediately relieved, and credit h as s i nce been gradua ll y restore d. During the whole pe r iod, f rom the middle of Apr il to t h e day of withdrawin g t h e restr i ctive clause i n t h e A ct o f 1844, the foreign exch anges were in favour o f t hi s country," Mr. Sansuel Gurney, the head of the house of Over end and Co., bill br o k ers , whose experience i n money affairs is universally kn own and acknowledged, gives the following description of the events of 1847: " The crisis in April, 1847, arose from several causes. The failure of the potato crop and harvest of IB4G, read ing to an enormous importation of food coming upon an excited state of pri ce and transaction, aided by the Bank canvassing for discount, and fomenting trans actions, under the n ew pr i nciple that in the bank ing department they are to act on the same principle as private bankers, may be considered as the causes of that crisis. These led to an extent of de mand upon the Bank for discount and otherwise, the yielding to which led them beyond the bounds of prudence, seeing the early payment of the dividends was at hand. Under the Currency Act they found themselves uncler the necessity suddenly of not only withdrawing their usual accommodation by way of discount, but of calling in with a severe and unre lenting hand the loans they had made upon the security of bills, Exchequer-bills, &c. The suddenness and severity of this change w as f orced upon the Bank by the Currency Act. had It not been for that, they would have spread over months what they felt them selvesa few days, to the seri o u s de rangement markets and to much al a r m ing co mp: i l . l t e h d a t o money do i n disaster. Is it queried, was this snail owing to the Cur rency Act ? I think it cannot be fairly laid to the Act only, but to the causes before specified. It may, how ever, with truth be asserted, that the force of it and the evils of it were much aggravated by the effect of this banker , and and as Act, in the course of acti on i t f orce d upon the Bank. " London Ms such hG. havingC G an y d n n e , z b t l e . n r. ad country , a leading correspondence connexion, was also examined by the Committee. This witness had been frequently examined before both Houses of Parliament on similar subjects, and his expe rience as a practical banker gives peculiar weight to his opinions. His evidence was as follows:-- " I consider that the pressure which occurred in April, 1847, arose principally from the large importation of corn and other necess a ry articl es of foMI, and I consider also that the foreign exchanges having been affected by the operation of those causes, the pressure in point of fact was necessary, and was carried only to the extent which was required for the proper re-adjustment of the foreign exchanges. The foreign exchanges were re-ad justed, and in the course of the autumn set strongly in favour of this country. The harvest turning out very good, in the months of August and September large fail ures occurred amongst the speculators in corn. Those were the first occurrences of that description that took place in this country; subsequently they were followed by large failures of other mercantile houses. That went on down to the end of September, the pressure gradually increasing, but not to the degree which it arrived at in the course of the following month, when th ere was su peradded to all those causes which had been operating before, a great degree of discredit and want of confidence throughout the country, which was very much increased by the failure of banks in Liverpool and other parts of the country, and during the week ending the 23d of October by a general distrust that seemed to operate amongst nearly all mercantile classes, and was rapidly extending itself to the banking establishments through out the country, very much resembling, in point of fact at that time, what occurred in the year 1825. The other symptoms of 1847 had been entirely dissimilar up to the middle of October 1847; but in the last week be fore the issue of the Government Letter the symptoms of want of confidence that presented themselves were very much like those which occurred at the end of 1825. There appeared a want of confidence in the country generally, which caused country bankers to look for the assistance of their London correspondents, and which apparently, if it had not been for the letter of the Government, would have gone to a very great extent. In point of fact, the difference between the two periods of April and of Octo ber was extremely striking. The pressure of April was very soon over, and the bank did every thing within its rower for the mercantile body at the time. Although they had been obliged to restrict their operations very much, yet they attended to the applications made to them, particularly those from Liverpool and some other places. But the pressure that occurred in October last arose apparently from entirely different causes. It pro ceeded from an apprehension on the part of all mercan tile men that the want of confidence was becoming so great, t hat at last the reserves of the Bank would be so very low, that, in point of fact, persons who were pos sessed of property would not- be able to convert that pro perty into Batik of England notes." The committee also examined Mr. George VT. Nor man, a director of the B an k o f Englan d, a witness friendly to the Act of 1844, an d one who i s unwilling that any alteration should take place in its provisions. He was asked (2,C80) what were the causes of the pres sure on commerce in the spring and autumn of 1847? and his reply was to the following effect:— " I consider that the causes which produced the pres sure upon commerce in th e spr i ng of last y ea r andin the autumn were the potat o di sease ' and the failure of other crops, the vast absorption of capit a l ar i s i n g from the railways, and considerable over -trading in some branches of commerce." Mr. Norman added, that he believed that the value of foreign corn imported amounted to 30,000,0001., for which payment must necessarily be provided. Mr. Cotton, who, as well as Mr. Horsley Palmer, had twice been elected Governor of the Bank, and from the same motive, whilst he considers the distress to have been " greatly exaggerated" (8,192), and nothing equal to what had existed in 1825 and 1839," fewer banks and solvent houses having in his judgment suspended pay. ment, adds:— My impression is that there never was a time when many parties had engaged in operations so much be yond what they ought to have done with reference to their capital as in the year 1847. Considering what occurred in 1847—the very large payments for food, the failures in • the corn trade, the amount of calls for capital for railways, and also the failure of the India and other houses, and the exposure of the very small amount of real capital, and in many cases minus capital, under which they carried on a large amount of business—l think we might have expected many more solvent houses to have failed. There was a very large, and, I think, i n di scree t, exten sion of trade beyond the capit a l t h e par ties had to carry it on, in the corn trade, in consequence of the profits which had resulted from the first im portation of corn. In the India trade there was a larger extent of trade carried on than was justified by the amount of capital, and which had been supplied by re newing bills. There was also a very large amount, far beyond what the parties were justified in appropriating on fixed securities in the Mauritius trade. After the failure of one or two houses it appeared that credit had been stretched to [a moat unreasonable ,extent, larger than I ever recollect." The great majority of the witnesses do7not concur in Mr. Cotton's opinion, but unite in representing the in tensity of the pressure as more severe than the distress of 1837 and 1839 ; many even consider it to have been greater than that of the year of panic, 1825. The com. mittee extract the following evidence to this effect : " Has the distress and pressure upon the public been greater or less during the - list year than in any preced ing cases to which you ha l ve alluded?—l think it was greater during part of the' year 1847 than I ever re= member. " With greater damage to commercial credit and for tunes than on any other occasion?—l should say cer tainly." Do you apply that observation to the country gene rally, or to London T—l apply it to the whole country , especially to all the commercial parts of the country," Mr. Gurney's opinion on this subject is equally dis. tinct and decided : _ _ parallel in " Are there, in the history of the money transactions of this or of any other country, circumstances that can be at all compared to those that have taken pl ace in this country in the last twenty months ?—I think that the Mr. Took e, a st l a B t 3 es 9 , catastrophes of last autumn were beyond all our monetary history, as far as I know." Mr. George Norman conchides that in 1837 a the causes of pressure were much less extreme than in the year 1847. In 1339 there was but little in sol vency of any kind. In 1837 there was, as well as the w itness recollected, no considerable insolvency except i n the American trade. In 1847, on the contrary, h e stated (2,702) that " every ose seemed afraid of his g op w in h io e n n , o , f nobod the time was . Lister , Y would pp i r n oac t h h i e n , body pay an) • the country " There was a panie t hrough • , people thought they Anotlier witness, Mr. were in an iron cage, and could not get neighbour ;" and, out of it; that iron cage was the Act of 1844." On the other hand, it is right to observe, that some witnesses represent the pressure in 1847 to have been less severe than at several former periods. • The Governor and Deputy Governor of the Bank, in the following questions' state their impressions to this effect, and as regards the comparative consequences of the commercial distress in different years:— " You said that you thought that the Act of 1844 had worked extremely well to secure the convertibility of the notes; do you apprehend that tbera would have been any danger of the notes of the Bank of England not being convertible if it had not passed?--I think th ey would have been in danger. On one or two previous occasions I think they were in danger—in 1825 and 1839. " And you think that they would have been in danger now but for this Act?—They might have been. " Mr. Prescott—l agree with the Governor. I think that the pressure was not so great in 1839 as it was in 1847, and therefore that the danger in 1847 would have been greater but for this Act. " Was not the pressure greater this year than you have ever witnessed?—My own Axperionee soaroely carries me back to 1125, but I should COIICeiTO tket the pressure in one or two weeks in 1825 was greater than I in 1847. " Mr. Morris—l believe that the pressure probably has been greater in London and in Lancashire, and pro bably in other places, but I doubt whether the pressure generally throughout the country has been so great as it was at the former periods. " 1)o you consider that circumstance at all attributable to the action of the Act of 1844 upon the private bankers in the cJatitry ?—I consider that the action of the Act of 1844 upon the private bankers in the country must have been of the greatest possible benefit. "And to hare preserved the country from the failures of country backs which tuck place in 1825 ?—To have preserved the country from the misfortunes fallen into in 1825. "Assuming that the pressure in 1847 has been more severe upon the commercial world in London than upon precious occasions within your knowledge, should you say, considering the distance at which we have now ar rived from the period of pressure itself, that the reco very from it has been more rapid, and that there has been less subsequent pressure than upon former occa sions ? I think the recovery from it has been much mere rapid, but it is difficult to say when the recovery has taken place. " Without assuming at the present moment that we have actually recovered from it, but looking at the course of affairs since October, should you say that there has been less severe distress consequent upon the panic than there has been upon previous occasions?—l think that the reaction has taken place sooner than it otherwise would have done. " The question is, not as to what would have hap pened if the Act of 1844 had not passed, but merely as to the matter of fact, whether the distress and the sacrifice of capital, and the general damage, both to the commercial character as well as the credit of this country, has not exceeded in the last year any thing that in your experience you ever witnessed?— , I think in the failure of large houses it has exceeded, but whether it has as far as the whole country is con cerned, I am not prepared to say. My impression is. that the damage to the country from the panic of 1825 was greater and more general then than any which has taken place in 1847. " Mr. Prescott—l think as many as sixty or seventy country banks failed in the end of 1825, and now there has not been a dozen. And Mr. Jones Loyd will be found, in his evidence, as follows, to express his opinion more strongly as to the greater intensity of the pressure on several former occa sions than in 1847. " Within your experience do you know any time in which there was a greater disturbance of credit, so as to necessitate an increase of the reserves, than there was in that month of October, 1847?-1 believe that the dis turbance of credit was greater and more widely spread in 182.5 than it was in 1847. "Do you suppose that any evil can occur to a great commercial city greater than that which happened during the year 1847 in the city of London, or that there ever were instances in which so complete a sacri fice of property and so complete an impoverishment of commercial capital, has taken place in any country ?—I have no doubt that there existed much greater pressure and that the evils alluded to in the question, occurred in a severer form in this country in 1783, in 1793, and in 1825. We are always apt to form an exaggerated estimate of the present evil. This is the account given by Mr. Tooke of what took place in 1783:—' This contraction of the cur rency was attended with a great rise in the rate of inte rest; Consols fell from 68 to 54; omnium from a premium of 8 per cent. to below par. Every one (says Chalmers) must remember bow impossible it was to borrow money on any security for any premium.' Then again, take 1793. ' Many houses of the most established credit failed. Houses of undoubted solidity, possessing ample funds, which actually did in a short time enable them to pay every shilling of their debts, were obliged to stop , payment. Some bankers who almost immediately on recovering from the first panic resumed the regularity of their payments were obliged to make a pause. Many whom the tem porary assistance of even a moderate sum would have enabled to surmount their difficulties could not ob tain any accommodation. Those who had any money, not knowing where they could place it with safety, kept it unemployed and locked up in their coffers.' Such is the account given in " Macpherson's Annals of Commerce" of the pressure in 1793. It would be a most incorrect and exaggerated account of the state of things in 1847. Then again, as regards 1825, we have Lord Ashburton's account of 1825, as given in Sir Rubert Peel's speech, which taken as a description of 1847 would be a great exaggeration." Such is the description of the commercial world in 1847, given by well-informed witnesses; and the Com mittee consider that a more alarming picture of the consequences of panic and discre.lit could not well be given. It must also be recollected that in some respects the conjuncture was favourable. Had there been at this time any domestic political altirm, Lind thcro Levu any foreign n ar, ur any speculation in foreign loans, or had the State of the balances in the Exchequer . ' been such as to render necessary large advances from the Bank on deficiency bills, and the extent and intensity of suffering, great as they actually were, would have been rendered still more formidable. But from these sources of danger the country was happily exempted. Still it is clear to your Committee that the difficulties and dangers of the case were such as to require a remedy, prompt, decisive, and effectual. Rear. IL—TREASURY LETTER, 25Th OF OCTOBER, AND ITS EFFECTS. That remedy was sought and found in a departure from the restrictive principles of the Act of 1844, autho rised by the following letter of the First Lord of the ' Treasury, and of the Chancellor of the Exchequer, dated the 25th of October:— " Downing-street, Oct. 25, 1847. " Gentlemen,—Her Majesty's Government have;seen with the deepest regret the pressure which has existed for some weeks upon the commercial interests of the country, and that this pressure has been aggravated by a want of that confidence which is necessary for carry ing on the ordinary dealings of trade. " They have been in hopes that the check given to transactions of a speculative character, the transfer of capital from other countries, the influx of bullion, and the feeling which a knowledge of these circumstances might have been expected to produce, would have re move the prevailing distrust. " They wore encouraged in this expectation by the speedy cessation of a similar state of feeling in the month of April last. "These hopes have, however, been disappointed, and her Majesty's Go vernment have come to the conclusion that the time has arrived when they ought to attempt, by some extraordinary and temporary measure, to restore confidence to th e mercantile and manufacturing com munity. " For this purpose they recommend to the Directors of the Bank of England, inthe present emergency, to enlarge the amount of theirdiscountsan dadvanees upon approved security, but that, in order to retain this ope ration within reasonable limits, a high rate of interest should be charged. " In present circumstances they would suggest that the rate of interest should not be less than 8 per cent. " If this course should lead to any infringement of the existing law, her Majesty's Government will be prepared to propo se to P arliament, on its meeting, a Bill of In demnity. They will rely upon the discretion of the directors to red uce as soon as poss ib le the amount of their notes, if any extraordinary issue should take place, within the limits prescribed by law. "Her Majesty's Government are of opinion that any extra profit derived from this measure should be carried to the account of the public, but the precise mode of doing so must be left to future arrangement. "her Majesty's Government are not insensible of the evil of any departure from the law which has placed the currency of the country upon a sound basis; but they feel confident that, in the present circumstances, the measure which they have proposed may be safely adopted, and at the same time the main provisions of that law, and the vital principle of preserving the con vertibility of the bank note, may be firmly maintained. " We have the honour to be, Gentlemen, "Your obedient humble servants, (Signed) "J. RUSSELL, "C. WOOD. " The Governor and the Deputy-Governor of the Bank of England." It should be remembered that the insertion of a clause in the Bill of 1844, investing the Government with such a relaxing power, had been discussed, and re• jected. The committee consider that the step so taken by her Majesty's Government, in the exercise of such authority, was wise and successful. The House of Commons have resolved, during the present session, " That in the peculiar circumstances of the period the Government were justified in this extra ordinary exercise of power." But, in assuming the re sponsibility of authorising the relaxation of the Act, the Government, in fact, " dispensed with the express pro visions of an Act of Parliament." The interposition of the Treasury has been thus understood, and explained by many of the witnesses. The Governor of the Bank considered that when once the Government letter issued, the Bank was no longer responsible; he considered that he had authority to " break through the Act." The " Responsibility of the Bank to provide for the security of the banking department ceased after the 22d of Oc tober." On the 23.1 it was intimated that the Govern ment letter was to be issued on the 25th; and it was un derstood that the Bank was to act on that day (the 23d) according to the spirit of the Government letter. Con aequently the accommodation given on the 23d, was " given on that understanding," Mr. Glyn observes, "the letter of the Government stopped the crisis, and abro• gated the Act." Mr. Browne (2,359) considers the letter to have " virtually condemned and annulled the Act of 1844." Another witness apprehends " that the Bank would have hal to shut its doors in a week unless the law had been violated." On the other hand, Mr. Samuel Jones Loyd states his opinion, that " although the letter was a departure from the positive provisions of the Act, it was not depar turea. from the principles of the Act." This i" h force distinc tion which the Committee cannot recognise. of the enactment was clear and intelligible. T T he e . Trea sury_ letter authorised a departure from that and even recognised the possible necessity of applying to Parliament for indemnity. A sanct ion was thus given to a course unwarranted by law. No issue, it is true, was made beyond the powers of the Act of 1844, but that issue, if it had been made, was authorised by the letter of. the Government ; and, practically, the conse quences were precisely the same as if the Bank had made such issue. Mr. Loyd states (1.500) that the "Bank did nothing under the letter; the amount of notes with the public was not increased ; that power was not exercised." The letter was nevertheless actively and powerfully operative. "The issue of the letter to a consi derable degreo relieved the money market," observes Mr. Norman "by holding out to persons the certainty that they might get accommodation, whereas befure they feared that they should not." The amount of notes hoarded by bankers and commercial men was at once released. These notes have been estimated by Mr. S. Gurney at about 4,000,0001; and this acted as effectu ally as if an additional issue on securities had been made by the Bank. _ This effect is well described in the following extract from the evidence of Mr. Glyn:— " It produced the same effect as if the Bank of Eng land had made an issue; because it brought out the hoards of notes, and they went into circulation. It thereby added to the circulation of the country, and it removed the cause of the panic, which is stated to have arisen from the Act of 1844. " Looking at the state of the reserve after the letter of the Government came on the 23d of October, through October, November, and December, and seeing that the reserve constantly rose, and that at the same time the bullion rose with it, did not that favourable turn in the affairs of the Bank, and in the facility of the circulation of the country arise from the Act of 1844 being set aside by the letter of the Government? I consider that the letter of the Government of the 25th of October having in effect got rid of the clause in the Act of 1844 which limits the amount of the circulation to 14,000,0001., pro • dated the effect alluded to," The salutary consequences of this step were' recog nized gratefully by almost every witness, even by those most favourable to the Act of 1844. " All alarm ap peared to have ceased on the issue of the letter, " ob serves the Gov ernor o f th e B an k ; an d subsequently he adds, " what restored confidence was the letter of the Government, allowing the Bank to make any advances without reference to the Act, at a given rate of interest. We did not so much want the money, but we wanted a certainty that if we did want it we should get it." The opinion of Mr. Horsley Palmer is equally decisive. "In autumn of 1847 the demand for assistance was so much increased as to place the_Bank in imminent danger by granting it, and which nothing could have relieved short of the relaxation of the law which took place." Mr. Samuel Gurney illustrates this statement by his own case. He observes: " We required about 200,0001., and had it at 9 per cent. On the Monday morning we had again a very heavy demand upon us; and we applied to the Governor, and said that to supply Lombard-street with what was wanted we should require 200,0001. more. It was a case of difficulty for the Bank under its reduced reserve, and under the limitation of the Act. The Governor post poned a decision on the application to two o'clock. At one o'clock, however, the letter from the Government, authorising relaxation, was announced. The effect was immediate. Those who had sent notice for their money in the morning sent us word they did not want it, that they only ordered payment by way of precaution. And after the notice we only required about 100,000/., instead of 200,0001. From that day we had a market of com parative ease. The alarm lessened; and by the end of the week we had to ask as a favour of the Bank to be allowed to repay the money which we had borrowed of them." Nor was this immediate and effectual relief confined to the metropolis. As the pressure had been general, so likewise was the relief. The Committee have bad a letter given in evidence, from which the following extract will strikingly exemplify the effects of the Government interference as felt in the great commercial town of Li verpool:— _ "The state of things immediately previous to the pro mulgation of the Government letter of the 25th of Octo ber was perfectly fearful, and, I believe, without prece dent in the commercial history of this country. Bills of exchange of the first quality in themselves, and to which this and other banks were w illi ng t o a dd their endorse ments, were absolutely inconvertible into cash; and it is my firm belief that many houses, who were not merely solvent but able to pay 40s. and 60s. in the pound, must have stopped had the Government letter not been issued. Immediately on the issue of that letter the whole diffi culty was removed. Not only were our bills available at the Bank of England, but with all the discount brokers; they were, I may say, eagerly sought for by the country banks, and by private moneyed parties seeking for in vestments, at even lower rates than the Branch Bank of England here were willing to discount at. This showed, beyond dispute, I think, that the scarcity of money was artificial, not real, and that the panic was a moral one, caused by the mischievous and whimsical provisions of the Bank. Act of 1844, and not by nnut of conficknoe in the ecenrities (the hulk of AX.• chango themselves, for the securities remained of course precisely the same after the 25th October as before that date. I have no hesitation in stating that in my opinion the letter of the 25th of October virtually annulled the Bill of 1844, and saved the country from an almost universal stoppage of payments, in which the banking department of the Bank of England would have been in cluded." It should not be forgotten that the recommendation of the Treasury, though imposing the condition of a mini mum rate of interest of 8 per cent., was wholly unre stricted as to the amount of advances authorised. Unless it had been so unrestricted in amount it would probably have failed. It placed the Bank, so far as the authority of the Government could do so, in the position in which it would have stood if the restrictions of the Act of 1844 had never been enacted, or had been repealed. The remedial character of the measure," observes Mr. Loyd, " was not the discounting at 8 per cent., but the declaration to the public that at 8 per cent. interest there was an unlimited supply of Bank notes at their command. The Bank could not possibly make that offer without the sanction of the Government." It was knowledge on the part of the public, that there was ac tually the " power given to the Bank to advance any quantity of notes without limit, that produced the effect. Without the authority of the Government the Bank could not have produced that confidence." It is true that the Governor and Deputy-Governor of the Bank are inclined to think that the letter of the 25th of October might have been dispensed with, so far as they were concerned, and that the Bank of England might have been placed in a position of safety by pre cautionary measures; and a resolution was entered into, on the 25th of October, by the Court of Directors, ex pressing an opinion " that no deviation from the provi sions of the Act of 1844 regulating the currency was required in consequence of any difficulties on the part of ' the Bank;' but that they consented to the measure re commended by her Majesty's Government on the grounds of public necessity urged by the First Lord of the Treasury and the Chancellor of the Exchequer." It becomes, therefore, essential to consider the actual state of the Bank of England at that time, to ascertain whe ther that was a state of safety or not, and whether any remedial or precautionary measures have been suggested which, by rendering the Bank secure, would have made the suspension of the law by the authority of the Go vernment unnecessary, for unless a step involving such extraordinary responsibility and so undisguised a de parture from the law were indispensable, it could not be justifiable. Its absolute necessity was its sole justification. The state of the Bank reserve on the 23d October is shown to have been as follows : Date. Reserve. London. _ Country•. 1847. Oct. 23. N, X 981,615 Not Coln X teil 1,547,276 ~.Notes •••• ~.Notes 447,240..G01d coin •. 209,844..G01d coin .. 78,399 •Sllstr coin 104,045..5i1ver coin •• 34,958 £1,994,516 1,295,504 Country .. 659,012 £699,012 11,994,516 But on the 23d of October it had been intimated that the Government letter was to be issued on the 25th, and it was understood that the Bank was to act on the 23d according to the spirit of that Government letter. The accommodation given in consequence on the 23d of Oc tober was on that understanding, and the reserve was necessarily to some extent diminished. On the 30th of October the account stood as follows : Date. Reserve. Loudon. Country. 1847. Oct. 30. Notes 1,177,740 .. Notes Coln 429,384 .. Gold coin 151,053 .. Gold coin 119,554 .. Silver coin 105,787 .. Silver coin 5'4,990 £1,006,124 -- --- 82.5,310 £780,814 Country.. 780,814 £1,606,124 Thus the reserve of notes, which had been 2,630,000/. on the 16th of October, had fallen on the 23d to 1,547,0001., and to 1,176,000/. on the 30th of October, having decreased nearly 1,500,0001. within the short space of fourteen days. At this last period, of the total reserve of notes, amounting to 1,176,7401., no more than 568,4701. was held in London, making, with the gold coin in the banking department, 719,523/ At the same time the private deposits for which the Bank was respon sible amounted to 8,580,000 L, independently of upwards of 4,766,000/. of Government deposits. The total depo sits on the 30th of October wer e 14,500,000/. ; the depo sits of the London bankers being more than 2,000,000/. at the same time. In re ference to this state of things the following important evidence was given by the Go venor and Deputy-Governor of the Bank of England. " You had only 1,600,0001. in the banking depart:nett for the payment o f y our liabilities 7—Yes. " If anybody had called upon you for anything beyond that million and a half you must have stopped payme n t? —Yes, we must. " At that time, if there had been no separation be tween the two departments, and the Bank of En gland had been conduct ed on its old p rinci p le, i nstead of being within ono million and a half of stopping, the re would h ave been very nearly 8 , 500 ,000/. of treasure in your vaults 7—We should have had 8,500 , 0001. in our va u lt s. " It is, :however , right to add, !that the same witnesses state that they could not admit that the B a nk Nv was in any o u d l d a t o o danger of suspending its payments. t have been . able to give the same extent of accommodat i o n that . parties were requiring of us. We might have put Consols. We into account . a considerable sum by sell' had going off weekly bills to the exte ln n f g t of 1,500,0001.; 10 0,0001. 0 day so that by discounting even at the rate to give the public some accommoda t ion, o our reserve "still have increased at the rate of 900,0004 a It is certain that in a very short period we should had as large a reserve as would be necessary for Irposes, and therefore the Bank was never at any in jeopardy." correctness of this conclusion, however, depends on the practicability of the remedial measures recom mended ; namely, first the sale of stock ; stud secondly, the limitation of discounts. A further question also remains, assuming these measures to have been practical and successful, for the security of the Bank, in the first instance, whether their consequences would not have been ruinous both to public and private credit, and ultimately fatal to the Bank of England itself. These questions the Committee now proceed to consider. 1. Sale of Consols.—At the end of October, it appears from the statement of the Governor of the Bank that the amount of Stock held in Consols and Reduced was frost two millions to two milli o ns and a half ; the remainder of the public securities held was the dead weight, being annuities for terms of years, which are not always so easily disposed of. The Governor considered that the Bank might easily have availed itself of two millions of Three per Cents. But the stock, even if it could be sold to that extent, would not have strengthened the reserve to the extent of amount sold. On this point the same ‘vitrieFs gives the following in3port , .nt information : " Will you state what effect you conceive would have been produced upon y, ur deposits if you had proceeded at that time to sell securities to any considerable extent? —My impression is, that supposing we had sold securi ties to the extent of about two millions, it is probable that the deposits might have boll affected to the extent of about one million, so that by selling two millions of securities we might have strengthened the reserve by about one million." "The reason why it would have the effect of reducing the deposits is, that the act of selling securities would naturally make securities cheaper, and parties baying de posits at the Bank might be induced to employ a portion of their deposits in the purchase of securities, in conse quence of securities being cheaper." " If we had sold to the extent of two millions it might have effected us to the extent of one million. But I think we may assume that money upon the Stock Ex change is, generally speaking, cheaper than it is else where ; the consequence is, that we might take money out of the Stock Exchange without its generally affect ing the country for some little period, and therefore the action of drawing out the deposits might not be so rapid as would otherwise be the case." But this is strongly controverted by many of the most intelligent witnesses, who doubt whether securities to this amount could have been found saleable at all, at tho period referred to, except to an enormous loss. Mr. Horsley Palmer was asked, " What would have been the difficulty of effecting the sales of securities P—The difficulty would have been in finding Bank-notes to pay for them. I think the Governor did try to sell a small amount of funded pro perty at a reduction of two or three per cent, about the 2lat of October ; but it would have been quite impossi ble in the state of public feeling that then existed to have gone into the market with a million or a million and a half of securities, and have found Bank-notes for them." " Would it not have been attended with great distress to many parties ?—Unless the prices had been forced down to 60 or 65, or some enormous reduction, Bank notes could not have been procured." It should be borne in mind, in reference to this evi dence, that the witness examined is a leading director of the Bank of England, and one who was specially con versant with all the events of 1837 and 1839, with the extent and resources of the Bank, and the possibility of making these resources available at a time of com mercial pressure, This opinion was carried still fur ther in this subsequent examination, which was as follows " Supposing that in the month of October, when the reserve of the Bank was low, a n d w h en t h e p u bl ic were aware that the reserve was low, the Bank had pro ceeded to sell stock to the amount of 2,000,0001., do you skink that would have had any material effect upon the funds or not ?—I think it would have forced the price of Three per Cents. to CO. There is no price that I can name that they might not have fallen to. If any violent measure of that sort had been taken, no one can say what might have been the consequence. I do not believe that the Bank could have got two millions ster ling of notes by selling stock towards the middle and end of October." This conclusion is borne out and fully confirmed by the evidence of Mr. Glyn at a subsequent period. Mr. Glyn may be taken as a fair representative of the Lon don bankers, and as giving the result of thirty years of experience in the money market. " You said that it would not have been possible for the Bank to sell stock to any great amount at the pe riod of panic?—l believe not. On the 23d of October 200,000/. was sold with some difficulty. " Are you aware that it was the opinion of the Bank broker that a very large sum might have been sold with out materially affecting the price of stocks ?—I was not aware that the Bank broker had stated that. I should say, from what I saw at the time, that the sale of a million or two millions, which were the figures talked of, would have been almost impossible without knocking down the funds to such a price as would hare created a further panic." Mr. Browne, M.P., an extensive American mer chant, expressed the same opinion in still more unqua lified terms. " Supposing they had not taken that course, but had felt it necessary to recruit their reserve by the sale of s(curitiQs, do you think that the .circumstances of the Stock Exchange at that time would have -admitted of the sale of a million or two millions of stock or Samba qui,r do not think it wottld; without very great sacrifices; and if the panic had blO equal to what we might supp os e it m i g ht have ' under such c ircum• stances, I doubt whether theyAuld have b een so ld at all. "But even assuming that ther i epuld have been sold at a considerable sacrifice, would nukshat have entailed the consequence, not only of a sacrifice to the Bank, but of a sacrifice to all the holders of public securitiesY—Cer tiinly. I think the remedy would have been worse than the disease." The attention of Mr. Tooke was called in the follow ing manner to the evidence given by the Governor of the Bank on this subject, and the questions and the commentary are so important that the Committee think it right to bring the whole passage under the observation of the House:— " You alluded to the jeopardy in which you conceived the banking department of the Bank to have been placed in September, 1847. Your attention is requested to an answer which was given by a witness before this Com mittee. I cannet allow that the Bank was in any dan ger of suspending its payments. I will take the reserve as it read upon the Friday night previous to the letter being issued upon the Monday. I did not take the Saturday, because we wore then acting under the ex pected issue of the letter. The Bank reserve at that pe riod, the Friday, was 2,376,000/. We should have had no difficulty whatever in meeting all our liabilities. We should not have been able to give the same extent of ao• commodation that parties were requiring from us. Par ties came, and thought they had only to ask for money, and they would have it at once. We might have put into the account a considerable amount by selling Con sols. We had going off weekly bills t o th e exten t o f 1, 500,0001. ; so th a t by discount-bills to the extent of 100,0001. a-day, to give the public some accommodation, our reserve would still have increased at the rate of 900,0001. a week. It is certain that in a very short pe riod we should have had as large a reserve as would be necessary for our purposes; and, therefore, I maintain that the Bank was never at any period in jeopardy. If you were told that such was the opinion of the Governor of the Bank of England, would you say that he took a very erroneous view of the situation of the Bank at that moment?—lt would entirely depend upon what is meant by the term, jeopardy. I did not go the length of saying that I thought they could not maintain their payments, but I considered they would be in very great difficulty in doing so. Ido not imagine that the Governor of tho Bank or any body could form an ade quate conception of what might or might not have been tee Governor thetalws of sel l ing followingeek consols. the o f m o i ;t t o tr.. But I can easily conceive a state of things in which the Bank could Bank-notes-could nothave from the publ ic theex tent sold o consol sat t 1. If they had withheld I n d h th a a va t a l ls e w n e f r oun l d do to p n a o y t f b o e r ii th ov e s t w h h a i t c ß h Bank-notessewdoui consols." 2. Limitation of Discounts—The remedy of diminish ing the discounts would have led to many of the same consequences with those attending a forced sale of securities. This measure would undoubtedly have in creased the panic by aggravating the pressure, and owfithtobuot de e u p p o p s o i s to in r g s to any combined movement on the part call up their deposits, necessity and private interest must have led to that result. The deposits available on demand must, to a certain ex tent, have been called for to supply the place of the dis counts reduced or withheld, and the Bank would have had to encounter an inevitable loss on the one hand, whilst fruitlessly endeavouring to secure a contingent advan tage on the other. In t h e course of this • • process, it i s scar cely necessary to point out how much the commer cial difficulties must have been aggravated. This can not be denied even by those who anticipate that the gre e lan d b 13ank might have been relieved and the Bank reserve strengthened. But if the effect had been to increase the alarmypretsseurleialwietrae odfettohebreserve, the con alhaermpinegri,loaunad world mitigatedtt pressure on ot t h and b n y d d i alarmtshcoeoanut augmentation o ,mt a ebn- toatt greater ibo ant d b i a t v io e n n o oo f e t s h s e ar ß il a y n b k e a co lr m ea e d s y ti s li ho m w o m ures words of a wit otorse than the disease." n re e m ss e a d l y re m ad ig y h g t o h o a t v e e d, p . r ‘ o s v t e il d io ,' w ' relying proposed °t e b Oenitbtheerseotgrtobuendrso, m an e d di n es t with any confidence on likely to have proved safe or effectual 'andy the Batik, as even if adequate for the special believing that, they would have entailed uonh interests of the Bank, the commercial classes, discredit , i)t the public, as well as on loss, and suffering, the Committee again repeat their letter of th e 25 t h of October, approval of th e T reasury assumption of responsibilit,y, which, dispensin g w i t h the as an extraor di nary re strictive pr ov i s i ons of the Act , of 1844, and inconsistent with them, would not otherwise have been justifiable, but, on the contrary, would have to exposed the Govern ment well-deserved censure. • SECT. 111.--EFFICIENCY OX TEM CiRcuLATIOX NOT IDENTICAL WITII ITS MONEY AMOUNT. The Committee have hitherto confined their observa tions to the practical effects which the Act of 1844 has had upon the commercial distress of 1847. They feel it their duty to consider, likewise, some more general ques tions, which, whilst they have essentially affected the period of distress, are also of more permanent and uni versal application. The inflexible rule, considered to be invariable and self-acting, and adopted by the Legisla ture as connected with and comsequent upon the sepa ration of the departments of issue and of banking, and the regulations provided for both, is founded on certain principles which, beforo they can be adopted, demand very serious examination. The Act appears to ammo