The Sun.
London, England, 1825-12-14 00:00:00

THE FUNDS AND MONEY MAlth

C0116013-Yesterday closed
After the market

---"

This morning,opened -
- After the close of the Marketyesterday'thea
oc on ntfwu soi or':
sipne
ctthaeblCe ißt ya
nwkai
ns
gs oilgortiesaets,,
tfromhat
ntohboursuill;
ness of moment was effected in the Funds' re,
sbeont
thrnHe
It:
tu soesif,s,fo,a
dcctrilatotril
tinsluait:nii
et notwithstandingthem the conti n 0 e d P' e
with prometildal
and continued open, till long after the us"
houTrt,ietislaatti A by the.
as'
ce rt ain e d solidity of ttvhele'r'ssiega ilhiltyo übdseei ffsd:: sswaeaP;P:llllllre el(
damped this morning, by the stoppage 0f -I‘7,les
Co.'i
Saccs and Co. and Messrs. EYEUETT and
et,
-bon
bankers, and both of Mansion se-Stre.oB
These disastrous failures being announcotat "1,,,
o'clock, spread a general consternation throug;
out the City. From the well-known large Pr
t
d 10
perties of both these Firms, it is not double
tier
their stoppage has originated, solely in thetjto,
impossibility of rendering even the 100° hid,
doubted securities available, at a crisis ins
confidence is so completely suspended.
h t tbe
M s
opening price of Consols was 81.19-(3
A. lead'
bargain first of any weight was at 81. --
, step
ing Hebrew then resorted to the ru.116".' %as,
so successfully adopted in some recent insta-
made
and without a single purchase being ilja,so
thy.
4970
raised the price to 8. Durina
of the morning,an immense stroke of business '/;
gg to
c.,
w
been done, at prices fluctuating from
but, at one o'clock, the quotation as OHa
Wit,count. In the early part of the morning,
tes7
gain in Consuls, imperatively for bunk-11° 76,
was reported to have been done at
,2
...,..
while the price for Account was 8:
it
,0 $
a bonus of six of seVell7
pounds for the use .
pounds, for only thirty-six days, which is Sri
fraction of 80 per cent. per annum ! o'er.
In 3 per cents. reduced, some btavYsales geld
made at 751, but after the Market was rea— re,
from the • •pi essure of that operation, the P-
rice '-

covered to 78-ti.
The. largest Money Sales have be 3i re.
en l5O,
duCed, of which one Broker sold 350,0.:t he,
It is generally considered on the Mar t 0
that the price of 31 reduced ought
to be 21
per cent. above that of Consols. If Ot. c4llgla.
Is 0
tion be correct, the relative value C°l- .•
f

In Exchequer fills the
would be under 78. mated
rially decreased, which is ascribed to the opera
tions of the Bank of England Brokers :---
10001 55 50 32 38 17
500 J2O 25 15
100-20 25 0 opro
A M •
eeting of the Merchants and .4
i hi t°
Was announced for this day, to tra'i- . tia
consideration, the expediency of sibulit ye,
certain plans to Ministers, for the '
relieving ve
to
cuniary embarrassment which appears
rev•oos
spreading in almost every direct►on• A Prell-13
Ich°
meeting, as wo understand, was belt!, °t'
discount has ,

il

it

was suggested. that it would be prudent to re-
4aest the interference of Ministers with the Bank
‘ll Fl:ngland.
If What we have heard on this subject be cor-
-441 a more crude and hopeless proposition could
scarcely have been made.
It is a known principle of the Bank of Eng-
" to discourage speculation, and on that
Br°llrid their issues have been restrained, or
diminished, in all cases where great pecuniary
f
Iteilities might tend to advance prices to
44 unnatural height. The present crisis,
(saY the movers of this Resolution) is not
44
at which an increase of prices could
13
he, anticipated from the increase of the
4410alit of Bank notes now in circulation,
the Rank might, therefore, issue an additional
14
'7llllions, which would effectually restore the
itiailibrium of the Money Market. If the Bank,l
.iihtead of limiting their discounts to a prescribed
141, should discount on their judgment of the
I),tf" offered, but without the usual limitation,
to additional six millions might be issued
ream the public through that medium, and
ettYairi in circulation until it could be safely
liithdrawn. Such we have hoard was the Mg'
hut to it two, _insuperable objections pre-
sent themselves—the utter improbability of obtain-
: the acquiescence of the Bank, at a period
4:811°1 doubt and suspicion, to risk an ad-
If
-keel six millions on mere personal security-
th • next, the probability that, by so glutting
4 Market with bank-notes, a demand for gold
1,
°ilk' be the natural consequence.
, hat specie has been drawn from the Bank in
gree
quantities, is beyond doubt—every Country
atiker has provided a Stock proportioned to
L regources. Hitherto the public at large have
Znifested no desire to possess gold beyond
ill.'" is requisite for circulation, but a large
fease of Bank Paper would, as we think,
if
vitabiy be followed—by a demand for
43 The rates of Exchange are not such
to render the export of gold profitable
tint if a desire to possess gold he once evinced, it
tw ght be impossible to meet the full extent of de-
til44(l by the Public. But the Bank have already
token decisive ground—the Bank has decided the
"esti
egt of the present value of money, by an-
-ing yesterday, the advance of Interest on
their

r oiscounts, from four to five per Cent. !
his decisive step is a complete and positive
4.utatinn of the principle on which Ministers have
ItNet"' When the conversion of the old fives into
yL'ick bearini, only four per Cent. Interest
%ra Proposed,
IVa3 arrived, it was argued, that the' period
in which an' interest of four,
Was More than
equal. to five during the war,
`"--11
leg or mutton at 4d. and every species of
gricultural produce in
roportion! From thefivcs,
m p
Minister boldly adventured on the fours, and
17sitid doubtless have attacked the threes, but
4.t the delirium of confident expectation was
;Isnstrated
by—the bursting of the bubble. The
:tnded interest were accommodated by the Bank
4 Per Cent. on mortgage—but will that rate
Of
. interest be continued ? Common justice for-
blds it--the reduction of interest was grounded
l" the they low price of agricultural produce—
ot the leg of mutton has risen from 4d., and has
4g been gd., and the annuitants, whose incomes
4:..!e, been reduced five to four, are left with a di-
inisbedincome and enereasedprice of every ne---
esittki.
tru Y)—with the single exception of salt. We
to :it and Lope, that while the Bank are adding
oU Ilen on commerce, the rate of interest
40rtgage may not be overlooked.

lIALF.PAST TWO O'CLOCK.
CII7B°IS for account are now 8 to b.
educed—money, 77.
The Market looks downwards. The Bank
llltintles to take Exchequer Bills ous of the
larket.

QUARTER AFTER THREE.
•I'llere
is a severe run on Messrs. MASTERMAN
arid
but the demands are hitherto all met.

Si

the
Buenos Ayres mail, which arrived this
41°41ing, has brought us the Argus from the Bth
of SePtember to the 10th October inclusive. Its
"tents are highly interesting, and refer to the
iillisdurrections which our last accounts informed us
disco breken out in the Province of San Juan. A
,4ssiott on a project of law for the establish-
vint't of religious toleration in the United Pro-
-131,4cri" de la Plata, and the war in the
tio;:"4 Oriental. In addition, we have a declara.
U of the independence of the Provinces of
PPer Peru.
vinWith reference to the insurrection in the pro-
at C.
is " of San Juan, it appears that the force sent
irigat (lt the
rebels from Mendoza had succeeded
I,4naelivering the town of San Juan from the
tr 4" °f the insurgents, but at the same time
seems far from restored.
ad le War in the Banda Oriental has hitherto
700 ed all in favour of the insurgents. A body
men, of the Imperial forces under General
Lhe"ftiato GONZALES JARDIN, was defeated on
Morning of the 24th September, by the in-
.

surgent forces undo General RIBER A, on the Rio
Negro. The u ho!e bank of the Uruguay Ava,
thus set free, and General • Rruttta. W2S
endeavouring to effect a junction with Ge-
neral LAVA LLEJA, hr order to oppose Ge-
neral .VENTins, who had left Monte -Video
with 1,060 cavalry. The question of religiou•
toleration, it seems, gave rise to much discussion
in the Chambers, but was carried with the simple
restriction, that before places of public woi'sliip
shall he erected the intention shall be notified
to the Government. The folloWing are ex-
tracts :