The Express.
London, England, 1847-09-23 00:00:00

THE NEWCASTLE DEPUTATION TO THE
CHANCELLOR OF THE EXCHEQUER.
NEWCASTLE-OtitTYNE, WEDNESDAY.—The deputa-
Igapro do liva•thig_of bankers, szerthanup, coal-
r
41KiAll" Asa hlYie Wink as Batu4sy last, to

• ••••-•• •••••••• - -
Ofitiebard posbuday merning, by gnaw y, for the seat of
the right hen. baronet at Mickleton, near Doncaster,
where arrangements had been made by. letter for an inter-
view. All the members of the deputation wore present, ex- ,
met the mayor, who was unable to attend, owing to barbs- ,
position. The deputation returned by the mail train, which
reached Gat ahead at 12 o'clock last night, and the follow- •
ing is given as the substance of what transpired :
The members of the deputation were personally intro-
dueed to the Chancellor of the Exchequer by Mr. Bell,
M.P., who stated that the object of the deputation was to
represent to the right hon. baronet that the monetary
moo which aMicted most part of England, and which had
been mot severely felt during the month of April last,
was now again apprehended as likely to be felt in a
similar, or even greater degree, than at at any former
period; and that though Newcastle end the north of
England were not so much affected as other places, in
consequence of there being no speculative business car-
ried on there, yet it was feared that the present stringency
and threatening aspect of the London money-market
might increase to such a degree as to cause a with-
drawal of the usual facilities to commercial transactions,
and that, if seclia contingency should arise in this portion of
the kingdom, the danger would be very considerable, in con-
sequence of the great staple trade of the district being cost
mining and iron making, which required the payment of
lave sums of money in weekly wages, the suspension of
which, by throwing large bodies of men out of employment,
would create very great confusion and disturbance. Mr.
Bell was particular in explaining that the trade of the dis-
trict was in a sound state ; that railway apeculatios had
hardly existed at Newcastle ; that there had been no large
speculations in corn there; and that there had not been a
single failure arising from the pressure of the times; and
that it was because the trade of Newcastle was as yet in a
sound and healthy state that the trading community wished
to take such steps as would prevent the evils which, from the
riesealallat• of monetary end mercantile affairs, they were
led to apprehend. Mr. Bell concluded by introducing Mr.
Armstrong as the vice-chairman of the Chamber of Com-
merce, to whom be referred fur any further explanation.
Mr. AIIIMILONG said, he had very little to add to the ob-
servations made by Mr. Bell, in all of which he fully con-
curred. The object of the deputation was not to enter upon
the question of the monetary system of the country, or
offer any suggestions as to any course that it might be
desirable to pursue, wishing to leave these matters entirely to
the consideration of the government. Re repeated, that the
trade of Newcastle was not a speculative, but a routine trade;
that it was yet in a sound and healthy state, though many
of the consumers and smaller tradesmen, it must be admitted,
had suffered from the crisis of April last; and from the fall
in the value of their goods consequent upon the monetary
fluctuations. At present there was a feeling of alarm lest
the general pressure should so increase as to lead to the with-
drawal of the facilities now afforded to commerce, the effects
of which in this part of the kingdom would be of a most
seriors character.
_

The Cita:maxims of the Exensienna said he did not
coesidu there was any just cause for the apprehensions
which the deputation and the mainsail's body in Newcastle
appeared to entertain ; that the Bank of England had not
limited its diacounts; that he could sasses the deputation,
that as far as he knew; and fully believed, it was not the in-
tention of the directors of the Beak of England to limit
diseeeentesa they had done in April, or to resort to any other I
aatmeasures ; that he felt confident the wont was
and he thought that the alarm which at present
would epeedily =beide.
flipipt•iimbers of the deputation stated that the con-
daft tie>Baak of England had pursued towards the coca-
menial Interest of Newcastle had bean marked by great
Jedgmeat and liberality; that in consequence of the new
aside adopted by the Bank in the classification of bills a cer-
tain
quantity of unexceptionable paper was necessarily ex-
cluded from discount, but that upon the whole the public of
Newcastle lead reason to be very highly satisfied; that some
pressure certainly did arise to this district from the gurtail-
ment of the usual facilities generally afforded by other Lon-
don houses to merchants and brokers in Newcastle, arising
from the late serious failures, and the want of confidence
consequent thereupon, but it was more from an apprehen-
sMn of the extent to which the pressure might be increased
than anything which actually existed that rendered it in-
cumbent on the mercantile public of Newcastle to inform
the ministry, through the Chancellor of the Exchequer,
what the consequences would be if such a contingency should
arise.

The Cnicircatsoi of the EXCHEQUER attributed the high
rate of interest, and the diminution of capital to the compe-
tition of railways with the commercial interest, and also to
the speculations of many large merchants which had been
erroneously calculated.
It was urged by the deputation that the circulation of the
Bank of England was cow only 17,800,0001., while when at
the highest point of last year it was nearly 22,000,0001, the
diminution having operated very seriously upon the prices of
goods, creatirm a 611 in the value of all produoe, and causing
very serious lose to the community in general ; and that from
that Ices Newcastle did not entirely wan?, though affected'
in a wanner much less than other places, in conaequenoe of
I its trade being a routine, and not a speculative one.
The CHANCELLOR of the EXCHEQUER said, he considered
the deputation had confounded the distinction between
capital and circulation, and that if there was a diminution
of capitol arising front the export of:= to pay for pro-
duce, that was a void that was to be in the course
of trade. . _ .

With regezd to a diminution of the capital of the *sentry,
the deputation exyressed their opinion that the capital ex-
imiag wee quite sufficient for the operatic= of useaserce,
but that the evil arose from the want of auliflease !aspired
by the knowledge that such mighty Uttered. mess &pendent
upon accidental variations in the reserves of the Beak of Eng-
land to a very trilling extent, and that this nassetainty ope-
rated so as to destroy confidence on every, the diflimitest, ap-
pearance or even apprehension of a probable faun=
of the Bank reeerves,—and thus, by destroying confidence,
had the effect of making the holders of aspital keep
it locked up In place§ where it was immediately ecosesible,
Instead of allowing it to take its usual channels in
the operations of commerce. The deputation dwelt em-
phatically oa the evils arising to their ordinary legitimate
trade from the rapid sad sadden fluctuations in the value
of money *as produced, mad they somplained that it was
impossible to base their oomeneM sektulatioas on supply
mei denesed, en in Scam dma, hems than NAM 11/0-
Mika§ la Ski Ada eland& so emoted ea yds' is to
render auk ahniaties dined% est Awe
She depeentien smoked, farther that it was not their in-
anition to east with the Chancellor of the Exchequer into the
et ihe eanstey, er to give opc
ns= 0 remedies ;
Mai &Op easideeed they had Or rowan:
thiegamed to dem by the meatus w ehey bad doled the
green Mb whisk had beans the trade of the ceontry pea.
rally, Bas the mimed !actuations that bad takes place
in emenehry Mein &Meg the last three years • and they .
begged to be abused to express • loin that the eforeseassit
would take lots essikeetits the desirability of can midi-
deaths of the roust Deekkei Ast, whisk 5 ski see.
Om mess et smelly is ash insist tint *.
wllledened et mew ewe drooled's, messimet
pie ups an beseihr at task wino new de-
pendent epee w eaddestal diesinaden et • wry mall
amen&efseenie doe reserve of the buskin deprepaset
of the Bank of legheed. The ammitereld esatennip
_did
think it hard the bendreds of minima i• Mee mks be
deCilepos "se asideatal araweadesesa,
ieleitenesszaa of the Excesses& said that • slue-
ties d Ss Bask Ad add only be eased by ad of parlia-
ment, and was net a question within the dopereest of
midden to deride t see woe it in the department of Maiden
to use el the Book et England es to what mem. el
they ralmadd diesunt. The right hes beenast asdiidd by
itelej his etnaptases to listen the espresdea ef the
die sesesseekt ettnenenelty me en metes et this
-;.r.sig Wani whisk thole iamb was lashed,
sad to gtvenesee evident the bed sesilestion in hie power.
This tetearded the dissedes, and the depetatkm with-
drew.

COMMERCIAL.—It was stated yesterday that tba•
drafts of the Bask of Chariewoo, for which Years.
limier and Co. hate hitherto acted as ems" wadi be sr
owed by Wye sad Co. for the horse Mae drawees, bed,
onhadiebeasste
Npearreat=
i=saree dediethe
Gamow or Fitt; free
bade hate takes** rent hi lad, bad tt maybe ex-
=lithe& the leiftpa ceaciwill
.•:Pat nat. ton a viganall
miti4rime our ispe&Pa