The Sun.
London, England, 1825-12-16 00:00:00

THE LONDON. JOURNALS.

DAILY

Extracts fr®m the Mornin—g—Papers,Dec.ll3, 1825;

[THE TIMES.
proceedings in the city will be best
learned from our City account of yesterday.—
There was less gloom than the day before, and
no failure, that of Sir Walter Stirling being out
of the city strictly so called. The bank is under-
stood to have.iendered itself more facile than
.heretofore, in granting accommodations upon
securities on ivhiCh it was not accustomed to
make advances : and on the whole thwday passed
tranquilly, no very affecting news having arrived
from the country. We have heard that Ministers
have expressed regret at the present awkward
posture of affairs, though they may not have
cogently interfered to rectify it ; as they think
that some new plan of finance which they have
in contemplation for the next Session may be
affected by the distress in the concerns of private
bankers.
The letters received yesterday from Manches.
ter, Preston, and other parts of Lancashire, ex-.
hibit none of the difficulties on the part of the
local banks of that great manufacturing county,
with which London and the rest of England have.
been visited. It may be instructive, therefore, to
State here what the causes have been which pro-
cured them an exemption from the general dis-
tress. In the first place, the leading manufac,
tures-s, who may be termed the Aristocracy of
the district, have universally opposed, whenever
the attempt has been made, the circulation of
locai notes, from a just conviction they enter-
tained of the fatal consequences any failure of a
local bank might produce among the manufac
toting population, by causing first distress, and
then an interruption of the tranquillity of the
spot where it occurred. When the present banks
at Liverpool, Manchester, and other places were
first
.formed, it was the intention of the con-
doctors to have issued local notes, and they had
gone so far as to prepare the plates for the

.purpose ; but they found the general feeling
of their customers so strong against it, that
the intention was abandoned. —lt is very
much the practice now with the Lancashire
manufacturers never to reissue the notes of any
of, the local banks in the neighbouring counties,'
but to convert them into money as soon as
possible, thus forming an effectual bar to their

getting into circulation among them. If we re.
collect right, during the examination before .a
committee of the, House of Commons on the
billion question, an eminent London banker was
asked whether there were any banks in Lanca-
Aire which issued local notes ; to which he made
reply that there was a " sort of bank" which did

so, but that the general practice was to conduct
their transactions in specie or Bank of England
,slotes. This expression caused much amusement
At the time in the district to which it referred,
and has frequently been quoted since.—(/bid.)

[MORNING itclu,L.D.]
The London Papers have gained a reputation
,abroad and at home for knowing every thing
and every body. An honest Parisian in a farce
'exclaims, after reading the London news, " How
strange that such extraordinary things should
In Open at one's doori and yet never be heard of
_Ail) the arrival of the English Journals !" In
'fact, it was an established joke for a' long time at
Paris-=and, by-the-bye, not without some foun-
dation of practical truth, to go to the reading-
room • for the purpose of learning the Paris!
news in the London newspapers. Our neigh•-•i
hours now seem determined to acquit the obli-;
":giftiOn, and pay us back in our coin ; and the
geoik, 'a 'mOst religious journal, has taken the
Lead in this work of restitution. It will be suf-

ficent for the present to mention two pieces of
intelligence, on the credit of the &ode, which
will not only convey information, but create sur-
,irise. In the first place, then, every man in
lingland who has two children, or upwards, le-

• [THE PUBLIC LEDGER.]
There are many strong indications already of
returning confidence. It- is unfortunately true,
however, that another Banking Establishment,
the very respectable one of Sit Walter Stirling
and Co. at. the west end of the town, has been
obliged,to suspend its payments. But, with this
exception„there was a very perceptible alteration
for the better yesterday—for example, there was
by no means the same run on the Bankers as
there had been for some days previously, or, per-
haps, more correctly speaking, there was no run
at all—no City Bank stopped payment, which is
almost tantamount to proof, that those firms which
were most hard run have passed through the fiery
ordeal with safety and honour. Money, too, was
to be more easily had ; and, lastly, the Stock
Exchange, that infallible barometer in such cases,
exhibited a considerable improvement of prices
in all the Public Securities. We certainly anti-
cipated all this, as soon as we had Perused,
the excellent Resolutions which were pussed
at the Mansion-house on Wednesday last.
lu these Resolutions the true remedy was
suggested, and, 'as was to be expected from
the. good sense of the Public, the suggestion has
been acted upon. • In the mean time, it is but •
justice to the Bank Directors to say, that they
have most honourably discharged their duty to
the country, which, in other words, means that
they have consulted the
.best interests of their
constituents. It would be easy to shew that both
duties are not only not incompatible at a crisis
like the present, but that they cannot be sepa-
rated without injury to all parties. Had the Di-
rectors witnessed the existing alarm with apathy
and without any effort for its removal, what would
Batik shares be worth, when every other species
of paper became frightfully depreciated, and all
.confidence between man and man was nearly ex-
tinguished? The course they have taken is clearly
that which other enlightened men in their places
*bold' have followed : and therefore they may
fearlessly appeal, when the proper occasion pre-
seats itself, to the approbation of their constitu-
ents, without the slightest apprehension of its
being withdrawn.