The Sun.
London, England, 1825-09-23 00:00:00

TILE LONDON JOURNALS.

DA I IX
Astrae.t I front the Mot-lung Papers, Sept. 23, 1 82b.

[THE PUBLIC LEDGER.]
It is generally supposed that the Cabinet
Meeting, which assembled yesterday, was con-
vened for the purpose of deciding the question,
whether Parliament should be dissolved forth-
with, or in the ensuing spring. Without pre-
tending to judge how far this opinion may be
correct, we can only say that a number of silly
stories, connected with it, have been of late put
forth with an industry only equal to their ab-
surdity. It has been stated, for example, that
the Cabinet was so much divided on this subject,
as to occasion threats of secession on the part of
those Members who have credit for the greatest
lib-erality. We shall not stop to enquire how
this Cabinet secret came to he so well k►►own; but
,hair content ourselves with mentioning the al-
leged ground of these menaci►►g demonstrations.
That. party in the Cabinet who are friendly to
Catholic Emancipation are represented as strenu-
ously -opposed to a dissolution at this time,
on account of the ferment which the recent agita-
tion of the claims of that Body has occasioned
throughout the country, and which might turn
the elections against them. In reference to this,
we shall remark, in the first place, that we cannot
perceive a single symptom of this pretended fer-
ment, and in the next, that we are equally at a
}oss to discover those alleged signs of disunion in
the Cabinet. If there be any ferment, it does
not exist, at least, in the great body of the peo-
ple, who never were so free from passion and
prejudice as they are at this moment. The state
of the country too has none of the characteristics
of a divided house ; on the contrary, its flourish-
ing condition attests not only the ability, but tl►e
perfect spirit of harmony, with which its affairs
are managed. Is the country so indifferent to
the blessings it now enjoys, that it would sink
them all in the single question of Catholic Eman-
cipation ? The mere supposition would be a satire
upon the Public, the more unjust, because it was
never less merited ; for, with a trifling exception,
the spirit that prevails upon all subjects, con-
nected with civil and religious liberty, is excel-
lent in this country.

[TUE TIMES.]
The Bank meeting yesterday ended in a man
ner more peaceable than had been conjectured
whether it ought to be satisfactory is another
question.. Mr. Young put several interrogatories
to the Governor, which went to points of great
importance, as well in relation to the amount of
the currency as to the engagements of the Bank,
and were answered explicitly, and without appa-
rent hesitation. The sum of the intelligence
thus obtained was, that the notes at present in
circulation amount to 18,200,0001., which is less
by 400,0001. titan than the quantity out last year.
That the whole amount of Exchequer bills sold,
and that within three months-, dues not exceed
670,0001. That the. sums lent out on. mortgage,
of which it does not appear that any have been
called in, do not exceed 1,400,0001., and the ad.
vances on stock 480,0001. From this account it
would appear that no very considerable change
has taken place in the amount of the paper cir-
culation within the last twelve months, so far
as Bank-notes are concerned. The difference is,
according to the Chairman, not more than
400,0001. A miscalculation seems to have been
made by a cotemporary on this subject, which
adds to the above difference the amount of Ex-
chequer Bills sold, and of advances on stock re-
paid to the Bank ; and thus swells the reduction
below the amount of last year to 1,550,0001.—
Now, so far as we can understand the (Alicia'
statement, it means that there were re-issues of
the Bank paper received for Exchequer Bills
ird of that repaid for advances on stock, to at
extent which brought the total of the outstanding
Bank notes to wNhin 4001,0001. of last year's
valor: It remains to be settled whether, with the
exchanges so severely against us, and the immense
increase in the price of alt necessaries, there
ought not to have been a much more extensive
reduction of Bank of England paper. Upon this
subjecti.however, it must be admitted, that the
requisitereduction of the circulating medium may
bave been effected in gold as well as in .paper—
that.iupposing the Bank to have been perfectly
confident in their own credit with the commercial
world, and satisfied at the same time that a great
. body of people prefer Bank-notes- to gold, as a
Knitter of convenience, so as, in spiteof the profit
on.,exported gold, to ensure the circulation of
the notes, they might consider themselves justi.
*able in limit;ngthe diminution of their Bank-
notes, to the sum referred to, of 400,0001. But
the Governer declares, that the Bank is in no
way answerable for the fluctuations in the money
rnefket; and, indeed, from the comparatively
smelt fluctuations of that great establishment,
there is a prini a facia ground for this position of
the; worthy. Chairman. Whence, then, have the
itteguiar,•aail -to 'some people alarming, moves.
("eats in time market originated ? .We stated our-
selves,secno weeks ago, that the causes alleged
lot the adverse exchanges, a'nd for the more
rpcient„panic and convulsions did not appear quite
conclusive. There was proof, indeed, that the
Hatsk-had power, by its 'constitution, as well •as
kr its coanexionrwith the Government, to pro-
iltiCC the full amount of mischief. which affected
assi----but-tradoubtedly not proofsufficient-that the
poorer had, been so mischievously employed. It
announced frorn the Chair, that the mea.7
sure& of the Bank of England have been steady
and uniform, amidst- the
,agitations of the stock,
tb.e4ponied, and commercial- Markets. The in-
ference is, therefore, that the Bank proceedings
cannot have heed the immediate cause of the
ii.ucttietions. IfAlie,rage for speculating in•loans
or goods, .nr,fOreign funds, or joint stock compa-
aieOktxsakttred-witb, or spurred on by, the, low
rate of interest at which the Bank discounted,
antreO,:which the public funds were reduced -
if this were the direct moving power of : the
grievance, it is' one which will not, as we sup-
porn, be able to -operate with the same energy
as.- it -has done. The quantity of capital thus
thrown into the market of general enterprise and