The British Press; or, Morning Literary Advertiser.
London, England, 1825-12-15 00:00:00

to IM Joareal de Pork of Monday.]

• liaaana... Du. 1.
Tbe peet-tosesee et Luiro, in Galicia, As is appointed co sop-

troller to the English Company which has undertaken to recover
the riches lost in the galleons which were wrecked off Vigo
in the reign of Philip V. has just informed the Government
that the place where sit of these galleons are is positively ascer-
tained, and that among several articles that have been got up than
are all large plateaus and two vases, with the arms of France on
them. all of silver, except one of the vases, which is of earthen-
ware, but of 6ne workmanship. He adds, that every day increases
the hope of recovering all the treasures sunk in the galleons.
The Gorerninent„ desiring to revive the former credit and im-
Portanee of the Bank of St. Charles, has just placed at its dis-
posal 23Millions of reels in inscriptions on the great book of the
public debt.

The Duke ael Infantado is making great preparations for a
grand fele, which he intends to give on the 6'h (the Saint's-day of
the Queen), to which his Excellency intends to invite the diplo-
matic body, and 114 persons of distinction, both Spaniards and fo-
reigners, now at Madrid.
The C.nsultative Junta has transmitted to the Council of Mi-
nisters a plan for dividing Spain in • regular manner, sir- as
France is divided, into departments, which would have the advan-
tage of destroying the spirit of separation of the provinces, which
fiequendy is a great hindrance to the operations of Government.
His Majesty has ordered this project of the Junta to be laid be-
fore the Marquis de Almenara for his opinion, and it is known
that he entirely agrees on this point of the Junta.
FRENCH FUNDS—PARIS. DEC. 12.—Five per Cents. 05f., 4
Three per Cents. opened at 62f. 16c., closed at 61f. 70n. : Bank
Stock, 2,075 f. Ente de Naples (Certif. Falconnen. 75f. 30c. ;
Rente d'Espagne, 1 If. ; Royal Spanish Loan, 49if. ; Heytian
Loan, 600f.—Coors AuMentique.

The fatal consequences of that infection which a panic,
from its very nature, produces, were never more frightfully
visible than theyare in the mercantile world at this moment.
A public meeting was yesterday called togethn at the
Mansion-house, to consider the best means of putting a
stop to a state of things which net only endangers the vital
interests of commerce, but threatens the convulsion of the
whole country. This prudent step, which was most im-
periously called fur, will tend greatly to tranquilize the
public mind ; there being no fear but that the bankers and
traders of London, aided—as they no doubt will be—
by the deliberative wisdom of Government, will adopt such
measures for restoring public confidence as will not fail to
produce the desired effect. It will soon be seen that the
apprehensions which have been so nefariously excited
were perfectly unfounded, and the promptitude with which
the Bank of England has come forward in aid of the pri-
vate bankers will be everywhere received as a sufficient
guarantee of their solvency, and will put a stop to the
present inordinate run upon them, by manifesting to the
public not only that their funds are more than competent
to sustain their credit, but that they were in a condition to
have afforded the most material relief in the exigency of
private credit, but for the causeless alarm which involved
them in the embarrassments which it has so rapidly and ex-
tensively generated.
One great cause of pressure on the London Bankers,
arising from this public panic, has been, that not only have
their general customers drawn out their accounts, but the
various public companies and wealthy institutions of the
metropolis, who had always large floating balances—an
average portion of which might always be reckoned upon as
deposit—have been likewise induced, by the different Di-
rectors and Committees, to draw them out, from an un-
willingness to incur any risk in a crisis of such portentous
uncertainty. The aggregate amount thus drained from the
different City Bankers has been immense. But for the ex-
cessive panic that has been created this would never have
taken place, and as soon as it has subsided--as soon it will
do—the return of confidence will restore everything to its
former state.

The Time: of yesterday remarks, that "the return of
the Bank to discounts at five instead of four per cent. is a
traasaetioa of some moment ;" but it adds, in that malici-
ous spirit which it always manifests when speaking on any
subject with which the Barre is connected—" if indeed,
that Corporation do grant discounts to any considerable
amount coat at the higher rate." For what purpose is this
obscure insinuation thrown out? The Company, it is
well known, has never, in any instance, withheld any ac-
commodation in the way of discount which it could con-
sistently and securely grant. It is but a few days since
this journal, which here attempts indirectly to stig-
matize the Bank Directors as not being likely to aid the
Merchants of London by any extension of their discounts,
fastened an imputation on their character upon exactly
opposite grounds ; it was affirmed, that " the thirst of im-
mediate prrfit was an overmatch, as it too frequently is, for
the calculations of common sense, and the Dia ECTOss are
now reaping the fruits of their indulgence of a short-sighted
cupidity."
It is quite certain that, in consequence of that consterna-
tion to which the good sense of so many has given way,
much money will be hoarded up to provide against contin-
gencies ; much will likewise be sent to the country banks
to supply the demands occasioned by the discredit which
the stoppage of some will throw, more or less, upon the
notes of all: and unless the Bank of England supplied the
vacuum thus occasioned in the circulating medium, com-
mercial confidence would have no means to retrieve itself,
and an utter aubveraion of public credit would be the inevit-
able result.

But the Tilers, with an inconsistency so public and so
palpable, that it can only be accounted for by that party
spirit which no sense of decorum can restrain, first rerro-
batesthe reduction of Bank discounts from s to 4 per cent.,
as "a measure which has proved itlistrious and led to mis-
chievous effects," and immediately afterwards, in its very
same column, says—.
" For our own parts we cannot but consider this return
of the Bank to discounts at flee per cent. as the first indi-
cation of eke total failure of the Minister id prriect for
establishing a more liberal system of commerce."
' Thus, wiethei the*Bani of England raises or lowers its
' rate of discount, it is held up to reproach, as equally war-
ring with the public interests, and as wilfully acting on
principles of impolicy and injustice. What connexion, we
would ask, is there between the return to s per cent. dis-
count and the commercial principles of free trade ? In
what manner can the rise of the one indicate thc failure
of the other? ft is really melancholy to ace the excess of
absurdity to which a partisan may be carried when he
once suffers his rancour to get the better of his reason.
What but the most insidious and unworthy motives
could induce the Times to publish yesterday, with their
pains-taking minuteness, a list of the seventeen country
banks that kept cash with Messrs. WILLIAMS and Co., and
of the forty-four country banks that kept cash with Sir P.
Pole, Tiloa NTO a, and Co.? What other effect could
this have, or be meant to have, but that of producing a
ran upon those different banks, by thus announcing in the
local district of each, that the firm in London with which
they respectively kept cash bad misprinted its payments?
This information, if it succeeded In ptodtiting the effect
designed by it, would be to make all the customers of each
of those country banks rash at saes to present their notes
for cask, and thus, perhaps, oblige the whole of them to
stop payment. That such a communication maid bate this
tendency is manifest; but it is quite in &meter. The'

THE

/

party omit no bring on
the catastrophe, to which they look forward as the result
and as the reward of their labours.

--....a.w.••--
CITY, WiDxIsDAY ETIXIXO.

Public credit seems shaken to the very centre, and such
it the general distrust, that the best houses and the beet
securities are looked on with a suspicion bordering on in-
fatuation. This want of confidence is producing the most
ruinous effects, and creating the very evils it dreads; frr
houses of the most unquestionslile soh;eneY may well be
unable to meet the drain of all the deposits in their hands.
when the best securities are unavailable. The panic in-
creases daily and hourly, and all is confusion and alarm in
the city. In consequence of the failures of the banking-
houses that have taken place, and the excessive run which
•is made on ethers, the first thing a merchant now does, on
coming to the city, is to ascertain if his banker has not
fallen in the wreck of credit.

. This morning two old established houses stepped pay-
ment—those of Messrs. Everett, Walker, and Co. and
Messrs. Sikes and Co., both in Mansion House-street. The
firm cf Everett and Co. however, issued a notice that they
have made a proposition to the Bank, which they hope will
be successful; should this be the case, they will imme-
diately resume their business. The crowd that assembled
in front of both houses was immense, and some persons
were so clamorous and unruly, that it was found necessary
to shut up the house of Sikes and Co.

The connexions of the first of these houses are the most
respectable and wealthy kind. The Messrs. Walker, we
understand, have extensive iron works at Gospel Oaks, in
Staffordshire; the largest, we believe, in that county. Some
branches of the family have very extensive landed estates,
but whether they are now members of the firm we are
unable to say. Mr. Maltby is the proprietor of large lead
works. The trustees of the county rates banked with this
firm. Extents were as matter of course sent into the
house; but it was not expected that Government would
press their claims, so u to interfere with the arrangement
whitir the firm have submitted to the consideration of the
bank.

The meeting at the Mansion-house produced a great ex-
citement on the Royal-Exchange. At ten o'clock this
morning the Lord Mayor had a conference with a few
principal bankers and merchants, by whom the prelimi-
nary arrangements were formed, and the following circular
issued :

" The Lord Mayor presents his compliments to
anJ, by the desire of several merchants and bankers, requests the
favour of his attendance at the Mansion-house at half-put one pre.
duly, upon urgent business connected with the present state of
the City.
"Mansion-house, 11 o'clock, D,c. 14, 1328."
At the time appointed, though only about a hundred of
these circulars were sent forth, a vast throng pressed round
the doors of the Mansion-house, and a general rush was
made to force an entrance ; but those only were admitted
who had been specially invited.
There seemed to be no perceptible diminution of the panic
after the meeting was over, though it was known that the
proceedings were of a nature so well calculated, at any
other time, to have removed the groundless apprehensions
which continued to prevail to the close of the day. The
run on several bankers was exceedingly heavy, but they all
fully and readily met the demands upon them. Lombard-
■treet and Nicholas-lane were crowded to excess all day,
by persons hurrying to and from the banking-houses. At
four o'clock an incident occurred, which, though of little
importance in itself, produced great agitation among the
groups assembled in that neighbourhood. This was simply
the arrival of four post-chaises, the horses of which were
evidently much distressed and exhausted. A host of wild
and malignant rumours were immediately circulated. So
morbidly sensitive is the state of public feeling in the City,
that if only three persons were conversing. others instantly
joined them, and knots were in this manner formed in all
the leading thoroughfares in the vicinity of the Royal
Exchange. On Corithill a large mob was collected round
an old man, who was distributing bills. For every one
lie offered there was a violent struggle. When the alarmists
had succeeded, they found themselves in possession of the
followingjuet reproof of their rash and violent conduct:—
" Men of Enclind !—Arc ye fools ? are ye madmen ? that ye
thus saunter about the B.tnking•houses, making the difficulties, if
any exist, still greater. Silly people ! go, and industriously prose.,
cute your affairs, and rat your shoulder to the when', if you wish
to get the cart out of the mire ; t.:r you are unworthy of tie spirit
which flows in British blood."

At the opening of the Consols Market, the confusion was
so great, that it was almost impossible to ascertain a price ;
from 811 i to 81 was the quotation for some time, but with
scarcely any thing doing except making up accounts.
Money Stock, of every description, declined considerably.
Consols were done as low as 75t, making the continuation
till the 19th inst. full G per cent. Reduced was also sold at
7.51. After the Meeting at the Mansion-house, Consols
advanced to 821. and Money Stock 3} percent. The final
quotation was 82 for Consols, being a reaction of nearly a
half per cent ; Reduced 791 ; 31 per Centi. 83.
We observed the most salutary effects produced by the
Bank brokers buying Exchequer Bills this morning. The
large hills, which had fallen from 30s. to 40s. discount,
left off at 17s. and 13s. discount.

To-morrow being the settling day in the Foreign Market,
adjusting accounts was almost the only thing doing. The
following are the nominal quotations :—Colombian Bonds
531 ; Mexican 56i; Brazil 20 21 discount ; Spanish
Bonds 14 ; Russian Bonds Bti 85.
The only business we heard of in Shares was in United
Mexican, at 5 premium.

Yesterday afternoon, at thr o'clock, the Governor and
Deputy-Governor of the Bank of England had an inter-
view with the Earl of Liverpool and the Chancellor of the
Exchequer, at Fife House. The interview lasted a con-
siderable time, after which the Governor and Deputy-
Governor returned to the Bank.

The alerting which took place on Tuesday. at the
Treasury Chambers, between the Lords of the Treasury
and a deputation from the city, consisting of the Lord
Mayor, the Members of Parliament for the city, the Town
Clerk, and several gentlemen of the Common Council,
merely related to the affairs of the new London-bridge (in
which their Lordships are jointly concerned in the city, by i
the Act of Parliament for carrying this work into effect),
but had no reference whatever to the present depressed
state of the money market.
Sir Peter Pole and all his partners have been at the bark-
ing-house daily. Sir Peter speaks confidently that, after
the concerns of the house are wound up, his own property
will not be less than 200,0001. The profits of the bank-
ing-house, for the last seven yens, averaged upwards cf
40,000!. the year.
Messrs. Goodall and Co. the Coventry Bankers, who
drew upon Sir Peter Pole and Co. are now paying at S!r It.
C. Glyn and Co.'s.
The notes and bills of the Bank of Mears. Wilkins
and Co., at Brecon, in South Wales, are paid by Messrs.
parnetta, Hoare, and Co.
' The notes and bills of time Hastings Old Bank are now
payable at Messrs. Jones, Lloyd, andCo.'s. A clerk wens in
attendance from this bank all day yesterday it Messrs.
Everett's, paying all the notes and bills that were presented
On account of the Hastings Old Bank.
At Wentworth and Chalonerli, the clerks, assisted by
one of the first City accountants (Mr. Duncan), have been
engaged night and day, Moat Monday morning, arranging
the accounts of the firm ; and it gives us much pleasure
to state that they appear favours*. Is is an ascertained
fact, that on the very day they stopped payment, remit-
letters to an amount suflicittat to hat* prosaritd their
credit were on the road from York.

I ...

MEiTING OF MERCHANTS AT THE MAN-

SION-110USE.

Yesterday a meeting of the most eminent Merchants of the City
took place at the Mansion-house, upon the subject ut the presen t
alarming condition of affairs.
Among the persons present we noticed Mr. Marjoribanks, and
Mr. Robinson, the Chairman and Deputy. Chairman of the Last
India Company, Alm/sr:der Ilwing, Esq. M.P. Mr. Irving, Mr.
Thorntun, Mr. Tooke, T. Wilson, Esq. M.P. &c &o.
The LORD MATOE said he had called thin meeting in conse-
quence of what had occurred between him and his brother Alder.
men sad several other gentlemen deeply interested in the affairs of
the city. lie would not attempt to explain the origin of the
difficulties with which the city appeared to be overwhelmed, but
he trusted that those who were best acquainted with them would
Propose what appeared to them best calculated to remedy the
evil: '

Mr. YOIING hoped, that on such a subject as this Resolutions
suited to the occasion were already prepared.
Mr. T. Wit.sow, M.P. considered the existing difficulties
arose from the circumstance of the merchants and bankers having
locked np"their money In longer-winded securities than they were
in the habit of holding. From the 'variations in the different ar-
ticles of trade, and from these, combined with other facts, they
had never seen a great scarcity of money that was not succeeded
by a great abundance. Ile had merely to propose, for the purpose
of giving relief where it was moat netting, a resolution of a very
simile nature, tending to restore confidence. (Hear, hear.) It
was, perhaps, a fact, that many of the bankers who were now
aufFering were richer than ninny of the highly respectable persons
in that r: oni ; that they were able to pay forty, fifty, or sixty
shillings in the pound. It was, therefore. for this meeting
to consider whether they were safe in the hands of the bankers
of this city, and, if they thought they were, to resolve to
pay in their money concurrently. It was by supporting the
credit of the bankers, that the merchants would be secure from in-
terruptions in their commercial pursuits, and it would be of great
Importance that the public should know that the Bank was doing
all in Ls power to assist the banking-houses, both in the metropolis
and in the country. The Lord Mayor had had an interview sith
the Governor anu Deputy Governor of the Bank of England, who
commonicated to his Lcrtiship this determination. (Loud cheers.)
The Honourable Gentleman then read a resolution to the following
effect :

" That at a pri►ate meeting of the Merchants of the City of Len-
don, held it the Mansion-house, it bring stated that the Bank of
England intended to do all in its power to relieve the existing dis-
tress among the banking-houses in town and country, it was the
opinion of this meeting that such conduct on the part of the
Bank was 'calculated to allay the present excitement and alarm.
and that it was not expedient to call a public meeting on the sub-
ject."

Mr. YOUNG objected to a public meeting, but wisbed that a
declaration should be made by the meeting, expressive of their
conviction, that the difficulties now experienced were of a nature
easily to be surmounted by the firmness of the merchants of the city
of London.

Dlr. BARING said, although he had personally retired, his con-
nexion with the city of Londan was of such a nature that he eould
not remain inactive at a period of such distraction and difficulty.
The resolution proposed by Mr. 'Wilson was cor.si•tert with truth,
and calculated to do great good. Ile at the same time thought that
• general declaration of the nature suggested by the last speaker
would be desirable. Nothing was wanting in the present condition
of the City of London as regarded the banking-houses, in which
there was such immense capital, than the mere expression of public
confidence, and the acting upon that confidence. (Cheers.) All
knew that there were occasional stops and chokes in trade, in mer-
c•^:ile affrirs, and that it was necessary to apply special remedies in
many instance.. Ott this occasion it was important that a remedy of
this sort should be applied. It n ould not be well to enter into the dis-
cussion of theories respecting the Bank currency. The origin of
the distress was in a gnat measure that which bad been alluded to
by Mr. Wilson, but there were other strong causes. In the course
of last year it was known that there was an influx of speculations
remarkable for their absurdity. He had anticipated the distress
that was to follow, but not to the extent now witnessed. That dis-
tress had been prolonged beyond its natural date by the panic and
noise which were so observable in the streets. (Loud cheers.)
The fever of speculation had its hot and cold fits. In such a
state of things as now existed, the rotten and the sound were
pulled down together, and the most groundless alarms prevailed
Of this be was conviccntl, that nineteen out of twenty of the
Bankers of the City of London were as solid. as road*.
(Cheers.) The present difficulties arose from panic, and not
front distress. (Cheers.) Such was that panic, that the greatest
sacrifices vete made hr those whom it affected, and it was un-
necessary for him to state that men, who must have been expected
to turn some of the money confided to them to account, could not.
at a very short notice, call in the whole of their capital, however
securely it might be vesad. Ile then described the effect of this
alarm in the country, and repeated, that the determination of the
merchants to continue to place confidence in their bankers would
have the desired effect.

The following were the Resolutions unanimously agreed to by
the Meetinu, and signed by ail the merchants present They were
moved by Mr. Baring, seconded by Mr. Irving, and supported by
Sir George Robinson and 11r. Marjoribanks :
" Revoked, ht. That the unprecedented embarrassments and
difficulties under which die circulation of the country at present
labours, are mainly to be attributed to a general panic, for which
there are no reasonable grounds ; that this Meeting has the fullest
confidence in the means and substance of the Banking Establish-
ments of the capital and of the country ; ■nd they believe that the
acting generally upon that confidence would remove all those
symptoms of distress which now show themselves in a shape so
Jar:Ling to the timid and so fatal to those who are forced to sacrifice
their property to meet sudden demands upon them, which it is no
imputalou upon their judgment or prudence not to have expected.
2dly. That it having been stated to this meeting that the Di-
rectors of the Batik of England are oc,!unicd with a remedy tor a
state of things so extraordinary, this meeting will refrain from any
interference etch the measures of the Directors of the Bank, who,
they feel satisfied, do their duty ;he public.

"311 y. That we have the fallest confidence in the stability of the
public credit of the country. We declare a determination to sup-
port it to the utmost of our power.

" 4.111 y. That it is the opinion of this mtetiog that declarations
of a similar description with the pr_•sent, in the country towns where
the banks established msrappear to deserve them, may be pro-
ductive of much benefit in restoring general confidence.
6:hly. That the Right Hon. the Lord Mayor be authorised to
sign the above on behalf of the meeting ; and to allow the same to
lie for signatures at :he Mansion House."

GRAVESEND BANKS.—We repro to state that the
banking-house of Messrs. Brenelfley, Beckett, and Rich.
and that of Millen and Twigs, at Gravesend, stopped pay-
ment un Tuesday. This circumstance is announced in
letters from that place, received yesterday. Messrs. Wil-
liams and Co. were agents for the house of Diem:Way and
Co.

MAIDSTONE BAN X.—We were exceedingly eonctrned to
observe the following notice, posted on the doors of the
banking-house yesterday morning:—
" Menus. Edmcads, Atkins, and Tyrtell, iptving received an
intimation that Sir Peter Pole and Co. their London bankers,
intend this day to suspend their payments, are under the painful
necessity of doing the same."
The above intelligence has created much confusion and
considerable distress in this town and neighbourhood.—
Maidstone Jesirnal cl Tuesday.
Our contemporaries are in error in stating that transfers
of Any Stock, when closed for the dividend, are without
precedent. It can be done at any time by petition to the
Directors, and the payment of one guinea each transfer.
An instance of the total want of confidence, and the eager
grasping at the actual possession of money, may be gathered
from the state of the Stock Market yesterday morning.
The national credit is so secure amidst the shock of indi-
vidual confidence, that stock continues comparatively high ;
but the difference bete ern the prices for money and for
the account is unheard of. Reduced Three per Cents,
which are open for money sales, have been sold from 75 to
76 ; but the price of Three per Cents. (Consols) for the
January account—that is, Consols to be delivered S 6
(lays hence, was B 1 jto 89: so that (making allowance for
the dividends) about 61. is paid for the use of 75 for S 6
days—a rate of upwards of SO per cent. per annum—and
tine too on generally unexceptionable security.

BRITISH 'MESS.
Jo act—however minute—that can bring