The Sun.
London, England, 1839-10-23 00:00:00

examined.

99. Was not the difficulty of which you have been
speaking, in the year 1825, when there was such a run
upon the Bank, unconnected with any foreign demand,
in fact met by the re-issuing of the H. notes?—At
Norwich it was, and I believe at one or two other

places.
110. You stated that in 1825 the supply of 1/. notes
from the Bank was serviceable in checking the alarm of
that period ; was not the Bank in the habit of issuing 11.
notes prior to December 1825?—N0, not subsequent
to their having been called in.
111. But they happened to have a supply of 1/.
notes ?—Yes ; they were printed before the notes had
been withdrawn.
112. Have the Bank now any provision of 11. notes ?
—They have the remainder of the stock of 1825. I
believe there was an additional amount of 11. notes
printed at that time.
113. Have they a considerable amount now in readi-
ness for circulation ?—I shall be very glad to furnish
any return the Committee may please to order upon
that subject.
114. Has the Bank considered that it might, under
circumstances of commercial or political alarm, be an
useful provision to have I/. notes ready for issuing ?
I believe I can safely state, that of late years they have
made no provision whatever with regard to such con-

tingencies.
115. Were not the Bank restricted from signing 11
notes after October in 1826 ?—I believe they were.
116. Did the Bank issue any 1/. notes between 182
and 1825 ?—They did not issue any small notes from'
the time of their being called in, which I believe was in
1821 or 1822, until the year 1825.
117. Can there be any doubt that that issue of 1/.
notes made in 1825 had a most beneficial effect upon
the transactions of this metropolis ?—I believe it proved
beneficial in stopping the run upon the country banks.
615. But still was there not such a drain of specie
from the Bank, that even that return of money
from abroad was hardly sufficient to meet the demand
from the country !—From the difficulty of getting the
necessary supply of coin from the Mint.
616. So that at that time, when the Bank was
drained so low, still the specie had not gone out of the
country, but was in the coffers of the country bankers ?
—Certainly, or in the possession of the public.
617. Was not the danger to a great degree ulti-
mately averted by the Bank issuing, at that extreme
period, its 11. notes ?—I believe it was ; I think I al-
luded in my former evidence to one or two places in
which that had taken place. The 1/, notes were cer-
tainly a very material aid at the period when the Bank
found it difficult to get from the Mint coin sufficient to
meet the demand.
663. Has it been the custom of the Government
to give opinions respecting. the management of the
Bank, or to interfere with Its internal management ?
Not to interfere with it.
664. Or to advise with respect to the quantity of gold
to be held ?—Not that I am aware of.
665. Or to call for information occasionally upon the
subject ?—I believe that has been done ; but it has
been more frequently volunteered by the Bank. There
has never been any concealment whatever of the principle
during my time.
666. During the time you have been at the head of
the Bank have the Government ever called upon you
for information as to what you consider the secret and
confidential part of their business ?—They have not
called for it, because it has been tendered.
667. Including the amount of bullion ?—lncluding
the amount of bullion.
668. But the Government does not possess any con-
trol over the management of the Bank ?—None.
670. If the Bank were conducted upon a fixed prin-
ciple do you think there would be any danger of a cala-
mity, such as the crisis of 1823, from an unfavourable
exchange?-1 should think not.
673. Do you think the foreign exchanges could
always be rectified without a crisis ?—I think they
would.
674. You have stated that you think the crisis did
not arise from an over-issue of Bank of England notes ;
was it not preceded by a great reduction of Bank of
England notes between February and December, 1825?
—Certainly prior to October, 1825.
67.5. A reduction having taken place, as was stated
by Lord Liverpool, of three millions and a-half, between
February and December 1823, can you conceive any
state of commercial affairs in this country when you
would not anticipate great calamities, as the probable
result of such a reduction of the circulation of the Bank
as that ?—Such a 'eduction has taken place between
August 1830 and February 1832.
676. Had the Bank any apprehension of great cala-
mities during that time ?—None.
677. Do you conceive that that has had any effect
upon the commercial and manufacturing state of the
country'?—lt probably has limited commercial opera-

Yi-iicent Stuckey, Esq., Country Banker, examined.
1°66. You have said that in certain cases the Bank
of England notes should be made a legal tender ; under
what circumstances ?—ln cases of alarm, and when the
Bank
of England should be authorized to pay in un-
coined bullion.

1200. But if the exchanges had been otherwise, in
that emergency would they have done right to refuse
you assistance ?—When people want gold at a period of
alarm, or bank notes in lieu of country bank notes, they
must be supplied, or all banks must fail. It might
have been right to do what I recommended to Ministers
at the time, viz., to pay in uneoined
Jeremiah Harman, Esq., late Governor of the Bank,
examined.

in
jenny great danger
42214. Were the Bank placed
in the month of December, 1825,
that short supply of bullion ?—No
so much so, thaetif the
2215. Did Exchequer bills fall in
the
it.
month
of December, 182,5 ?—Yes, qi:reesattilcoyonn:bequence o f
Bank had not lent its aid in a most uncommon
an
ner, there would have been a complete stagnation of
everything.
2217. Will you describe the manner in which the
Bank lent its assistance at that time ?—We lent it by
every possible means, and in modes we never had
adopted before ; we took in stock as security, we pur-
chased Exchequer bills, we made advances on Exchequer
bills, we not only discounted outright, but we made ad-
vances on deposit of bills of exchange to an immense
amount ; in short by every possible means consistent
with the safety of the Bank.; and we were not on song
occasions over nice ; seeing the dreadful state in which
the
public were, we rendered every assistance in our
power.

2220. Did the Government recommend to the Bank
an increased issue of bank-notes at that
_period ?
Whnther they recommended it or not may admit of a
question, but that they encouraged it is most certain.
2221. Did the Bank state to the Government the

low amount of its bullion at that time ?—The Minister
knew everything;; there was no concealment.
2224. Did any communication take place between
the Bank and the Government, respecting an Order in
Council to restrain payment in gold at that period?—
Yes, it was suggested by the Bank.
2225. What answer did his Majesty's Government
give to that ?—They resisted it from first to last.
2227. Was there a period in December, 1825, dur-
ing which the Bank contemplated the great probability
of being entirely exhausted of gold ?—At the latter
end of 1825, decidedly.
2228. Do you recollect the lowest quantity of gold
which the Bank possessed during any period of De-
cember, 1825 ?—No, I do not remember immediately ;
but it was miserably low.
2230. It was stated by the late Mr. Huskissun, to a
Member of the House of Commons, that he, as a
' Member of the Administration at that time, sug-
gested to the Bank, that if their gold was exhausted,
they should place a paper against their doors,
stating that they had not gold to pay with,
but might expect to have gold to recommence
payment in a short period ; do you recollect such a
suggestion ?—There was such a suggestion.
2232. The Bank of England issued 11. notes at
that period ; was that done to protect its remaining
treasure?—Decidedly, and it worked wonders ; and it
was by great good luck that we had the means of doing
it, because one box, containing a quantity of 1/. notes,
End been overlooked, and they were forthcoming at the
lucky moment.
2223. Had there been no foresight in the prepara-
tion of those 1/. notes ?—None whatever, I solemnly
declare.
.2234. Do you think that issuing of the 11. notes
did avert a complete drain ?—As far as my judgment
goes, it saved the credit of the country.
2261. In the month of December 1825 the Bank
made very great advances to the public, and you are of
opinion that by those advances they saved the public
credit of the country and the private credit of the whole
commercial community ; at that period you have stated
that your balances of bullion and coin were very low ;
arc you not generally of opinion that in all cases of
panic, though your coin may be very low, it may be
judicious in the Bank to advance bank notes, to prevent
the increase and mischief of the kind described ?—I
have no doubt of it.
2263. You think, therefore, that it is not on every
possible occasion strictly true, as a general maxim, that
it is wrong in the Bank to advance bank notes, even
when the bullion may be exceedingly low ?—That has
always been my opinion ; but I know that it is one
that has been extremely criticised and objected to ;
but I am glad that I am out of the way of the exer-
cise of so painful and anxious a responsibility.
2264. As every general rule has an exception, do
you not think that such an exception to the rule re-
ferred to existed in the month of December, 1825 ?—I
am sure it did.
2269. Is it not true that after the Bank of England
had on a particular day determined to issue their 11.
notes instead of gold, within a week of that date, or
thereabouts, the panic vanished like a dream ?—Yes,
whether that was the cause or not, the fact is perfectly
right ; the 11, notes were received with acclamation,
almost.
2270. Had you any doubt it was the cause ?—I have
none upon the face of the earth.
G. W. Norman, Esq., late Governor of the Bank,
examined.
248]. Do you suppose that the 1/. notes of the Bank
at that time stopped the panic ?—To a certain degree.
2482. Are you aware that the drain by the public
for gold at Norwich was stopped by the Bank at Nor-
wich refusing to give anything but Bank of England
notes in exchange for gold?-1 have heard something
of the kind.
2483. Did you hear that when the people of Nor-
which found that they could receive no other exchange
for notes of the Norwich Bank than notes of the Bank
of England, they then ceased to demand payment of
the paper of the Norwich Bank ?—I have heard some-
thing to that effect, but am not aware that the fact
was so. . .

N. M. Rothschild, Esq., examined.
4582. Supposing the bullion is drawn from the
Bank by paving in an amount of bank notes, do
you thir.k that the Bank ought to make any extra-
ordinary steps to issue those notss again to the
public ?—lt depends upon how the Bank feels it ; if the
Bank feels itself strong enough it may do it ; but they
must act according to their means.
4896. Was the Bank liberal in its discounts at the
period of the panic, or did it at that time reject good
bills tendered for discount ?—Before the panic bgan
there was an immense number of bills drawn for corn,
wool, spelter, &c. ; and when the Bank found so many
of those bills coming they refused to discount ; but
about ten or twelve days after the Bank found it would
do no good not to discount, and they then discounted
any bills that were sent in, drawn on good houses, to
any extent.
4901. Do you think that discounting largely with an
adverse exchange, and contracting the discounts with a
favourable exchange, and a panic rising, was prudent
management ?—I think the Bank managed at that time
very well indeed ; there was a great demand for spe-
cie, and a great demand for discounts, and very great
speculation, and a great many bankers failing ; and I
think the Bank at that time acted in as honest and con-
scientious a manner as could be.

4947. You think the best principle the Bank can
adopt is to issue largely, and to make the currency
abundant ?—Yes ; if this country has money in abun-
dance, it will have all the trade from the whole world ;
and if you make money very scarce, the trade will go to
other countries.

THE NEW:JUDGE.—A Correspondent, usuall.
well informed, communicates to us the startling intel

ligcnce that Mr. Turtoi, whose appointment in Canada
procured for him so unenviable a notoriety, is destined
to be the new Judge in the room of the late Mr. Justice
Vaughan. Notwithstanding the confidence we feel in
our informant, we cannot bring ourselves to believe that
such an outrage on the best feelings of the community
can be seriously intended.—Morning Post.
GRAND FUNERAL PROCESSION OF THE
MARCHIONESS OF SALISBURY.—This morning at nine
o'clock the mortal remains of the late Marchioness of
Salisbury were removed from the town residence, in
Arlington-street, Piccadilly, for interment in the family
vault, at Hatfield, is Hertfordshire. The funeral pro-
cession consisted of four porters on horseback, state
horse, carrying a gentleman, with the coronet, on a silk
crimson velvet cushion ; the hearse, drawn by six
horses, was followed by the carriages of his Royal
Highness the Duke of Cambridge, the Duchess
of Glouce,-ter, the Princess Matilda Sophia, the
Dukes of Wellington, Portland, Buccleugb, Beaufort,
Cleveland, and Northumberland, Marquis of Exe-
ter, Lords Cowley, Brownlow, and numerous others.
The procession moved from Arlington-street, along
Albemarle-street, Bond-street, on to St. John's Wood,
when the carriages quitted, and the funeral procession
moved on along the New North-road to Hatfield, where
tl'e funeral will take place by torch light, at seven
o'clock.
An old Whig, contrasting the mode of political
warfare in his time with the Tory tactics of the present
opposition, observes, that " much might have been said
of the extreme proligacy of the Court of George the
Fourth ; but it was passed over in silence. How dif-
ferent is the conduct of the present Opposition ! The
Morning Post has subsisted for seven months on the
case of Lady Flora Hastings.
THE PLEASURES OF CONVERSATION I—lt

- - -
would appear, by the subjoined advertisement published
in Belgium, that conversation is much valued in King
Leopold's dominions :—" Advertisement.—To Persons
wishing for Instructive and Amusi❑g Conversation.—
BAron --, well acquainted with all the languages of
Europe, which he has visited during fifteen yeas, as
well as the other parts of the world, in order to study
their manners, customs, and commerce, has the honour
to apprize people of the 'world desirous of enjoying an
instructive and amusing conversation, that he receives
visitors from six in the evening to twelve, in his draw-

ing-room at the Hotel de l'Etoile d'Or, at the rate of
five francs per person and the hour. He waits on
such as wish for his company at ten francs the hour,
and accepts but three dinners a week at the rate of
twenty francs."
DEATII BY MACHINERY.-On Sunday morn-
_

ing a fine youth, twelve years of age, named George
Taylor, lost his life in the following manner :—The de-
ceased, who was in the employment of Mr. Marshal, a
tripe-dresser, in Osborn-street, Whitechapel, was sent
to the back premises to pump some water from a deep
well, and which is done by a machine worked by a horse
In the course of the business it was necessary that the
lad should place a cork in one of the pipes to direct the
water into other vessels, and in doing this, he leaned over
a square shaft, through which there passed a bolt and
lathe. Hav;rig caught hold of this, he became entan:
Bled, and was rolled round several times on the crowded
machinery, a-id was crushed to death. His entanglement
in the machinery caused the horse to stop, and by this
means he was discovered.
MENDICITY AND MISFORTUNE.—Ellen Carr
and her three sisters deny the truth of the Mendicity's
managers' statement. They have received in dona-
tions 501. Mr. Corpe, who interested himself in their
behalf, very properly says, " whatever faults the family
may have, they ought not to be starved to death. The
landlady (he adds) gave a most excellent.account of the
girls, as also the neighbours. There is nothing what-
ever,i in their appearance or deportment to found even
a shadow of suspicion against them. Their manner is
artlessl '
and simple, and btrays nothing but misfortune.
After buying them selves necessaries, they placed a 51.
sntoatteeo
inf
destitution, m y hands voluntarily, to take care of. From a
theyarenovv, thanks to a generous
public, in comparative
eldest,m comfort.
th Three
he r opf 0
otrh them t
haerre,
e with going to service, and thebeing in a weak state
of heath, will remain at home
who
o isisill'"
It said to be the determination of the Shah
I
7of Persia to send an arm
of 23,000 men against
Bagdad.