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

4, ~ • - . 41.11. , • - • • . 2 1 , r4‘" -V•t? ' '4l J _I . ) 2) , 2 M t ' kdc - /// ER AL TE A M 1/AVIGAIIOY ( !:, t0k:;..i, ,4 . • COMPANY, /I , ei.r• 1 \ (Incorporated by Act of Parliament.) , - " it 1 - - 71, Lombard street, London. I jig > ' ) 4 64/ i _ Notice is hereby given, that the HALF-YEARLY GENERAL I ) - I • ; 1 1 + EETINO of the PROPRIE FORS of this COMPANY will be hPld • { , .se at the Company's Office, 71, Lombard-street, on TUESDAY, the 29th _ 5;-"ct „- ~v y k - i►stant, at Two o'clock precisely, pursuant to tie Act of Parliament, to transact the usualbusinesi*, and to declare the DIVIDEND for the lialf-year ending June 30, 1848. London, August 1, 1843. JOHN WILSON, Secretary, [PRICE SD. THE GREAT NORTHERN RAILWAY COMPANY. The Directors are prepared to receive TENDERS for LOANS on MORTGAGE for Sums of 500/. and upwards, and for any period not less than Three, and not exceeding Seven Years, at Five per Cent. per Annum Interest, to be paid half-yearly by Coupons, at Messrs. Smith, Payne, and Smiths, Bankers, London. Louis may be effected for Sums of less than 500/. by parties wil ling to bear the extra cost of the stamp. By order, J. R. MOWATT, Secretary. Company's Offlces, 11, Moorgate-street, _ .„ London, June 6, 1848 UNITED KINGDOM LIFE ASSURANCE COM PAN Y.-8, Waterloo-place, Pall-mall, London ; 97, neorze-street, Edinburgh; 12, St. Vincent-place, Glasgow ; 4, Col 'ego -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 succoss wh:ch has attended It since its COLIMICIICeMea—ITS ANNUAL INCOME BEING UPWARDS OP 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, 1810, and front that date to 31st December, 1817, 2V. per cent, per annum was added at the General Meeting on Gth July, 1848. The bonus thus added policies from March, 1834, to the 31st of December, 1817, is as follows: Sum sum added WI Sum added to Sum payable A mred. Time Assured. Policy in 1 841 !Policy in 1848 at Death ---- --L.-- ----I--- £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 18 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 .. .. 670 0 0 - 5670 0 0 5000 4 years .. .. 450 0 0 5450 0 0 5000 i 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 five years, where the In surance is for Life. No Entrance Money or charge except the Policy. Stamp. Every information will be afforaed on application to the Resident Director, No. 8, Waterloo-place, Pall-mall, London. rrHE ROYAL POLYTECHNIC INSTITUTION, REGENT-STREET, The Natural History of Electrical Eels, illustrated by Galvanic Ex erlruents.—Also, New and Important Experiments in Electricity, by sham llaggs, Esq., explaining the Phenomena of Thunder-storms and the Cause of Lightning.—Popular Lectures by Dr. Ryan and r. Bachhoffner.—Dioramic effects are exhibited in the new Dis solving Views, which, with the Chromatrope and Microscope, are shown on the large dise.—Elperiments with the Diver and Diving bell.—New Machinery and Models described. Open daily from Eleven to Five ; and in the Evenings (Including haturday) from Seven till Half-past Ten. Admission, la.—Schools, Half-price.—The New Catalogue, is. S I O Y E R'S EFFERVESCENT NECTAR. " Homer sang of nectar for the gods, Soyer has concocted a nectar meet for gods and.goddesses."—Mornlrg Chronicle. "Give us thirst and a bottle of Soyer's Nectar, say we, and we will laugh to scorn the cup of Hebe."—Sun. Manufactured only at Messrs. SOYER and CO.'S, 40, Rupert-street, Ilaymarket. Retail price per dozen, 6s. ; bottles allowed for at she rate of 2s. per dozen when returned. A liberal allowance to the trade. VINAIGRE DE BORDEAUX WINE VINEGAR, well matured, is the strongest, finest, a nd purest of all; for pickling and every domestic use, it is preferable to all other. Sold throughout, the Kingdom. by Chemists, Grocers, and Wine kerchants, wiosa names may be learnt front the Importers. W. and S. KENT and SONS, Upton-upon-Severn. London Shires, 3, Queen-street=Place, Cheapside. W. S. RUMSEY, Agent. PURE PORT.—A. combination of interested competitors in the Wine Trade having existed at Oporto since the year 1844 (with all its ramifications in this country), for the manifest object of preventing PURE PORT WISE from being drunk in England, as it used formerly to be, OFELEYS, WEBBER, F ORRESTER, 'and CRAMP, Alto Douro, farmers, have determined, as growers, in self-defence, to supply the consumer direct: and there fore Make this public announcement for the information of those gen tlemen 'wjui are disposed to r,3plenish their cellars with pure, fully fermented, and high-flavoured Port. London, 36, Sew Bro.td-street, July 1, 1848. WORD or TWO on PORT WINE. Ad -A. dressed to the British Public generally, but particularly Pri vate Gentlemen, by JOSEPH JAMES FORItESTEIt, of the Mouse of9dlovs, Webber, Forrester, arid Cramp, of Oporto, author of " Sur •EYS of the Wine Districts of the Alto-Douro," " Surveys of the River Douro," .ke 'ku.blished by Royston and Brown, 40 and 41, Old Broad-street. • ELEGANT TOILET REQUISITES, BACA OF INFALLIBLE ATTRIBUTES. • ROWLAND'S MACASSOR OIL Is highly and universally appreciated for creating and sustaining lux uriant Tresses. Is ROWLAND'S KALYDOR '* a preparation of unparalleled efficacy in improving and beautifying the skin and complexion; and Li , ROWLAND'S ODONTO, or PEARL DENTIFRICE, " , .lavaluable for its beautifying and preserva tive effects on the teeth and gums. The august patronage conceded by our gracious Queen, and the se veral Sovereigns and Courts of Europe, and the confirmation by ex perience of the infallible efficacy of these creative renovating speci fics, have characterised them with perfection, and give them a cele brity unparalleled. BEWARE OF SPURIOUS IMITATIONS. Some are offered under the implied sanction of Royalty, and the Government Departments, with similar attempts at deception. The only genuine of each bears the name of RoWLANDS' " preceding that of the Article on the Wrapper or Label. QPENCEWS CHINESE LIQUID HAIR DYE. k The thousands of individuals who for upwards of twenty years have used this celebrated liquid, pronounce it to be the only article extant which effectually changes, in a few minutes, red or grey hair, whiskers, moustaches, &c., to a dark• brown or black, Without trouble (by simply combing it through the hair), and pro duces by one application a pleasing and permanent change ; anti it van be incontestibly proved, that while many dyes tend to destroy the hair by their pernicious properties and dangerous process of ap- Pileation, that this article promotes the growth of hair, nourishing the roots till the latest period of life. Price 3s. 6d., 65., and 10s. per bottle. To be had of the Proprietors, 29, Nottingham-place, Fieldgate street, Whiteehapel-read, London ; also of Mr. Johnstone, 0, Corn hill ; Butler, 4, Cheapside ; Prout, 229, Strand ; Sanger, 150, Oxford itteet; Barclay, Farringd ; Atkinson, 24, Ohill.Bznid itreet; Hooper, 4 3 , King William-street, London bridge ; Alllsent-street, Bath ; Elmore, Bull-street, Birmingham land of most Perfumers and Medicine Vendors in townittaandeecouLlittr.yp'.aiair dDye." Sent . to any r part of the kingdom byreceiving a se 'Please to ask for " Spencer and Co. Chinese Liquid H Observe, the Proprietor's address is on the wrapper. AI G . One half the wend are desolately single, and the other 7___PPfausif them married, questionab l y contented. Diffidence, or a of right determine the former, and miscalculated under the plea s em bitter the latter. The solitary one may shield himself al. caution and worldly prudence, and the indissoluble, regret un chmProsing harry ; but the trut h lies deeper. Physical incapacity, _`'l " broken health, are the great hindrances to domestic happiness "al content. The dowry shou ld net be the only marriage set !lenient. Honour and justice demand that he alth should form an item n the compact; it alone dignifies the alliance. Blighted hopes er th ese woand more sorely than poverty or misfortun e. Reader, if nes° surmises concern u, procure Dr. CULVERWE LL'S little Eh tOlßs ' On Single o and Married Life," pub. in 2 vols., Is. inc (by post, in stamps, Is. 6 d. each). Let no imaginatively ?Cl h ued, *r prudish feeling deter you, by their titles, nor be hindered eY misinterpretation of their supposed content s, from obtaining - ?lml• They are not intended certainly for mere idle cariosit y , but for the closet perusal of those mere deeply interested, to whom they. are offered as antagonistic to the empyrical trash put forth on the above subjects, by unqualified authors, which alone or together, are, a disgrace to the age. Furthermore, two other ;I' ll ° publications claim your attention (same price Is. each, by Post is . 6d.) called " What to Eat, Drink, and " old," e n d " H ow t o be Happy." They are not merely ruphlets, but equal In quantity a library volume, nor are they t he hre ephemeral scribblings of the hour, but the study of the author's !e ,who owes his present existence, health, and position to this ob- Wynne° of the maxims he would inculcate—to do unto others as he Would be done unto—to live after nature's laws — and to keep always . tiffs " sunny side of the way." 'The above works may be had of Sherwood, 23, Paternoster-row ; Carvalho, 147, Fleet•street ; Mann, n.'Cornhill ; Nalson, 457, West Strand ; or direct (by post or other rah) from the author (who may be conferred with personally, and evenings). 10. Argyll-place Regent-street; and all stuerstsellers ON NERVOUS DEBILITY AND GENERATIVE DISEASES. Just published, the Thirty-sixth Thousand, an improved edition, re vised and corrected, 120 pages, price 2s. in a sealed envelope, or forwaried by tho Authors, post paid, to any address, secure from observation, for 2s. 6d., in postage stamps, illustrated with na merons Anatomical Coloured Engravings. MANHOOD: the CAUSES of its PREMA TURE DECLINE, with Plain Directions for its PERFECT RESTORATION. A Medical Essay on those Diseases of the Generative Organs, emanating front Solitary and Sedentary Habits, indiscriminate Ex cesses. the Effects of Climate and Infection, &c., addressed to the sufferer in 'Youth, Manhood, and Old Age; with Practical Remarks 6 rl Marriage, the Treatment and Cure of Nervous and Mental De bility, Impotency, Syphilis, and other Urine-Genital Diseases, by Which even the meet shattered constitution may be restored, and Teach the full 'period of lite allotted to Man. The whole illustrated With numerous Anatomical Engravings on Steel, in colour. explain ing the various tunctionsi secretions, and structures of the repro ductive Organs, in health and disease ; with instructions for private correspondenee, cases, &c. By J. L. CURTIS and CO., Consulting Surgeons, 7, Fritli-street, Soho-square, London. " Manhood. A. Medical Work.—To the gay and thought less we treat ;his little work will serve as a beacon to warn them of the clanger`attendant upon the too rash indulgence of their -passions, whilst tts some it may serve as a monitor in the hour of tempta tion, aril 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 pain( el diseases is the atient's guarantee, and well deserves for the work its immense eir nlation."—Era. " ' Curtis on Manhood' should be in the hands of youth and old age. It is a medical publication, ably written, and elevelopes the T eatment of a class of painful maladies which has too long been he prey of the illiterate and the tesigaing."— United Service Gazette. The Parent, who beholds his beloved child pining away, and last approaching to a premature grave, in consequence of some disease, which, for want of careful investigation of its real cause, has been set down to the score of consumption, will, on perusing this work, lee astonished to find, that in niee-tenths of the cases of young per sons of both sexes, who perish of what is called pulmonary con sumption, heart disease, tabes, Ere., the sole and exclusive origin has been the indulgence in certain destructive habits practised by youth much more frequently than it is at all atzspected. N.B. Hours of consultation from Eleven till Two, sad Six to Might in the Evening. IlluWated by 26 Anatomical Coloured Encravingeon Steel, , ON PHYSICAL_ DISQUALICATIONS, GENERATIVE INCAPA. CITY, &ND IMPEDIbIENTS TO NIARRIAGE. _ _ _ . _ New Edition, enlarged to 196 pages. Just published, price 2s. 6d., or by post: direct from the Establishment, 3s. 6d. in postage stamps, r rILIE SILENT FRIEND, a Medical Work on A_ the infirmities and decay of the generative system, from ex cessive indulgence, infection, and the inordinate use of mercury, with remarks on Marriage, end the means of obviating certain dis 42naliticatlons. Illustrated by 2G Coloured Engravings. By it. and L. PERRY and CO., 19, Berners-street, Oxford-street, London. Published by the Authors : sold by Strange, 21, Paternoster-row ; Ilannay, 63, and - Sanger, 150, Oxford-street ; Starle, 23, Titehborne- Street, Haymarket; and Gordon, 146, Leadenhall-street. Pas= 1. treats of the anatomy and physiology of the re-productive organs, and is illustrated by Six Coloured Engravings. PART 11. treats of the consequences resulting from excessive indul testae, and their lamentable effects on the system, producing mental and bodily weakness, nervous excitement, and generative incapacity. It is illustrated by .Three Explanatory Engravings. PAILT 111. treats of the diseases resulting from infection, either in the primary or secondary form, and contains explicit directions for their treatment. The consequences of early neglect and of the abuse of mercury, are also clearly pointed out. This section is illustrated by Seventeen Coloured Engravings. PART IV. treats of the Prevention of Disease by a simple ap- Plication. by which the danger of infection is obviated. Its action simple but sure. It acts with the virus chemiealiy, and destroys to power on the system. This important part of the Work should be read by every Yoang Stan entering into life. PACT V. is devoted to the consideration of marriage, and its duties. The musses of unproductive union are a lso considered, and . fle , whole subject critically and philosophically inquired into. TIIICOILDIAL BALM or STsfAcatm is exclusively employed in treat tug nervous and sexual debility, impotence, So., Ils .and 335. per wine. The Concentrated Detersive Essence, ax anti-syphilitic remedy, for purifying the blood in cases of infection, secondary symp toms, eruptions, and the abuse of mercury, 1 ls. and 335. per bottle. Perry': Purifying Specific Pills, is. Al., 4s. 6d., and l le. par box, a certain . emedy in gonorrheea, facet, strictures, and chronic inflamma tion of the bladder. Consultation fee, if by letter, If. 5/. Packets with advice to be had at the Establishment only, by which the fee, 11, is saved. Attendance daily at 19, Berners-street, from Eleven Toro. and Fire to, Eight; on Saudays from Eleven to Oslo. = - 1 would 'Still have increased at the rate of 000,000 i. a week. It is certain that in a very short period we should have had as largo a reserve ss would be necessary for I our purposes, and therefore the Bank was never at any period in jeopardy." The correctness of this conclusion, however, depends on the practicability of the remedial measures recom mended ; namely, first the sale of stock ; and secondly, the limitation of discounts. A further question also remains, essuming 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. Sala 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 from two millions to two millions and a half ; the remainder of the public securities held was the dead weight, being annuities fur terms of years, which are not always so easily dispose(' 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 ee sold to that extent, would not have strengthened the reserve to the extent of amount sold. On this puiut the same witness gives the follossina important information : " Will you state what elf( et you conceive would have been produced upon pair 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 been affected to the extent of about one million, so that by selling two millions of sccuritie% we might have strengthened the reserve by about one million." " The reason why it e ould have the effect of reducing the deposits is, that the art of selling securities would naturally make securities cheaper, and parties having de posits at the Bank might be induced to employ a portion of their deposits in the purchase of securities, in conse quance of securities being cheaper." " It' 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 the 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 ?—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 21st 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 :hould 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 far ther in this subsequent examination, which was as follows : " Supposing that in the month of October, when the reserve of the Bank was low, and when the public were aware that the reserve was low, the Bank had pro ceeded to sell stock to the amount of 2,000.0001., do you think 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 60. 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 comfirmed 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 200,0001. was sold with some difficulty. " Are you aware that it was the opinion of the Bank broker that a very largo 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 have 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 nut taken that course, but had It it necessary to recruit their reserve by the sale of ities, do you think that the circumstances of the 5' ‘Exchange at that time would have admitted of the•atile of a million or two millions of stock or Exche quer.‘bills?—l do nut think it would, without very great sacrifices; and if the panic had been equal to what we might suppose it might have been under such circum stances, I doubt whether they could have been sold at all. "But even assuming that they could have been sold at a considerable sacrifice, would not that have entailed the consequence, not only of a sacrifice to the Bank, but of a sacrifice to all the holders of public securities?—Cer t.(inly. 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 Bauk 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 were then acting under the ex pected issue of the letter. The Bank reserve at that pe riod, the Friday, was 2,376,0001. We should have bad no difficulty whatever in meeting all our liabilities. We should not have been able to give the same extent of ac • 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 suls. We had going off weekly bills to the extent of 1, 500,0001.; so that 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 nbt 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 the Bank or any body could form an ade quate conception of what might or might not have been the difficulty of the week following the 23d of October. Thu Governor talks of selling consols. It might be. ilt have y conceive sold consols state nss of a thingst B Ba tl i t ik l could ea ldn s b withheld Bank-notes from the public to the extent co which is supposed in that answer I do not believe i n If whichthey bed the that Bank-notes would have been found to p a y for th e consols." diminish ing the discounts would have led to nyforcedo f sale of 2. Limitation of Discounts — The remedy o f f tile samema consequences with those attending a the pressure, and in creased the panic by aggravating on the part ing any combined movement . without supposing securities. This measure would undoubtedly have have led to that result. and private interest must t emand must, to a certain ex- The deposits available on of the depositors to call up their deposits, necessity B kwouldhad or withheld, and the an have a dis counts reduced • loss on the one hand, whilst an inevitable tent, have been called for to supply the place of the to encounter f ru itlessly endeavouring to secure a contingent advan tage on the other. In the course of this process, it ist out scar cely necessary to pole how much the commer cial difficulties m ust have been a gg ravated. This can not be denied even by those who anticipate that the Bank might have been relieved and the Bank reserve strengthened. But if the effect had been to increase the pressure and alarm to a greater degree, by the limita tion of the discounts, th-n that alarm and pressure were mitigated by the augmentation of the reserve, the con ditionsgabrti I y b a become v e s dt t m o o u re se a t l h a e rm w in o g rd , s an o d f a"wthite of the Bank already shown t o b e perilous would remedy have ne necessarily s i ness already quoted, " still worse than the disease." On these grounds, and not relying • h with any confidence on either of the remedies proposed by the Bank. as likfly to have proved safe or eff ectua l , ' an d b e li ev i ng t h at, even if udequate for the special interests of the Bank, they would have entailed upon the public, as well as on the commercial classes, discredit, loss, and suffering, the Committee e • again repeat their approval of the Treasury letter of the '2sth of October, which, as an extraordinary asseniption of responsibility, dispensing with the re strictive provisions of the Act of 1844, and inconsistent with them, would not otherwise have been justifiable, but, on the contrary, would have exposed the Govern ment to well-deserved censure. SECT. lII.—EFFICIENCY ()F THE CIRCULATION NOT IDENTICAL WITH 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 qu es tiuns, which, whilst they have essentially affected ; ;be period of distress, are also of more permanent and u pi versa! . application • • The inflexible rule, considered to be invariable and self-acting, and adopted by the Legit ila ture as connected with and consequent upon the sepa ration of the departments of issue and of banking, t aid the regulations provided for both, is founded on mat sin principles which, before they can be adopted, dens and very serious examination. The Act appears to ass one No. 17 1 427.] LONDON THURSDAY . , MAI 1. 'r , r .• 9. AUGUST 3, 1848 0 TABLE LINEN WAREHOUSE, 261, Oxford s:reet, near North Audley-street. Damask 'fahle-eloths, Napkins, I Nyley,, Slip-eloths, Worsted and Cotton Covers, Plain and T willed Sheeting, Diaper and Iluckaback Towelling, Glass Cloths, Ste., all made of the very best descriptions of yarns. COMMERCIAL DISTRESS. REPORT OF THE SECRET CONINIITTEE OF THE HOUSE OF LORDS. By the Lors;6oininittees 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 reeuiating 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 t hi in : Oriiered to report, That the Committee have met. and commenced their inquiries by calling for accounts illus- ' treeing the state of commercial affairs, and the Ilac• tuatioes both in the circulation and in the value ' of securities for some years past. They have subsequently examined witnesses, who, from their ' official positi ,n, their knowledge, and experience, went 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 7th 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- 1 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 pay 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 wit 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 awl 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 large 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 rate of discount, and of capital previously advanced at a low rate of interest. This course the Bank would hardly have telt 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 nut for the interests of the whole com mercial c immunity 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 dees 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 cn this subject by the governor and Deputy-Governor cf the Bank. SECT. I.—CAUSES AND EXTENT OF THE DISTRESS possible to sustain, the amount of the reserve having been reduced, on the 2351 of October, to two millions, including London and the branch banks. Thus situated, notwithstanding the Bank had ad vanced the ra'e 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 has since been gradually restored. During the whole period, from the middle of April to the day of withdrawing the restrictive clause in the Act of 1844, the foreign exchanges were• in favour of this country." Mr. Samuel Gurney, the head of the house of Over end and Co., bill brokers, whose experience in money affairs is universally known 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 1846, lead ing to an enormous importation of food coming upon nn excited state of price and transaction, aided by the Bank canvassing for discount, and 'fomenting trans- . actions, under the new principle that in the bank ing department they are to act on tie 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 under the neces s i t y suddenly of not only withdrawing, their usual ac commo d at i on by way of discount, but of calling i n w i t h a severe a nd unre lenting hand the loans they h a d ma d e upon the security of bills, Exchequer-bills, &e. The suddenness and severity of this change was forced upon the Bank by the Currency Act. Bad it not been for that, they would have spread over months what they felt them selves compelled to do in a few days , to the serious de rangement of the money market, and. to much alarming disaster. Is it queried, was this crisWowing 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 an\l the evils of it were touch aggravated by the effect of This Act, in the coursdOf action it forced upon the Bank." Mr. G. C. GlynnOLP., a leading London banker, and as such having an extended country correspondence and 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 necessary articles of food, 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 there was su peradded to all those causes which had been operating before, a great degree of discredit and want of confidence ihroughout the country, which was very much increased by tehueufnatirl7 u eo ud d of banksuriu g i n the Liverpool wee k endingand other the 2 parts 3d the of of October by a general distrust that seemed to operate amongst nearly all mercantile classes, and was rapidly o u t extending the c ou i n t e ry l t v o e r t y h e m b u tt e n h k ing resembling, establishments in point t h r o o f u t g a h c - t at that time, what occurred in the year 1825. The other the middle symptomsther of October of 1847 h l a B d 47 been u t entirelyinthe I dissimilarastweek h up e to 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 power 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 cei ded from an apprehension on the part of all mercan tile men that the want of confidence was becoming so great, that atipct 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 Bank of England notes." The committee also examined Mr. George W. Nor man, a director of the Bank of England, a witness friendly to the Act of 1844, and one who is 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 the spring of last year and in the autumn were the potato disease and the failure of other crops, the vast absorption of capital arising from the railways, and considerable ov er - tra di ng in some branches of commerce." Mr. Norman added, that he believed that the value o foreign corn imported amounted to 30,000,0001., for which payment must necessarily be provided. Mr. Cotton, who, as well as M r . H ors l ey P a l m er, had twice been elected Governor of the Bank, and from the same motive, whilst he considers th e di stres s to have been " greatly exaggerated" (8,192), an d " nothing equal to what had existed in 1825 and 1839," fewer banks and solvent houses having in his j u d gmen t s uspended pay ment, adds:— " My impression is that ther e never was a time when many parties had engaged in o p erat i o ns so much be yond what they ought to have done with reference to their capital as in the ye ar 1847. Considering what occurred in 1847—the v er y l a rge payments for food, the failures in the corn t ra de, the amount of calls for capital for railways, an d also the failure of the India and other houses, an d th e exposure of the very small amount of real capit a l, a nd 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, indiscreet, exten sion of trade beyond the capital the parties 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 tole most unreasonable :extent, larger than I ever recollect." The great majority of the witnesses denot 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 be en greater than that of the year of panic, 1825. The c om . mittee extract the following evidence to this effect ;-- " Has the distress and pressure upon the public b een greater or less during the last year than in any preced ing cases to which you have alluded?—l think it was greater during part of the year 1847 than I ever re member. on the insolvency en " With greater damage to commercial credit and for tunes than on any other occasiou?—l should say cer tainly. " Do you apply that observation to the country gene rally, or to London ?—I apply it to the whole country, place in this especially to all the commercial parts of the country." ey contrary, ezex cept Mr. Gurney's opinion on this subject is equally dis tinct and decided : " Are there, in the history of the money transactions of this or of any other country, circumstances that can months ?—I think that the catastrophes of last autumn were beyo n d c b o e u a n t t r a y l I i c n o t m h p e a l r a e s d t t t o w t e h n o t s 3 e , that have tab s! , as well as the witness all parallel in our monetary history, as far as I know." Mr. George Norman concludes that in 1837 and 1839 the causes of pressure were much less extreme than in the year 1847. In 1339 there was but little insolvency Mr. Tooke, pt in the he stated (2,702) that " every one seemed of rAe et any American rle cc at k end i n , t d r . na do e I . n considerablel IBn 1847, the r e would afraid of his neighbour ;" and, in the opinionof " nobody pay anybody." Another witness, was approaching when Mr. Lister, states, There was a panic through t he country ; people ht they were in an iron cag e, thoug and could not get of it; that iron cage was the .Act of 1844." out On the other hand, i t i s right to observe, that some witnesses represent the pressure in 1847 to have been than at several former periods. less severe the time Governor The Governor an d Deputy of the B an k, i n the following cines tions, state the ir 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 there would have been any danger of the notes of the Bank of England not being convertible it it had not passed? — l think they would have been in danger. On oae or tw o previ ous 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. ~ sir. 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 experience scarcely carries me back t 9 1825, but I should conceive that the pressure in one or two weeks in 1325 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 pieces, but I doubt whether the pressure genet ally throughout the country has been so great us it was at the former periods. " Do you consider that circumstance at all attributable to the action of the Act of 1544 upon the private bankers in the country ?—f 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 banks which took 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 then upon previous 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 recrvery from it has been much more 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?- 1 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 1825 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?—l 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 how 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 tern 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 1325, as given in Sir Robert Peel's speech, which taken as a description of 1847 would be a great exaggeration." Such is the description of the commercial world in 1347, given by well-informed witnesses; and the Com mittee consider that a more alarming picture of the consequences of panic and discredit 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 alarm, had there been any foreign war, or 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 13ank 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. SECT. 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,—ller 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 frosafer of capital from other ccuntries, the influx of bullion, and the feeling which a knowledge of these circumstances might have been expected to. produce, would have re move I the prevailing distrust. " They were 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 Government have eome to the conclusion that the time h as arr i ved when they ought to attempt, by some extraordinary and temporary measure, to restore confidence t o th e mercantile and manufacturing com munity. " For this purpose they recommend to the Directors of the Bank of England, in the present emergency, to enlarge the amount of their discounts and advances upon approved security, but th a t, i n or d er t o retain this ope ration within reasonable limits, a high rate of interest should be charged. ‘ In presen t c i rcumstances they wou ld suggest t h at 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 propose to Parliament, on its meeting, a Bill of In demnity. They will rely upon the discretion of the directors to reduce as soon as possible 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 su must be left to future arrangement. " Her Majesty's Government are not insensible of the evil of any departure from the law which bas 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, end 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 bad 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 23d 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 sequently 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 hank would have had 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 fro r m . the positive provisions of the Act , it was ot a a di i:teamc ture from the principles of the Act." lion which the Committee cannot recognise. " The force of the enactment was clear and intelligible. The Trea sury letter authorised a departure from that principle, and even recognised the possible necessity of_ applying to Parliament for indemni t y . A sanction 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, it 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 degree relieved the money market," observes Mr. Norman "by holding out to persons the certainty that they might get accommodation, whereas before 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 effeetu- 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 Eu,2land had made an issue; because it brought °tit 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 233 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 duced the effect alluded to," The salutary consequences of this step were recog nised 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 Governor of the Bank; and 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 100,0001., 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 had 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 willing to add their endorse- Monts, 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 ihoYied, beyond dispute, I think, that, the scarcity of -nt ney was artificial, not real, aviALth at the panic was a moral one, caused by the mVtlhievous and whimsical provisions of the Bank AcC of 1844, and nut by want of confidence in the securities (the bills of ex change) 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 1544, 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 ate inclined to think thst 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 treasure 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. Notes 1,547,276 • • Notes .... 981,615.. Notes .. 565,655 Coin 447,240.. Gold coin.. 209,544—G01d coin .. 78,399 .Silver coin 104,045.-Silver coin .. 54,954 £1,994,516 1,295,504 Country .. 6',9,012 £699,012 Xt,994,516 But on the 23l 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. London. 1847. Country. :£ .605,270 Notes Oct. 30. Notes 1,176,740 .. Notes 5G8,470 _ _ Coin 429,384 .. Gold coin•• 151,033 .. Gold coin 119,554 Silver coin 105,787 .. Silver coin 52,990 £1,606,124 825,310 Country.. 780,814 £780,81 4 X 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 ld 568,4701. was held in London , making, with the go coin in the banking department, 719,523 Z At the same time the private deposits for which the Bank was respon sible amounted to 8,580,0001., independently f' upwards of 4,766,000/. of Gover nment deposits. The total depo sits on the 30th of Oct ober were 14,500,000/. ; the depo sits of the London bankers being more than 2,000,0001. at the same time. In reference 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 department for the payment of your liabilities 7—Yes, " If anybody had called upon you for anything beyond that million and a half you must have stopped payment? —Yes, we must. "At that time, if there had been no separation ld be tween the two department s, and t he Bank of E had been con d u cted on its old principle, instead of being within one million and a h al t of stopping, there would l have been very nearly 8,500,0001 . of treasure in your vaults ?—We should have had 8,500,0001. in our vaults." state lt is, ;however, at theyco ul r d i gnhotttaodamdidt, that(that t the the ,B same ank witnesses same e payments,xt extant o f C V C O O al shouldal ocl a t n i () o u t ( b ia a n se ge b r ee o ri f a s b u l s e p t e o n suspending d i t e s extent u of .5h0a07007; into that account . parties a were considerable requiring sum m u s . by selling Consols. We the e. at the the shado that o b n y g discounting ff ek y evenbills rate of 100,000/. a day to give the public some acco mmodation, our rvserie DAVID BIRRELL, 7.liumfacturer. COLONIAL PXPENDPfURE. Now rea:ly, price One Shilling, m W. MOLESWoRTR'S SPEECH in the 110 U SE of COMMONS, on Tue.,lay, July 23, on COLONIAL EXPENDITURE and GOVERN MENT. Jamts Ridgway, Piccadilly ; and all Booksellers. CORN ILUZVE:=,T. BENJAMIN' EDGINGTON, 2, I)ulce•street, London-bridge, has a few good Second-hand Rick Cloths at reasonable cost. MarquA,s and Tents for royal or noble parties, or totes of the most brilliant character, on the shortest notice. New Rick Cloths; with poles complete, of any size. Netting and Bunting for fruit trees, ez.. A Warehouse. 20S, Piccadilly. Address, per post, to the Manufac tory, 2, Duke -street. London-bridge. HEUMATISNI and RUPTURE.—DUring the JOU last 30 years, Mr. COLEi4, the patentee and sole inventor of the most simple and effectual mole of treating these distressing maladies, has relieved himself and thousands from a state of suffer ing scarcely to be described. Read advertisements in the Post.office Directory, and all the Court Guides. Letters on either subject, 2d. each, at the Manufactory, 3, Charing-cross. BRITISH COLLEGE of HEALTH, Ne rv road, London. A Pamphlet, containing a Report of the Cases of Cure effected by NOItISON'S VEGETABLE UNIVERSAL MEDICINE may be had as above ; also at the Hygeist Office, 358, 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 Morisou's me dicine. REMOVED TO 37, BEDFORD-SQUARE. DR. 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. 6d„ or post-free, from the Author, for . forty-two Stamps, QELF-PRESERVATION; a Medical Treatise on the Physiology et 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 enloured Engravings, illustrating the Anatomy, Physiology, ant Diseases of the fteproductive Organs, explaining their stracim ,s, uses, and functions, and the various injuries that are produced in them by solitary habits, excesses, and infection. BY SAMUEL LA'MEIIT, 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, &c. Marriaga requires the fulfilment of several conditions. in order that 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 used 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 conseauence of which this Treatise professes to dilate, are productive of greater severity of misery to the human 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 victim 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 lisease, 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 qualifications that he is entitled to esteem and respect in his profes sional pursuits, the utmost confidence should be 'extended. Dr. LI'MERT 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 experience, which has reference almost solely to the treatment of these diseases. Published by the Author, and may be had of Kent and Richards, 52, Paternostet -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 he Author, who may ba consulted on these disorders personally o* by frn" , 'Pen till rwo, and front Five till FAO'', at his residence, 37, Bedford-square, London. WESLEY AN 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 'fhurAlly, 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. Eckett 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, on 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. Services are held in Lever-street Chapel, daily, at five o'clock in the morning and at seven in the even. Mi nisters from various pa rts of the kingdom, who ing are in attendance on the assembly, occupied the pulpits of the four Manchester circuits on Sunda y 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 b y a large number, some of the parties having come from distant and neigh bouring towns, as Clitheroe, Sandbach, Heywood, Roch dale, &c. &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 Miner, who has completed his term of probation 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 Asseciation. This proposition wai put by the President, and adopted by the unanimous vote of the representatives composing the annual assembly. w r It o a h s The Ex-President's address followed, found on 2 Tim. il iro l r s t. l5, and was one of the Rev. Gentleman's happiest e oluisttewnaes highly with breathless attention by a verys service thug large audience f or u p w ards of an hour. The and yielded the instructive and impressive, greatest satisfaction. The Ex-Presi dent has been re excellent address by the A ssem bly t o p u bli s h his On Tuesday evening the Supper together, in which members of the Annual As sembly celebrated th e - Lord 's they were joined by a large concourse The service was presided overby of communicants. w as supported by the other officers the Presid en t, who nd ex-officer s o f the c onnexion. Addresses were delivered a by th e R ev . J. Aolineux of Leeds, the Rev. W. Patterso n the Rev. D. Rutherford of Birmingham, v :in of Li verpoo l, John Peters of Manc h est e r. The attendance and th e Rev. on bath evenings (Monday and Tuesday) was unusually nu merous. The business of the Assembly is not expected to ter minate until about the end of the present week. [A DVERTISEM ENT.] —Amputation of Two L egs Prevented and Cured by Holloways 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 gEntletnan in the coach, who 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,London. OLD FRIENDS.—On Monday last the anniversary of the ancient order of Old Friends was celebrated ut Highbury Barn Tavern, Islington, when nearly 100 mem bers at down to a most excellent dinner, which, whether for quantity or for quality, reflected 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 evening, when they re-assembled in the ball-room, and were graced by a numerous body of beautiful ladies, when dancing commenced and continued until a late hour, when the company finally separated highly 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 gPneral cargo, the production of Australia, 17,000 horns, 39,000 shank bones, and 85,800 hoofs of cattle, the produce of the place, of 1847. " An unprecedented large importation of food caused by a deficient harvest, required in payment the export of a large amount of bullion to the extent of 7,500,000/. from the coffers of the Bank, and probably not less - than 1,500,000/. from other sources—together 9,000,000/. 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 9,000,0001. went out in the purchase of food in the course of the year 1847. Then I wake 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 Os., 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. ,This 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 Com 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 4,000,0001 or 5,000,0001., the amount with the public in entirely destroyed that houses moue; '• scarily dietli e vgiaensesroal complaint was of a scarcity of countries carrying on their business r l e o v n i g o e u r s a t b o le th to e credit, by a renewal of their Etc.. through the means o d ere forced to stop pay meet their engagements, an w . . . t A ra n d g i u i t i s g 't, to distant f ment. This was ceptances as . they be t c h a e m s e ta d t u s e , " There are about thirty-three houses,comparatively watch have failed in London ; speaking large houses, 00/. The first seven issuing of the Government letter in October. they failed to the amount of 8,129,0 of w th er in e gs no p 6d., another is one expected to pay ss. 6d., another 53. th 6s. 6d., another 9s. , another 123., another 85., ano her are expected to pay in full ; of the other . houses there 35., another 55., 84e. The result is, that with respect to a lare ajrity of those houses no assistance would have been o sufficient to carry them through those difficulties." With the exception of " Is the average above 12 5.? ay in full, it is the first seven, which are expec ted to p believed that the average will not be more than 6s. Bd. in the pound." Mr. Horsley Palmer, who had recei ved 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 the renewal of the charter in 1833, has given the fol lowing testimony:—" I consider the distress o f the year whi ch and to have arisen from the deficient harvest 0f46, and the failure of the potato crop of that year , rendered necessary a very large importation of for ei g n grain. Consequent upon the arrangements made for that import, the exchanges with the continent and America rapidly declined, and between the months made ruedpooncedthetheßarnekserivrei from m ir B lif a n n e kin a of December, 1846, and April, 1847, the demand Banking millions in December to three millions in . April; the last two and a halfmillions of Depart ment half of which reduction took place between the 27th of March and the 17th of April. In consequence of th a t sudden reduc tion the Bank was compelled under the Act of 1844, forcibly to contract, in order to regain its position, which forced proceedings caused a very severe pressure ' for the time up m. the money market. Short!y after th st period it transpired that speculations for th e imp ort 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 110 s, per quarter to 605., and even below that value. This fall in the price of grain occa sioned failures to a considerable extent in the corn trade, which engendered a material discredit in that and 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 pensions cause • d a general di:credit, and an abstraction of hank notes and coin from circulation to a very mate:. rial amount, thereby creating a largely increased de m Ind upon the reserve of the Bank, which, under the Act of 1844, it was found most difficult and indeed im- Nag Pe' On in ell, was ap ken ing the and and tod the ,nds ited tier LI of ".is, ,rge iced Ices s :-- ire► p. tare ire. I dw ire. of • ere ,