The Sun.
London, England, 1849-09-26 00:00:00

\I it'.

LONDON, WEDNESDAY, SEPTEMBER 26, 1849

A renewed effort was made, at the half-yearly
General Court of the Bank of England, held last
week, to induce the directors and proprietors to
change the determination they had come to six
months previously with respect to the amount of
rest, or the reserved fund, which it was desirable to
maintain at the disposal of the corporation. That
decision had not been arrived at on light or trivial
grounds. lc had been the subject of mature and at-
tentive consideration, and it was notorious that the
directors had reluctantly yielded to the pressure from
without in consenting to fix the amount at 3,000,0001.
sterling. For the last half century the rest had
never been suffered to fall much below that amount.
It had constituted not only a fund to provide against
any serious losses, or unexpected contingencies, but
an important part of the working capital of the
Bank: The large amount of the original capital which
had ken lent to the nation, and which could not be
made available, it being in fact the fund against which
the corporation were empowered to issue a certain
portion of their notes, and which, it invaded, should
be replaced by bullion, diminished the amount of
actual banking capital to a very low figure indeed,
which would, be utterly inadequate to supply the
wants of the coun'ry and to carry on the business of
the establishment, were it not for the additional means
afforded by the rest. That reserved fund at all periods,
mom especially in seasons of monetary disturbanct •
formed the principal source from which the usua

profits were realised. What would have beta) the
condition of the Batik on the 23d of October, 1847,
la hen the unemployed notes in the banking dep.rtment
amt.unted only to 1376,740/ , if the rest had been pre-
viously reduced to 2,000,0001. as now desired ? The
calamitous results of the crisis would have been far more

'J., r....... ......., , ti L., v u

and short- sighted a policy had been acted on during
more prosperous periods. A general suspension of
i ay merits might have been the necessary consequence,
which would have placed the holders of Bank Stock
in a far different position from that which they have
since occupied. The Three and-a-Half per Cent.
The Paris journals of yesterday —ca._
half-yearly dividends would scarcely have been forth-
There has been no political Yhave been received.
movement in Paris for
coining, much less the bonus, that was received with
the last few days, and there is every probability that
so much satisfaction by the proprietors. The fatal 'this dead calm in politics will last until Monday next,
efThete of the Act of 1844 would then, indeed, have when the Legislative Assembly meets. The different
political partie.s are at present preparing for the cam-
been painfully conspicuous, and a melancholy illustra-
tion would have been afforded of the distress and ruin pad
one whichon lypolitical s
eventsto open.
o importance recorded in
occasioned by the wild vagaries of the bullion-mongers the Paris journals are the meeting on Monday of the
and currency quacks. As it was, the nation was only Council of Ministers on the subject of the approaching
preserved from universal bankruptcy by the virtual trials at Versailles, and the meeting on Saturday of
t
suspension of that most mischievous law, the itnnera-
he principal capitalists of Paris at the hotel of M.
PASSY) the Minister of Finances. The rumour of
tive necessity for which was tardily and reluctantly
the approaching resignation of M. PASSY seems to gain
admitted by its Parliamentary sponsors and most
ground.
strenuous advocates. The Pomone, screw frigate, sailed on the likh from
Although, however, we readily acknowledge the Toulon, fur Tangiers, with dispatches for the French
imprudence and folly of such a course, we cannot as- Representative at the Court of Morocco.
Bert that plausible reasons were not adduced in A grand fete was given on Sunday by the Socialists
pißi
of Beaujeu to Messrs. BENOIT, DOUTItE, rad
aof the proposition. Thepe
reserve of notes in theG
REPPO.
banking department necessary for carrying on pro- We read in the Courrier du Havre :
perly the ordinary business of the establishment, and "The journals from the Ile de la Reunion (Bourbon)
of its various branches, have been usually estimated which have just reached us contain an account of the
at 4,000,000/. sterling. Of course this amount will proteeclifgs before the Court of Assizes, which had con-
vary under particular circumstances. It will in some dp rime
on,ed in,
liavemeunarrretauterdostlatlh-eet
this nd
stehnetefinfct he
authors of, and accom-
. degree depend upon the amount of de- to hard labour fur life. On the subject
posits and liabilities of the bank, but as -no of the journals remarks.—' Crimes amongst the
formerlyh very rare et Bourbon. It is a re-
a. general rule the above mentioned sum i blackss. t k Lbw! ee were
eh
tot altibaettlya, mooodmethitadwhthene they f may be considered sufficient in the usual condition of been restored'principlesaejuol
the money market. If a considerable excess be . quality extended to them, crime should become common
along them, when as slaves they submitted to a mild
maintained the surplus will, to all intents and par-
am
protective regime, and were kept in subordination. "
poses, be lying idle and unproductive. No profits M. DUPIN has been amusing himself during the
will, be realised therefrom ; it will remain a dead vacaticn by wandering over the country, addressing
weight, as utterly useless, as the millions of bullion ti-e members of the various agricultural societies; the
stored up in the vaults, which are practically of no speeches which he has delivered on those occasions
greater advantage to the proprietors than an equal
havek bee inlgeneralmere . r..ec.d hazi.ffees of " al little
e ntiys m
pu buleishh
weight of stores or rubbish, although they constitute
societies,"r which
but which emore political ttuhraanl
worec
was
:a heavy item on the debit side of the balance-sheet, agricultural. The consequence of this self-puffing
and occasion a serious drawback from the annual system will undoubtedly be to increase vastly the sale
dividends. Now, the published returns for the last of his work. No one understands better than M. DUPILS
eighteen months 'Show that the reserve of notes has the art of advertising himself and his works without
never, with the exception of short periods, when the having to pay for the advertisements.
interest of the public debt has been in course The
t National has the following caustic remarks on
the letter of AArZZd without flii—
painful emotion the of payment, been permitted to descend below "No one can
ea
over-
eight or nine millions sterling, and it has generally whelming reply of Guisseppi Mazzini to our Ministers.
amounted to no less than nine or ten millions. For facts,
of diction, strength of reasoning, indisputable
stser m
the week ending 15th September instant, the last theottsgtesrtsve perfect
lc
ol eoahrzeostse,dp ruoroof s a amr
or an n g
tedt
hei n l
return published, it was no less than 10,246,1501, of this solemn manifesto, which is gitsself thee
last the Roman Republic, miserably assassinated by cryerio
thetsf
and for some time previously, it has vibrated about
Ffreansvc,rd hoßepublic. The letter of Muzahai is as the stroke
o
10,000,0001., which may fairly be taken as the
upon a serpent. The more it lies twisted and
average reserve for some time past. During the same rolled up the more multiplied are the wounds inflicted
upon it. " You have lied." These three words resume all
period the notes in circulation have not exceeded from
17,000 000/. to 18,000,000 L, an amount acknowledged hemwao;rdbsult hvio,whatetrarniblaem iosunttheofdehv.elopmentdof
, theseh ia
a a
threea anathema;
to be utterly inadequate to the public exigencies. ceit, flagrant treachery, abandonment of aPrinyCiple,
-No less than five or six millions have been suffered ignoble disavowals, denial of justice, and acts of oppress
-to remain utterly barren and unproductive, a portion sign, crowd under the inexorable pen of the triumvir,
until he stops at length, not because his matter is ex•
pf which it might fairly be alleged would have been hausted, but because his patience has failed, and he i brought into active operation, if distributed to the overwhelmed with the disgust with which he
has filled
a
proprietors. If the directors will not use the means his readers at the sight of all these iniquities, stripped
placed at their disposal, in legitimate banking iomf their solemn their pompous masques, and
transactions, they should surrender a portion to Topcqbtiev"illem atendY.M. de Fall
e roenaxl y d freseglgpe
di tyasfothey . de
others of greater energy and activity. The " talent" before the supreme tribunal of' opinion, where they have
e
was not bestowed in order that, like the unprofitable already a foretaste of the chastisement which awaits them
at the tribune."
servant, they might bury it in the farih, but that it
It is not denied that profound differences of opinion
should yield a reasonable profit to the parties in- exist in the Ministry cn the subject of the Roman
terested. In truth, the directors have kept on " the question. The Ministersl however, e • have, determined
screw"-much beyond the period when, even under the to adopt the bold, and in this case prudent, advice of
present iriqui•ows monetary co 30, it could possibly kNIM. D 'FAURE, and themselves provoke a discussion on
have been required either for own safety or for
their the subject immediately on the meeting of the
the welfare of the nation. They have gradually re- Assembly, and dispatches have been sent to M. DE
•
COCEILES, ng to te
doted the amount of " private securities" to little
more than one-half the amount formerly held b
t cussion shalli havedirectibeen him
concludemd.porize until such dis-
oyf hthee Accordingitttoeet h
oef
tGh'crezßetated d
ee
tFori‘nice,
dat thehmeeting
establishment. It is the number and value
commercial bills discounted that indicate the benefit mittee were completely at
variance, and thea tr
e e-
eCs toamb --
conferred upon the public by the corporation. It is Ilishment of the duty on potable liquors and the stamp
A
in that manna. that the original and accumulated duty Were the subject of very animated discussion.
I. Db., Faaeoux is convalescent.
capital, and a portion at least of the amount deposited,'
PARIS _BOURSE, TUESD Y, SEPT.S
should be invested. It is the only legitimate ; .The mut ket has been rather •
*
more buoyant to-day, but
0_ with still a limited amount of business
doing. At the
operation for banking capital. A certain amount f
, close prices were
Public securities should undoubtedly be held, as • 56f. 5e., and Fives
f follows :—Throes, for
A shade better; Threes at at 88f. 950. The market closed as
being more easily convertible in the event of any run - ,fur account, 56f. Sc.;
• i FIKF, for cash, 88f. go '') •
upon the deposits; but it is mealiest, that pubho t c.;for account, 88f. 95c • Bank of
• 1

ria, FRENCH REPUBLIC.