The Sun.
London, England, 1839-12-14 00:00:00

NEWPOO.T, ISLE OF' WIGHT.

(FROM OUR OWN CORRESPONDENT.)
REFOiM DINNER.
The Dinner at the Green Dragon Inn, on Thursday,
to celebrate the first open election of Members of Par-
Lament for this borough, was well attended, more than
"e hundred gentlemen being present.
H. W. MUNN, Esq., was called to the Chair, and,
!II an able speech, proposed the " Health of her Ma-
Jesty, Queen Victoria," which was reOeived with thun-
ders of applause.
The loyal Tories of Canterbury and Ashton may
!Link this very strange and anti-English (that is, if they
are not yet become ashamed of their conduct to their
s.e!vereign), but it is an absolute fact that the Isle of
Wight men venerate her very name.
.The healths of the rest of the Royal family followed,
With that of Prince Albert, whom the worthy Chair-
lan •
_ said he was led to suppose was an honest man, if
I.
"Irn no other reason than the Tories being so enviously
and violently opposed to him.
W. Clarke, Esq., proposed the " Health of Lord
Melbourne and of her Majesty's Ministers," Mr.
rori7—" Lord Durham, and union amongst Re-
rmers." C. Day, Esq., proposed the " Health of
.Messrs. Hawkins and Blake, the Members for the
a4orougb," which was drunk with great applause.
Mr. Havvenes addressed the meeting, in a speech of
one hour and a half duration, ably explaining his past
Conduct as a public man, and giving his opinion on the
svera? measures likely to come under the consideration
oe
Parli anent in the next Session, to which his atten-
tion had been drawn by Mr. Day.
Mr. BLAKE followed, -giving us a splendid specimen
1/1 his abilities As an orator, sticking to the subject in a
Workmanlike manner, for above an hour, during the
Whole of which he was listened to with breathless at-
tention.
Mr. DAY then rose, and expressed his satisfaction
with the explanations of both gentlemen, and proposed
IP' VW@ of thanks to them for their past services, and a
I liedgt: of unabated con dense in their future, which
ulled forth the applause o! every elector present, and
sust have been highly greifying to the Honourable
tlembers.
t, Toasts were proposed by several other gentlemen :
:I at of Lord Normanby," by Mr. Kirkpatrick ;
Captain Pelham, and the independent electors of the
I le of Wight," by Mr. Wilkins; Mr. John Cooke gave
Alderman Bilton, and the independent electors of Ports-
outh ;" Mr. C. Day, the" Health of the Chairman."
he utmost harmony prevailed, good humour rood was, as it
Ight to be, the attendant on a good dinner, g wine,
at !d good company, congregated for a good object.
I .essrs. Hawkins and Blake, as usual, reached Newport
l
53' the Ryde route, and will, of course, leave it that
‘i'far near 100 electors residing at Cowes is net con-
d an object to draw them in that direction, though
half a score of their Cowes friends, not troubling them-
selves to poll at the next election, might let a Tory take
"ther of their places. Mr. Wykham Martin does the
diffe,-ently ; he loses no opportunity of becoming
etter "(pointed with the electors residing at Cowes,
"well as those in Newport ; to how many of the mud-
. 'irks is Mr. Blake even known by sight ? Is there one
If them to whom Mr. W. Martin is not known ? There
s' perhaps, no occasion to hold a public meeting there,
Het there are veoy particular reasons why the Members
':110uld not avoid passing through it on their road to
4ewport, when they could do so without putting them-
'aA'ves out of their road, more especially if they wish to
o on the road to &. Stephens.

A.
Cc. 'WES, DEC. 13.—Arrived the Danish brig Maria,
;4. J. Miller, from St. Übes, with salt, for Copenhagen,
14 a he, AVY gale of wind, at 6 A.M. on the 12th instant,
'earried a way foreyard, foresail, foretopsail, ac., and re-
.eeived other damage

HUNITIN G A PPOINyfMEN TS.
t Iver-

stagbounds will
_meet on Monday. a'

LT
lemon

he a`n tl„er Majesty
; Wedriesi..laY, at Swinley ; Friday, at Farnham-comet
slt eleven.
n 'Tajor-General IVynclham's hounds Monday, at Hold ; Wed-
"flay, at Br° dfi Id-brAge ; Friday, at Wanborough—at half-
Past ten. "
,Nt, Polling-pound ; Wednesday, at
Findon hounds Monday,
roynings-common Saturday, at Washington-common.
Sir R. Sutton's i., a xi 'lay at Carlton-le-Aloreland
n• _ hounds ~..011 t
1 t uesday,-at Kettlethorn • wedn,,,day, at .Wellincrore ; Thurs-
, day -, at Wragby • '
! Gift Aworth—at eleven.'
Sta
Friday, at •
afield-hall ; 'Saturday, at
ton s hounds Monday, at
I Alt '. De Win ,
the second
Brody-ardine-road •, Wednesday, at N milestl one,
ewp ort ; Friday, at Lan-
I, villo---0 half-past ten.
y, at E, xelby-village
Redalo hounds Monde.
the Salut:tion Inn, Leernin ; W.e.dnesday, at
g-lane; ; Friday, at 1. arfortn.vi -
age—at hai.e-past ten.
iNlonmou-thshire hounds Monday, at
Crowfield ; Friday, at
bingestone.,-vood—at half-past ten.
Cheshire horrid-` Monday, at the Three Gwihounds; Tues-
day, at Bunbu,-y-heath ; Wednesday, at
Friday, at R 'kesley-village ;
Thursday, at Wrecbury-kennel ;
4 inill—at half-past ten, avensmore-w ind-
-atyt;eniVednesday,
Worthenbur ,1 Mr, Hill's hartiers Mon .day, at Brampton
Brace-
! Mr. Leche's hounds Monday, at
1 at Carden ; Saturday, at Sarn-bridge—at half-pastyt,erai
Craven hounds Monday, at Langber ; Wednesda
1
'4l` ell ; Friday, at Scaleber--at eleven.
.Cottesmere hounds Alonday, at the Kennel ; Tuesday, at Bar-
leyt,',orpe ; Thursday, at Holy well—at a quarter to eleven.
lEk "1 Fitzwilliam's hounds Monday, at Elton New-close ;
Wednt sday, at Weybridge-wood ; Friday, at Norwood—at ten.
Lord Yarborough's hounds Monday, at Kingerby-wood ;
Wedrie,,cCay, at Fox-dales ; Friday, at Riby Cross-roads—at
eleven.
at Kelsey-hill ; Thursday,
Holden-1T ss foxhounds Tuesday,
at Ressingb T; Saturday, at Bainton New Inn—at eleven.
Mr. Drak t's hounds Monday, at Boarstall-village ; Tuesday,
at Stratton A wile},; Thursday, at Edgcott-village ; Saturday,
at Lower Shim iy.o —at half-past ten. at
eambridgesi. "te hounds Monday, at Whitehall ; Friday, at
Brampton-wood.
r Mure's how 'ds Tuesday, at Shimpling-mill.
. F"relscombe Karr ie.r Wednesday, at Cornwood ; Friday, at
Langford-down—at all.
---at half-past eiht.
a Nortat foxhounds Monday,
t Fulrnodeston-hall ; I?rfila
e y,
. _roome's-hill-road—at ten. refordshire hounds Tuesday',
at yi
, ay, at Newt A r. Villebois's staghounds londay,-
'hounds Monday, at the Thorns, Haldon
Kenton Subscription
at Coll:irk-heath ; Wednesday,
at Litebaa3-common—at
Past ten. half-
at I-lope-turnpike ; Friday,
H
D,, the Kennel ; Thurs.
on George—at eleven.
--....mal

SUICIDE AT VAUXHALL BRIDGE.---YerdaY
rnorninm, between five and six o'clock, a respectably
dressed man, apparently about 45 years of age, threw.
himself from Vauxhall-bridge (Surrey end), arid was In-
stantly carried away by the tide.
SUDDEN DEATHS.—On Friday Mr. Walley
ITId no fewer thm three several inquests in the Chelsea
district alone on the bodies of persons who bad died
suddenly. Two of the deceased were females, each 70
years of age ; the third a gentleman, aged 75. Verdict
in each case, " Natural death."

tiEf ORA OF 'i fIE C ;i;

TO THE EDITOR OF THE SUN.

SlR—The conflicting opinions which have been given
as to the causes of the serious and protracted derange-
ment in the monetary affairs of the kingdom, are as
various as the diff!rent interests by which they are dic-
tated or influenced. Some blame the Bank of England,
others the JGint-stock Banks ; but all agree that a
severe pressure exists. It appears to me that the more
immediate causes of the present pressure may be
ascribed, in the first place, to the effects of overtrading
in the United States, and next, to the large importation
of corn during the past year.
In this country there is no want of capital, but there
is want of confidence ; whereas in the United States it
is precisely the reverse ; and although the natural ca-
pabilities of America are immense, these States must,
and do, depend very much on the capitalists of this
country for rendering these means available. Hence,
although (much to the honour of the merchants in the
United States) they made great sacrifices to maintain
their credit with Great Britain, the derangement caused
by speculation and overtrading in the States bore heavily
on this country, as it not only embarrassed several of
our eminent houses, but excited universal distrust, not-
withstanding the aid which it was understood had been
afforded by the Bank of England. To this succeeded
the unfortunate harvest of 1838, which drained tha
coffers of the: Bank of England of not less than
7,000,0001. of gold, to be sent abroad in payment of
!Oreign corn. To increase the evil, the crop of 1889 is
by no means promising ; and, I much fear, will not
yield in the ratio that many are sanguine enough to
expect. •

In addition to this, and independently cf our general
political position, may be mentioned the recent distress-
ing news from America, and the stoppage cf our smug-
gling trade with China.
All these must tend to aggravate our present distress,
and although we have thus far passed through the or-
deal, we have not got out of the fire ; the energies of
the country are paralyzed, and it is certain that if the
present crop proves wanting to any extent, the pressure
will not only remain unabated, but must necessarily be
increased.

In an evil hour, a certain modification of the Usury-
laws took place with regard to the interest on bills not
having more than three months to run ; and a still fur-
ther latitude has recently been given, in consequence
of which the Bank of England has raised the rate of
interest to 6 per cent.
The effect has been to increase the rest of the Bank,
and to give a monopoly to capitalists ; but it has tended
to cramp the sinews of honest industry, and to put it
out of the power of those who deserved credit to avail
themselves of it.

But, supposing the Bank had raised the rate of in-
terest to 20 per cent., how could such a measure pos-
sibly turn the tide of exchange ? It certainly would
lower the circulation, but would it benefit the revenue,
because, under any circumstance, this must be kept in
view ? admit, indeed, that if the manufacturers were
compelled to stop their work, and either to sell at a dis-
advantage, or to hold until the glut in the market had
subsided, they might possibly find a vent for their :nanu-
factures ; but in the mean while, although the profit of
the Bank of England might be enhanced, the labourer
must starve, and in many instances, their masters must
be ruined.

Under such circumstances it is obvious that it must
require a conside:able lapse of time, even admitting the
most favourable anticipations, to bring matters round,
and the question is simply, what is to be done in the
meanwhile ? The question is indeed simple, but the
answer is rather difficult.

The system of centralization, and the interference of
Government in matters which may be safely entrusted
to individuals, or classes of individuals, is ever to be
deprecated, excepting in so far as providing sufficient
guards against abuses which may tend to injure the
public ; but as the right of coinage pertains to the
Crown, and as any grant which may be given must be
strictly considered as a matter of grace, such conces-
sions of prerogative ought certainly to be preceded by
guards and enactments, to prevent any infringement
a privilege, or detriment to the community, and, in-
stead of alleging that the laws of the kingdom relat-
ing to the paper circulation are by any means perfect,
it probably might be better to render them more
stringent than they really are.
I, therefore, respectfully submit for the consideration
of yourself, and of your readers, the following scheme,
as being calculated, in times of &fficulty, to yield a cer-
tain degree of relief to the public credit, without vio-
lating any of the principles by which it ought to be
protected :-
1. That all Banks of issue should make quarterly
returns of the amount of their notes in circulation as
well as of the amount of paid capital and of money
lodged with them on accounts current and deposit
receipts.
2. That such returns should be made to the Chan-
cellor of the Exchequer, or to a Committee to be ap-
pointed of ,gentlemen of experience and intelligence,
and that all such returns should be held as strictly
confidential.
3. That an account should be published quarterly of
the aggregate amount of the respective items in such
returns.
4. That monthly returns of the amount of gold, silver,
and Bank of England notes in the hands of all the
Banks in the kingdom should be made to the Chancellor
of the Exchequer, or to the before-named Committee,
and which returns should be held as strictly confidential.
5. That the annual revenue of the Kingdom amounts
to about 40,000,0001., and the value of the dead weight
(so called), or of the annuities purchased by the Bank
of England, is about 13,000,000/, and therefore the Go-
vernment are virtually creditors of the public to the
amount of the annual revenue and debtors to the Bank
of England to the extent of the value of the aforesaid
annuities.
6. That in consequence of the aforesaid set of or
counter claim, and' because of the value of the dead
weight being withdrawn from the general circulation, it
is expedient that the Government should issue Exche-
quer bills of 2/. and upwards, not bearing interest, to
such extent as circumstances may warrant, and not ex-
ceeding in the whole 10,000,0001., to be used by the
Bank of England in maintaining the circulation of the
kingdom by making advances on approved securities.
7. That the Bank, in the exercise of such discretions,
shall not limit their advances to such Banks as only issue
Bank of England Notes, but shall be guided solely by
the character and value of the security, although ten-
dered by Banks issuing their own notes.
S. That such Exchequer bills shall be received in
payment of taxes, and shall be circulated (if required),
to an extent exceeding 10,000,000/., until the gold held
by the Bank 01 England shallansortnt in value to one-
third of the whole amount of the said Exchequer bills
and Bank of England notes in circulation.
9. That so soon as (and not sooner) the gold in the
hands of the Bank of England shall amount to one-third
of the value of the aforesaid Exchequer bills and of their
own notes actually in circulation, then all banks of issue
(the Bank of England of course excepted), shall be bound
to lend to Government at the rate of 3/. per cent. in-
terest (and which loan shall form no part of the Conso-
lidated Debt), an amount equal to one•third of their
actual circulation, and one-fifth of their whole deposits,
including the money at the credit of accounts current,
as well as that lodged on deposit receipts.
10. That in such case Government shall receive as
money the aforesaid Exchequer bills in payment of the
sums to he lodged with them by the respective banks of

issue.
11. That should the said banks of Issue, at any
time after having lodged such sums with Government,
find it necessary for the purpose of meeting their en•
gagements, to apply for any part or for the whole of the
money so lodged, the Bank of England shall receive a
precept from Government to discount bills of exchange
(not bearing less than two names besides the endorse-
ment of the parties applying for accommodation), or to
advance on public or other available securities, at the
rate of three per cent. interest, to the extent of the
money so lodged with Government, if required ; the
Government at the same time retaining such money as
a guarantee against any loss which may accrue to the
Bank of England, in respect of the advances so made by
them, and the Bank of England shall be bound to pay
the proceeds of such bills or advances on other securi-
ties, either in their own notes or gold, provided the
amount of gold in their bands at the time being shall be
o L.; e n
- t i:dd ooff theExchequerwhol e amounnott of B
bearingank of
Englandeciva l to
notes,
in-
terest as aforesaid, then in coirfetubleatßionnn;kbouft
Eifntohlennadmsobuanitl
of gold then in the ha ,
and Exchequer bills not bearing interest,
not be equal to one-third of the value of the Bunk of
England notes,
in circulation as aforesaid, the Government shall have
tqeureerstb.ills and upwards, not bearing in-
demands in the said Exche-
the option of paying such
of two pounds
12. That should the quarterly returns of the Banks
of issue at any time exhibit a decrease in the amount
otbfecirrectuulrantioinm,
moredoifadteelositrse,eoedribno, then
t,h, as compared with
p y
that
case, the said Banks of issue shalr beenti andtle in
d to demand
payment of the money lodged with Government to the
extent of the excess over and above the proportion of
one-third of the circulation, and one-fifth of the money
deposited with the said Banks of issue as before men-
tioned, which payment the Government shall have the
option of making in Exchequer bills of 2/. and upwards,
;lot bearing interest.
kectir
Ip. That in all
beeaseeseetsxti,7:
e
,:r,bdillsdoeefltahreedafaorelesacail
descr43llo°
shall
.eohi presentn
s, 1
tender.
1 forbear entering further into details
ess
I should occupy too much space in your columns,
or
test too severely the patience of the public '
any one think it worth while to require but should
explanation,
be happy to nfford it.
I remain, Sir, your very obedient servant,
THONIAS
Southern District Bank, Southampton, Dec. 12.

• for
Lady Lytton Bulwer's first soiree tne season
at Paris, was numerously and fashionably attended.

, yz 0- rr 17 77 11,:y1Vir
•

(FRIDAY EVENING.)
TIMES.—The foreign exchanges are lower to-day,
with the exception of Hamburg, owing to the cessation
of the draughts on Paris for the account of the Bank of
England, which leaves the market, therefore, to the re-
gular course of operations. Opinions are much divided
as to the effect of this step, which, it is supposed, could
not be avoided, as the means brought forward by the
Bank to influence the exchanges must now be nearly
exhausted. Front the state of business to-day a further
decline would appear inevitable, but it is hoped, by way
of counteraction, that many private drawers, who found
themselves interfered with by the large transactions of
the Bank, will now come forward. All the merchants,
at any rate, will rejoice at the removal of such an irre•
gular and uncertain dealer. The actual business trans-
acted on 'Change to-day has not been very extensive,
but perhaps as mueh so as is usual at this season, when
shipments are drawing to a close. The quotations were,
Amsterdam (short), 11.19:1; to 12 ; Paris (short), 25.
271 to 32,12- ; Hamburg, at three mouths, 13.9,-11- to
Bills on Amsterdam were in great demand at the quoted
price ; and Paris also was in request.
The loan of Messrs. Rothschild to the " United
States" Bank has already been mentioned. It is an-
nounced to-day that a deposit- of 22 per cent. will be re-
quired from subscribers to it, and that the remainder to
make up 92 will be in two instalments of 351. each,
payable on the 15th of January and the 15th of Feb-
ruary next. The redemption is fixed at 50 per cent.
in October, 1831 ; and 50 per cent. in October, 1842 ;
and as this redemption will be at par, the rate of in-
terest paid for the accommodation will be between 11
and 12 per cent. When such terms are exacted, it
need not be inquired what notion the parties them-
selves entertain of the transaction.

CHRONICLE.—Business continues dull in the
English Stock Market ; but a purchase was made of
some Long Annuities by the bank broker, which caused
a slight appearance of greater firmness in Consols. We
may notice that money may be said to be quite easy on
the Stock Exchange, and that the discount houses
show a readiness to take bills at longer dates. It will
be seen, however, by our quotations below, that the
Continental Exchanges have not improved today, the
Bank of England having ceased to draw upon their
credit account in Paris and Hamburg.

SUN.—The result of the meeting of Colombian
Bondholders, in rejecting the proposals of the Commis-
sioners, has given much satisfaction in the Stock Ex-
change this afternoon.
The Foreign Exchanges are still on the decline. The
Bank agents operated to some amount to sustain the
market. The last rates were these :—Paris, 25f. 55c. to
25f. 60c. ; Hamburg, 13.91 ; Amsterdam, 12.24; Ant-
werp, 12.3 ; and Frankfort, 1501 to 1504.
It afforded much satisfaction in the City this after-
noon, to have the official contradiction of the statement
in a Morning Contemporary of the large failure at the
west end of the town. The markets for all descrip-
tions of produce were heavy, except those for Tea and

The Funds left off firmly this afternoon. Consols for
Account at 91i 92 ; Exchequer Bills at 2s. discount ;
Spanish at 2311 4 ; and Portuguese at 33k. The value
of Colombian Stock fell to 24i 25 this afternoon.
London and Birmingham Railway Shares have fallen
to 492 prem. ; South Western to I prem. ; North
Midland to Eq- dis. ; Eastern Counties to 13 dis. ; and
Brighton to 1.5 i dis.