The Sun.
London, England, 1847-01-19 00:00:00

" It is announced," says the Constitutionnel, "that
a courier extraordinary has just been sent off to Lon-
don with dispatches for the French Ambassador. It
is also said that M. GUIZoT calls to Paris the Count
DE JARNAC, who has conducted with Lord PALAIER-
sroN the negotiation relative to the marriages, in
order to confer with him previous to the opening of
the debates in the Chambers."
All these events became known on Friday, and, in
addition, it was announced that on Thursday the
Bank of France had raised the rate of discount to
5 per cent. Alarming accounts, too, arrived in Paris
of food riots in the provinces, and of a rapid and
sudden rise in the price of corn. All these causes
acting together produced a panic upon the Bourse on
Saturday, and Government securities and railroad
shares fell immensely. The following article from
the Debats of Saturday is of course intended to make
out the best case as to the prospects of the Bank ; and
if this is really the best prospect that can be held out,
the best is but bad. The Debuts says—
" The Bank of France has just come to two important
decisions. By one it has procured, by means of a loan
negotiated in London, a' certain quantity of specie ; by
the other it has raised its rate of discount, which has
been long fixed at 4 per cent., to 5 per cent. The
English houses with which the Bank has negociated
have agreed to advance for three months a sum of 20
millions of francs, the payment of which is guaranteed
by titles of rode held by the Bank. It is well known
that the Bank possesses in state stock a capital respond.
ing to 2,952,585 francs revenue. The Bank of England
has co-operated in that transaction, not in furnishing the
capital, the mass of money actually available in
the London market rendering it unnecessary,
but in delivering to the Bank of France. against
the signature of the English firms, silver in-
gots to the amount of twenty millions. The Bank
of England has testified on this occasion its good feeling,
by the moderation of the conditions at which the ingots
have been given. It is delightful to see the capitalists
and financial institutions of great countries readily lend-
ing each other, according to circumstances, a mutual aid.
As to the augmentation in the rate of interest, the ad-
ministration of the Bank has supposed that it will have
the effect of limiting the demands made for daicounting
bills, and consequently the issue of hank notes. The
Bank of France has determined to adopt these two ope-
rations by a new reduction on the amount of its bullion.
This reserve, which is usually above 200 millions,
and which had fallen to 100 millions six weeks back,
was not more than 72 millions in Paris some days
back, and with the five-franc pieces which the Bank
po,,sesses in its branch establishments in the
departments, at 90. It is sensibly less at present,
but the resources obtained in London maintain it be-
yond 100 millions. It may be considered as reduced
to the half of the accustomed reserve ; but it is well
known '-that one of the reproaches sometimes brought
against the Bank was, that its inetellic reserve was
excessive, and that it had in its cellars nearly almost as
much silver as it had notes in circulation. In the pre-
sent state of things, a resei ye of upwards of 100 millions
against a circulation of notes of 270 millions is perfectly
satisfactory, and would bear a diminution without there
being any cause for the slightest uneasiness. There
reigns a degree of uncertainty about the fatere, because
no person can positively say what may be for the next
few months the wants of trade in specie. The necessity
in which the great states of western Europe are placed,
to import wheat in I irge quantities causes a great export
of specie, for two causes; Ist, for accidental impel is of
whatever value they may be, and regular commerce not
responding to them in merchandise; and next the re-
strictive system adopted by all the Powers limit ex-
ceedingly the exchange of produce from people to
people, and necessitates the recurrence to specie pay-
ments in all unexpected cases. It therefore the defi-
ciency of our harvest is not made up by the importa-
tions of corn, which have already taken place, we must
expect to see the great, accumulations of coined money
which form the reserve fund of hanks still more
diminished. The Bank of England will be exposed to be-
hold its reserve in gold experience a great reduction, and
the same must take place amongst us for the reserve of the
Bank of France. Unfortunately no person can say,
even approximatively, if France is at present fully pro-
visioned up to the next harvest. It is not wheat alone
that has failed; if we had had to make up for the
smallness of the wheat crop only, there is reason to
suppose that the imports already brought in might be
sufficient, but we have to replace with foreign corn all
the deficiency that has taken place in bread-stuffs of
all kinds, and in this respect the deficiencyis
certainly
great, without it being possible as yet to judge fully of
its extent. It' we shall be obliged to import several
million& of hectolitres of wheat in addition to the four
millions already received, the general market would
scarcely supply it. Thank God! there
ispainy
with hard the world
plenty of wheat to be sold. But we must
f F m
cash, because the different nations will not receive each
other's produce. In that case, the Bank o
experience fresh embarrassments. Let us, howevrance
er, de-
ay
clare that by financial measures, more or less analagous
to that which the Bank of France has just effected, theta
difficulties would be easily got over, P
the aid of the Government. But we oughtarerly with
particularly
accustom
ourselves to contemplate the possibility. of this oc-
curring, and to be ready for every case,
that of England being, like us, short n
of theclti preciousding even
metals."
After some more observations of comparatively little
interest, the Debuts adds :
o It is singular that France should appear at this mo-
ment to experience a want of specie, when It
i scertainlythe country in which specie is the most abundant.
Ac-
cording to the most accredited estimations,
the_propor
tion of specie in France is treble that which suffices for
all the transactions of the United King'l°lns
that which
Britain and Ireland. It is equal to six of Great
sufficed for all the exchanges in Northht
nimost flourish-
years ago, wnen that country was in the
ireserica twelve
mg state, namely, before the attacks
ideas alai which
upon the banks. Unfortunately, the General Jackson
the Auglo-Saxons of the two hemispheres have been
are unknown in
inspired by the genius of commerce: by him, for
France. In this country every man Keel'
his own use, a quantity of specie, more or
that with a real
or less. Besides
this, it is hoarded up. Thus it results, the splicer-
exuberance ot specie we are exposed to
have
of being in want of it."
The article thus concludes :
ntry is not corn-
" The financial situation of the
.r.rucentleer de
promised, but it calls for more than
vigilante.
Every one pays
homage to tne iloirtYhe Bank of
France and to its ability ; the
.Bank,wi-ll be
*We to foresee everything, and ce,rtalimeiryd
against all ( yen-
gwhich it will be able to
tualities. The general mearr.haed
experience, and
employ will be indicated betorover
„ not be wanting
the support of the public
P co-operation may be
within the limit in which their
ne-
cea.ary. But also it
i must know how to interpret the
profit of the fnture."
events of the present n
The Dante steamer, which was presented to the
,
*by the IsiteG of the FRENCH, was
Bey of TUNIS
Ult , on the coast of Tunis.
the 31st
wrecked on •
• greater facilities for the im-
The Bill affording
for . . pressed forward with
n being
portation of gr.in.
and indeed there is no time to
rapidity,
the greatest
lose if the Government wish to prevent the most
ences from ensuing from the pre-
disastrous consequ
h prevails in every part of France.
sent famine which
The Reforme says--
stated, two months ago, the price of
tt As we already
reached a considerable elevation,
grain, after havinfgeo
ary,
when all of a sudden the
remained awhiled. saa a
extraordinary and truly appalling
rise experienced °n
part of France do we receive intelli-
impulse. From noaf
a fall or even steadiness in the mer-
gence indicative
general and affects all sorts of •
ket. The rise is g . grain,
west are particularly visited with the
scourge, centre and
ts for the 1. t b e his accoun t ur ances which
scourge, and t
themselves in those •
countries, where
have manifested
agitation subsides
on one point to
recommence on
the
Sarthe to the Lower •
Loire,
another. From .ite
Die et v Haland Maine et Loire,
in Mayenne,
has taken
d dearth , place, and ex-
an unexpecte
'ls. The same may be said ot
cessive alarm preval
the province of Berry,et
of the department of Indre,
Indre et Loire, and Lore Cher. From thence the
onnut
on the one side to the Bourb •
movement extent"-,thes,
Orleannais
and on the other to • The sack of flour
has already reached
the enormous price of 100 f. en dif-
ferent points, particularly 3 rin the Cher, where the hec-
tolitre of wheat sells for 6 . and 37E At Orleans the
price of flour will shortly be as high, being quoted at
from 91f, to 921. At Paris the price of flour augments
from If. to 21. at every market, and nobody will psrt
with his grain. Two days ago the highest price was
92f., and, to-day, the sack of flour was not to be had for
95f. On Friday there was a further increase of 45c.,
which raises the price of bread to 49c. per kilogramme,
and no one can say that it will not reach 50c. before the
close of die month.
The Sentinelle des Pyrenees says that Senor OLOZAGA
arrived at Bayonne on the 12th inst.

The Three per Cents. closed on the Paris Bourse on
Saturday at 78f. sc. ; the Five per Cents., 1161. 40c.;
the Orleans Railroad Shares, 1,210 E; Rouen, 8701. ;
Havre, 665 f. ; Great Northern, 6101. ; Avignon, 830 f.;
Vierzon, 5601.• ' Bordeaux, 542 f. 50c. ; Troyes and Mon-
tereau, 340 f.• Dieppe, 3451. ; Paris and Strasburg, 4701.;
Tours and iCantes, 470 E; Paris and Lyons, 493 f. 75c.'

Lyons anti ; „
Thr2t.,
MARSEILLES, JAN. 11.—Marseilles and Avignon, 858 E 75c- ;
Northern, 637 f. 50c.