The Press.
London, England, 1856-10-18 00:00:00

THE PRESS.

was made by several more Cossacks to surround me, but I
defended myself, and got clear of them. Meantime the
line that had followed into the battery were gallantly doing
their duty by cutting down and lancing the gunners, and
in surmounting the many difficulties of the advance, on
account of the guns, ammunition waggons, and other
obstacles.

Many did advance immediately afterwards in different
directions, and gallantly did their utmost.
For myself, having to retire from the position which I
have described, I considered it my duty to retreat at a slow
pace, and I have fortunately two witnesses to prove that
this was the case—viz., Major-General Sir James Scarlett,
and his orderly, who, being in advance of the heavy brigade
down the hill, would testify to the truth of my statement.
It is fortunate that I should have two witnesses, if neces-
sary, to protect me against the malignant slanders of
Messrs. Buck and Ryan.
. .

During the time • I have alluded to numbers of the
brigade were retreating, and many were shot down by the
Russian riflemen in my immediate neighbourhood, and im-
mediately afterwards all the brigade were retreating, after
having rallied in the only way iu which troops could rally
under such circumstances—viz., going about and retreat-
ing, and in doing so they very properly retired at the same
pace as they had advanced. The usual manner to rally is to
re-form. In this case it would have been certain destruction
to all. Mr. Buck has referred to the trial of Captain IVathen
and its consequences, whom, in order to enhance the
general truta of his statements, he names as a distin-
guished officer, although at that time never having left
the barracks of the United Kingdom. Considering that
the whole of the subject was brought before Parliament
more than twenty years since, and that, on the motion of
Sir William Molesworth, there was, in a full House of
Commons, a majority of Btolin my favour; that I then
went to India, and bringing back the 11th Light Dragcons
(afterwards Hussars), commanded them for eighteen
years, such a reference can only be designated as mean,
paltry, and despicable. In the course of this and other
letters I have given a full account of all that occurred in
the light cavalry charge at Balaklava, the subject of which
is clearly the main object of attack with such slanderers
as Messrs. Buck and Ryan.

CARDIGAN.

PS. I wish to correct an error in my detailed report of
the officers engaged in the light cavalry charge at 13alaklava,
having inadvertently omitted the name of Lieutenant
Chadwick, the adjutant of the 17th Lancers. This officer
went forward with some men after entering the battery,
when his horse was killed, himself wounded, taken pri-
soner, and kept a year in captivity. I feel that it is not
fair to leave out the name of any officer engaged in that
desperate attack.
Dublin, Oct. 11, 1848.

PROFESSOR DE MORGAN'S ADDRESS AT
UNIVERSITY COLLEGE.

THE autumn session of the Faculty or Arts and Laws
in connection with this college was opened on Tues-
day, when an introductory lecture was delivered in
the theatre by Professor De Morgan.
The learned PROFESSOR, before entering upon his
discourse, paid a warm tribute to the memory of the
late Mr. John Wood, Chairman of the Board of Inland
R.venue. Proceeding with his lecture, he remarked
that the present century might with some justice boast
of its public men; and in all respects, if its own evi
dence was to be taken as the test, it was the most
glorious century in modern history. Undoubtedly in
many points of view it did deserve to be mentioned
with great praise as compared with its immediate
predecessor, but he questioned the method by which
in regard to events the centuries were divided. They
would more accord with the progress of events if each
century began with the fiftieth year, that having,
generally speaking, been found by experience to be
the commencement of a new era in human progress.
In 1450 the types were being founded for pnnting
the Mentzian Bible; in 1550 the Council of Trent
was sitting; 1050 was the Commencement of a cen-
tury of deterioration as 1750 was the beginning of a
century of progress and improvement, during which
great moral and social reforms were effected, great
advances made in the arts and sciences. The great
exhibition with which this century might be said to
have closed afforded an exceedingly good index of
what had taken place during its existence. He sug
gested, however, that in taking credit for the progress
which had been made in our own time, we forgot to
consider how the future would regard it. A few cen-
turies hence and our railways, upon which we so
much prided ourselves, might excite a smile similar
to that with which we new contemplated the old
stage-coaches and pack-horses of the past. In every
century the arts made progress, but whether that
progress was directed to the true purposes of educa-
tion VMS not so certain. This must depend very
much upon whether the student directed his studies
to the practical duties of life in all its relations or
merely to certain professional objects. Comparing
the philosophy of the past with that of the present,
he entertained an opinion directly opposed to those
who asserted that it was to the schoolmen, as they
were called, that all the darkness of the middle ages
was owing, agreeing rather with Bishop Hampden,
who said " they were but the precursors of great re-
forms both in religion and philosophy, who by their
speculationsinured men's minds to think boldly."

SATURDAY,

The attention of the schoolmen was given to matters
which must occupy the attention of human beings,
but many of the questions discussed by them in
abstract terms were questions which must equally
arise among children in the nursery, ladies in the
drawing•room, and legislators in Parliament.

After entering at length into the question of
whether the human mind is capable of setting oat
general physical laws, or whether the laws of nature
are the foundation of our knowledge of things, and
examining the theories of occult matter, subtle
matter, the materia prima, and occult quantities, he
observed that the soundest point in our modern
philosophy was the return to occult quantities. That
return took place the moment the quality of gravita-
tion was announced by Newton. Newton had been
described as a follower of Bacon, but that he dis-
puted, holding Bacon's philosophy in light esteem,
and suggesting that Roger Bacon, who said that
" things of this universe could only be known by
mathematics," might in the end turn out to have
been a greater man than his namesake Francis.
Neither was Boyle a follower of Bacon. Through-
out the whole of his five volumes, Boyle only refers
to Bacon three times; and in speaking of him calls
him, not a great philosopher, but " the great archi-
tect of experimental history." The credit generally
accorded to Bacon was due rather to those who went
before him, and who did that which lie knew only
how to describe. The study of mind he could have
declined, since the study of matter arose. There
were three philosophies—the philosophy of mind,
the philosophy of matter, and the philosophy of lan•
guage, and unless the three were combined nothing
great could be done. He spoke of the errors and
false theories which the study of matter without
mind had occasioned in former times, and enlarged
upon the necessity of bringing the philosophy of
mind to bear in the work of education. At present
our people were too much like machines—fit for one
thing—one mode of acquiring wealth, and one only;
hut when a truly liberal system of education was in
operation every man would be qualified to do many
things, and there would no longer be that extreme of
poverty at the nether end of society which at present
existed. He might call this an examining age.
Everywhere there was a mania for public examina-
tions. Young men from sixteen to twenty, on en-
tering life, were called upon to prove their qualifica-
tions and acquirements by writing down answers
to a number of questions contained in certain
printed papers. This might be all very well if
the system of education with which it was combined,
and efficiency in which it was intended to prove, had
a tendency to remove those elementary errors which
were found to prevail in life. In these elementary
examinations we did not find much of thought, or
the material for thought, or the material for life re-
form. The knowledge required in these examina•
lions was too professional, and the evil of it was that
it generated an immense amount of fancied incon-
venience. He wag happy to say that the University
of London had mended very lunch of late years in
its method of examination. Nothing could be more
absurd than the questions formerly put to boys
under examination. For instance, he had found in
some of the examination papers such questions as
the following to be addressed to boys of sixteen :
What is the reason of the difference between the
French, Italian, and Spanish languages? To what
branch of the Hindoo language does the Affghan
most assimilate ? What is the superlative form of
the Sanscrit? In all this a great improvement had
taken place ; still there was much to be done, and it
was the duty of all to protest against the public ex-
amination papers being converted into nothing more
than a means of showing off the examiner. Practi-
cally this evil would bring itself to an end, but it was
desirable that it should be set right in the right way.
The remedy was with the students themselves. If
the students read thoughtfully, the examiners must
examine thoughtfully.
Turning to the system of examining for the public
service, he said it recalled to his mind Gulliver's ac-
count of the examinations in Lilliput, where every
applicant for public office was required to dance on
the tight rope before the king and the assembled
court. But the system here was not, alter all, so
good as that of Lilliput, for there, according to the
veracious Gulliver, the examination was repeated
every year during the whole time the Minister was in
office, in order to show that there was no falling off
in his efficiency. He knew not what would be the
result if our Ministers had to undergo annually such
an examination as they required every applicant for
public employment to pass through ; but of this he
was quite sure, that if the members of the Cabinet
were required to pass through an examination every
one or two years in arithmetic, we should long since
have had the decimal system established in our
coinage and weights and measures.
The learned Professor concluded with some re-
marks deprecatory of what he termed tumultuary
knowledge, which he trusted his hearers would have
the grace to avoid.

plug Market nn titer (itteltigotre.

FRIDAY EVICNINCI.
THE return of the Bank of England for the week ending
the I lth inst. shows the following ciAnges compared with
that for the week preceding :

Decrease in Circulation ..
increase in Public Deposits
Decrease in Other Deposits
Decrease in Government Securities 85.378
Decrease in other Securities
Decrease in Bullion .. 6311,305
Decrease in Rest 647,013
Decrease in Reserve

Bullion iu Both Departments
Circulation, including Bank Post

Bills
21,501,201
This comparison between the present and the last return
affords evidence again of the pressure which the Bank has
bad to bear both upon its Bullion and Notes. The
Bullion is barely over 10,000,0001., while the Notes are
but little above 8,000,0001. If tho causes of the drain were
not well known and perfectly understood, we should
despair of public confidence remaining firm under such a
state of things, the more especially as there is good reason
to believe that the next return for the week ending to-morrow
will exhibit features equally as unfavorable as the present.
The addition to the Public Deposits is caused by pay-
ments on revenue account just before the bankers and
great corporations received their dividends ; and it will be
observed that the Private Deposits show a considerable
falling off, owing probably to the high rate of interest given
for money elsewhere. Rather more than half a million of
Private Securities ran off during the week, and the Bank
sold a small amount of stock ; but in order to pay its own
dividends, as shown in the diminished amount of Rest,
and to satisfy the claims of private depositors, it had not
only to use all its receipts from the public and from its
own debtors, but to make another considerable dip into
the Reserve. These matters indicate a position of diffi-
culty for the time. The Private Securities still remain
above 21,000,0001.

. .
Independently of the state of things indicated by the
position of the Bank of England, as shown in the above
comparison, the Money Market has in the week now
closing been going from bad to worse. The October divi-
dends, now in course of payment to the pnhlic, have not
produced the slightest tendency to improvement; and at
the present moment we are in a position, not perhaps of
peril, but one that has induced a state of anxiety which
may possibly lead to peril. A great drain is in progress
upon the bullion of the Bank of England. Two houses
have contracted to furnish to France and Austria an
amount of gold equal to at least 6,0 tO,OOOl. This contract, it
is believed, has been executed to the extent of 2,000,0001.,
or perhaps 2,500,0001.; consequently about 3,500,000/. re-
mains to be obtained. This vast sum can only be made
up by the contractors by two means : first, by purchasing
all the Australian and United States' imports as they
arrive ; and next, by drawing from the stock in the Bank
of England. It is not necessary at present to inquire how
the gold from the United States is paid for ; but that
from Australia, and that taken from the Bank, has un•
doubtedly been paid for to a great extent by money bor-
rowed from the Bank itself upon public and other securi-
ties. This operation was carried on upon a great scale
last week. In the present week it was renewed, and it
would have extended to a very large amount, had it not
been interrupted by most unexpected action on the part of
the Bank ; action which has certainly affected the Money
Market more seriously by what it indicates than by what it
actually does. On Tuesday the directors intimated their
intention not to renew advances upon stock for longer
periods than seven days—the period, under ordinary cir-
cumstances, having been thirty days. This did not pro-
duce the effect intended; advances were applied for to
vast amounts for seven days; and there being reason to
infer that they were requird to effect farther purchases
of gold from the Bank, whatever were the terms or
the period in the execution of the contract, the directors,
yesterday, came to the resolution of refusing to renew ad-
vances upon all Government securities, except Exchequer
Bills. It is possible that the resolution of Tuesday
stimulated a demand on Wednesday from other quarters
besides those which are acting for the Bank of France and
the Credit Mobilier, especially as the railway and foreign
settlements in the Stock Exchange showed a scarcity of
money there; while the banks and discount-houses cer-
tainly prepared as much as possible for heavier calls from
their customers. It remains to be seen what will be the
nature of the crisis to which, notwithstanding our sound
and progressive trade,fwe are thus evidently approaching. Are
we to have discounts at eight per cent.? Are we again to
see the Bank authorised to increase its issue of notes be-
pond the limits of the Act of 1844? la the Bank of France
to suspend specie payments, and so, not only relieve the
Bank of England from the drain of bullion to which it is
subjected, but be a direct agent in sending gold back
here? We need not discuss these points in this place.
The period is perplexing, and the opinions respecting it
are various. In our view it would be well to prepare for
the experiment of a further rise in discounts ; hut at pre-
sent we have no expectation either of a further issue of
notes or of a suspension of specie payments by the Bank
of France. Something, however, must be done shortly, if
matters continue as they are.
The demand for money, which has been heavy all the
week, was renewed to-day, and in some quarters there
was great urgency. The public are lending their surplus
dividends at call, and making more profit out of them than
by buying in the funds, though numerous investments were
made to-day.

With respect to the state of affairs in Paris, we fear there
is no real improvement. The Bank of France has
certainly resumed the issue of five•franc pieces, a fact
which practically contradicts the reports of an intended
suspension of specie payments, but it is only upon a small
scale. The bullion is stated to have increased by about
500,0001. since the publication of the monthly return last
week. This is owing to the irregnlar operation of buying
it up at a premium, through which our own stock has been
diminished, and it is doubtful whether it can be retained
in the present state of the exchanges. Besides, the internal
trade of the country is a good deal unsettled, and from the
complaints which we read in private circulars and mercan-
tile correspondence of the dearness of raw materials, we
doubt whether the leading French manufacturers are, with
the high discounts they are compelled to pay, making much
profit, notwithstanding the comparative cheapness of
labour. French commerce abroad can scarcely bear the
competition of the world with discounts unnaturally high ;
and there are indications in the weekly goods traffic-
returns of the various railways leading to the great ports
of shipment of a diminished production. At the same
time the revenue returns for the month and the nine
months ending October Ist are upon the whole rather
favorable.

Specie to the value of almost 550.0001. has arrived
daring the week from Australia and the United States. It
has all been sent to the Continent. A considerable
amount is still due from Australia; and the West India
packet, due to•day, will probably bring a large sum in
silver. The silver to be sent to the East Indies by the
packet leaving Southampton on Monday, will be to the
value of about 450,0001., a sufficient proof that the drain
from that quarter is not yet satisfied.
. . .

The Bank of Amsterdam have raised their rate of dis-
count from four and a half per cent., at which it was fixed
on the 23rd of September, to five per cent. The following
are now the present rates of discount at the principal
European banks :

Rank of England, 6 and 7 per cent.
Bank of France, 6 per cent.
Bank of Vienna, 5 per cent.
Bark of Prussia, 6 per cent.
Bank of Amsterdam, 5 per cent.
At Hamburg, 8 per cent.
The state of the Money Market and its general pro-
spects have caused a good deal of fluctuation in English
securities during the week. Last Friday Consols for
account left off at 92 to ; they have on severs' occasions
been as high as 921 to 1, and as low as 911 to 4. On
Tuesday, when the Bank intimated its intention to cease
making advances on Government Securities for longer
periods than seven days, they passed through one of these
changes, but, from an expectation that no further turn
would be given to the screw, they became steady after-
wards at an average price of 911. Yesterday there was
again a great amount of fluctuation. Reports that the
Bank of France was about to suspend specie payments
caused a decided advance from 91i to 1, to 921 to 1, and
this improvement received support from another rumour
to the effect thst the Bank directors had resolved to ask the
Government for power to increase their issue of notes.
The improbability of these statements caused a reaction
to 911 to 4, and they stood at this quotation when it be-
came known that the Bank had refused a well known
house connected with the existing bullion operations an
advance of 60,0001. upon Consols, assigning as a reason
that loans upon Government stock were discontinued for
the present. This circumstance completely unsettled the
market, and it caused rather a sudden decline to 911 to 1,
from which there was no recovery. To day, however, in
consequence of purchases by the public and favorable ex-
changes, there was a decided rally. They opened at All
to 1, and closed at 911 to 1 officially, but after regular
hours at 911 to 1. The market is by no means in a
settled state : it is only supported by the steady invest-
ments made by the public ; but if the measures of the
Bank cause large sales of stock, as soon as the mass of
the dividends have been paid it will be difficult to prevent
lower prices.
Exchequer Bills, owing to the demand for money, have
declined 4s. since our last. Yesterday they were dealt in
at 2s. to ss. premium, and to day at Is. dia. to 4s. prem.

Foreign Securities are still depressed. Very great fluc-
tuations have again taken place in Turkish Six per Cents.,
not from apprehensions as to the dividend, for that has been
duly paid, but from continued fears that the necessities of
the Ottoman Porte may require a new loan. Last Friday
they closed at 921 to f ex. div. ; they have been as low as
86 to 4 in the course of the week, but yesterday they closed
at 88 to 4, being a fall of 41. per cent. since this day week.
To-day they closed at 884 to 4.

Railway Shares have undergone the same mutations as
Consols, and from the like causes. The decline from this
day week is again from a half to one per cent ; but there
must be great confidence in the value of shares if we may
judge by the firmness with which holders keep them out
of the market. There is no pressure of stock whatever.
Business consequently remains almost wholly speculative.
The settlement was brought to a close this day. The
account proved very light, and it was arranged without
difficulty.
Joint stock Bank Shares and Miscellaneous Shares have
still a declining tendency, with business far from active.
The Royal Mail Steam Packet Company have declared
a dividend of 21. per share for the last half year. The
company are endeavouring to obtain a Government sub-
sidy to enable them to carry the Australian mails by the
Panama route.

_
Mr. Harding has been appointed official manager for
the winding up of the Royal British Bank in the Court of
Chancery. A conflict is in progress whether the estate
shall be wound up in Bankruptcy or in Chancery.
The Provincial Trade Reports for the week are, on the
whole, good; but heavy complaints are made of the injury
done to ocmmerce by the high rates of discount.

DANK OF ENGLAND.

An Account, pursuant to the Act 7th and Bth Victoria, cap. 32
for the weak ending on Saturday, the 11th day of Oct., 1850.

MIRE DEPARTMENT.
Notes issued .... it24,0G4,400 Government Debt X 11,015,100
Other Securities .. 3,459,900
Gold Coin & Bullion 8,589.400
Silver Bullion ....

£24,051,490 I £24,061,400
bANKINO
Proprietors'Capitalll4,ss3,ooo Government Seem.
Rest
Public Deposita* 8,001,501 Dead Weight An.) £11,878.9C5
Other Deposits
Seven Day it other Notes 3,521,620
Bills
£5e,500,309
436,500730)
• Tnellidina Exchequer, Commivvioners of National Debt,
Savings' Banks. and Dividend Accounts.

BRITISH FUNDS. Closing Prim.
OrNICIAL QUOTATIONS.

M ?mead. Wed. Thurs. Yrid4p
122 9-7111---
93211 1. 1
91 —9ll 1
91 1! 41
17-11 1 .971
1 21
act 1140 i II 901 i4O 0,89 L
91 14911 1,911 0191 II 90 2
p. 16) 21 *1 213.10 2 13-11 8
213 211 3 213 111 212 3
.48 p 4 81,1 p'2 5 p
P! 11 PI —P —P
lETEIN FUNDS.
Mond ITuesd. Wed. Thurs.,
100 1 —192 a

3 per Cent. Consols
Ditto tor Account
I per Cents Reduced
3 per Cents
Long Annuities
Bonk Stock, 7 per Cent.
Omnium
Ricoh. Bills, 24d.
India Bonds, (1,0001.)

FIN
Per Cent.,

Brazilian
Danish
Dtch. (Ez 12 Owl )
French

I 64i I
C 6! 60c
I f

Do.
Do. Bank Stoc:

Mexican 3
Peruvian 44
Portuguese 4
Russian 6
,zpanish 9
Turkish itee 6

42 1
131 i :al

64i —63 a
,61. if 25e 86.'70e c
' f e. f
tl f.
'2ll a 211

112* * 42i 421 3
19u xd 871 xd 882 xd,

4 -
pm
- p

414 1
88 I id