The Sun.
London, England, 1839-07-04 00:00:00

BANK OF IRELAND.

PUBLIC MEETING AT DROGHEDA TO PE-
TITION AGAINST THE RENEWAL OF THE
BANK OF IRELAND CHARTER.
On Monday, the Ist of July, a public meeting of the
agriculturists, merchants, manufacturers, and traders of the
town and county of the town of Drogheda, was held in the
Thelsel, pursuant to a requisition most respectably signed
and forwarded to his Worship, Thos. North, Eq., Mayor
of Drogheda, when the following resolutions were unani-
mously passed:—
I.—Proposed by Henry Smith, Esq., J. P., and se-
conded by Patrick Boylan, Esq.--That his Worship, Thw.
North, Esq., the Mayor, be appointed Chairman of this
Meeting.
2.—Proposed by Mr. Michael Leains, and seconded by
Mr. Patrick Kelly—That Mr. Nicholas Whitworth be ap-
pointed Secretary.
3.—Proposed by Edward Atkinson, M. D., and seconded
by Patrick Boylan, Esq.—That we have heard with min-
gled feelings of surprise and indignation that it is the inten-
tion of the Chancellor of Exchequer to renew the Charter
of the Bank of Ireland, with all its exclusive privileges;
, and that we consider such renewal as calculated to inflict
deep and lasting injury upon the agriculture, commerce,
trade, and manufactures of this town, and of the circle in-
eluded within fifty miles of Dublin.
4 —Proposed by Nicholas Boylan, Esq., and seconded
by Mr. Robert Daly—That it is the undoubted right of
I every town and district of the United Kingdom to enjoy
equal rights and privileges ; and that oppressive and ex-
elusive laws, enacted for the purpose of giving a monopoly
to any number of individuals, is repugnant to the principles
of the British Constitution ; and although there might
have been some excuse for ancient Parliaments making
' such laws, when the true principles of legislating for the
real interests of commerce, trade, and manufactures were
but imperfectly understood ; yet in these enlightened
times, when the British Empire has to contend with power-
ful and skilful rivals, both on the Continents of Europe
and America, it is not to be tolerated that the antiquated
and exploded notions which prevailed when the Charters of
the East India Company and the Bank of England and
Ireland were granted, should any longer be permitted to
prevail.
s.—Proposed by Henry Smith, Esq., J. P., and seconded
by Patrick Matthews, Esq.—That in consequence of hopes
held out to the deputation from this town, appointed to go
to London in June, 1838, on this subject, by the Chancel
for of the Exchequer (that he did not intend to recommend,
in renewing the Charter of the Bank of Ireland, that such
important and rising mercantile towns as Drogheda and
Dundalk, should be included within the limits of their
monopoly, but should be left open to enjoy a free
trade in Banking,) has induced many of the
spirited and industrious inhabitants of this town to extend
their trades and manufactures to an inconvenient
extent if not supported by an extended banking
accommodation :—and that such persons will suffer pecu-
niary loss, and the operatives and community in general
great inconvenience, if compelled to depend upon the pre-
sent contracted issues of one Bank office; whose business,
as appears from the returns made to Pariament, does not
exceed 600,0001. per annum, whilst the present trade of
Drogheda averages 2,000,000/. per annum at the least.
6.—Proposed by Mr. Joseph M'Loughlin, and seconded
by Mr. W. Campbell—That being fully aware of the dif-
ficulty which the Legislature has to contend with, in re.
ference to the Bank of England, in consequence of the
connection necessarily created by the enormous National
Debt, and the controul of the exchanges, which requires
a power over the circulation that ought not, in more
favourable circumstances to be tolerated; yet in this
country, where none of these difficulties exist, and where
the Bank of Ireland is not required to assume any of these
important functions; when at the same time the business
transacted for the public by this establishment, might be
performed quite as efficiently, and at considerably less ex-
pense, by one of the Joint-stock Banks, there can be no
just or rational grounds assigned for a continuance of the
Bank of Ireland monopoly, as no advantages whatever to
the public can result therefrom ; but, on the contrary,
there will be continued a large useless expenditure, and an
unjust, oppressive, and partial restriction of banking ac-
commodation in many towns and districts.
7.—Proposed by Mr. Alfred Cowdroy, and seconded
by Mr: Nathaniel Hill—That our representative Sir \Va-
liant Somerville is entitled to our warmest thanks for his
unceasing exertions to prevent the renewal of the Bank of
Ireland monopoly ; and should the Chancellor of the Ex-
chequer persevere in his determination to renew the Char.
ter, we earnestly and respectfully call upon our representa-
tive not only to oppose such measure, but also to withdraw
his general support from the Government, as we consider
that any Admistration which could sanction a measure cal-
culated to inflict so many crying evils upon the people of
Ireland, to be totally unworthy of public confidence.
B.—Proposed by James Mathews, Esq., seconded by
William M'Kenna, Esq.—That the Irish Members of Par-
liament be requested not to leave Lot.don until the Bank
question be decided, as it so materially involves the future
prosperity of this country.
9.—Proposed by Mr. Wm. Campbell and seconded by
Mr. Nicholas Mackey—That it is the opinion of this Meet-
ing, representing the trading interests of Drogheda, that a
Petition to Parliament be now adopted, setting forth the
wants of the inhabitants, and praying to be heard by
Counsel at the bar of the House of Commons to avert the
heavy blow threatened to be inflicted on their the proper-
ties and against the general interests of the country. And
that a deputation be now appoinhed, to consist of the, fol-
lowing gentlemen, to proceed forthwith to London for the
purpose of promoting the objects of this Meeting, viz.._
The Mayor of Drogheda, Alderman Henry Smith, Dr.
Atkinson, Nicholas Boylan, EFq., and Ncth. Hill, Esq.
10.—Proposed by Win. M'Kenna, Esq., seconded by
Mr. Thomas Hammond—That the merchants, manufac-
turers, and traders of Drogheda, in common with ail per-
osns suffering from the effcts of the moncpoly of the Bank
of Ireland, have looked up to Mr. O'Connell in his two.
fold capacity, as Governor of a Joint Stock Bank, and
also as the guardian of the interests of all Ireland, to take
a decided position in opposition to the Chancellor of the
Exchequer's intended measure of renewing the Bank of
Ireland Charter for 15 years. And ia the event of his
persevering in this iniquitous and unjust monopoly, that
Mr. O'Connell be most respectfully requested by this
meeting to call upon all the Irish Members to join him in
giving this measure their most strenuous opposition.
THOMAS NORTH, Chairman.
NICHOLAS WHITWORTH, Secretary.

NATIONAL CONVENTION.

BIRMINGHAM, WEDNESDAY

SECRET SITTINGS.
, The Delegates were engaged upwards of an hour in
secret conclave, reporters as well as the public having been
excluded. What was the subject matter of debate it was
impossible to ascertain. At length the doors were opened
and Mr. SMART was called to the chair.
Mr. BURNS called the attention of the Convention to a
statement which appeared in the Northern Star of the
18th of June, to the following effect, " Dr. Taylor, in a
speech at Dundee, said that he ( Mr. Burns) had, on the
10th of June, recommended Moscowing the country ; on
that occasion there were present ten Government reporters,
but after that day he (Mr. 11.) absented himself."
Dr. TAYLOR replied he knew nothing of the reports in
the Northern Star. If Mr. Burns had anything to say to
him, he (Mr. Burns) knew where to find him —( Order.)
Mr. BURNS denounced Dr. Taylor's assertion as being
completely at variance with truth.
RUN UPON THE BANKS.
Mr. CARGO moved the app ,irAment of a Committee, to
consider of and report the best means of converting bank-
notes into gold, in the distant parts of the country. The
people in those places were in a most feverish state regard.
ing the means of getting gold for banknotes. The latter
were of no use, as they will not be taken in exchange for
gold.—( Hear, hear.)
Mr. O'Connor having seconded the motion, Messrs.
James Taylor, Moir, Cardo, and Dr. Fletcher, were ap-
pointed members of the Committee. •
Mr. NlTooonousE reported his mission to Brighton,
Mansfield, and other places. In all the agricultural dis-
tricts he met with the greatest opposition. In Bayham it
was the intention of the farmers to take him and duck
him.—(Hear, and laughter.) The exclusive system he
recommended, and it was generally adopted where the
Chartists were to be found. In Mans.field there were 150
stand of arms, which the Duke of Portland allotted to
every man possessing a garden.
Mr. O'CONNOR said that the Government had not sent
down those arms ; they were the property of the Duke of
Portland, and were given to the people by the Duke, with-
out the consent, assistance, or advice of the Government.
—( Hear.) This he stated on the sworn evidence of Mr.
Ilnwin, a Magistrate of Mansfield.—( Hear.)
Mr. JAMES TAYLOR reported his mission as being most
satisfactory, and that the people were resolved to adopt
without delay ulterior measures.
ULTERIOR MEASURES.

Dr. TAYLOR rose and said that he intended to submit
.o the Convention the best means by which they could cdrry
out with the utmost speed the ulterior measures. When
he went down to his constituents from the Convention he
formed the resolution to sit no longer on the Convention
unless he received final orders from them as to ulterior
measures, the time for watching the National Petition
and the Charter having expired..—( Hear, hear.) With
this view he visited every village and hamlet in his own
district and the adjoining places, and invariably found the
people ready and anxiously looking for ulterior measures.
In Paisley he held four meetings ; at Barrhead three
meetings, and meetings at Kilbarchan, Johnston, Elderslie,
Renfrew, Eaglesham, Renfrewshire, Tillicoultry, Altos,
Bonhill, Alexandria, Newcastle, Carlisle, Wigton, Glass
gow, and Hamilton. He was also in close correspondence
with Govan, Maybole, Cumnock, Mauchline, Irvine, Ayr,
and West Kilbride. The result of those meetings and
communications, was the most incontrovertible evidence of
the people of those places being ready to obey the fiat of
the Convention without hesitation.—(Cheers.) His
opinion was that they should issue their fiat, calling upon
the country to adopt the whole of the resolutions contained
in the manifesto.—( Hear, hear.) But for the sake of
unanimity, and as he looked upon a sacred month the
same as a physical force revolution, he would content
himself by confining the fiat to a few of those
resolutions.—( Hear, hear.) The people were tolerably
well armed with muskets, but required bayonets to resift
cavalry charges—this error they will quickly redeem.—
(Hear.) In Tillicoultry there were rifle clubs who were
daily practising at the target under the guns of Stilling
Castle.—(Cheers.) There was no lack of arms amongst
the people, and he had received several orders for supplying
them with a better stock of weapons, which order he
would cheerfully obey.—( Hear, hear.) His constituents
will, at the election, return Chartist candidates, if those
candidates will be prepared to take their seats by other
than moral means.—(Cheers.) In conclusion, he moved
the following resolution :—" That the Convention
issue without delay a request to the country at large to
withdraw all moneys from all banks and persons hostile to
the People's Charter—to convert all money into gold—to
abstain from exciseable articles of luxury—to commence
exclusive dealings—and to use their constitutional privilege
of arming. That the 15th of July be anpointed the day
for the commencement of this plan." A
Mr. O'CONNOR seconded the resclution, and pressed on

EVENING EDITION.

•
the Convention not to hazard their cause, by prematurely
forcing forward the people, which would leave them an
easy prey to a powerful Government. They should not
press their power over the people, as a defeat
of a section would be the total overthrow of the Char-
' tists. He strongly approved of the sacred month, when
the people might act the part of honourable plunderers
instead of being arrant slaves.—( Hear, hear.)
Mr. CRAlG—Although acquainted with the different
places mentioned by Dr. Taylor, he must declare a total
ignorance of the instructions said to be given him (Dr.
Taylor). He would take no part in the debate, nor would
he vote on the question.—( Hear, hear.) Ayrshire v a a;
well organized and as well prepared as any other place in
' the kingdom, still he received no instructions to press
ulterior measures.
Mr. BCSSEY having stated that his constituency was
resolved on immediately adopting ulterior measures, that
they wore well armed, according to the Bradford journals,
and on which he could tell a deal, but it was not the time
to do so, that they adopted exclusive measures, and told
the shopkeepers what they might expect if they did not joie
the Chartists, moved as an amendment, that the whole of
the propositions contained in the manifesto be recom-
mended to the people for adoption on the 15th of July.
Mr. CARDO seconded the amendment.
Adjourned to Four o'Clock.
TUESDAY EVENING.
Bo!li yesterday and to-day considerable excitement has
prevailed, from its being currently reported and believed
that orders bad been received from the Home Office by
our borough Magistrates to disperse the vastly increasing
nightly assemblages of the Chartists, in the centre of the
town. On Monday the Conventionalists from the North,
with Mr. Feargus O'Connor at their head, were expected;
and, from the accumulated number of persons which it was
anticipated would be collected together to meet these
itinerant exciters of extreme Democratic principles, the
Magis.rates considered it requisite to be prepared for
any ulterior measures which might be considered neces-
sary. A meeting, in consequence, took place yesterday
afternoon, at four o'clock, at the Public Office, when
15 of the Magistrates, with Colonel Chatterton, who com-
mands the cavalry at the barracks, and Col. Thorn, the
officer in command of the district, were in attendance, but
the result of their deliberations was unknown. How-
ever, it was understood that every precaution would
be adopted to prevent the effects of any outbreak. At
about eight o'clock, the usual hour of meeting at the
base of Nelson's Monument, a considerable num-
ber of persons assembled, upon which the pension-
ers, to the amount of about 200, marched from the Town-
hall, in the direction of the place of meeting, and the
cavalry at the barracks were stationed at a convenient dig.
tance at the back of D) bah. On these signs of power
presenting themselves, the Chartists moved off to Gosta
Green, where Mr. O'Connor addressed them at consider-
aids length ; at the conclusion of which the whole body, to
the amount of full 2,000, marched with flags, banners, &c.
to the centre of the town, to the great alarm and terror of
the inhabitants. The pensioners and troops had, in the
mean time, been withdrawn. However, after one or two
short addresses, the immense numbers separated.
This evening the centre of the town has been thronged
with several thousand persons, apparently determined to
put all law and power at defiance. As regards their meet-
ing in the High-street, at the time of post leaving, great
numbers of persons were parading various parts of the town.
Every night appears to produce an accession of numbers,
and much dissatisfaction is expressed at the supiness of the
magistracy, in not, in the first instance, acting up to the
letter of their public notice, which declared such meetings
illegal.

MONEY MARKET and CITY NEWS

WEDNESDAY.
TIMES.—Some disappointment is expressed to-day
that Mr. Home's motion for an inquiry into the conduct of
the Bank of England was not brought on last night in the
House of Commons, but the mean trickery by which his
object was defeated excites, at the same time, no surprise;
it only adds to the conviction which before prevailed, that
the present Ministers are identified with the Bank Direc-
tors, and that no chance of redress remains to the country
so long as they continue in power. It these men possessed
a grain of pride or of manly feeling, they would, at least,
allow the question to have a fair hearing, and attempt to
dispose cf it, if that must be their policy, by some other
means. That at least would preserve a decent appearance
with their own adherents, and they could not be worse off
than they are already.
In adverting to the composition of the Board of Direc-
tion at the B.:tik, it is impossible not to be struck with
some recent changes it has undergone, and which have be-
come, independently of the general merits of their admi-
nistration, the subject of much blame in the city. We
allude to the extent to which the Members have become
agents for American state stccks and joint-stock under-
takings of various descriptions, and which conveys the sus-
picion at least of having availed themselves of the ruin of
the American banks, which they are charged with having
brought about, to rake together all the business they
possibly could of the s,,rne l and And, independently
of this view of the case, wtich may possibly
admit of some palliation, there is the violators
of principle which they have uniformly inculcated
in denouncing as mischi2veus the introducti,,n of
all such securities into this country. It is not to be
wondered at, that, sanctioned as they have been of late by
the names of Bank Directors, they should have been
adopted very wi lely by the public as investments. We
have heard these American securities described by intelli-
gent practical men rs the "plague spot" upon the money-
market of this country, meaning that so much capital is
locked up in them, through the temptation of higher in-
terest, that all other money transactions are cramped and
impeded. If the proprietors of Blnk Stock possessed any
poser of united action, or a proper sense of their own in-
terests and importance, they would call upon every Bank
Director who has lent himself to these transactions to re-
sign and make way for purer and better men.
An impression was prevalent in the Stock Exchange that
the rates of interest and discount would again be raised to-
morrow et the weekly board of the Bank Directors to
6 p.a. cent. An uneasyfeeling was abroad among the
dealers in the funds, on account of these successive opera-
tions for regulating the exchanges and restricting the
paper circulation so as to prevent the drain of gold, from
their apparent failure in attaining the end aimed at. The
transactions in the English market were not on a large
scale, but Consols receded to 931 buyers for the opening, at which they closed with a heavy appearance. Bank Stock was 191 to 2; Exchequer Bills, 255. to 275. prem.

CHRONICLE. There has literally been nothing
going on today, in the monetary or commercial world ;
and at the Stock Exchange there has been but little busi-
ness transacted. All parties, in fact, are waiting quietly
until it is more clearly seen which way events may turn,
and what will be the course adopted by the Bank of Eng-
land under the existing state of the exchanges.

POST.—The funds have been heavy to-day in both
markets. Consols left off at 93'1 to for the Opening,
and Exchequer Bills at 255. to 27e. prem. The untoward
appearance of the foreign exchanges yesterday afternoon
has rather disconcerted our speculators, each being of
course in doubt as to the next move that may be deter-
mined upon by the Bank of England. The general opi-
nion seems still to be that a further advance in the rate of
interest will take place to-morrow or on a future day,
though various other expedients tending to the same end
have been talked c.f. As an auxiliary measure, the tern-
porary issue of one-pound notes to parties who may
prefer them to sovereigns has been thought not at
all improbable, and the idea is one that is certainly en-
titled to attention. It is not to be supposed that this
or any other unusual alternative will be resorted to
by the Directors unless a very strong and urgent
necessity for it should be found to exist, which is not the
case at present. The exchanges here are apparently not
to be cc :,trolled by an advance in the rate of interest alone,
but it remains to be seen what effect the last alteration
may produce in thee continental markets, for in these it is
that the action caused by the exportation of cern for this
country is felt, rather than with us. In the course of a
post or two it may be reasonably expected that a decided
fall in the price of gold will be advised, and the Batik have,
as the returns published a few days since have shown, a
reserve sufficiently large to meet any demand that can
possibly arise for several months to conic. We need not,
however, attach importance to the quarterly averages
;Ilene. These are, to a certain extent, fallacious for
any purpose of imn,cJiate comp:,rison of the ways
and means of the Beek, but we have reason to believe
that, however necessary it may be to find a corrective for
n unfsvourable course of exchange, the Bank authorities
consider their present amount of specie ample, if not ebso-
teed). abundant. The annihilation of the cotton monopoly
FeATIS to have been thoroughly accomplished at the first
ffort, and this is a very important consideration. We
hope that it may have the effect of cheapening our menu.
tines, and that some portion of them may at all events
now fled their way to the Continent in the place of bul-
lion. An export of British goods, although it were to a
v(.ry limited extent, would be found greatly to assist the
eperations of the Bank. The Liverpool circular received
this morning represents the market there to be in the same
depressed state that it has been in for some weeks past.
The receipt of the next intelligence from hence in the
United States will, we think, prove a death-blow to the
combination of speculators on that side of the Atlantic.
Some business was done in the Columbian Bonds this
morning. The dssig.,n of certain parties was 'probably to
engage the public in fresh speculations in Spanish and
Portuguese. The chief operators have shown their pre-
dilection to be very decidedly for that class of securities,
but it requires a good deal of finesse, after all that has oc-
curred, to give an impulse to the market for so unprofitable
an interest as these have proved to be. The whole have
closed at less favourable prices than were previously
realised. Five per Cent. Dutch Stock was quoted 1027
to 104; Five per Cent. Portuguese 34 to ; Active Spa-
nisi' 19 to i; Columbian 33 to I; Brazilian .77 to 3-, and
Mexican 26 to !ea