The Sun.
London, England, 1825-12-17 00:00:00

THE LONDON JOURNALS.

DAILY

Extractsfrem the Morning Papers,Dec.l7, 1825

[MORNING POST.]

The amelioration which we noticed in our last
has since continued progressively to enerease.
The manly declaration of the London Merchants,
3igued in a short time by 700 names of the highest
respectability, gave the first check to the un-
founded but ruinous panic;—events are now oc-
curring which will put an end to it altogether.
We have the sincere gratification to inform the
Public, and we do it from authority, that the
Bank of Sir Claude Scott, Bart. and Co., in
Holles-street, has resumed business,- and thus ho-
nourably redeemed its pledge of doing so on or
before this day. This example, which will be
speedily followed by others, shows at once that
what has been stated of the causes which com-
pelled several Bankers to suspend their payments
was not mere assertion. It proves that time
alone was wanted to enable them to bring
their resources into play, and that if the herd
of the alarmed had but restrained their fears a
day or two longer, no house whatever would
have been under the necessity of yielding to the
storm. From this moment, and with such a con-
viction necessarily arising from- the fact before
us, we may date the complete return of confidence,
and the reconsolidation of public credit. Whilst
the other Firms that stopped under the same cir-
cumstances as Sir Claude Scott and Co. are
busily preparing for the resumption of business,
the Bank Directors are adopting every measure
best calculated to prevent the disasters now
repaired or repairing in town,. from extend-
ing themselves to the country. Besides large
supplies of specie, they have issued one pound
notes to take the place of small provincial
Dotes in every district where the failure of
Banks has occurred. This step being tempor-
ary, will relieve local distress without affect-
ing the general circulation otherwise than in
a beneficial manner, and 'not beyond the necessity
of the case. Already, from the state' of the ex-
changes, for even at this period of internal diffi-
culties English public credit has presented the
same firm and imperishable strength and solidity
to the rest of the world, gold is flowing in abun-
dantly from the Continent. Mr. Rothschild paid
in yesterday 300,000 sovereigns to the Bank,
just arrived from Paris, and similar sums are ex-
pected to be poured in on Monday. There is
therefore no cause for apprehending that
the folly of the thousands who inconsider-
ately did every thing in their power to
ruin themselves and the credit of the coun-
try, shall be found ultimately to have in-
flicted any injury on either, except the tem-
porary inconvenience and agitation which the
former have suffered, and which is not too
severe a punishment for their fearful egotism.—
'rile only check which the renovated buoyancy
of the public feeling received yesterday, arose
from the intelligence of the failure of several
Country Banks.—But it was not to a very con-
siderable amount : it had been expected from
what had occurred in the Metropolis, and as
those Banks followed the fate of the London
Houses in stopping, it was also anticipated that
they would follow it ip resuming their payments.
Besides, the measure adopted by the Bank of
England of sending one-pound notes to the dis-
tressed places, whilst it would relieve the
people, would facilitate the settlement and the
re-opening of the local banks.—The effect of
these failures was therefore not deeply felt, and
would have been entirely obliterated, had the
gratifying intelligence which we have just com-
municated of the resumption of business by the
Firm of Sir Claude Scott, Bart. and Co., been re-
received at the same time on the Stock Exchange.

EVORNING nERALD.]

There has been a cry raised in the city among
those who are engaged in the money, stock, and
scheme market, against the newspapers. They
ask why the newspapers have put forth such ac-
counts respecting the state of affairs ? They
attribute the failing of the banks and the general
consternation to the newspapers. They say that
the newspapers have no business to spread such
reports ; that if they hear them they should not
promulgate them ; that the newspapers should
insert nothing in their columns but that which
should support public credit. Now, we would
ask these people why, when every thing was
in a high state of prosperity, they did not
4nd fault with the newspapers for lending them-
selves to the cry raised by the brokers and
others, for the purpose of getting up the price of
,exchequer Bills, stocks, foreign securities, and
.shares in schemes ? Do the present cryers con-
sider the infamous use they made of the news-
papers, when schemess were at their highest
pitch, and when the public were running, open
mouthed, after every swindler who issued a pro-
spectus for the employment of capital, begging
to put their names down for as many shares as
the swindler could possibly give them ? Do the
swindlers reflect on the way in which they made
use of the newspapers, in order to puff up the
price of schemes ? Do they remember sending
letters, fabricated in counting-houses in the City,
professing to come from different places, for the
purpose of being inserted in newspapers, in order
that the public might be made mad for schemes,
so that shares might be got up to a high premium,
and that Swindle and his friends might get rid of
shares at excessive prices ? Do the swindlers remem-
bersending paragraphs to thenewspapers,with their
wish that such paragraphs should appear in con-
spicuous places ? Do not the swindlers know that
•in many cases such paragraphs did appear, and
that they effected what the swindlers designed--
that the paragraphs got up the price of shares in
some instances to a moderate premium, and all
the while the concoctors of such schemes knew
that the schemes were of the most rascally de-
scription ? Do not the swindlers know that they
extended this system of using the newspapers to
Paris, Bayonne, Madrid, Naples, Vienna, Frank-
fort, Hamburg, Brussels, and the other side of
the Atlantic? Do not the swindlers know what
infamously-concocted things they were in the