The Sun.
London, England, 1847-04-20 00:00:00

S Ng APRIL 20, 1847.

THE GOLD CURRENCY.
(From the Post.)
The accounts of the Bank of England which we pub-
lished on Saturday show that a very important diminu-
tion of the means of the Bank for carrying on its busi-
ness had taken place between the 3d instant and the 10th
instant. On the 3d instant the establishment possessed
in its banking department 3,699,7001. in notes, and
691,7701. in coin, applicable to the carrying on of its
banking business. On the 10th instant the same de-
partment held 2,832,9151. in notes, and 630,713/. in gold
and silver coin, applicable to the carrying on of its
banking business. On that day (the 10th instant), the
issue department held of gold and silver coin and bullion
the sum of 9,236,340/, but over this sum the banking
department of the Bank had no control. The whole
funds of the Bank, and of all its branches which could
be made use of for payments to the public on the 10th
instant, amounted to 3,463,6281., and if more than that
amount had been demanded by those depositors who had
a legal right to make the demand, the Bank must have
stopped, though in its issue department it held 9,236,3401.
lying useless—useless, at all events, in the sense of cir-
culating money. It was understood last week,:by persons
likely to be well informed on thesubjeet, that on the 17th a
large sum would become due to the Bank in liquidation
of a part of its securities. This sum being paid to the
Bank in notes would place it in a considerably stronger
position than it was in previously, but as this sum of
bank-notes would be withdrawn from the general circu-
lation, the payment would tend to increase the " tight-
ness" of money, and consequently the pressure upon all
who have to make money payments in the course of their
business, or in the payment of bills which they accepted
nnder an easier state of circumstances. These are but
the details of that pinching, draining, exhausting system
to which money convertible into gold, coupled with a
free trade in gold, must always be liable, and which has
been so excessively aggravated by the additional restric-
tions of Peel's Bill of 1844—that "complement to the
measure of 1819" of which he made such vainglorious
boast in the prosperous period of May, 1844. It was
true that previously to that time the Bank was liable to
be pressed for payment of its notes in gold, but the
directors had such opportunities of knowing the chan-
nels of distribution of their notes, and such means of
judging whether they were, or were not likely to be called
upon to pay to a large extent in gold, that they could issue
notes, under certain circumstances of pressure, without
imprudence, although not holding gold against such
issue. Say that they were drawn upon for a million or
two, which they knew would go into the hands of per-
sons who, within a week, would rpay these very notes
to them upon another account. This often happened,
and when it did happen it made no difference to the ac-
commodation given to the public at large ; for the Bank
increased its issues, or had the power to do so, in order
to meet the particular case. Since Peel's Bill of 1844,
however, there is no such liberty left with the Bank.
If to-day, out of the fifteen millions of deposits which
the Bank holds, a million or two were withdrawn, the
bankers, well knowing that this day week the notes
would be repaid, and in the meantime would lie in some
iron chest in Lombard-street, still the Bank must pro-
portionably diminish its accommodation to the public,
for without bank-notes it cannot accommodate the public,
and it has no privilege to obtain from the issue depart-
ment a million or two to replace those which have gone
to the iron safes in Lombard-street. It can only obtain
notes as any private individual could, by giving gold
in exchange for them, and that it has not to give.
Such is the working of Peel's Bill, which some per-
sons have still the effrontery to talk of as a beneficial
measure ! To whom is it beneficial? Does it serve the
trader who relied upon the discount of good bills for
meeting his engagements, and finds he cannot get dis-
counts, or cannot get them except at a premium which
takes away all his profit? Does it serve the owner of
Consols, or of Shares in joint-stock companies, who has
Occasion to turn his securities, or a part of them, into
money, and finds them enormously depreciated in conse-
quence of the scarcity of money? Does it serve the
banker, who is liable to heavy demands being made upon
him, and who fears to make use of the funds deposited
with him, lest, from the increasing pressure, deposits
should be withdrawn? No, it serves only the owners of
large sums of ready money, over which they have ab-
solute control, and who, in such a time, command almost
what remuneration they please for temporary loans.
These only are the people who thrive by such circum-
stances of pressure as such a Bill as Peel's Bill of 1844
must inevitably lead to, whenever the course of mercan-
tile affairs takes large sums of gold out of the country.
A letter to the Chancellor of the Exchequer has been
sent to us, in which the writer (Mr. T. Lamie Murray)
points out the circumstances of difficulty under which
the monetary concerns of the country are now placed,
and suggests a remedy. The remedy proposed
is an interference with the business of the
Bank, of England, which we cannot conceive
that any gentleman not concerned in that es-
tAlishm?ltt has any rigjit to propose; but his statement
of the circumstances which require some remcky is wor,gi
attention, and the more so because we believe MIPPINItiIi
ray's experience entitles him to give an opinion upon
such matters. After adverting to the circumstances of
the potato famine, he proceeds to say:—
" Every one will admit that this visitation of Divine
Providence is in itself of sufficient magnitude, but when
it is increased by a monetary crisis, it may become to
the last degree inconvenient.
" One of the arguments against the abolition of the
corn-laws was the apprehended disturbance of the cir-
culation of the Bank of England by the efflux of bullion
in the purchase of corn. But when that argument was
put forward, it was never contemplated that this dis-
turbance could bear the smallest ratio to the quantity of
corn imported into western Europe, and likely to arrive in
the course of this year. If, therefore, what was consi-
dered a serious inconvenience on so small a scale, as one
ventured to assert, how much must the evil assume the
character of serious alarm when this importation of fo-
reign corn, and the consequent efflux of the precious
metals, is carried on upon a scale of magnitude beyond
parallel, and perfectly disproportionate to the resources
of the Bank of England acting under the restrictions
imposed by the Bill of 1844?
"It should be remembered that this state of things
has suddenly come upon the country in the very midst of
engagements for public undertakings of all kinds un-
precedently large, and resting on private means for their
execution, already sanctioned by Parliament, and of
others awaiting that sanction.
" At no period in the commercial history of this
country has such an amount of floating values existed
upon the stock markets.
" I am disposed to agree that the amount of enter-
prise to which capital is pledged, and now in the course
of being required, is entirely disproportionate to the an-
nual surplus.

" This state of things is not alone confined to England
—France, Belgium, and Germany are, with ourselves,
equally purchasers of corn, equally require bullion for
the purpose, and are equally engaged in extensive rail-
way constructions, requiring a large capital and resources.
"To this surcharged state of things must be added
the deficiency in the cotton crop, its influence on em-
ployment and manufactures. The loss to the consumer
in the difference of price is estimated at more than
4,000,0001.

" I have drawn your attention to these facts with a
view of proving that the state of England and Europe,
both in respect to the deficiency of food and the under-
takings in which all are engaged, is widely different
from that of the year 1844, when the law regulating the
Bank of England was passed.
" At that period, and under widely different circum-
stances, the inconvenience that might result from an
exceptional state of things was foreseen by some of our
most extensive and sagacious London bankers, who, in
the memorial signed by some of the most eminent firms,
dated the 1 lth June, 1844, clearly indicated a case such
as has now arisen, for which the law has made no pro-
vision.

" A situation of embarrassment, which was deemed
possible, has at length arrived ; and the Bank of Eng-
land, coerced by the law of 1844, is no longer able to
interpose a barrier against the sweeping torrent of de-
preciation, and public and private discredit that has set
in. The Bank has already exhausted its resources, and
overstepped its pradence. The effort has been perhaps
praiseworthy ; but the endeavour has been vain.
" In former times, at periods of distrust, the aid of so
powerful an establishment has always, when exerted, in-
vigorated the disorganisation of private credit, without
injury to itself ; but the Bill of 1844 entirely destroyed
this useful function, and in this exists its greatest error
and deficiency.
" Under the law of 1844, sooner or later in this year,
the present state of things was inevitable. In the one
case, had the Bank restricted its accommodation, the
panic would have resulted from real pressure; and in the
other, as in the present instance, from anticipated pres-
sure, arising from the exhausted and hopeless condition
of the Bank."

The remedy proposed by the writer of the above is,
that the Bank should employ a large portion of its " rest"
in purchasing two and a half millions of Government se-
curities, and be empowered by Act of Parliament to issue
that amount of bank-notes against such securities, over
and above the sum at present allowed to be issued against
such security. This might, no doubt, be serviceable as
a temporary expedient, if the Bank thought fit thus to
make use of its accumulated profits; but no one, except
the Bank itself, has any business to propose such an ex-
pedient. Besides, we must remember that the vicious
principle would still remain which compels the autho-
rised issuers of paper money to contract their issues as
gold leaves the country, while the policy demanded by
the nature of the case, and by common sense, is that as
gold money is taken away from the country some other
medium of exchange should be proportionably supplied
for the purpose of carrying .on the vast business, both
internal and external, in which the country is engaged.

EXTENSIVE ROBBERY.—On Saturday the counting-
house of James Morrison and Co., No. 28, t. Mary-at-Hill,
Thames-street, was plundered of a tin cash-box, containing
60 South-Eastern Railway shares, 25 Taff Vale Railwavf
shares, and 10 Paris and Lyons; 3721. in notes and bills on
exchange, as well as several bill stamps, signed J. Morrison
and Co. payable Jones Loyd and Co., and not filled up.
THE COBDEN NATIONAL TRIBUTE FUND.—Sin3e
the last announcement, 978/. has been contributed to this
fund, including a sum of 200/ by Mr. James G. Marshall, of
Headingley House,
near Leeds. The total amount of the
subscriptions, so far as advertised in Manchester, is now
61,67%

PRICB SD.

RAILWAY INTELLIGENCE.
THE TRENT VALLEY RAILWAY.
TAMWORTB, Arum 17.—Yesterday Mr. Brassey, the
principal contractor for the works on this important line
of railway, in company with a party of friends, tra-
versed the line from Rugby to Stafford. During their
progress they were loudly cheered by the populace as-
sembled at the various stations on the line, and particu-
larly at Tamworth ; the rejoicing was manifested by the
waving of flags, the firing of cannon, and the ringing of
bells. From Tamworth the party (the train consisting
of an engine and two carriages) proceeded to Lichfield
and Rugeley, and thence through the great tunnel on
Lord Lichfield's estate at Shuckborough to the neigh-
bourhood of the terminus at Stafford. At present, how-
ever, owing to the boggy state of the land, over which is
an embankment, in the neighbourhood of that town, an
efficient junction with the London and North-Western
has not yet been effected. Notwithstanding, there is no
doubt that in the course of a short time the necessary
solidity will be obtained, as the Grand Junction had to
contend with the same difficulty when the line was first
put down in that vicinity.
Mr. Brassey and his friends remained at Stafford
for the night, and this morning, as previously an-
nounced, returned on their experimental trip to Tam-
worth. Here, where the sod was first turned by Sir
Robert Peel, great doings were expected, and, as the
directors had intimated their intention of taking lun-
cheon, it was not unnaturally supposed, Sir Robert
Peel being at Drayton, that he would honour the party
with his company. At the time the directors were ex-
pected to arrive a considerable concourse of people,
amongst them the most respectable inhabitants of the
district, had assembled in the neighbourhood of the Tam-
worth station :—Sir R. Peel, Lady Peel, Miss Peel, and
the youngest son of the Right Hon. Baronet, were on
the platform ; but, as it subsequently appeared, Sir
Robert was not there with the view of taking any part
in the festivities which followed, but for the purpose of
starting with his family by the next train for London.
Accordingly, at half past eleven o'clock, before the Trent
directors made their appearance, the Right Hon. Baronet
had directed his course to the metropolis, and those who
imagined that they were about to be favoured with an-
other address upon railway projects were doomed to dis-
appointment. Sir Robert was looking well, and appeared
to be much gratified with the gay and animated scene of
which he was a spectator.
The party from Stafford arrived shortly before twelve
o'clock, amidst the cheering of the populace and the
booming of cannons. Amongst the gentlemen who
alighted were Captain Huish, Mr. Bruyeres (of the Lon-
don and North-Western), Mr. Gooch, C.E., Mr. Bart-
lett, C.E., Mr. Dockeray, Mr. Field, Mr. Berkeley, Mr.
Godson, Mr. Irving, Mr. Cawley, Mr. Brassey, &c.
A sumptuous luncheon was provided by Mr. Rhoades, of
the King's Arms, and, as might be expected, the festi-
vities passed off with great glee and good humour.
The report of the directors and engineers who con-
stituted the party to this experimental trip is, that the
line throughout, with the exception of the portion near
Stafford already referred to, is remarkably firm, and the
work substantially and in all respects efficiently com-
pleted. The station at Tamworth is an elegant Eliza-
bethan building of great capacity, and will be of great
ornament to the line.

The party, after leaving Tamworth, proceeded for-
ward through Atherstone and Nuneaton to Rugby,
where the Trent line effects its southern junction with
the London and North-Western.

It is intended to open the line for the conveyance of
goods on the Ist of June, and for passengers on the Ist
of July. From that time the traffic between London
and Manchester and Liverpool will take its leave of the
present route through Birmingham,

DUBLIN AND KINGSTOWN RAILWAY COM-

PANY.

The half-yearly meeting of this company was held on
Saturday, at 12 o'clock, in the board-room of the com-
pany's station-house, near Handrow, Mr. George Pim
in the chair.

The treasurer read the usual report from the directors,
from which it appeared " that there has been a decrease
in the receipts of the company for the past year, the
number of passengers booked at all the stations during
the last six months being :1,668,640, and for the pre-
vious half-year 1,747,100, showing a decrease of 78,450,
which produced a decrease in money receipts of
1,3451. 3s. I Id.

X. s. d.
" Gross income from all sources (ex-
clusive of Dalkey 51,691 15 2
" Income last year);

" Decrease £1,345 3 11."
The report went on to say, " that although a decrease
in the company's receipts was a matter to be regretted,
it was not at all calculated to excite surprise, owing to
the awful calamity_which had fallen upon their country,
and which had.no‘nfined its effects alone to the poorer
jassesj'but hati.chieflffected all ranks and positions
in ebciety; a calamity trat had curtailed ail gup.rfloons
expenditure, building, &c." In referring to the agree-
ment between the company and the Waterford, Wex-
ford, and Wicklow Company, the report went on to say,
" Whilst the board continue of opinion that the com-
pletion of a line of railway by Wicklow and Wexford
to Waterford, without unnecessary delay, and in pur-
suance of the agreement between the two companies,
would be highly advantageous to your interest, they
have not been unobservant of the late proceedings of
the shareholders of the Waterford, Wexford, Wick-
low, and Dublin Company, and of the anxiety which
has been shown by very many of them to endeavour to
relieve themselves from their responsibilities. The
directors have, therefore, :felt it to be their duty to seek
for such information from the directors of the Waterford,
Wexford, Wicklow, and Dublin Company, as would
enable them to judge of the ability of that company to
complete their undertaking in its integrity, before trans-
ferring to them either your powers or your property.
The opinion of the board remained unchanged on this
subject, and all that had occurred since their previous
meeting only tended to confirm the boaid as to the pro-
priety of the course they adopted; and not only has the
information sought for been withheld and difficulties
thrown in the way of your obtaining it, but the directors
of the Waterford, Wexford, Wicklow, and Dublin Com-
pany have brought into Parliament a Bill for the amend-
ment of the Act, to enable them to shorten their line and
reduce their capital, which contains provisions and
clauses prejudicial to your interests, and at variance
with the agreements between the two companies. The
board, therefore, acting under the advice of eminent
counsel, have not executed the transfer of the powers for
making the Bray line on the lease of the Dublin and
Kingstown Railway, and they have forwarded a petition
to the House of Commons, under the common seal of
the company, against the Amendment Bill, &c., and are
prepared to offer an effective opposition to the Bill should
it be proceeded with. They trust the proprietors will
rely on the best exertions of the board to watch over and
protect the company's interests in this very important
matter."

A long discussion having:arisen upon the adoption of
the foregoing report, two amendments were proposed,
one to the effect that the directors should at once pro-
ceed to construct the extension from Kingstown to
Bray, and throw the ones on the Wexford and Water-
ford Company of applying for an injection to restrain ;
and the other, which was proposed by Mr. Palmer, of
London, recommending that the Kingstown Company
should not oppose the amendment Bill ; and also that a
deputation of the directors should wait upon the
directors of the Waterford and Wicklow line, in order
to arrange differences, and modify the arrangements
already entered into, so as to make them meet the
wishes of all parties. After the discussion of those
amendments for upward of two hours and a half, they
were both withdrawn, and the matter having been
left to the discretion of the directors the report was
ad opted.
Some routine business was then transacted, and the
meeting separated.

WILTS, SOMERSET, AND WEYMOUTH
RAILWAY.
At a special meeting of the proprietors, held at Bath,
Sir John Awdry in the chair, Bills were approved for
constructing a railway from Bleadon to Blandford, with
a branch to Glastonbury ; a railway from Compton to
Wilton, with a branch to Gillingham; to make certain
alterations in the main line, and to authorise certain
agreements with the Great Western Company.

ALARMING FIRES AND NARROW ESCAPE.—Shortly
before midnight on Saturday a very alarming fire, by which
a young girl nearly lost her life, broke out upon the pre-
mises, numbered 107, Great Russell-street, Bloomsbury.
It originated in the thiid floor, occupied by Mrs. H. Sov,
a milliner and dressmaker, and was occasioned thus
appears that Mrs. Soy had placed her daughter Blanche,
a child about six or seven years of age, in bed, and had left
a candle burning in the room. Some time after the girl had
been asleep she was awoke by a burning sensation in one
ionf
gh
inein
r legs,
on one ncdo complete e
rising
blasesinfounndf
fire, bednau
instantly
bwyasa sslpeaerpk-
from the candle lodging there. The child nstantlybjumpebd
out of bed and ran screaming down stairs, which brought
the inmates of the house to her assistance, who endea-
voured to subdue the flames, but without avail, for owing
to the firm hold they had then obtained they were pour-
ing out of the door with such fury as to threaten the en-
tire building with destruction. The residents, finding that
they were unable to extinguish the flames, sent for the en-
gines. In a very brief space of time the Royal Society for
the Protection of Life from Fire had oue of their escapes at
the scene, and the engines from Crown-street and High Hol-
born stations followed immediately after. The firemen, after
cdonnesfi,idenrnatb,lbentwroevuberle, succeeded,uatiltnewhionlegoefaithneg
ftuhrenifltuanrelesinsuthbe-
apartment was spoiled, three other rooms on the same floor
damaged, and two on the second floor, with the furniture
therein, damaged by water. Udfortunately Mr Soy was
uninsured. The occupier of the other rooms was insured in
the Scottish Union Fire-office. On Sunday, at noon, another
fire broke out at No. 3, Cole- street,Great Dover-road,
Southwark, belonging to Mr John llardinge, lucifer-match
manufacturer. It was caused by the overheat of the drying
stove at the back of the house, which set about 300 gross of
match splints in a blaze. Several of the inhabitants imme-
diately went to work, and succeeded in subduing the fire,
but not before the stock in the drying house was destroyed.
Some of the parties in rendering assistance were burned over
the face. Mr. Harding was not insured.
The statue of Marshal Bessieres, Duke of Istria,
was inaugurated on April 5, at Fraysac (Lot), the marshal's
natal town. Upwards of 20,000
persons were meant on the
weak&