The Sun.
London, England, 1836-12-06 00:00:00

THE << TIMES" AND THE JOINT

STOCK BANKS.

The Mis-leading Journal, which has so Well earned
the title of " THE GREAT UN-PRINCIPLED," is at
Its usual work again—pursuing its constant system of
echoing every momentary cry, in hopes of snatching
a little popularity (a practice which entitles it to
the designation of the "fillotuing" rather than the
" leading.' Journal), it now is pandering to the absurd
prejudices, so adroitly fostered by the Bank of Eng-
land and the Private Banks, against their formidable
rivals the JOINT STOCK Companies—and we have
daily articles on the " mania," the " wild banking,"
the " over-issues," of those Institutions—with frequent
hints of the necessity of legislative interference."
It would be a derogation from the consistency of the
" GREAT UNPRINCIPLED," to give statements,with-
out gross.. falsification—in consequence, we have the
amount of notes of the " AGRICULTURAL" Coin-

pany, boldly stated at 800,000/. ; when the official re-
turns, at the Stamp-office, spew that the circulation
never exceeded 421,000/., and at the time of the run
did not (by a considerable snm) reach to 400,000/.
In the same spirit, the " NORTHERN" Bank is ac-
cused of " over-issue," " wild banking," " insecurity,"
&c., because it could not pay all its demands in gold,
though the " mis-leading Journal," in the same breath,
admits, that this Bank had vast sums in bills of the
very best character. Now I would just ask, Could
THE BANK OF ENGLAND pay in gold all its notes,
if it could not obtain sovereigns
.fOr its bills of the
highest character ? It is well known that it could not
so pay one
.fourth of them ! Yet we hear nothing of
" wild banking," " over issue," " legislative -inter-
ference," &c., with regard to that Establishment, a
mere Joint Stock Bank after all, and I will venture to
add, nearly the worst conducted one in the Empire.
Nothing can better prove this, than the insane efforts
made by its Directors to destroy the other Joint Stock
Banks, or oblige them to issue Bank of England notes
—thus undermining their best BREAKWATERS, and
turning on themselves the whole amount of the pressure
in every case of panic—a pressure which the Institu-
tions they absurdly make war on, would divide and render
insignificant !
This office the Joint Stock Banks are eminently
calculated to discharge—as is evidenced, by the con-
duct of the Shareholders of the 44 AGRICULTURAL,"
who have met in many towns, and offered to take the
notes in their individual capacities—some, as land-
lords, announcing, that their tenants who pay rent in
gold, will thereby incur their displeasure.
Now to the question of " over-issue." We see by
the returns that the whole increase in Joint Stock cir-
culation within the year is a million and a half, of which
a large proportion is really private Banking business,
many private banks having merged in Joint Stock
Establishments ; but suppose it all " Joint Stock"
circulation,, the private Bank paper has diminished
about half a million—the Bank of England remains
nearly stationary—and thus we have an increase of
about a million, to meet an addition to our commercial
transactions of probably above twenty millions ; for all
parties are agreed, that just prior to the panic, the
amount of trade had enormously increased, and that
the business done was sound. (Vide all the Papers
of July, August and September.)
So much for " OVER-ISSUE"—the fact is the issue
was not sufficiently large.
There is much outcry about " over-trading" by
Banks. Why have we no such fear about " over-
trading" in Corn, Iron, Wine, Cloth, or Cotton ? In
all these some persons speculate rashly—but we trust
to the prudence of the general mass of traders, and
rejoice to see a great increase in the transactions of
these dealers ; but we cannot trust the prudence of our
dealers in money—and the moment they exhibit symp-
toms of activity, we rush upon them, call for payment,
AND MAKE THE ADVERSITY WE DREAD.
The bug-bear of " OVER-ISSUE" is—moonshine!
Bankers don't part with their notes more loosely
than Cotton Merchants with their calicoes—with each,
property is trusted to others—with each, so trusted in
general with sagacity and caution.
The REAL cause
,of panics is not the "over-issue"
of paper, (which never to any extent worth notice has
occurred, and never can, while human nature remains
the same) ; but the absurd, insane fancy for a "metallic
currency," which is preposterously assumed to be a
a standard, and 7/fluctuating circulation, * the result
is, that whenever business rapidly increases, the gold
proves too little for the enhanced number and amount
of transactions—a struggle commences for it—fool A.
rushes to obtain it from his banker—blockhead B.
follows his wise example—and a "panic" ensues_
business is checked—distress occasioned, solvent
houses ruined—prices lowered—banks closed, &c. &c.
The present crisis has arisen in this way—ohe
'Writer prognosticated it six months since)---aided by
the folly of brother Jonathan—who, unwilling that
brother 'John should be the only ass, has come into
the field to contend for the wreath of absurdity, and
have his " metallic currency" too
So long as this folly prevails, panics will periodically
return—ALWAYS following, as AN INEVITABLE
CONSEQUENCE, a season of prosperity—bow should
it be otherwise ?--.There is a certain quantity of gold in
circulation, adequate to a certain amount of business—
the latter amount is greatly increased—the amount of
gold cannot be—and the inequality is immediately felt
in the manner already pointed out--PANICS ARE
THEREFORE THE NATURAL AND INVARIABLE
RESULTS OF A GOLD CIRCULATION—the me-
tallic medium cannot be made to coincide with the ex-
tent of trade—a paper medium always can.
More on this subject hereafter—As to the outcry
against 44 Joint Stock" Banks, it is the result of in-
terest, envy and folly. Let the " GREAT UNPRIN-
CIPLED," point out ONE man who has lost a shilling,
by holding the note of one of these institutions : the
mis-leading Journal CANNOT DO IT!
NOT A SHAREHOLDER
IN A JOINT STOCK BANK.
•
• Being actually the most fluctuating.

, -
We are autnonsed to contradict the report alluded
to in our paper of last Thursday respecting the illness of
Fortescue. His Lordship, so far from being unwell,
is, on the contrary, in excellent health.—Morning Chronicle.
THE WALPOLE Cost ESPONDENCE.-The an-
nouncement by Mr. Colburn of a cheap and concise edition
of the celebrated " Letters of Horace Walpole to George
Montagu and other distinguished persons," as a companion
set to those lately published, addressed to Horace Mann,
must prove a source of high gratification to the public.
These additional letters complete the lively and amusing
view of the times in which he lived. Walpole was, indeed,
the very Prince of gossips. His descriptions of Court revels
and Court beauties are in the highest style of perfection.
He delights no less in the squabbles of politicians than in
• the puns of George Selwyn—enjoys to madness the strife
of 100 with half-a-dozen bitter old woman of quality—revels
.• in a world of chests and china—and, indeed, lets us loose at
once amongst all the frippery and folly of the last century
With an ease and courtesy equally amusing and delightful.
The Noblemen and Gentlemen of the Committee
ulio have met several days to investigate the recent trans-
actions at Graham's Club, which has so much occupied
Public attention, will make their own report is the course
of the week. One of the most distinguished persons of the
,l'ealm has expressed himself in a manner highly favourable
, to the criminated party.—Post.
On Thursday afternoon, Lincoln's-inn-fields and its
'lntnediate neighbourhood were considerably alarmed in
o.onsequence of a large dog, supposed to be in a rabid state,
.tonning about in a most frightful manner, foaming at the
41Outh, and snapping fiercely at every person who happened
.to be in his way. At length the animal ran into Bear-
' Yard, and was there eventually killed with a hatchet by a
l':°tlng man, a carpenter, who was passing at the time. It
was then observed that the poor dog bad been shamefully
tortured by some diabolical wretch, who had actually driven
a large nail into the animal's lower jaw ! The dreadful
Pain arising front the exercise of this horrible cruelty doubt-
"s produced madness.
A paragraph having appeared in the papers, relating
g
that one of the park keepers and two gentlemen 104 Fbot
a bird of the imber-di%er species upon the Serpentine lta
ver, we are authorised to state, that in consequence of an
't'Plication made by the Secretary of the St. James's Orni-
tboloelical Society to Mr. Stephenson, the Superintendent
41.1-iyde Park, that gentleman has represented the matter
to -his Roal Highness the Ranger, and his Royal
highness has directed that strict orders be given to
p; re park-keepers to protect all aquatic birds which may
, placed on the Serpentine, the same being placed
''"ero by the St. James's Ornithological Society for the
4111usement and advantage of the t.)Vit

THEATRES.

ADELPHL

A new piece, called Paulina ; or, The Passage of the
Beresina, was last night produced at this theatre. The
scene opens in the neighbourhood of Moscow, when Napo-
leon occupies the Kremlin. Pauline is the daughter of a
Russian Nobleman, who has been condemned by a Court-
martial to be shot for having devastated his country after the
patriot example of Count llostophskin. She has won the
heart, of Savigny, Napoleon's favourite Aide-de-C.imp, to
whom the duty falls of seeing her father executed. The
liberality of Savigny in allowing the prisoner's friends to
see him is the cause of his escape, and the aide-de,-Camp
is condemned to take his place. 13onaparte signs the
death warrant of his favourite with reluctance. Pauline
breaks through his guards, throws herself at his feet, and,
after a bard struggle, wins the pardon of her lover. The
Emperor accompanies his boon with the condition that the
pair marry extempore. While this ceremony takes place in
his presence, the fire of Moscow occurs, and, burning with all
the rapidity which dramatic effect requires, brings the walls and
roof of the palace tumblingiabout the ears of his Majesty and
all his marshals. This is precisely the scene wherein the
pyrotechnic artists of the Adclphi revel, and with it accor-
dingly act the first ends. Act the second brings us to
Paris in 1816. All our dramatis persome are there except
the Empercr, who is at St. Helena. The Beresina had
been crossed in the mean time, and poor Pauline, fancying
at the catastrophe of that river and Bridge of Groans, that
Savigny had been lost in an effort to save her, had fallen
mad, and mad she remains, of which she gives unequivocal
proof, in always taking the Colonel for a ghost. To save
her from this melancholy condition, Larrez, the celebrated
surgeon of the grand armies, recommends that advantage
should be taken of a severe winter at Paris, to represent
the passage of the Beresina on the Seine, and there work
upon Pauline's mind, that she may think the real scene is
again before her, while Savigny is to be saved beyond all
doubt. The stratagem succeeds, as it properly should, and
the fair Russian again rejoices in the possession of her senses
and her Colonel. While all this is going on, Pitou, a full pri-
vate of the French army, who is as queer a genius as Buck-
stone can make him, runs a fruitless chase after Nannette,
the maid of Pauline, and John Reeve figures as a pOrtlyCom-
missary-General, and subsequent Marquis under Louis dix-
Wires. Both intrude upon every scene of tender-
ness, or sublimity, and, of course, " lead us the other way,
the other way." The whole affair is a mixture of melo-
drama, farce, and spectacle, upon which may be ventured
the profound remark, that " nothing is but what is not."
Gomersal's Napoleon is well known. Mrs. Yates is ex-
ceedingly touching in the part of Pauline. Reeve with his
buffooneries preserves us from the natural effects of such
tender appeals. Mrs. Stirling is very lively and pleasing in
the part of Nannette.