The Sun.
London, England, 1839-10-03 00:00:00

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LONDON :
THURSDAY, OCTOBER 3, 1839.

The state of the Money Market, we regret to
learn, is making itself sensibly and painfully felt in
the manufacturing districts. The high rate of in-
terest embarrasses all those who trade on borrowed
capital, as nine-tenths of the manufacturers and
merchants do to some extent. Amongst the ma
nufacturers who work for the home market exclu-
sively, and who can still obtain the customary
rate of profit, the difficulties are not so great, but
amongst those who manufacture for foreign coun-
tries, where they must compete with the French,
Americans, and Germans, and whose profit was
before the smallest possible to enable them to con-
tinue their operations, the present rate of interest
completely stops them. Tuesday week, we are
informed, was the very worst dal/that has been known
in the Manchester Market for a long time. If
the manufacturers cannot get any profit, they must
and will cease working, and the coming fate of our
crowded manufacturing population appears appal-
ling. " I have come to town," said our informant,
"to learn what we are to do with our poor." In
idleness they cannot be maintained, employment is
diminishing, and the Bastiles, which they have been
taught to abhor seems likely to be their only refuge.
Winter is coming, when the insurance on mills is
raised, when it becomes more expensive to work
them, and more temptation, therefore, to add to
' the number already stopped. To see the present
social system violently deranged so soon after the
Chartists, who wished to amend it, have been con.
tum eliously treated, will not add to the public
security, to the sanctity of the Constitution, nor to 1
the reputation of our statesmen.
Hitherto, we are informed, machine making, a
new and flourishing branch of industry, which gives
employment to a great number of hands, which ,
stimulates the collier, the miner, and the iron
master to great and renewed exertions,—has been
extremely prosperous. The orders were more nu-
merous than the workmen could execute. Now, many
orders have been countermanded or suspended, ne w
ones are not given, and great shakiness is beginning
to be felt in this most ingenious and skilful of all our
trades. Unless this downward tendency be arrested and
that speedily, we may look for the most disastrous
consequences. Very soon the revenue, already defi-
cient, will be affected ; then public credit will sink ;
a difficulty will be felt, with Exchequer Bills at
a discount, to pay public servants and the interest of
the debt ; and too soon, in our opinion, our financial
difficulties cannot be met, and, if possible, overcome.
In another paragraph we have again called atten-
tion to the propriety of issuing one-pound notes,
though we are aware that the public will look, and
ought to look, with great jealousy at every such
addition to the power of that corporation which is
the main cause of our financial difficulties. Besides
the issue of one•pound notes there is another means
which may now be most appropriately used to meet
the present difficulties, while it will be a step towards
correct principles.
WHY, WE ASK, SHOULD NOT SILVER AT
\TvIIOIUSLI‘DIONIII:ENNTOTBEBEMBAEDTETEARLTEHGAALN TTEHNEDER?
PRO-
MISES-TO-PAY OF AN ALMOST BANKRUPT
CORPORATION ?