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

eiT eV
-41.4111 - NUL

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. It had been the sulject 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 been 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, if 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 country 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,
snore especially in seasons of monetary disturbance,
formed the principal source from which the usual
profits were realised. What would have been the
condition of the Bank on the 231 of October, 1847,
when the unemployed notes in the banking department
amounted only to 1,176,7401, if the rest had been pre-
viously reduced to 2,000,000/. as now desired ? The
calamitous results of the crisis would have been far more ,
deplorable than was actually the case, if so unwise 1
and short-sighted a policy had been acted on during i
more prosperous periods. A general suspension of i
payments 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 have been received.
half-yearly dividends would scarcely have been forth- There has been no political movement in Paris for
coming, 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,
effects of the Act of 1844 would then, indeed, have
when the Legislative Assembly meets. The different
ppolaiigincawl
tpiianrhtiss aarheouatt
tpurenseennt preparing for the cam-
been painfully conspicuous, and a melancholy illustra-
tion would have been afforded of the distress and ruin The only political event's of 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
suspension of that roost mischievous law, the impera- the principal capitalists of Paris at the hotel of M.
tive necessity for which was tardily and reluctantly PASST, the Minister of Finances. The rumour of
admitted by its Parliamentary sponsors and most
g th
round. e approaching resignation of M. PABST seems to gain
strenuous advocates. The Pomone, screw frigate, sailed on the 19th from
Although, however, we readily acknowledge the Toulon, for Tangiers, with dispatches for the French
imprudence and folly of such a course, we cannot as- Itepresentative at the Court of Morocco.
A grand fete was given on Sunday by the Socialists
Bert that plausible reasons were not adduced in sup-
oGf Beaujeu to Messrs. BENOIT, DOUTEE, and
port of tlee proposition. The reserve of notes in the
banking department necessary for carrying on pro- ItAVErePrTad in the Courrier du Havre :
perly the ordinary business of the establishment, and "The journals from the Ile de 13 Reunion (Bourbon)
of its various branches, have been usually estimated which have just reached us contain an account of the
Normoeneeepues
obalefaonrceithetecTirt of Assizes, which had con-
at 4,000,000/. sterling. Of course this amount will
plices in, a murder, four of slaves,
atuothdoerasth° t,anaididuacecfioN
vary under particular circumstances. It will in some
degree depend upon the amount of de- to hard labour for life. On the subject of this sentence
posits and liabilities of the bank, but as
one
of
the journals remarks.—'Crimes amongst the
blacks were formerly very rare at Bourbon. It is a re-
a general rule the above-mentioned sum markuble thing that at a moment when they have just
may be considered sufficient in the usual condition of been restored to liberty, and had the principles of
the money markst. If a considerable excess be
aequalitytheexmtenwelehdentoatshesmla.vcersimtehesyhouldbeco
submittedm et
commonto amild
maintained the surplus will, to all intents and par- and among
grotective 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 the members of the various agricultural societies; the
stored up in the vaults, which are practically of no i speeches which he has delivered on those occasions
Ihvaovrek
whichbeen in I general
aofrile‘ualtlittlel
greater advantage to the proprietors than an equal
weight of stores or rubbish, although they constitute societies," but which recentlywas published
more politicalg thanura
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. DUPIN
eighteen months show that the reserve of notes has the art of advertising himself and his works without
to florh
Tthe advertisements.
never, with the exception of short periods, when the havingh pay
has the the following caustic remarks on
interest of the public debt has been in course e_ i,teraot_w___Azz the I t rNI
of payment, been permitted to descend below "No one can read without painful emotion the over-
eight or nine millions sterling, and it has generally Energy of whelming reply of Guisseppi Mazzini to our Ministers.
ic
amounted to no less than nine or ten millions. Forstrengthun f
so of
arrangedreasoning, inorder,
indisputable
facts,perfeed perfect clearness,tion,
the week ending 15th September instant, the last thoughts well connected pr
, are amongst the lesser d
merits
'return published, it was no less than 10,246,1501, of this solemn manifesto, which is itself the last cry of
and for some time previously, it has vibrated about threenlethom Republic. liepubTlibc,e
lmettiseerr
ua miserably 1,
Mazzini
the lesytrutkh e
10,000,000/., which mae
y fairly be taken as the cf a sword 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 18,000,0001., an amount acknowledged these this
"thatrhee
e mwau;rdbsutt hsso
,wil
at et rarni b lamountis
h eufdeehvieolaonpemr e n td
ao f
• to he utterly inadequate to the public exigencies. cat, flagrant treachery, abandonment of prinyeiple,
I'lo less than five or six millions have been suffered ignoble disavowals, denial of justice, and acts of oppres-
to remain utterly barren and unproductive, a portion suinctnii chreowstdousndaetrienthethinexootrabble pen of the triumvir,
of which it might fairly be alleged would have been hausted, butpbecauseghis pnatienceecalu.asse fhaiitemd atatnerdisheet
brought into active operation, if distributed to the overwhelmed with the disgust with which he has filled
proprietors. If the directors will not use the means his readers at the sight of all these iniquities, stripped
of their solemn disguises, their ompou masques, end
placed at their disposal, in legitimate banking
transactions, they !Tope() soietfiiime 3 satotdry.M.A
dh
e!
}w,
uei reallyiottx
dragged elsete
tyasfotrheM. de
should surrender a portion to
others of greater energy and activity. The a talent" ; beforeci the supreme tribunal of opinion, where theyyhaavree
was nut bestowed in order that, like the unprofitable already a foretaste of the chastisement which awaits them
servant, they at the tribune."
might bury it in the earth butthat
ti , it It is not denied that profound differences of opinion
should yield a reasonable profit to arties in- exist in the Allnistry en the subject of the Roman
terested. In truth, the directors have keptje on " the question. The Ministers have, however, determined
screw" much beyond the period .1 w .en, even under the to adopt the bold, End in this case prudent, advice of
present hilluitoue monetary col, it• IM. D ,and
LFAURE, themselves provoke a discussion on
, could possibly
have been re quirt el enlace for their can safety or for' the subject immediately on the meeting 0' tee
the NA el:are of the notion. They have gradually re- LA,ssembly, and dispatches have been sent to M. DE
du red the amount of " private securities" to little I cues
nsicneneseheasildhirectihng him to temporize until such dis•
Imre than one-half the amount formerly held by_the i According toavtehe eGepazceottnecdluedFedr.a
establishment. It is the number and value of the lof the Committee of the Budget on Mncoen, daat thethmeceting
commercial bills discounted that indicate the benefit ! 'settee were completely at variance, and tte, ree-esteamb--
. li,bment of the duty on potable ' liquors and the stamp
is
conferred upon the pualie by the corporation. It duty were the subject of
in that manner that the orii;rieal and accumulated M. DE PALLOUx is
convalescent.
ysccantimated discussion.
capital, and a portion at least of the arnountdeposited, It'nek.l{lBt BOURSE, TUESDAY,
The SETT, 25.
should be invested. It is the only legitimate I
with still market i
call
trd beena ournatthoefr more buoyant to-day, but
operation for banking capital. A certain amount of ! close prices were marked a business doing. doing. At the
cater; Threes at
Fablic securities should undoubtedly be held, as : .56f. 5c., and Fives at 88F. 95e. The market closed as
follows :—Threes, for
being more easily convertible in the event of any run I .cash, 56f.; for account, 56f. 5c.;
4 Fives, for cash, 88f. 90c.; for account, 881.85 c.; Bank of
linen the deposits ; but it is manifest, that public i 4

FE,ENCH REPUBLIC.