The British Press; or, Morning Literary Advertiser.
London, England, 1825-12-14 00:00:00

THE BRITISH PRESS.

sudden panic, that the bankers have to dread, but the ra-
pidity of that demand, and that it is that alone has com-
pelled several houses to suspend their payments, whose
funds far exceed all claims that can be made upon them,
and who would never have been strained for resources even
for an hour had those claims been gradually made, and had
the draughts upon them come in the accustomed and usual
course.

IVhen we -Outrider that the lamentable state of things
which We are now witnessing is caused by a panic which
has no rational origin, it seems difficult to devise any
specific remedy commensurate with the tnischief. But it
has, in our opinion, approached a period so appalling,
and entailing consequences so fraught with ruin to the
manufacturing and mercantile interests of the kingdom,
as to call for the immediate investigation of Government
as to the best means of relieving the great pressure of
existing distress, and of averting the progress of that un-
founded alarm as to the general security of credit, which
every day brings some fresh calamity upon the public, and
of which it is, at present, impossible to foresee what may
he the end.

CITY, Tur3DAT EVENMO.

The confusion that prevailed in the City this morning
very much surpassed even that which we noticed yesterday.
It was early announced that Messrs. Williams and Co.'s
Banking-house in Birchin-lane had failed, and, almost of
necessary consequence, that Sir C. Scotex eitallishreent at
the west end of the town had suspended payment also. We'
understand, however, that the latter firm will be enabled
to resume business to-morrow, and that it only refused to
pay to-day in consequence of the connexion between this
house and the one in Birchin-lane, which circumstance
momentarily embarrassed it. Other Banking-houses were
freely talked of, and a heavy run was experienced by se-
veral of them. The rumours respecting mercantile houses
were innumerable, and we need scarcely add, that many of
them carried on the face of them their own contradiction.
The crowds ahout some of the Banking-houses that
had runs upon them were so great, that the police
were stationed to disperse them. The Bank, it is under-
stood, will charge 5 per cent. for their discounts to-morrow.
Such is the distracted state of the market, that this an-
nouncement excited some dissatisfaction, it being considered
a harsh step to raise thediscounts at this moment. Another
report of a more favourable description was current respect-
ing that great Body, viz. that it was going to lend money
on Stock. This had the effect of improving Consols in the
early part of the day considerably. They were done at that
period at 834, but they soon fell to 82, when this report be-
gan to lose ground ; they afterwards recovered a little, and
finally closed at 82i. The Bills of most of the country
banks who drew on Messrs. Williams, we hear, are Liken
up. Those of Messrs' Cobb and Co. of Banbury, by
Messrs. Jones, Lloyd, and Co.
It is understood that the much respected gentleman
at tnc head of Messrs. Williams', firm, not having
been able to foresee the storm by which the house was
assailed, nor, consequently, to provide against its effects,
came to the resolution last night of suspending payment.
The known wealth of Mr. Williams leaves no doubt that
all the claims on the house will very soon be liquidated,
and there is even a very strong expectation that business
will be resumed in a few days. Fourteen country banks
drew on this firm.

Early in the day the Lord Mayor, at the bead of a de-
putation of the principal merchants of the city, proceeded
to the Treasury for the purpose of soliciting the immediate
aid and interference of Government for the support of
public credit.
Exchequer Bills were 2S to SO shillings discount; India
Bonds, 34 to 40 shillings.
All Foreign securities are much depressed. Scarcely
any attention is given to this market now, and its prices
depend therefore entirely on the state of Consols. There
was a decline to-day of 2 per cent. in most of the South
American Stocks. Colombian closed at 58; Mexican Six
per Cent., 60i ; Brazil Scrip, 16i dis.
In Shares we did not hear of a single transaction, ncr
is it probable we shall during the present state of the
Money Market.

Yesterday, at 12 o'clock, a !netting of the Lords of the
Treasury was held at the Treasury Chambers, Whitehall.
The Earl of Liverpool and the Chancellor of the Exche-
quer were present. The Chancellor of the Exchequer
came to town from his house, at Beckenham, in Kent, to
attend the meeting.—The Lord Mayor and several Gen-
theme n from the City attended their Lordships' electing.
The statement in some of the
.papers of yesterday, under
the head of " City Intelligence, that a Cabinet Council
had been held in consequence of the state of the money
market, is not correct.

There is Fool reason to suspect that a hostile Fitly is at
work behind the curtain, to give the utmost increase of
effl.ct to the ruinous results they have so earnestly striven to
produce. A crowd of persons, to the number of a hun-
dred and upwards. have been found to assemble round
the doors of particular Banking-houses, and thus induce a
belief that they have stopt payment, and a rumour to that
efl'ect is thus set abroad. Yesterday morning a crowd of
this description was gathered round a Banking-house of
the first eminence, when a gentleman, who had come with
a draught for payment, inquiringbefore he entered what was
the cause of the crowd, was told " the house had stopt."
He went in, nevertheless, and the draught which he pre-
sented was paid, as of course, without the slightest hesi-
tation. The result was, that he immediately applied to
the police, who repaired to the spot, and soon dispersed the
crowd, who, it seems, had assembled in a similar manner
before other Banking-houses with the same effect.
So great has lately been the alarm among the bankers
of the City, of their names being talked of, and a
consequent run upon them for money, that several of
them nightly lock up with hank-notes and specie to
the amount of a million. The trifling circumstance
of one of them shutting up half an hour earlier than
usual on Monday night, gave rise ir.stantly to reports of a
failure, and attracted crowds to the door of the banking-
house. Such is now the alarm of the City.
The letters from the country yesterday brought intelli-
gence of two failures of provincial banks. but their circula-
tion is said not to be extensive—that of Dobson and Co., of
Huddersfield, and of Edmeads and Co., of Maidstone.—
The latter was one of the agency banks of Messrs. Pole,
Thornton, and Co. The clainis upon the latter house
are many, and it is feared in Kent that the deficit is consi-
derable.

An extraordinary number of country bankers from all
parts of England have been in town far the last two or
three days, either for the purpose of procuring specie and
bank-notes as a protection against a run on them, or to
ascertain, by their own observations the state of aptirs
among their London friends. Several of them were flbe
seen in most of the leading banking-houses, anxiously
waiting their turn for an interview with the principals.
The heads of nearly all the London houses are as regular
and constant in their attendance during this unsettled state
of the money-market as any of their clerks, so frequent are
the applications to them for supplies of specie and bank-
notes for the country.

As an instance of the manner in which some of the
country bankers are pressed for money at the present pe-
riod, we may mention that an express for gold from one
of the Yorkshire banks reached Liverpool on Saturday
night, and obtained a supply of sovereigns from an eminent
banking-house.—Liverpool
The new Hank in Greenock, formerly noticed, will be of
paramount importance to the trade of the place, It is in-
stituted on the'most popular principles. It is td ljo calks!
" The Greenock Commercial Banking Company." The
capital stock is at first to be two hundred thousand rounds,
to be increased afterwards if an addition be required. This
fund to be divided into one thousand shares, of two hun-
dred pounds each.—At a meeting of the subscribers on
Wethwartay, a Committee was appointed to fix upon a place,
for coutluotsaw the business, and to take other prelijtinary
steps. No doubt can be entertained of its success.-IGlar-
cozy Chronic*.

. GERMAN PAPERS.

FRANKFORT, DEC. 5.
The great changes which tometimen take place among the Mi-
nisten in Europe frequently affiril a key to the politics of the day ;
and it it not surprising that people are at this moment very atten-
tive to what taken place in thehigher branches of the administration
of different governments
Prussia has now at the head of its war department Field Mar-
shal Gneitenau, th came who was chief of the ttaffof the Prussian
army in ltil4-13 ; of whom it was sail at that time, he was General
of the officers of that army, and Blucher General of the soldiers.
The King of Prussia has also appointed him AI inister far Foreign
A fhtirm, a nomination which perfectly shows the character of the
Prinsian Government.

In Auattia, the celebrated Count Bellegartle, Chief of the War
Department, whn, during the Imperial Government in France, was
long charged with that immense berden, has been allowed to re-
tire, and his suet (icor is the Prince of Hohenlolie Beehingcn, who
is understood to be an intimate friend of Prince 3letternich. ‘Clint
especially exercises the sagncity of observers is, the removal of
Prince Esferliczy from London to Paris, and his being succeeded
by Count Apponey, who has been long nt Home, and was lately
sent by Prince 3lrtternich on a mission to Naples. It excites sot-
prise that Prince Esterhazy, who is ford of Imiiden. and enjoys the
favour of George IV, and who hos ninth exerted himself to retain
the Embassy at London, should he obliged to give up the post
which he prefers. It is tanned that Prince Metternich feels the
necessity of having at- Paris a great nobleman, who, being very
opulent, might live on a splendid footing, and, being initiated in
the diplomacy of the Ili iti,h Cabinet, might, on occasions, be eni-
',toyed between London and Paris. As for Count A pponey, he
unites all the qualifications of a powerful nobleman and an ex-
perienced statesman ; he enjoys besides the friendship of the Car-
dinal Secretary of State at Rome, and may thus intervene with
effect in the affairs of the Catholics in Irelard, in which Leo XII is
said to have solicited the suppm t et: Austria. This latter circum-
stance explains how Count A preney, after being employed in sun-
dry missions, has been raised at mice to the first embassy in Eu.
rope. In fact, Austria could not hind a person better calculated to
fpll such a post in delicate circumstances, and at a moment when
the policy of Iton.e acts such a great part in the diplomacy of
Europe.