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

dni

- -
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 sup jest 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 b€ en lent to the nation, and which could not be
made available, it being in fact the fund against which 1
the corporation were empowered to issue a certain i
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,
more 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 234 of October, 1847,
when the unemployed notes in the banking department
amounted only to 1,1 76,740/ , 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
and short-sighted a policy had been acted on during
more prosperous periods. A general suspension of
Payments might have been the necessary consequence,
which would have placed the holders of Bank Stock
in a fur different position from that which they have
since occupied. The Three•and-a-Half per Cent. TheherPah
Paris journals of yesterday have been received.
T
half-yearly dividends would scarcely have been forth-efe
w days, aasysand thereis
been no political movement
every
so much satisfaction by the proprietors. The fatal this dead calm in politics will last uriti probabilityM ondaynexat,
effects of the Act of 1844 would then, indeed, have when the Legislative Assembly meets. The different
been painfully conspicuous, and a melancholy illustra-
political parties are at present preparing for the cam-
tion would have been afforded of the distress and ruin paThnewehnilcyh
piesliatbicoault
eventspen
e.f
e importanceiNio
nredcaordeefdthine
occasioned by the wild vagaries of the bullion-mongers the Paris journals are the meeting on g and currency quacks. As it was, the nation was only Council of Ministers on the subject of the approaching
preserved preserved from universal bankruptcy by the virtual trials at Versailles, and the meeting on Saturday of
the principal capitalists of Paris at the hotel of M.
suspension of that most mischievous law, the impera-
five necessity for which was tardily and reluctantly , Pessr, the Minister of Finances. The rumour of
the approaching resignation of M. PABST seems to gain
admitted by
ocitsatePcarliamentary sponsors and most
ground.,
strenuous advocates. The Pomone, screw frigate, sailed on the 19th from
Although, however, we reaOily acknowledge the Toulon, for Tangiers, with dispatches for the French
imprudence and folly of such a course, we cannot as-
Representative at the Court of Morocco.
sert that plausible reasons were not adduced in sup- A grand fete was given on Sunday by the Socialists
Gf Beaujeu to Messrs. BENOIT, DOUTRE, and
port of tl e proposition. The reserve of notes in the o
banking department necessary for carrying on pro- RINE'PePre-ed in the CourrioN du Havre :
perly the ordinary business of the establishment, and " The journals from the Ile de la Reunion (Bourbon)o
f
the
of its various branches, have been usually estimated , which have just reached us contain an account
roeeedgs before the Court of Assizes, which had con-
at 4,000000/. sterling. Of course this amount will
p(linacen,einfiavemeumrdancirted slaves, authors ot, and accom-
vary under particular circumstances. It w ill in some
,htoeur, ofo iithtehme
stuob.deecatth, and the fifth
degree depend upon the amount of de- to hard labour fo-rr
one of the journals remarks.—` Crimes
st tahmsoosgensttenLe
posits and liabilities of the bank, but as
blacks were formerly very rare at Bourbon. It is a re-
a general rule the above mentioned sum markable thing that at a moment"
p theyrio
chimp,/
ees j mos tt
may be considered sufficient in the usual condition of been restored to liberty, and had the
(quality extended to them, crime should become common
the money market. If a considerable excess be
them,ectv
ewrehe.o as slaves they submitted to a mild
maintained the surplus will, to all intents and pur-
aannidorpgrot regime, and were kept in subordination. "
poses, be lying idle and unproductive. No profits M. DUFIN 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 speeches which he has delivered on those occasions
havek been in general mere rechatifies of " a little
greater advantage to the proprietors than an equal
h,,ichhutlwrheichently publishedh on agricultural
weight of stores or rubbish, although they constitute societies, mefortehisposleitlifcal
puffing
a heavy item on the debit side of the balance-sheet, agricultural. The consequencewasinun
and occasion a serious drawback from the annual system will undoubtedly be to increase vastly thepn saleng
m
dividends. Now, the published returns for the last of his work. No one understands better than M. Dur
eighteen months show that the reserve of notes has the art of advertising himself and his works withorA
never, with the exception of short periods, when the having to pay for the advertisements.theThe National has the following caustic remarks on
interest of the public debt has been in course
zi as :
‘. No letter
One readCanlAiswithoutpp ?EiinafzsuliTil
tootion thei over-
eightof payment, been permitted to descend below , .
or nine millions sterling, and it has generally whelming reply of Guisse
nergy of diction, strength of reasoningo,urindisipauiattaellat
amounted to no less than nine or ten millions. For
the week ending 15th September instant, the last ttcotas,g
itPerfecttswel proofslccleoahrhn,ecstse,d arranged in order, and
return published, it was no less than 10,246,140/, of this solemn manifesto, w":ich'mir gssetlfthtzelesliser merits
the Roman Republic, miserably assassinatedast by the
and for some time previously, it has vibrated about I
10,000,0001., which may fairly be taken as the eFfreanschwerduponßepublic.a
sTbe lettter, of Mazaini is as the stroke
The more
theord itwloieusns twistedfli andt average reserve for some time past. During the tame rolled up the more multipliedtpenr a
period the notes in circulation have not exceeded from upon it. " You have lied." These three words reswice aell
17,000,000 i. to 18,000,0001., an amount acknowledged tthhis anathema;ese but how terrible is the development of
to he utterly inadequate to the public exigencies. ceit, threeflagrant
words!
ttreachery,
eachWerhat an amount of chicanery, de-
t°
less than five or six millions have been suffered ignoble disavowals, denialj' of justice, abandonmentand
actsof er
einciple,
to remain utterly barren and unproductive, a portion sioni crowdi under the inexorable pen of the triumvir,
of which it might fairly be alleged would have been huanutis te de hstuotpt?eat length, not because his matter is ex-
brought into active operation, if distributed to the overwhelmed
wciatluisteheisdips
proprietors. If the directors will not use the means his readers at the sight ofh all withhas if
theseiniicciuitailedh tes hsataripfiliel
placed at their disposal, in legitimate banking of their solemn disguises, their pompous masques, and
transactions, they should surrender a portion to ia,iaiopeosuienfinme ystedry.mAlcV we really feel pity for M. de
alioux.,
.dragged as they are
others of greater energy and activity. The " talent" i beforeci the supremean
tribunall of opinion, where they have
was not bestowed in order that, like the unprofitable already a foretasteof the chastisement which awaits them
servant, they might bury it in the earth, but that it at the tribune."
should yield a reasonable profit to the parties • lt is not denied that profound differences of opinion
in- exist in the Ministry cn the subject of 'the Roman
terested. In truth, the directors have kept on " the question. The determi ed
Mini h, hn
screw" much beyond the period when, even under the to adopt the bold,
andster ins thisave caseowever, prudent, advice of
present iniquitous monetary code, it could 11 M. DUFAURE, and themselves provoke a discussion on
have been required either for their own f possi y
the subject immediately on tb
ty or fore meeting of the
the as eliare of the nation. They have graduallysae
Assembly, and dispatches
re-him have been. sent to M. DR
daced the amount of " private securities" CORCELLES, directing to tt mporwe until such dis-
t() little cussi
more,,th2n one-half the amount formerly held by the Aon shall have been concluded.
establishment. It is the number and value of the of thnectjedniinig.tto the Gazette de France, at the meeting
commercial bills discounted that indicate the benefit mitten wereni
chtemepolefttehle Batudge.t on Monday, the Com-
lreialnice, and the re-estab-
conferred upon the public by the corporation. It is ldishment of the duty onypotavba
in that wanner that the original and accumulated u.!3f.Nvere the subject of very animateduors and. the stamp
discussion.
M. Da FALnoux is convalescent
capital, and a portion at least of the amount deposited, PARIS BOURSE, TUESDAY•
should be invested. It is the only legitimate
with
etiTulklFt has been rathermoreia SEPT.
25.
operation for bankieg capital. A certain amount of close pricaesiinlyietreed amount of businesusoginnt to-dliy, but
marke.d a shade better .g.Th t the
Public securities should undoubtedly be held, as 50. 5c., and Fives at 881. 95c The r, rees at
r follows :—Threes, for cash, 5.6 e . e market closed as
being more easily convertible hi the event of any run ,
. Fives, for cash, 88f. 90c.; for ~ for account, 56f. 5e.;
upon the deposits; but it is manifest, that pall:, faccount, 88f..9 Se. ; Bank a

commerce. Again we respond--So be it I And again
to quote Chevalier BUNSEN, " their prosperity is our
prosperity," and vice versa. When we call to mind
these promises contained in the very excellent speech
of the Prussian Minister, and the eloquent discourses
of the LORD MAYOR and the other magistrates as-
sembled, and especially when we reflect on the
character of the meeting, and the city in which it
took place, we are justified in pronouncing the civic
festival of Manchester important in its principle, and
interesting in its details.

tinE FRENCH REPUBLIC.