The Sun.
London, England, 1839-06-21 00:00:00

CRIMINAL COURT.-(THIS DAY

THE CHELSEA 'MURDER.
William J. March .nt having been placed at the bar charged
with the wilful murder of Elizabeth Paynton, pleaded guilty,
and after warning him of the consequences of his pet sisting in
his plea,
Lord Chief Jastice Ti s DAL proceeded to pass the awful sen-
tence of the law upon him.
The prisoner seemed mech affected.
'TIE MURDER AT WOOLWICH.
George IVillis, asoldier in the Royal Artillery, was then ar-
raigned for the wilful murder of William Shepherd, a sergeant-
major in the same corps, on the 26th May last, and pleaded
not guilty.
The evidence, which was similar to that given before the
Coroner, was then gone into, and the Jury found the prisoner
guilty._

Lord Chief-Justice TINDA L, in a most solemn and affecting
address, sentenced the prisoner to suffer the extreme penalty of
the law, and held out no hopes of mercy.
The prisoner, who had not betrayed the slightest emotion
during the whole of the proceedings, walked out of the dock in
the most unconcerned manner.

Want of space prevents our giving the particulars of this trial
which shall appear to-morrow.

-4ADY BLESSINGTON'S " IDLER IN ITALY."
-The popularity of this charming book may be imagined
from the fact of a new edition having been already required.
" This work," observes the Argus, " must rank at the
head of the many diaries of continental travels. As a vir-
tuoso, a critic, a story-teller, an anecdotist, a sketcher of
men and manners, and, we will add, of nature, Lady Bles-
sington is always clever. Now she is amusingly, usefully,
an i wittily describing, the contretemps attaching to cross-
ing the Channel in a packet, then she will be slily ' taking
off' the most characteristic traits of her fellow- passengers;
or relating her experience of French comforts and discom-
forts ; or giving us, in sprightly terms, her impressions of
continental towns—as Rouen, Fontainbleau, Geneva,
Lausanne, Berne, Baden, Zurich, &c. &c., ad infinitum.
These acounts are intermixed with anecdotes, with
descriptions of scenery, criticisms on pictures, archi-
tecture, literature, human character, and every con-
ceivable thing worthy so tasteful a Cicerone's re-
gard. Lady Blessington relates many anecdotes
of Napoleon that we never heard before. Quite as
much, or more, cloth she prattle about Byron, Two sub-
jects re invigorated with life and spirit by her Ladyship.
This work, from the reputation of the writer, her station
in the bon ton, and its own inherent merits, will be a very
popular book, and to the continental traveller it is ' for all
time' as an amusing guide, at least."
THE LION, A TALE OF THE COTERIES.—
It has lcng been a subject of surprise that the literary co-
teries cf the day have not hitherto been turned to more
piquant account by those who enjoy the somewhat ques-
tionable honour o tf co posi ig them. The reason, no doubt,
is, that no one could hope to perform such a task effectually,
wit:rout the imminent risk of being visited by a Bill of
Pains and Penalties, proportioned in severity to the truth
with which the pictures might be drawn. At length, how.
ever, a literary Lion" has been found—or one who is
destined to be such (for the authorship of the work is
kept a secret), who adds fearlessness to the other qualities
cf the character ; and the result, we understand, is likely
to be a work of singular amusement—the history, in short,
of a man of genius—from tbe'earliest development of his
dangerous gifts, up to the attainment of their highest aim,
in universal popularity and admiration, and their usual
attendants, universal " envy, hatred, malice, and all un-
charitableness."

MONEY MARKET and CITY NEWS.

TIME S.—The following notices, which were issued
on Thursday afternoon at the Bank, have produced an ex-
traordinary sensation all over the City :
No. 1.
"BANK OF ENGLAND.
" At a Court of Directors, held 20th June, 1839,
" Resolved,—That the rate of interest on Bills of Ex-
change, and Notes discounted at the Bank of England, be
51 per cent from this day."
No. 2.
" The Governor and Company of the Bank of England
do hereby give notice, that all further advances which may
be made in pursuance of the Order of Court of the 30th ult.
will be at the rate of .53- per cent. from this day, and that
such advances will be made on bills of exchange only.
" Bank of England, June 20, 1839."
With respect to the notice No. 2, referring to the
order of Court of the 30th ult., it is to be observed, that
like all which have preceded it, it was accepted as a sort
of engagement on the part of the Bank that it would re-
main in force until the period named in it, i. e , the 15th of
July, without modification or interruption. By the new
order, issued before the original one had run out, not
only is the rate of interest raised, but every class of "ap-
proved security" allowed in the first order, with the excep-
tion of bills of exchange, is now excluded. No doubt
this latter is the more wise and proper proceeding on the
part of the Bank Directors in their present difficulty,
but the complaint is, which it is very difficult to
answer, that any alteration should have been made
by the Bank before the expiration of the first
order, as all the commercial and monied ar-
rangements of the city have been made on the faith
that it would be adhered to. A question has been
raised also with respect to the advances on deposit, whether
a charge of 51 per cent, is not a breach of the Usury
Laws, which only sanction a rate beyond 5 per cent. in
cases where actual discount of bills of exchange, having a
certain time to run, is effected. Another circumstance
noticed in connexion with this measure is, its having been
brought forward at this peculiar period, only two days after
the time for sending Exchequer Bills into the Treasury to
be exchanged for new ones. Many of the large holders
say, that had they been aware of an intention on the part of
the Bank to exclude them from the class of securities on
which advances arc to be made under the order of the 30th
of May, they would not have taken new bills, but would
have demanded money at the Treasury. Altogether the
dissatisfaction and anger expressed at these notices is very
great, of all which the Bank Directors, being mercantile
men themselves, must have been fully aware, and this only
proves the more clearly that they at length feel all the dif-
ficulty of their situation, of which they have bad such re-
peated warnings, and that in the attempt to save themselves
they are compelled to forego all other considerations.
It is now admitted that Mr. Jaudon will shortly leave
this country, and that the agency for the United States
Bank, so far as he is concerned, will be relinquished. At
the same time it is ccntended that it is the agent only, and
not the agency, which undergoes any alteration or change,
as the same transactions will be conducted through the
house of Baring Brothers as was done heretofore, before
the trade of the two countries underwent the great convul-
sion of 1837. This is, however, a most vital change as
regards the character of the agency, as it substitutes a
mercantile firm of the first class for a simple agent possess-
ing no sort of consequence in his own person, but deriving
all from his appointment and his connection with the insti-
tution at Philadelphia. It is of no importance what the
wealth or resources of that institution were; it has ever
been and must continue to be the strict commercial usage
to require that each added name shall give increased secu-
rity to any instrument to be negociated, and to repudiate
all indorsements by a mere agent for his principal.
CHRONICLE.—This has been a most eventful day
(Thursday), in the City, and is one which will be long
remembered throughout the country, from the fearful re-
sults which it is universally expected to engender. The
whole City, in fact, has been thrown into a state of the
greatest confusion by the notices issued from the Bank of
England this afternocn.
By the above it will be seen that the Directors have not
only rescinded the notice of the 30th ult., whereby loans
were guaranteed to be made upon bills of exchange,
Exchequer bills, and other approved securities, until the
10th of July, at 5 per cent., but have confined their advances
to the security of bills of exchange only, thus wholly stul-
tifying their notice of the 30th ult., and confining to the
utmost limit possible the accommodation to the public.
The consequences of this step may be expected to be
most serious, not only in London, but in Lancashire and
the manufacturing districts. In November and December
last the Directors did everything in their power to make
money cheap, and encourage speculation, when they ought
to have curtailed the circulation ; and now they rush into an
opposite course. Every day more clearly shows the neces-
sity of some measure on the part of the Legislature for se-
curing the public against the revolutions created by the
Bank. The notice from the Bank of England is moreover
a breach of faith ; for although by the former notice the Di-
rectors did not legally pledge themselves to continue to ad-
vance money on Exchequer Bills, it was considered the same
by implication, a precedent to the contrary having never be-
fore occurred. Bankers and other monied men lent money
freely on Exchequer Bills at 5 per cent., and many per-
sons, indeed, bought them on the implied faith of the Bank
that the promised advance could always be obtained upon
them. It is, however, surmised that the notice of the
Bank to make advances on Exchequer bills at all, must
have been to enable the government to renew the bills due
in June at Id. ; for had the bank not agreed to do it, the
premium on the bills would have sunk so low, that the inte-
rest would have been obliged to have been raised, or pay-
ment demanded. However, the crisis has arrived—one of
the most eventful moments which have occurred for a long
time has now come upon us, and the community at large
will indeed be fortunate if the most serious events do not
result. Trade and commerce at any rate must become
perfectly stagnant.
The English Stock Market opened particularly firm,
and everything looked well ; for although it had been
whispered about that it was the intention of the Directors
of the Bauk of England to raise the rate of discount, no
one believed that they would ever have recourse to such a
shortsighted scheme, and purchases of Consols were freely
made. The truth, however, was soon made known, and
the greatest excitement took place in the market. Con.
sole rapidly fell from 931- to 931 sellers, a depression of
per cent. ; and Exchequer Bills receded from 283 to 30s.
prem. to 103. to 15s. prem. Everything, in fact, soon
assumed a most desponding appearance, and all parties
seemed desirous of disposing of Stock. No re-action oc-
curred at the close of business. All things were then still
heavy, at the lowest quotations.
HERALD,.—The Bank has been urged to this extra-
ordinary step we believe not without some sound rea-
sons. It will have been seen from the terms of this notice,
that Exchequer Bills and India Bonds are excluded
from its operation, as well as stocks, since the rate of
interest now required would nearly double that of
all the public securities. We have, however, some
reason to believe that the Bank of England will be
open to negotiations for advances upon Exchequer Bills
and India Bonds. The advance of the rate of inte-
rest upon commercial paper to 51 per cent. per annum,
has created much interest, since it is the first time
that the Bank of England direction have availed them-
selves of the power to raise it abuse 5 per cent. per annum,
which was conferred upon them by the Act of Parliament
renewing the existing charter. Opinions differ as to the
policy of this step, but we cannot deny that the task has
been pressed upon the bank by outward circumstances.
It is also premised that the rate of interest will again be
further advanced in a short time, perhaps next week, ac-
cording to circumstances.
It appears from information upon which we can safely
rely, that the bills arising out of the late overdone trans-
actions in cotton and corn, are not tire only species of
paper which has lately been rejected by the Bank of
England.
We had occasion to revert on the last post-day to the
continued drain of bullion for the continent. From un-
questionable authority we learn that bullion to the amount
of 180,0001. went to Hamburg on Tuesday last, and that
it has been preceded by several other shipments en
route to St. Petersburgh ; moreover, we are equally cre-
dibly informed that there is still a strong demand for that
market. Authentic advices from the Russian seat of Go-
vernment state that the Autocrat is actively engaged in
filling his military chests with gold and silver bullion, and
that it will be continued at any sacrifice of premium whilst
the Mints of Holland and Germany are engaged in coining
roubles, &c., for the same potentate. The Bank of Eng-
land, by its constitution, is thus made the bullion broker
of all the world ; and, thereby, is placed in a very awk-
ward situation, since, on the one hand to defend itself it is
compelled to limit its business with a view to govern the
exchanges. This of course forces a great deal of paper
upon the joint-stock banks, who, by extending their busi.
ness, defeat the operations of the Bank of England. We
trust that the inferences which may be drawn from the
circumstances referred to, may not be lost upon our future
Chancellor of the Exchequer, when it may become
his duty to introduce a legislative enactment to renew the
Bank charter. This we say impartially, for it must strike
every one, excepting the merest tyro in monetary matters,
that it is due to the country at large, indeed to the bank
itself, that the next charter must materially alter its func
tions.

• The determination of the Bank of England to raise the
rate of interest upon commercial discounts has created no
small degree of sensation upon the Stock Exchange, and
• it has had the effect of completely checking all business in
either the British or Foreign Funds. It is true that not
many sales have been effected:in either house, but this may
be easily accounted for, since on the one hand the buyers
were very shy cocks, and the sellers, except where driven
by necessity, dared not to crow a selling price.
POST.—These two notices seem to speak so well fur
themselves that we refrain from going into any lengthened
observations respecting them. They arc supposed by some
persons to be levelled principally at the Joint-stock banks
in the country, and there can no longer be two opinions as
to the injurious operation of these establishments, especi-
ally in the earlier period of their existence, each being in-
duced, as a means of maintaining a competition with the
private banks, and of laying a flout ishing statement
of its transactions before the shareholders, to grant
facilities very far beyond what any reflecting person
could consider a reasonable limit. Such a system of
doing business cannot but be highly detrimental to
the country, and the events of the last three years show
but too plainly that among the sufferers by these Banks
the greatest have been the, shareholders themselves.
We, nevertheless, very much doubt that the Bank of
England have been influenced in their present arrange-
ments with reference to any particular class or classfeu
It seems to be the general impression that a still.
usr.tfheewr
advance in the Bank rates may become necessary
rto stop
the and that even this may be hardly sufficiesOme con')
the continued drain of the precious metals,
necessary
slseaarsyt
siderable amounts are, it appears, still truaafirl:.din,ga3toth
northward. Other expedients have bdeel
nation. An issue
been named,
less derange.
cal-
culated to produce such an effect, an
ment to the commercial affairs of the
of' one-pound notes, couldi
authority for such a step. sthpeerphaapnks thobetareinadtiheest
objectionable, as a temporary measure, that can be
thought of.