The Sun.
London, England, 1847-10-20 00:00:00

TO CORRESPONDENTS.

"0. K., Plymouth," had hater consult a lawyer on his
case. It is impossible to advise him without being
minutely acquainted with every circumstance of the

cue.

111 E WEATHEII.—StiN DFFICE, OCT. 20.
1 avnwomErEn, Lowest, 45; Highest. 61 ; Noon, 52.
BAROMETER, 29.83.—W1ND S.S.W.; fine.

r11,a3 WATER AT LONDON-IthIDGF TILLS DAY.
Morning.. 13 minutes after 10 Evening .. 52 r..inntea after 10.

!ire per. .
,:tots ;47r
,r•
„r,15;.,,.'' 4." 1144!*4r5t',4,,!.•'—,, • ,

nitniv,
OND')N, WEDNESDAY, OCTOBER 20, 1847.
One month since the Chancellor of the Exchequer
assured the deputation from the coal-owners, mer-
chants, manufacturers, ship-owners, and others inte-
rested in trade and commerce, of Newcastle-on-Tyne,
"that there was not any just cause f, r the appre-
hensions which the deputation and the mercantile body
of Newcastle appeared to entertain—that the Bank of
England had not limited its discounts—that as far as
he knew, and he fully believed, it was not the inten-
tion of the directors of the Bank to limit discounts, as
they had done in April, or to resort to any other strin-
gent measures—that he felt confident the worst was
past, and he thought the alarm which then existed
would speedily subside." Well, we have since
had an opportunity of testing the soundness
of the Right Hon. Gentleman's judgment, the
accuracy of his views, and, unfortunately, the
events have not verified the pleasing anticipations
with which he endeavoured to calm the fears of those
who depicted the lamentable condition of the country
—the deranged state of monetary affairs; who urged
upon him, as financial Minister, the embarrassing and
injurious consequences which must inevitably result
from any lengthened continuance of the pressure on
the whole trade of the empire, and prayed that the
Government should take into their consideration the
present banking enactments, with a view to the re-
laxation of the
same. Since that period failures
have taken place to the amount of twenty mil-
lions of pounds sterling; the price of Consols
has fallen more than six per cent. ; the then
price for present transfer being
has
86i to 85i,
while a still greater depreciation astaken place in
the value of railway shares in the
established lines,
the London and North-Western shares having fallen
from 1611., the quotation of the 20th Septe
1411. on the 19th October, cr 201. per shareal:7 , to
While
the Great Western shares have declined
within the
same period from 16/. prem. to par. Every other de-
scription of property has been deteriorated in a similar
manner; while, in the language of the bankers, mer-
chants, and traders of Liverpool, " produce of every
description is only saleable in small quantities, and
at an enormous sacrifice ; bills of exchange, and
the most valuable securities, are unconvertible
into cash, even at great clepreciation, except to the
most insignificant amounts. Foreign orders for
produce and goods cannot be executed for want of
the customary facilities for disposal of the bills drawn
against them. Confidence is all but annihilated, and
the currency of the country in a great measure with-
drawn and hoarded." Even within the last few
days, we find the Bank of England unable to make
the necessary advances in money to sustain a provin-
cial establishments with a paid-up capital of 600,000/.
sterling, althoughready to lend stock to the required
t•
anaount-

Such wilful blindness, so grievous a want of fore-
sight in the person to whose charge the financial in-