The Express.
London, England, 1847-12-01 00:00:00

2

X
ank did net ague It. Not es in 1847, whoa tispereial
heases, wig ft • coarse of events wWk him la HA
hod wily meeeded their credit. lied lits ideal lige
whisk Midi the semi of OM might be deselled eit
Os twig pit Is the essmansial oilseed the esealey4
La it seusaii them bed beet a waited eMeneha if
mei yeti the Beek of ingill had the Milmwasserist
ot 141,111.111M1L of bake, and a nonce of 9
um Hera the Mete et tha Beak the 'estlmes°ls'
,000, et 4101416,016 c et eaphal is the die el bib%
sad mated he the permute et In* He beliend, lies
Nat at stet thee dire wee MI areatulation of new, di►
pets ha the loads st Lodes heirs, which oiled ilea
to add le the belie ofdiseesrlas. The Lever of lOU
tied, sad I Inner see cry to Import lisle* Xs the re-
LW of the mph; mid It Ina the la 1848 that- ale Isereard
domed ea emit of name tisk pleas ; red Ohm it me
he the it lie IBM Me ilia at geld wee poll This was
the eats etehleee prolliss leers_ the Maar of that
yam The dart et phi** on esehrhede bat the sio
sew et *sink of Belied was so large Oat they wen
ambled ba am the issued excluded, Rem that owe
oils. Bat me step is lima by the Bask M Bacland, or
by ea**, Mat se a weirs to the miry. In January
the Bank rebel the rate of Wise to 31, and then to 4
per cent , while the dada et emir for railway' and corm
continued to isamee, mad as effeet was to rein
the me of iereet in the essularelal world. A
notice was published early in the month of April
by the Nib Weis Railway, whisk OAAIMILOOIi that on
tie Ist My et May the inner would be ham:at. on all
needes beerowed—that being the by law.
The Bak el Magid at the sale tine i*dad dr *rem
M 5 per AIM, es t this eine the primal, which, es he
blase stead, was ia bh mien sensed byre Bank of Mg-
Mad diet irprodeadr lett* eat the army they had
Fedi br the payment of ffiehleads. The alarm wee Is-
eases& he a time by the state et** Biagi Bill market.
Best mein thee dm Zit wee WI discountiag at 6 per rest.,
sad that es the Mk July the sees in the bends of the
public wise 18,900,0001., while early in Jose they were only
18,250,08GL, he did not know upon which pound it was
poseible to as that all that time than was •
deficiency in the circulating medium or the miry.
There was no based upon the Beak for dienunte, and re
=he dram, while the moat at in was la.
law the. whoa there wee a wiry
elearitair The Bak, lewever, kept their dr
omit, sad es the id arm het' they Meg M 64 per
mat. The frelot doper Mm ar *hie stele eftitinp
took pine est the likk of Asp*o Leslie mad Almada
failed on that day : end It was a remarkable feet that sheet
all the beers that had failed in the first helms we
largely geigaged to trenestess is sera. Bewail' May sad
Septeasheile pie of sees tell se ler theta di per am.
TM imenrisas this were mei ta May were mast MIA-
Wel* sail eldhseeph Is we a* pert of his duty m wars
=Plod Br eilleamme a thaiz over-aposlfty se
se eppertualty lase aim to state to the bean the
extraordlesey emit of apetadades that wee ring es. He
came to lewd may in September, and he Stead the general
imprimis.' was that the *lane were to be eisonated for by
the stale et the earn trod*, end the mimalculetiotu which
had bee laid upon the snit. That wee his own
impesia, sad an hon. Mead of Ms in that house had
reseed him that it was also the impression of some of the
lime briber. of Liverpool (from **circular of one of whom
Kr. Uffibedsle, the right 'hoe. gentleman read en extraci
esenbeestiss the issuratice.) Failures, however, were not
esallast te the eon trade, for throughout the mouth ef
411. neriembert mintinned in melancholy succession, and in
ell if trade. But were they to be referred
lea is the circulation of notes 1 It was
imps- dide to make that the teet. Early in Sep-
Wars loather eminence took place to which an ex-
degree of importance wee attached. He alluded
. te-rsdramose which were made b the Bank of
up to the doe of the payment of the dividoads. Hs did
set bdiess that that had sins say s
emeninn to perms is the wow market, blt wee
the habit at the Beak to do so preview to the
payment of dividends In every quarter, and it would
Unendingly incasement the thee balance should remain
is the Bash. It wee notorious that during the period of the
mist of the dividends the notes always decreased towards
the ales of the quarter, and increased upon the payment of
the dividends. Accordingly, on the 17th of September, the
amount of notes, which wee 18,900,0001. in July, went down
to 17,840,0001. ; but on the 2nd of October they rem again to
18,712,0001. ; so that at that time they were 200,00 W. lower
than when the pressure occurred. But the mere amount of
notes was not the only test, and he again referred to the
statement which was in the hands of the public—he meant
the private securities held by the Bulk. The Bank
held on securities, on the 24th of July, 15,300,0001.,
and the accommodation to the public in the time of
extraordinary prestos had risen to 21,2650001., being
an increase in the mouths of August and September
of 6,000,0001. If he took the amount of securities held in
former years on 2nd October, they would be found to be is
1844, 10,5000001., is 1845, 15,000,0001, in 1846, 15,000,0001.,
and in 1847 as he had stated, 21,250,0001. He did not
think the inierame to be drawn from this wee, that there
was a short mesa* of note in the hands of the public, or a
short amount otamemmodation afforded them. Witt regard
to the country basks, it wee found that the issue we only
200,0001. mon than in the preceding year, and a milli
below the limit snowed them by law ; and if the demand
had been es peat Jar mere circulation, there was no reuse
why it should me have increased. In Scotland there was
little Mimes is the circulation in August and Sep.
timber 111401 sai 1847, and the only country in which there
was a peat Mies wits in Ireland, where there had ben
. Up to that time, and during the
=rnahstee:ral7 ao firm
n, (Ye Bank Inever refused to discount bills
whisk ran wads that rules, and which they would have
reeended ia Ifilftla Wes, though they Charged a higher
rat* at hem* He dinght he had thus shown that there
were stnsg glissade hr belief that up to October there was
az=et ads, and no great difficulty in
at the Beak to the shape of dialiab4litti
Meares.. BM its had said that they believed that the
pawn we rad by a drain for purposes of trade of
and** artild, sad whet he had stated What vet asionnt
Tee ilia
MGM allitilA the house would see that
tie we sailleient ems to amount for the proem&
Hs mired M the mos which had been paid he tiger-
' ismer NM He teak the mat of tka eorn as it had *ea
He had bees reedited with a rough return, led
taltillinteelled Mr. Porter to emit what he had due
with pest iris, sod he (the Cheaseihr of the Exchequer)
bed peat illiell in its ateureay. The sum paid for corn
teem Moe, 19116, to Jen, 1847, we 6,139,0001. ; from Jan.
13 July, 14,184,000 f. ; and thee emu what would recount
la the peerre, the cost trees July le October wee 1111 great
as is the brow eta enathe—da, 141M0,0001. ; makizatt
our if era *paled ha liana inn* he rend a
33,0010901 ra like =mar the dread ter mita ito a&
wan bad beinseed. Ha whited to aim* • mark *lad
aria as a ham mans lastaillai the
I eroamatillitred ea
va
la 1641 sad IS* Behr Mad thine to
trve/yr,470,0001. end 150,0001., whirrs it was 4,6001=
in each year. la 1844 it was 11,81111,0001 ; in 1846,
14,100,0001. ; la the flat half of the year 1848, 9,800,0001.,
sad in the semi hellyesellB,Bll,96ol. Lathe** halt of 1847
it was 25,770,1101811.itenklithe west had pm ea at the MN
rate in the lost hall the eta would have amounted to
38,000,0091. Iles this me set strictly a eking of capi-
tal, yet tho what mit ei sesbel which was limited to
these me botwees 119,980,0001 and 90,000,0001.
He set >A spat whit he had already
stated es the ea** et redreadu He did not
rim their MOM or advantage to the
they gave, sad the product to Zit
samellaVerred Try*, *arm if the of edible
ihiss. weld silt that the maw enrinot be aril
better assaded; he that we set the pride& The gem
lies we that dry tern one car et esmasaral perm
sad et the eteleadies et capU il lad* bad bees bane op-
plied le oreasield misep,r*. What ke rid wee thrift
we • esonseein if draw capital Into id ash*
(How, beer.) K. send err what had bra add by the
flair hem. geaderre the member he hatband, .11hat it
would has bees briar it ems earsordel ara ler sat
spented Mile eneliZZ: bat whether ardel whir
bsilario bees if had not Walden,
art varier the et and its eireeelos
teen Ilistbsiat• feed sapildwea an me of the akarisadast
width the perm was easeeil wee the point to te
(Wm) It mu pelaiM ee sprk di insolicy etneene,
wi* send 'lifter lhe hal bees eanalated, sad Mira he
reeptibi sad asested. Hs might overrate the Abet et
their I=le steel dole OIMPINIIIIII, but be saw is •
by Sir J. dkitise, that it was his opiates
=fro et dr Ms* whisk had failed had for jean been
=eapild * wry en their briar& Irked neer-
et
system se luta* the leulle with India had bees
serried en. It ispared * be sad* se h. via a
view to pa est be the se • ash el ribs sissey,
by the orestlear iille. (Rim.) Peron wee thaws at
'9 or 10 amid* reed the lightest her to be isms iby
the pertambreter and an by the beta., and than pae-
llas, dmgk net sew had Ina andel la a peat err;
sod* dna as mall porlin el the *weft atteebed to
• San trade me wisp He aimitted 111* trade must be nr-
dr ea prey as esphal sad pertlyaa erode, tut there must
be a dm peopeetlea et upon
to rapport *a superstrong:*
el seat irithk me brit upon it. (Hear, beer.) And whoa
prom reediaped how proper limits, be was of aid they
mar pey lee p1i01A4.5.04111it MU aide, nor did he Wine
that eiyhne it which wee Mot espitel—
add pelmet er awn earreenesposoes. Those large
Mem bed teed
beans the polseibrokers could not pay
*sir Met they mud set, beano they were overdone with
sesepteares. They had amid at • being widthh
Istbees
Ist bees repebehulibLemattee, of wilt the
°Measlier of the bed bees a mesher,
and the while gyres been bard on that
harks hip sure et man at NH with bill brim
Thet wee thenahn, It we Mme, en which tikes we
aid es, he ile adity, la that ere, coiled es the
emir di st
the
the umber of the depoillers,
TINA rerterai It that all the &pore would be
withdraws el ism the peer* of then house wee
dieseeteledb, ete dlet p the larple. elrezzinkswer•
WildralkWb, sad Ems
treaid tedlerermpimeres te withdraw would raneeiss
all. NO itbstirs Soma ONO brim me earriedvaltal
rears s
otinefee at iii, be the essned of h
or . l was et pleed at what had
ramjet/;' -we
itse pain use
da• Royal Bank of
haft is* alarree to one penon--(hrrma,o3taris4
sir;ol ft imam &dr orogammads on
and ft
flair Mlle* llotl/49 ens ia aespird drt howevee
I Wald assuppr la tir te is lees et meet
breirlisa. Ho wadi . rapbettitse
i.bad be (dr
Ohnear tif Se UMW.
teem iliilt bill blltill .air atwillilla la
BM ela randiklist ee she paean "to had beret Irrsl
asesiterad tin& Ass winner the realer dr.
nil* et It Todd Da are la hie to do
;:
' mikv,tuti le thle *plunk sad Ira 1144
Yoi 1110"
• . ,
• : : :, mom awassaa Ni 7 gi irc,;,w,eirrlifr i... ~.. , s


ledge whist *tilled bin la doing it. i theaght situ
be eases, the booms would be is a amid= to judge
te old* et the two soon the flaw et ilogiessaber and
Omaha woe to be attelhated. It had bssa all am the it.
basil death Tip: the Orbited spends& el dr est
el Mt "disk the Ines eit anis by Os Bask;
Age, en la boa la nehlehel h waned psis-
pay *the mein .swiss d natlat, sod the wan Oahe.
Tune He bed aura dot the. had had re• weal
of ell ski) what aims' of WOW had base
windmill has lade, and ha wadi Opal ie may keg*
del sad aloft ass te say to whale al than apes Os
es wen MAMMA* ? Gnaw ma assorenes
hatlnk ease wbisk alon ths flolisc el poems la
ths 101 W Hedy fttesnlor led hems
useslooid maks adman he • Mad tine sot ef
the guanonat balmier la ask hair et name it
ash awry be be • naked don he the ahem= was nee
oat at the lab* mow obi* bed sesonalead be see
mast of do *Mewls. The Bask pies meths rest
would great hams till Id* Ostabsr. They sera
each a sea ss *ay thought they aseld with sal*, art dr
&mead he sham bet wady seams& Bet so Vane lest
days of hipfasabar dose was as 3ssaandlosay hams d&mad to theasami Imam* of • rim of abut
MOM as Mb Seer illansentsd to 150,0001., and it
1111* to MAW. assa ion widish they could make
does adeseres was limited, sad on th• had of October
they bead • notice that it was hoed impossible
lemur the amount at advances, and that they
shout anon by the time the dividends wean due that
the Issas would be repaid. The whole oasenameisl weld
was h a date of surprise at this, as it k mu as as.
mad and as at tpritillable a stop as wee our Oka. Oath
mesa is the City would, he hoped, forgive bin if be said
dot be wee astmeddeed how any man cooldbe nrpdsed at it.
Tbe hos wet advanced from the goverment amen saw
anktsd tar the payment of the dividend', and lean
be had stated that the government beldame would be
It wee said that if there was any deficiwasy of
ties, it would be mused by his deader y bills. He shad
that It would not be so, for whether he kerrowed or ace,
there would be • large amount the.., and the offset
would be the same for the aceommtodation must be
withdrawn at a given time. He said also that if the
Bank had large government balances oe their heads they
would lend to parties, and the loans would be payable when
the dividends were due, and at that time and whether there
were deficiency bills or not, the effect would be the same.
Precisely what he maid in April came to pass in October, aad
it ought to have taken no one by surprise. There was a
neral impreesionthat the amount of the loan would be run • I
withdrawn. On Sept. 25, the aggregate MIS 4,928,,17
and on Oct. 9, it was 4,544,0001., and the only thing ;thiii
Bank was bound to do was to see the loan re.
paid. When ho (the Chancellor of the Exchequer) came
to town on October 22, he found the City in a state of
panic. He saw persons of all classes and description, from
the time he was up until he want to bed, sad he never
passed so painful a week. The iaterest of money rose to an
exorbitant rate, and 60 per cent. per annum was charged
for what were called continuations for one day. It was
thought impossible that the loans could be repaid, and
if reliance for the payment of the dividends was plaeed on
the return of those loans, that there would be a disappoint-
ment, and that it would be impossible for the public credi-
tors to be paid. The next week came, and the dividends
being due the loans were repaid. The Governor and
Deputy-Governor of the Bank acted with extreme pru-
dence and discretion, and received the payment of
the loans, and on the whole they were punctually
paid. The notes which were paid in were issued in pay-
ment of the dividends, and the result was that in this ex-
traordinary period of demand for notes there was taken out
of the Bank in the four days for payment but 300,0001. more
than in the corresponding days of last year. When the par-
ties had • right to demand 7,000,0001. extra, they .only drew
300,0001. more than in 1848. The gloomy anticipations of
the week before the :payment of the dividends were not
realised, and in spite of the failure of the Royal Bank of
Liverpool on the Monday following there was in London a
better feeling in the early part of the week, and one of the
papers, In its money article, stated that matters were steadier
although they had been affected by the failure of the
Newcastle Joint Stock Bank. There was a decided change
in the accounts on Thursday, Friday, and Saturday. The
payment of the dividends did not indicate any improved
feeling. By this time, too, accounts were received of the
state of the country, and from various parts they were very
alarming. On Moods,' the Royal Bank of Liverpool failed
—a failure which was only caused by gross neglect, for, with
a paid-up capital of only 800,0001., 500,0001. had been ad-
vanced to one house. At the same time apprehensions were
entertained with regard to a broker whew name he bad men-
tioned. He applied le the bank for assistance, and they gave
it. Another bask misppel at Liverpool, and apprehensions
were entertained bet dj salty of other country banks, espe-
cially in the teammorsial dints* for in the agricultural
perm of the sesatry they bed been comparatively at ease.
There was as alarm as to this banks in the west of England,
one of whide led sinoe failed, mad was reperted to be likely
to pay • vary small dividend. News emu of the stoppage
of the Newer& Union Bank on Thuniday, mad later in the
day there IMO speeounts of severe rase on several district 1
hanks. Alban had been made te at amistente given to
that hank. The fact was that Br. Rielerdson, the
maim, alas to London to get usistasta from
the Bank of Ragland, and lob without obtaining
It. So fu wee it from beteg tree that there
was any recomandedsa tram the prerriatont on the sub. I
fest. It was On that en book it gavel by the interfe.
MIN of the hook beak et the Basket Bucked, and Mr.
Grate took as landf a ihmead rupindbility, for seeing the
imager that woad aria, ems fa the aa. of the country,
unless that be was saved, ha fnais_ it with the means
of standing the run whisk was made on it on Friday and
half of Saturday; and parties who had withdrawn gold and
notes in the morning to deed them as re-deposits in the 1
evening. It did not appear that there was a run for bank
notes, but a steady ran fox &polite on the banks of Liverpool
and Manchester in the course of the few days preceding the I
Thursday and Friday. Then came a fearful aggravation of 1
the supposed . It was a matter of notoriety now
that ap licatiotsrsystems bed beam made by the banks
of S It se witemcerally essidered that those banks I
were on so mile • that they were able to take care of I
themselves, sal that t ey would not find it noceesery to '
apply to the Ink el England ; but applications were made,
and amend mask alarm. For when it wonconsidered
how 411111~81111111 deposits are—(hear, hear)—in the Scotch
banks welsh amp be readily withdrawn—(hear)--and most
at which ere sods as amity which, though solid, is not I
mar inlaid, one wee Just eatia• for alarm. (Hear.) The
ilsainds ore the Bonk of /Ittihad be assimemas, and on the
Imam lislatrezisst theme ourespealman were extra.
sive. Two sad adios were peralysed, '
and the whole dleseast =lll.l thrown on the Bank of
Bwitaesti, lad they serest Se &count no bills which came
It rake,
_bst a Imp Gassof paper, which was
nessay doneby 110-haeloss, was refused. The right hoes.
sadness, tbs Lard llmmer of York, had referred to the
=ftßolattratt Bills, bat be 1845 they were at a lower
It k Gibber lese. Compare them with what
they were Is 1847. In Mr. Tooke's History of Prices
it wee stated that in June, 1847, the period of
the pods, they were at &V discount, (as we understood),
whilsla Nabs, let they were at 30e. aliment. This won
do state at dings whisk woo represented to the govemansat
ham all pier etas esontry, and • feeling arose in 'maser-
del iset the last likely to be bimeed, who MIS W
*snood whims spasm they took, that matters were grow-
* arks. Naha rem assure was adopted by the govern-
ment to mean essibleace. He did not diney that
the statsmsde wheat had been laid belen him
were slmalag. He took pains to examine It es-
eitgaiy, awl he add not hey that nest ma
wills* art most rshadatly be one to the casslakat
thet ft ma le Mahn, sod bluing PIM to thst
semehoisa, be sheeld hays Omagh bhadtaiweethy of th•
pleas be MU it he bad badtaisd, ow* to may former
saran, ella ewe, a *what he thought bis slaty. Not
coly EH ddak the eurche of this dburallsa ems required
by Ober drammeatessa bat it was evident tbst mates had
boss bands* Its a great extent, and a denied= width,
sailer Ohre eiesosemnamea, would have bout ainsets to its
=.B2and who the pramure ar peak we 1116111M11
C—lrealil bamprovedalsordeast forts bjects,
..._Lae..
waled by dds bronilag hos parlandng its
Asa prof et Oda ten haumeals of notes stad
been beaded be the hassled ben brought into chtudedon ;
mad who*, hews naestbeued It sada 400,0001. was
the Nomad east= hikes out
el the Beak •IBmeaad after
the ll* at Wain 11 fasidtad a nest that *are was an
ollsaate soma* of desolation is ilts Mai of the public,
bat that fesma far sod alarm it bed bees boarded up, and
thereby 141111411‘11 lasepable of Wag brought into use.
(Hear, bear.) Br aids friend (Lard J. Russell) and
he hid seas of all descriptkos, and the uni-
argil inpliestW wilek had been It to his noble
friend soil limit Was to this Abet : —They mid
"Ws • de eat wen sets=-what we hairs is that yea
*mkt glee as sarainss, It is *ay be Ira, to my you will
Mod by ea alas be the Wadi eh will give us era
MINIM Wide met 'west noels, hat only to know wham
we um pus that." (Herr, hear.) They added, " Chine
any Mart intase=tee, esit what you like." ("
aa," ibtaa Xr. lipecon. bra. geadman said No,
zu., be (ths sl the IBlltipper) must la pur-
ls laity whet had boa stated to him, and be would
say dlsdastly It wee the etalleat tenor of the gplimageas
whaled boa nide. He repeated, that they midl" Oar.
10 ass IS per seat. Interest if you like—we do not non a
take telly but let us know that at some rate of Land vs
as get than and that will amply suffice." An Mans
bit hail ulna the other day "An bad barn the shay it
dreramilemon which bad *hoed the peerament le sat
Mad* be • manses Mont lan the coarse they
had alp sal bat • short test Ulm: la reply to that lime
doe, les mid now state that the annsts received on the
Taman, Friday, sad ftaleseg bed boo of • totally al
knot denelption fun Ow elf* hi wish* diege, aid
they as bed believed that eerie to the wags ba lid
skim* quasi has Hr. Nakkees. they ha arne Se tbis
—dad • 'hymn dradatko waned life—it • d dap
it. ame amborsmed, whilst than maw osLsitlms mad-
bided to Imam the general approbation edges ataxy.
It it bosun on that &thrday, and sat began that,litsazl
his nib Mod thought it right sad proper to act, bie
tha they TIMID PIIIMINIsa ihratation which aNatled
than a tatitaitin hr the Addles of the Mahn (bee,
ken) Having determined Se sat /a deo sairmay,
of course the eat quanta what bad edema was
Os mode in which it should be don. He sad
Ids adds Meal had long Sohn considered do mat-
e•, sad beg math op thdr Wads as to the beat mods
et astir' be one ads. *mkt bona assemszy, sad be*WIZ tan glad if *me bad bus say nabs el asdrea
' dot bare WO silleauel, ether lima that whit sty
bat It bad hese seggeeled that they ought to ban
abased sahnesr loe it on ash produce, bat he wee
all quite deer Tobago albs the sad pregame were
astral is adeabis es „ so—ead„
deinlipkthet Tads adhs hive Meiba Gene
euelmg ea el/e'er tanealaog e'vaer/Ag •.-.mmuor

w."