The Express.
London, England, 1847-11-01 00:00:00

THE EXPRESS, MONDAY EVENING, NOVEMBER 1, 1847.

Office, said the same warrant war applied for subsequently
by another person, and his impression war, from what that
applicant stud, that the same name of Thomas Rance, signed
to this warrant, was a forgery. If the case were remanded,
the executor might be forthcoming.—D. Forrester, police
officer, said, in consequence of information he received, he
went to Enfield, accompanied by the witness Wale, and
saw in a saddler's shop, over which was the name of Phipps,
the prisoner at work, and said that he wanted to make
inquiry about a di. note which he had posed a week ago to
Wale. The prisoner said he had received it from Mr.
Emery, of Liverpool•road, Islington, who lent it to him.
Ho went to the Liverpool.road with him, and saw Mr.
Emery, who, to the question u to whether he had lent the
prisoner a 61. note, replied in the negatiee.—The prisoner
was remanded.

ROBBERY or BANE-NOELS.— W. Mitchell was charged
upon suspicion of having been concerned in a robbery com-
mitted upon a railway.—Last Tuesday week a lady,
who was travelling is a railway carriage between Sutton and
Birkenhead, was robbed of a 1001. Bank of England note,
M. W., 26,566, Liverpool, 25th of May, 1846 ; a 501. Bank of
England note, O. W., 74,461, Liverpool, 22nd of Mae, 1816;
also 81. 10s. in cash.—ldr. Speilman, of No. 10. Combard-
street, money-changer, stated that a man named Burgess
had been on the preceding day brought before the magistrate
at Guildhall, upon suspicion of having been concerned in
the robbery, and remanded. (The case was reported in our
paper of Saturday.) 'She prisoner, said the prosecutor, came
into my office to change some American bank-notes, and he
gave his name as Captain Broadwater, the ship Wellington,
ag in the Saint Katharine 's Docks. We exchanged the
American notes, and he went away. Soon afterwards
Burger came with another person, who, he said, was
a passenger front America, and they both desired to
know what I had paid the prisoner, and asked me
whether I could change some more American notes. I said
I could if they would return next day. Yesterday the other
party (the American passenger) came, and brought 142
dollars in American notes, and four five shilling notes also.
Having just received a letter from our correspondent in
Liverpool stating that 1501. in bask notes had been stolen,
and that American notes bad been purchased with them,
and would be probably brought to be exchanged at our
house, I gave bun into custody.—E. Funnell, City police.
man, stated that on Friday he went with other officers to •
beershop in the London-road, and saw the prisoner in front
of the bar. On telling him the nature of the charge, he
said he knew nothing about it. On seeing Mr. Spellman
at the station-house, he said, " Mr. Spellman, you know the
transaction we had yesterday afternoon they were all good
' notes, and they were given to me by Burger,B and I got a
receipt for the money."—The prisoner was remanded.
GUILDHALL.—HOerITAL TROUSERB.—J. Cochrane
was charged with omitting to deliver up fifty pairs of trousers,
which had been eats noted him to make up by Mr. Prickett,
army clothier, of Fore-street —Mr. Alderman Sidney ex-
pressed some surprise that so many pairs should be entrusted
to a person like the prisoner, and asked how much was paid
for making them up ?—The foreman said 7d. a pair.—Mr.
Alderman Sidney inquired how many the prisoner could
make in a day 7—Foreman replied, probably about two pair.
—Mr. Alderman Sidney: What description of trousers are
they ?—Foreman What are called hospital trousers. They
Are warn by the sick in hospital.—Mr. Alderman Sidney
Did it never occur to your employer that this was a large
quantity of garments to entrust to one person, where they
were paid so trilling a sum to make them up? Don't you
think it was placing a great temptation in his way ?—The
foreman replied that they had previously trusted the pri-
soner—The prisoner was sentenced to two months' impri-
sonment.

MARLBOROUGH-STREET,--Szturio SPIRITS AT
TRearnes.—Mr. J. IV. Maddox, lessee of the Princess's
Theatre, was charged with permitting brandy to be sold and
consumed in the pit saloon of the theatre.—J. Peacbey, of
35 Oakley-street, Lambeth, the informers witness, stated
that he went to the Princess's Theatre on the 19th of Oct.,
and asked for a small glass of brandy in the pit saloon. The
female who was serving refreshments said she would send
out and get it. Witness replied, he would not trouble her,
but would; take a bottle of ginger beer. She then said she
had a little brandy under the counter, and would let him
have some, and she poured out a small glass, which he had
with his ginger-beer, and paid ber one shilling. The price
of ginger-beer was but fourpence a bottle, as there was a
card hanging up stating the price.—Mr. Wilkins, on behalf
of the defendant, said that he wits confident the magistrates
would feel that there was not a sufficient case made out to

warrant a conviction. Not the lead evidence had been given
either to prove that brandy was an exciseable article, or that
the defendant was not licensed to sell it ; in the absence of
which proof he confidently distil for a dismissal of the case.
—Mr. Hardwicke immediately dismissed the complaint.
MARYLEBONE.--EITISTRISATICALROBBEET.—C.JO2IO,
aged 17, was charged with having pursued a most artful and
extensive system of robbery. The plan of depredation pur-
sued by the prisoner was that of accosting in a very familiar
manner in the street boys whom he might see with parcels in
their possession, and gleaning from them informatz-n as to
where they were going, together with other pendia •sa rela-
tive to the nature of the property with which they were
entrusted. Is a short time after the did parcels were deli-
vered the prisoner repaired to the several dwellings and
obtained the packages, under a representation that there was
a mistake, and that the proper goods should be forwarded
speedily. It tarried out that he had not been directed by
any one to go upon the errands referred to. Numerous cases
were proved against the prisoner, who was fully committed
for trial.

WESTMINSTER.—Tau Mustnna Awn Ronum or
Ma. Bettcstlxesaa.-0. drifoy and R. Doyle were re-
examined, charged with the attack and robbery of Mr. Bell,
chambers, who has since died from the injuries inflicted
upon him.—Mr. Inspector Taylor said, since the lukremand
several important facts had come to his knowledge. The
witnesses were in attendance, and he was prepared with
further evidence ; but there were important reasons why he
did not wish that evidence to transpire at present. He con-
sidered that going into the ease would interrupt his inquiries,
and interfere with the ends of justice.—The prisoners were
remanded for a week.

LAMBETH.—Cesnott or Ansore.—A. Marsh, said to
he of respectable connexions, was charged with arson. On
Tuesday night last the house of Mr. Bailey, in Swan•place,
Old Kent-road, was discovered to be on fire. On an
examination of; the premises no doubt could remain that the
fire had been the work of some malicious person, who had
effected an entrance into the house by breaking a square of
glass in the beck kitchen window and undoing the fasten-
ings. It was found that the prisoner had met Mrs. Bailey
in the Borough, at nine o'clock on the night in question, and
at ten o'clock he was seen in a passage close to the house. It
was further ascertained that on the morning after the fire the
prisoner left his father's house, taking with him some neces-
saries and did not return. The prisoner had been
charged at: thia cowl in tke month of June last with
having discharged a loaded pistol at Miss Rolph, the
daughter of Mrs. Bailey, and was then ordered to
find bail to keep the peace towards Miss Rolph and
her parents. Sines that time he appears to have made his
peace with the young lady, to whom he was much attached,
and has latterly been in the habit of meeting her, but quite
contrary to the wish or will of her friends, who had formerly
prevented their msrriage.—Mr. Norton observed that there
were some strong points in the evidence against the prisoner
--in the first place, his explanation for leaving his home on
the morning after the fire was not at all satisfactory ; in the
next, some blood had been discovered on the window fills of
Mr. Bailey's house on the night of the fire which led to the
belief that the person entering by that window had cut him-
self, and the prisoner's knuckles of the right hand were cut.
Again, the prisoner, though he at first denied the fact, ad•
lattted having '.men close to the hotuie of Mr. Bailey a very
short time before the discovery of the fire.—The Prisoner
said the cret on his hand bad been done in putting in a
equate cri glass on the Tuesday morning.—Davis, the officer,
said this was contradicted by the prisoner's mother, who de-
clared to him that, though he had put in a square of glass on
the Tuesday morning, he had not cut himself.—The prisoner
was remanded. _

Closterman, a Dutch sailor,
we. charged with feloniously stabbing and wounding I.
Hughes, a Welsh sailor, with intent to do him grievous
bodily harm.—The prosecutor's garments were saturated
with blood, and his face was completely covered with large
gashu.—The prisoner and the prosecutor lodged together in
• boarding house for seamen, and had been on the moat
intimate terms. On Friday afternoon a dispute arose be-
tween them relative to the different degree of value to be
attached to their respective birthplaces, the Dutchman taunt-
ing the Welshman with being a nanny-oat, whilst Taffy
retorted that that was far preferable to being • Dutchman.
Soon afterwards the prieoner seised Hughes by the throat,
and a scuffle ensuing several blows were exchanged. Some
other lodgers in the house interfered and parted them.
The prisoner went up stairs, observing that he should
go to bed, and in about ten minutes after Hughes followed,
and as he was entering the room in the dark, the prisoner
rushed on him, and with a clasp-knife stabbed him in the face
cutting his nose and laying his lip open, and followed it up
by another stab in the arm. One of the lodgers who ran to
his assistance distinctly saw the prisoner spin make two
overhand stabs at the prosecutor, wounding him severely in
the face. The stabs were aimed with so much violence that
had either of them taken effect a little higher up on the
temple, death must have resulted.—Mr. Yardley committed
the prisoner to Newgate to take his trial.
w OOLW I C Staggles was examined,
charged with setting fire to two stacks of hay, the property
of Sir Thos. M. Wilson, Bart, at Charlton. The particulars
of this case appeared in our paper of Wednesday. A letter
was read from Sir T. M. Willson, stating that as the priener
had confessed that he had accidentally sat firs to the pro-
perty, and had thus removed • suspicion which at first
attached to another party, he did not wish to press the
charge against him.—Mr. Jemmy, having heard that the
directedhim
riaoner bore
to be discharged. a good character at his native place, Stafford,

business hours, Consols were reported to be done for
time as high as 81 (. Reduced Threes left off 791 (to
Three-and-a-Quarter per Cents., 801 to 11.
Exchequer Bills, 19s. to 153. discount. India Bonds,
30e. to 235. discount. Bank Stock, 183 to .5.
In foreign stocks there has been the same inactivity
of business, and prices have undergone little altera-
tion. Speculation transactions in them continue al-
most entirely out of the question, and the dealings
which occasionally take place may be traced to the
necessities of holders requiring to realise their funds.
Mexican were called 15; to NI. Spanish Fives,
161 to 171 ; the Threes, 261 to 71. Portuguese,
20 to 2. Dutch Two-and-a-Half per Cents., 53 to 4 ;
the Fours, 81 to 2. Danish, 79 to 81.
We have had renewed reports of mercantile failures
in certain quarters to-day, as usually occur when
speculation is rife in stocks, and prices fall, for which
causes are sought which interested parties are only
too eager to propagate. For the rumours referred
to, injuriously affecting parties of high and de- '
served credit and consideration, we are enabled
to say there was not the slightest founda-
tion. It may be added that, paltering, and
clogged with an absurd condition as the suspen-
sion of the Bank Act of 1894 is held to be, it has
nevertheless exercised a wholesome influence both in
town and country. Communications from all parts
attest the fact of returning credit and confidence.
Banks let out more freely their before accumulated
but hoarded reserves, and the pressure on the Bank
of England, upon which the burden of supplying dis-
counts and accommodation was almost individually
cast, will be mitigated pro (onto in consequence, as it
is understood to be already. A meeting of parties
interested in the Royal Bank of Liverpool took place
on Saturday, a full report of which will be found in
another column. It was adjourned on amendment
until next Saturday. The proposition to wind up the
affairs of the establishment was negatived by a majo-
rity in the proportion of nine to one. A committee
of investigation was appoinu4 who will deliver their
report at the next meeting.
We understand that the drafts of the Ohio I:tife
Insurance and Trust Company of New York, on
Messrs. Glower, Nephews, and Co., will be protected
by Messrs. Barnett, Hoares, and Co., the latter having
been placed in funds for the purpose.
- - - - • -

Now that the currency regulation theory of 1814 is
gone past redemption - has been abandoned indeed
with the implied if not expressed consent of its
authors, and by the positive act of those who assisted
in its lt gislative enactment; as destructive of credit
and irreconcilable with the interests of industry;
public attention begins to be more keenly directed to
the substitutes by which the one artificial system may
be attempted to be replaced by another, iu the par-
liament which is about to enter cut its noviciate. As
if the country had not suffered enough by the legis-
lative tampering of half a century with credit and
currency, theorists and system-mongers are still out-
pouring with schemes for keeping the standards
of credit steady and unvarying, as if credit
could, or should, be in all times and seasons,
measured out invariably like corn by the im-
perial bushel, and its use or consumption
determined, like corn physically, by any given law cf
universal consumption per head, which should not be
exceeded, and ought in strait-waistcoat fashion to be
repressed when in excess of tke prescribed bounds.
The more sober-minded practical men of the City are
beginning to be impressed with convictions of
the dangers and inexpediency of legislatively
meddling with credit or paper money at all,
for bank notes, like bills of exchange, can only
be the material or tangible signs of the abstrac-
tion represented by credit. A strong feeling
is therefore growing up against any legislative
interference with banks or credit. Let the govern-
ment, they say, fix its metallic standard for fiscal
purposes, and for those only, and the ready converti-
bility of the bank note is at once secured. The one
equal law is there for compelling the payment of a
five-pound note on demand, as for honouring the bill
of five hundred pounds at three months after date.
Bills and notes are not made without value received,
and will not be taken unless the security is approved.
Let the government pay off its debt to the Bank, and
the legal tender clause may be dispensed with. It
was imposed for the supposed convenience of the
state, without reference to the public interest. Its
prominent effect has been to impede the influx of
gold in times of need, although the country has never
been more " saturated " with gold than in this time of
crisis, which Mr. Cardwell said in the last parliament
was the special object of the Bank Act of 1844, but
which Mr. Fullarton had written before him, was a
fact already in progress from commercial balances
without that act, and would not be accelerated by it.
The exclusive gold standard medium is thought
also to be a more than questionable measure of policy.
This is the only country where such an arbitrary
measure of value exists, the consequence of which is,
that in seasons of monetary derangement no, er inade-
quate, assistance only can i)e received from other coun-
tries. At this present moment a ship is expected daily
from the Pacific with from two to three millions of
dollars; in sterling, say half a million of pounds.
This sum would be a material assistance in present
urgencies, supposing it realisable. But, by the
provisions of the Bank Act, it is as actually
unavailable as much more in hand besides in the
Bank vaults. Silver is legal tender only for forty
shillings, and the Bank is restricted from holding
more (writing from memory) than one million and a
half of sterling value. The Bank cannot even take it
to exchange
far gold abroad. The merchant importer
must re-export it, at loss generally, to obtain returns
at the last moment to pay his bills. A value unde-
niable
and recognised everywhere else in the world
is denied currency here, the country above all others
requiring a full currency and a full credit. The
Bank of England is compelled to buy gold in what-
ever quantity at one high and unvarying rate, and to
sell it to all comers at another rate, leaving absolutely
a loss on balance, whilst prohibited from deal-
ing in silver beyond a fixed and inconsider-
able amount. The objection has always been urged
about the inconvenience and incompatibility of two
metallic standards of value, as if two standards were
really the matter in question, although it is quite
clear that, with the legal tender clause, we have ac-
tually, and must always have with it, two standards
of value. In the United States the relation between
the two metallic values is always determined by an
agio, which varies according to circumstances, say
demand and supply, between the one and the other.
The differences of agio range within the narrow circle
of some few cents per sovereign in favour of or
against dollars. There should be no difficulty about
the calculations. Contracts are made specifically for
dollars, and dollars must be paid, and are, unless the
holder of the bill prefers gold with the agio, whatever
that may be. Mr. Haggard, of the bullion depart-
ment of the Bank of England, has long, in his
evidence before parliamentary committees, and in
various publications, maintained the superiority,
and insisted on the greater conveniences of a silver
standard.

It does not necessarily follow that a purely metallic
circulation should exempt a country from the occur-
rence or the possibility of panic crises, or that a con-
vertible paper currency should really be the cause of
exciting them. The currency of Cuba, for example,
is or was purely metallic—dollars and doubloons—
yet we have known, personally or through accredited
advice', of money and commercial panics there, with
the rate of discount for the most accredited bills at
the rate of 21 per cent. per month, or 30 per cent.
per annum. Yet Cuba has survived such periods of
crisis,-and has become more flourishing. Havana is the
centre of wealth, which from want of confidence has
been occasionally retained in strong money-boxes,
just as London le now situated.
The time was, the Meet prosperous time as there
may lie those alive to remember, when the cotton
manufacture of Lancashire, Yorkshire, and Scotland
was carried on by a system of open book credits.
Cash was never heard of, or asked ; what is more,
na discount of price would have been submitted to
for the difference between so much credit
end money down, or the greater security
thereby in favour of the seller. Two months
open credit, and two months bill, or, in the same
way, three months open credit, and three months
hill, were the terms betwixt 'pinnies who gme
credit, and textile manufacturers who reqidred it.
As the running month of purchase was always given
in, and the last month for payment also, according to'
rule, for the most punctual and responsible parties, it
followed, from the system, that nine months upon the
three months' open credit expired before the seller, or
the parties to whom he passed his bills, received the
cash. The wholesale manufacturing or dealing houses
sold their wares for exportation to the Fast Indite,West

India, Europe, and the United States, at credits ranging
from nine months to eighteen—or more. Many years
ago two bills passed under the observation of the
writer, for some thousands in amount, drawn from
the West Indies upon the lung defunct firm of Inglis,
Ellice, and Co., one at fire the other at seren
years after date. That they were paid needs
not be said. Yet the legislature of that day
did not deem it necessary to interfere with the
uses or abases of this credit, which now is magnified
into the bugbear which must be subjected and
limited by law. As open book credit, and credit
represented by bank notes, are represented equally by
values in exchange, with mere difference of dates as
to the cash payments into which all are at last resolv-
able, why should a government interfere with one
more than the other? The fiscal exigencies which
alone ought to be admitted as a justification of
government interference with credit, should, to be
just and impartial, now, as heretofore it should have
done, require the inspection of every trader or farmer's
books, and tax him for his open credits in proportion
with the stamp duties on bank notes and other bills
representing credit.
It is not surprising that, founded on considerations
such as precede, banking and commercial people in
the City should come to the conclusion that credit,
and the currency which is merely its representative,
should be left to itself. They are in fear of legislation
or other nostrums, and only require free trade in
currency and banking, with free trade in commodities.
We perceive in some of the country papers certain
extracts, of an erroneous nature, respecting the com-
mencement of the bank of Jones Loyd, and Co., and
the commercial concerns of the late Sir Robert Peel,
as from the Bankers' Circular, which, hereafter, occa-
sion will be taken to correct. The history of that great
bank of Manchester and London is yet to be written, and
we can only contribute to it our modicum of informa-
tion. The story of the rise of the late Sir Robert
Peel has been partly told, and is matter of history,
upon which however some lights and shades may yet
be thrown. Together, the fortunes of the two con-
cerns are an instructive episode in the history of
, credit.

In evidenat of the deep, interest now taken in the
City in currency and batuzing affairs, the following
letter from a gentleman well experienced in practical
banking, and who has not the less studied the theories
propounded on the subject, is subjoined. It discloses
some new and remarkable facts connected with the
engrossing question of the day. It will be perceived
that, by the most singular perversion of currency
theories, the poorest, pauperised indeed, part of the
United Kingdom, is actually allowed, by Sir Robert
Peel's banking acts, an enormously greater pro rata
use or abuse of credit, than England, which is right-
fully assumed to be the great capitalist of the world.

Sir,—You are doubtlow Inundated with ceenmuniceions rcnpecting
the present monetary pressure, but none of your eon...pendently ap-
pear to allude to the real canoe, or to tale into cormideratlon the ex-
traordinary disparity between the amount of notes circulated to Ire-
land, ea compared with those of England and Scotland. By Peel's
" Compliment " Bill of 1814, he was graciously pleased to allow the
2G3 English country hanks, both private and Joint-Karl, to Sew notes
to nn aggrepte amount of 8,417,721/., and, on *subsequent occasion,
he was equally pleased to allow the 18 hanks in Scotland to issue
3,097,209/. in notes, and the 8 hanks In Ireland 6,354,4311. So that,
whilst the average amount of the gaol Musa for the 263 English
banks gives 32,0001. for each, that of Ireland is 731,30 W. for ea, hof
It. eight tools; and that, altheuch Scotland has more than
twice the number of banks than Ireland, the amount of the &ea- '
lotion of Ireland is more than twice the amount of that of SentlaniL
Six out of the eight million. of the Irish people are said to be paupers;
hence it follows that upwards of six millions of circulating paper, we
ray nothing of the gold and silver, is atoorbed hr two millions of the
ovulation. Sow we all know that Ireland is almost exclusively an
agricultural country, and that her rental, which in the chief source of
her inmate, does not exceed twenty millions of pounds annually,
whilst the estimated Income for the United Kingdom is =lolly pot
clown at flee hundred millions per annum; if these figures be correct,
Ireland has either too large a share of paper money, or England has
too little. Caunot you draw pulake attention to this subject, and show
how it happens that a country without trade mn be {awe with a
money power more than double the amount of its Scottish neighbour!
—Your obedient servant, W. J. L.