The Sun.
London, England, 1853-08-26 00:00:00

2b UNITED STATES MONEY MARKET.

The recent advices from the United States represent a
rildition of financial affairs which has an important
,searing on the money markets of other countries. Two
eculiar causes are in operation to produce an unusual
etience, and although one of them is of a more local
aracter than the other, they are both of sufficient
,s
itude to occasion striking results. Until recently,
the laws of New York have required the various bank-
instit •
utions of the State to publish their accounts of
Viae_uilities and assets only once every three months. The
o „26equences, however, were found to be such as to ne-
f"assitate a reform. No system could have been more li
parable for gamblers, or more hurtful to the regular
t j
411sactions of commerce. Within a few weeks of the
der °d of the issue of their statements, the banks, in or-
to to exhibit a position of great safety, were accustomed
call in a large proportion of their loans ; and as soon
as
zo_ the necessity was over, they would then again accom-
Irate their customers with greater liberality than ever.
h 'nee a quarterly panic in the stock-market, followed
once
equally violent rebound, was an event always to be
this knowledge,
and speculators of large means, acting upon
'newledge, could realise profits with a degree of cer-
taintyf that afforded a singular illustration of the blindness
'w the smaller dabblers among the general public, who
re invariably its victims. To remedy this a new
tIW. has lately been passed, which came into force re
" 9th of the present month, and which requires from
"'eh bank, for the future, weekly instead of the
quarterly publications. The last intelligence from New
4ork reached to the 18th inst., and by confirming the
anticipations as to the effect to be produced by the first
The
of this measure demonstrated its usefulness.
he same rapid steps of contraction had been pursued
byd the several institutions preparatory to the appointed
aY as had been witnessed previously on the approach
nf
each quarterly period. The rate of discount even on
"e hest commercial paper was suddenly raised, the quo-
tation of exchange on England declined so as to check
the amount of specie remittances, advances on all kinds
(/', securities were required to be repaid, and even mint
notes against deposits of bullion were sold at a con-
siderable discount to avoid the few days' delay before
,',lleir amount in coin could be obtained, a simultane-
ous fall of 5 to 15 per, cent. in all except the most
established securities being likewise reported. From
this time, however, no such convulsions can recur.
The returns of each bank being made from week to
'Week eannot admit of sudden fluctuations, and there
will be no inducement beyond such as the fair course
of the market may offer to vary the amount of accom-
kndation to the commercial public. After this date,
therefore, as far as mere bank regulations bear on the
(inestien a more steady state of affairs may be expected
and the causes of the momentary pressure being recog-
nised, a return of confidence can, be relied upon.
The other circumstance, however, which is now affect-
mg the American money markets is far more general
431(1 permanent in its influence, and is one that will re-
quire to be taken into account even in the calculations
that have lately excited attention regarding the move-
ments of specie throughout the world. When the Na-
-43nal Bank system, on account of its having been made
4, Political instrument, was abolished in the United
"Mates 15 years ago, the Government resolved to trust
nn banks whatever, and a law was adopted requiring all
Ynients on account of revenue to be made in specie,
-" being provided that the funds thus received shonld be
deposited in sub-treasuries belonging to the State.
while the disbursements of the nation were equal, or
nearly so, to its receipts, this plan produced little incon-
lenience, although even at those times, as the incomings
and outgoings were not always simultaneous, a die-
klirbing effect would be produced on the money mar-
et by a large sum being accumulated for a few weeks,
~,,and then poured forth in one or two extensive pay-
ments. But since the introduction of the reduced tariff,
111 1846, the Customs duties have gone on yielding in-
Zteased totals, until a surplus has been hoarded up of ex-
.aordinary magnitude. Its total, according to returns
Lust
made, is now equal to about 4,500,0001. or
trn°°,ooo/. sterling ; and when the fact is borne in mind
:at this heavy sum, which would, according to ordi-
:,l? notions, be an ample basis for a circulation of
„4'ee times its amount, is actually lying idle and unre-
sZsented in the Government vaults so as to be virtu-
h,Y in the same position, as regards any effect it can
k"ve on the world, as if it were at the bottom of the
hea, an idea will be arrived at of the important element
lA, tile questions regarding the counteracting circum-
atlices in connection with the recent production of gold,
f the effect that may at any time be produced by a,
attire •
tio e influx. At some not distant day the appropria-
ohn and disbursement of this surplus will be decided
Boated. But,
will create effects such as few have contem-
, tolt‘ed. But, meanwhile, the accumulation can only
oort On increasing. The revenue receipts of the
tr.;,113117, owing to the' extraordinary prosperity of
duetare augmenting month by month, and in that
u ended—namely, July—they exceeded any sum
e 45. received for a similar period. The enlargement
far-, Year of the sub-treasury hoard will, therefore, be
to beyond the original estimate. It is true the Secre-
las? of the Treasury, according to the advices by the
the' Packet, has, with the view of reducing it, exercised
the Powers vested in him for applying these funds to
hi®
_extinction of the Federal debt, and has advertised
aro,f,adiness to purchase a sum of United States Sixes,
hri to 1,000,000/. sterling. Much of this' stock,
wever, is held in Europe, and the price at home also
811C11 as to render it doubtful if the bid will prove
en,,., Zessful. Just to the extent of the purchase will be
d- amount of specie liberated, and this specie will pro-
eZep.inst the same effect as if it had been dug up in
kat'°r,nia or Australia ; but if no sellers of United
diti es securities should be found on the proposed con-
ty °Os, the evil must go on until it shall be terminated
aoro'gislative appropriations for public works, or by
Ari:lncrease of national expenditure, such as would
Zintenn a war or a purchase of foreign territory.—
t'ity Article.

trzTRE RARVEST IN THE NORTH OF ENG kDfi
n.—ewpat
", Aug. 24.—We have had remarkably
Z..sather during the past month, and, consequently, the
heather
has commenced about a fortnight earlierheat than
e
A predicted. Several fields of beautiful
n Cut throughout the county of Durham during the
Past seven or eight days, and in several districts
nthe
e
pro will be soon ready for the sickle, In conseque
th. us cold, bleak weather being protra.cted into May
ah!: year, spring wheat will be late, and in the Teesdale_
Weardale districts oats look very green. Barley
ta°4us well, and it seems the general opinion---though
that has been expressed previously to the contrary—
he if this weather holds out, the crop of cereals will
4 fair average. Winter wheat will be very sound..
tion,rniPs need rain. The harvest has also commenced in
efa—ef the districts of Tyneside, and reports speak
kr?orably of the progress of the crops in the southern
itsicu of Northumberland. Farming operations are
BEATug in North Yorkshire.
H op GENERAL MONTHOLON.—The Debats an-
Air "‘:es in a single line the death of General Count de
-ontholon in Paris. When and under what circum-
'lances this event took place is not stated. He leaves
wid_
how uN7 (who is an Irish lady), and a son, who cannot,
(„1. „ever, it is believed, succeed to the title inconsequence
inwie circumstances connected with his birth, General
tholon must have been more than 70 years old, and
Jsuffered occasionally and severely from a wound
.Z ell he received in battle under the Empire, and which
never been thoroughly healed. The general was
,titt the Emperor Napoleon from a very early age, and
ton 4 great favourite. He had at one time a large for-
latie, but lost it in commercial and manufacturing specu-
lirniettlesd.. For some years his means must have been very
lar,
A„.. TRAINS BETWEEN PARIS AND BRUSSELS.—The
;:trial of the new fast trains from Paris to lirussels
r Were beyond expectation ; 232 English miles
41,.,f2 got over in less than seven hours, and allowing an
44'for stoppages, the average speed was more than 37
tuti4 miles and a half per hour.

ALLEGED UNLAWFUL BARGAINING FOR AN.
EAST INDIA APPOINTMENT.

Yesterday having been appointed as the day on
which the Lord Mayor was to deliver his decision in the
matter of the charge preferred by the directors of the
East India Company against Mr. Norman Wilkinson,
of having been concerned with a person whose name is
unknown in the trafficking for the appointment in the
gift of the East India Company, the justice-room of the
Mansion-house was densely crowded, as on the former
occasions, with members of the Stock Exchange, mer-
chants, and other persons of influence in the iCRy.
Messrs. Lawford appeared as solicitors to the East
India Company, with Mr. Clarkson as their counsel.
The defendant was represented by Mr. Bodkin and Mr.
Hawkins ; and Mr. Willes appeared on the part of Mr.
W. A. Wilkinson, the brother of the defendant.
The Lord Mayor delivered the following judgment :
This is a proceeding instituted by the East India Com-
pany under the 49th George 111., chapter 126, which
constitutes the negociation for the purchase and sale of
civil and military appointments under a company a mis-
demeanour. I have heard the evidence for the prosecu-
tion, because, under the 11th and 12th Vict. c. 42, it was
my duty so to do, seeing that the accusedcarried
by this
inion that I have
having heard this evidence, I am of op
no jurisdiction to proceed further with theca cse. No
evidence has been brought forward topr thwithiatn
the
transactions charged as an offence took place
the City, and in my opinion this is indispensable to give
me jurisdiction to act further than I have done.
suffi I do
not mean, by saying this, to have it implied that -
cient evidence has been given to satisfy me that the
offence has been committed if it had taken place within
my jurisdiction. I am not called upon to express an
ties have borne to ti-
opinion upon this point. All par
mony to the honour and integrity as well of the gentle-
man against whom the summons has been obtained as
of Mr. Wilkinson, upon whose evidence it has been
sought to establish the charge. I entirely concur in
the opinions thus expressed ; and it is due to the defen-
dant that I should say, whatever construction the law
might have put upon the conduct, of this gentleman, if
it had been proved that this treaty, as far as it went,
was conducted in the City of London, I am quite satisfied
that, until apprised by a friend such a proceeding was
illegal, he was not conscious of it ; and that, as soon as
[he discovered that it was so, he retired from any parti-
cipation in it.
Mr. Clarkson said the remaining portion of his duty
was of a much more painful character ; for he had to
submit that his lordship was called upon to commit
Mr. William Arthur Wilkinson, under the 16th section
of the 11th and 12th Vint., cap. 42, for seven days, for
his contumacious contempt of this Court. That act
authorised the justice, if he shall be satisfied by the
testimony of credible persons that a witness who has a
material evidence to give on the part of the prosecution,
and who is not willing, or in the language of the section
of the act, " will not voluntarily appear for the purpose
of being examined as a witness at the time, and place
appointed for the examination of witnesses against the
accused," to commit such person for ,the time above
specified: The learned counsel entered at considerable
length into the law affecting the case.
Mr. Willes then addressed the court on behalf of Mr.
W. A. Wilkinson, and said he could not avoid charging
the East India Company with acting in a vindictive as
well as in an unfounded manner with reference to the
transaction in question. So far from his client and
friend deserving the character which had been given to
him, of being an unwilling and a hostile witness, he had-
attended when called upon to appear, and had stated
everything he knew relative to the alleged negociation
between his brother and the party whose name had not
transpired. All that he had refused to do was to dis-
close the name of that party ; and any person who did
not feel some degree of unwillingness in being brought
forward to give evidence upon a criminal charge affecting
so near a relative as a brother must be totally void of
feeling. The part which his (the learned counsel's) client
had taken in the transaction, so far from being discre-
ditable to him, and only worthy of being characterised
as a subterfuge, would redound to his honour and credit
to the latest period of his existence. The learned counsel
then proceeded at considerable length to argue the law
of the case, and submitted that there was nothing in the
act of Parliament which would justify the Lord Mayor
in acceding to the application.
Mr. Clarkson, in reply, observed that his learned friend
had gone a little out of his way to impute to the gentle-
men who were prosecutors a spirit of vindictiveness ;
he regretted the tone that had been adopted, because
Mr. William Arthur Wilkinson was the very last per-
son who ought to complain of the conduct of the East
India Company. Mr. Wilkinson had been the source
of a most grievous and scandalous libel against the Board
of Directors of that company, in the great council of the
nation, and, when called apon as a witness, had chosen
to prevent the company from having the only opportunity
which the public justice of the country afforded them of
proving the falsehood of the assertions which he had
made.
The Lord Mayor—ln regard to the application to me
to commit Mr. W. A. Wilkinson, for refusing to divulge
the name of the party who made the proposition to his
brother, lam of opinion that entirely, fails. This is a
special application under the powers conferred' by the
16th section of the act. The section requires, as the
foundation for the summons, that there are grounds for
believing that the witness is likely to give material evi-
dence, and will not voluntarily attend. Mr. W. Wil-
kinson's conduct disposes of this altogethe.. He has
always voluntarily attended upon every occasion, and
has been examined to the material question put to him
to determine whether I had jurisdiction. He has frankly
answered, and if, from the want of a venue in which the
act is stated to have taken place, I have no power to
commit, I think, however, the witness has reasonable
ground for the course pursued.
The summons was then dismissed.

The following is the correspondence that passed be-
tween the directors of the East India Company and the
Messrs. W. A. and Norman Wilkinson. The two first
documents were objected to, and not received in evi-
dence.
" East India House, July 23, 1853,
" Sir,—lt being reported in the public journals of this
day that you have stated that an offer to sell an appoint-
ment in the service of the East India Company was made
to a brother of yours, I am commanded
the the Court of
Directors to request that you will hav goodness to
inform me if such report is correct.
" I am directed further to request that you will commu -
nicate to me the name and address of your brother.—l
have the honour to be, &c.,
"JAMES C. MELVILL, Secretary.
" W. A. Wilkinson, Esq., M.P."

" 5, Bennett-street, St. James's, July 23, 1853.
" Sir,—In reply to your letter of this date, I have to
inform you that the report is substantially correct, and
that the address of my brother, to whom the statement
refers, is underwritten,—I am, sir, &c.,
(Signed) AIiTHIIR WILKINSON.
" James C. Melvill, Esq.
" Norman Wilkinson, Esq.,
" Nutfield, Surrey ; and 56, Threadneedle-street."

"East India House, July 23, 1853.
" Sir,—The Court of Directors of
our the East India Com-
pany having been informed by y brother Mr. W.
Wilkinson, M.P., that the report of his having publicly
stated that an offer to sell an appointment in the com-
pany's service was made to you is correct, I am commanded
to request that you will have the goodness to communicate
to me the name of the party by whom the offer was made,
and such other particulars of the proposal as may be within
your cognisance.—l have the honour to be,
&c.
MELVILL, Secretary.
(Signed)
" Norman Wilkinson, Esq."

"56, Threadneedle-street, July 25, 1853.
" Sir,—l beg you will inform the Court of Directors of
the East India Company that I do not feel called upon to
make any communication upon the subject of your letter
to me.
"I have the honour to be, Ste.,
(Signed) " NORMAN WILKINSON.
" Jas. C. Melvin, Esq."

"East India House, July 27, 1853.
"Sir,—l have laid before the Court of Directors of the
East India Company your letter of the 25th, in reply to
that which I addressed to you ou the 23d instant, request-
ing that you would have the goodness to communicate to
me the name of the party by whom an offer to sell an
appointment in the company s service was made to you,
the fact of which offer to you and of your having been in
treaty for the purchase of the appointment was publicly
stated by your brother, Mr. W. A. Wilkinson, and is not
denied by you. The Court regret that you do not feel
called upon to make any communication to them upon the
subject. You cannot but perceive that it imports your
own honour as well as theirs that the transaction alluded
to should be probed to the bottom ; and they trust that,
upon further consideration, you will see the propriety of
disclosing all that you know upon the subject.
" I am directed, therefore, to add that, as it appears to
the Court that an offence has been committed against the
act of Parliament, and as they apprehend that you may
yourself be liable for the part which you have taken in it,
the Court will feel it to be their duty to order proceedings
to be instituted against you, unless by your disclosing the
name of the party more directly charged with the offence
they should feel that the ends of justice will be effectually
obtained.—I have the honour to be, &c.,
(Signed) " J. C. MELviLL.
" N. Wilkinson, Esq."

"56, Threadneedle-street, July 29, 1853.
" Sir,—l beg to acknowledge your letter of the 27th
inst. I must protest against the attempt in the first para-
graph, to gain from me an admission which may, according
to your subsequent threat, be used against me. I can
only say that I have no fear of my honour suffering by any
investigation which your directors may think proper to set
on foot, and should they deem it advisable to take the
proceedings threatened in the last paragraph, I beg to
refer you to my solicitors, Messrs. Burchell and Co.
" I have the honour to be,
" NORMAN WILKINSON.

(Signed)
" J. C. Melvill, Esq."

DEATH OF THE ROMAN CATHOLIC ARCHDEACON
M'CARRON.—The Freeman's Journal announces the
death of the Rev. M'Carron, Roman Catholic Archdea-
con of Derry, who was tried and acquitted at the last
Londonderry Assizes, on a charge of inciting some sol-
diers of the 54th Regiment to disobey the commands of
their officers. It appears that the rev. gentleman,
whilst celebrating mass, at twelve o'clock, on Sunday
last, at Waterside Chapel, Londonderry, was suddenly
taken ill with an attack of apoplexy, and gradually be-
came worse until between seven and eight o'clock in the
afternoon, when he expired.
"My son," said a doting father who was about taking
his son into business, " what shall be the style of the
new firm ?" " Well, governor," said the one•and-twenty
youth, looking up into the heavens to find an answer,
" I don't know ; but suppose we have It John H. Sam-
plin and Father." The old gentleman was struck by
the originality of the idea, but could not adopt it.