The Sun.
London, England, 1840-06-27 00:00:00

3IONEY MARKET and CITY NEWS. SPIRIT of the PUBLIC JOURNALS

. (FRIDAY EVENING.)
T IME S.—Some sensation was caused this morning in
the city by the refusal of the London house of agency of
the Commercial Bank at Manchester to honour its
draughts, and it is presumed, consequently that the next
accounts from Manchester will announce the stoppage of
payments there. The event is by no means unexpected,
us previous accounts from Manchester have intimated that
this bank bas been for some time past under considerable
discredit there. D!strust was in the first instance pro-
duced by a division among the Directors at the head
office, and a secession of some of them . from acting.
Great confusion was known to exist at several of the
more important branches namely, at Liverpool, Black-
burn, Preston, Rochdale, and Birmingham, to all
of which places it is said Mr. Hastings, the sub-
manager at Manchester, bad been deputed to iavestigate
overdrawn accounts, and particularly those regarding the
local boards of directors. These overdrawn accounts were
mostly by cotton-spinners, whose mills, by the great,
falling off of their business bad become of nominal value ,
only. One of the Manchester directors is currently re-'
ported to have overdrawn his account to the exterkt.A
50,0001. In consequence of the distrust thus ex(od,
their notes of issue were either refused or taken • . Hi-
utely to.the Bank to be exchanged. The paid- pital
of the Bank is stated to be on paper 500,0001. i 0,000
shares of Si. each. The follow:ng are the place busi-
ness of this bank—namely, head office. Man ester;
branches at Birmingham-, Blackburn, Burslem, Chester,
Haslingdeo, Leek, Liverpool, Newport (Salop), Preston,
Rochdale, Shrewsbury, Tenbury, Todmorden, Uttoxeter,
and Wialtelrerch. As the operations of the bank lie so
much in the manuracturing districts, which are already
suffering from other causes, it is feared that the failure,
notwithstanding the warnings previously given, will dp .
mush mischief.

The failure of the Agricultural and Commercial Bank
of Dublin which was announced on Saturday, has di-
rected the attention ' of the monied interest to the
previous history of that concern, which is well worth the
knowledge of the public in general, as an illustration of
the banking system in Ireland.

( After giving numerous details relative to the history of
this Bank, together with the published statement on the
occasion of the present failure, the writer adds:—)
" Thus, upon the showing of the bank, if all the assets
are realized, there will be a loss to the shareholders of
about 50,000/., but as the assets appear on the face of the
account to be of a very uncertain nature, they may consi-
der themselves very fortimate if it does not tern out, on the
winding-up, that more than one-half of the capital has
been lost. How the concern has been managed since the
last failure and resumption of business is a matter to
which at present there is no access, but it is abundantly
evident that the resumption ought not to have been pat-
mitted, and that the shareholders would- have been in a
much better state had they insisted on a realization of the
assets at that time. There is, however, that degree
of vitality about Joint-Stock banking, and so many
parties interested in keeping up the delusion under
which schemes like this are concocted and c4rried on,
that it is by no means a sure conclusion that the
• Agricultural' will not be set upon its legs again."

II ERA L D.—These joint-stock bank failures just now
are ex:reinely aiveree to the interests or pretensions, and
representations put forward by those delegated to appear in
their behalf before the ir,tve of Commons Committee on
billing. It is mentioned of another joint-stock bank in
the same town that advantageous changes had been made in
the management, by the introduction into the direction of
a higher and more wealthy class of respectable and sub-
stantial traders, in lieu of others inferior in station and qua-
lification retiring. It is all in favour of the stability of
the concerti that men of real standing should consent to
incur the risk and responsibility of thus placing them-
selves in the front of the battle. It will be remem-
bered that one of the strongest objections urged
against the. Manchester joint-stock batik management
was the very unsatisfactory c'earacter generally of their
direction, both .n respect of property qualification
m
and social position. An absurd abition has been pre-
valent among the smaller and little-estimated fry of trades-
men there to become bank directors in these company
concern:, as if by the fact they really could become en-
titled to take rank as bankers. Therefore it was de t
people were seen recklessly and besottedly subscribing for
hundred of shares in the outset of bank schemes, upon an
understanding, with the wily projectors of being intro-
duced into the direction and constituted therefore as they
supposed a portion of the banking aristocracy or the gen.
tility of banking squirearchy. In this way the whole
available capitals of such men were invested and involved,
and even the whole of a large portion of the shares so
rashly taken pledged for the means of paying up deposits or
instalments. It followed of course with these bank directors
(God save the mark!) who were in trade, that they helped
therneelvea freely to credits and d'r.eetrrits-trut of the
banks under their disinterested care. What on earth could
a parcel of ignorant, uneducated dolts of cotton dealers,
lounging out every day of their lives on 'Change but one
market day in each week, and entire'y uneonversant with
mere details of book-keeping more than the concoction of
a bill of parcels of Bowed Georgian or Sea lolanda, know
of the principles of banking ; and how much superior to
these could fustian-makers and calico-dealers be reckoned ?
The infusion of more respectability into the direction of
the banks in Menchester, which occasion was teken to
urge a few days since as a first necessity for acquiring and
securing a larger share of public confidence and credit,
may so far be regarded therefore as of more favourable
omen, lets in the day as the reform has been commenced,
for commenced it can only be yet said to be. Lot the fus-
tint folks stand to their ending and mending, in like
manner as the cobler is wisely bid to stick to his awl, and
leave banking to those who have brains as well as money.
It is, bon aver, becoming more clear every day that
some decisive action must be taken by the Legislature in
respect of joint-stock banking and currency. There can
be no medium action; either paper coinage or is.
sues must be free and unfettered as the air, or simplified
and restricted in one sole and controlling source. In
England the Scotch system so far is an utter failure, and
its success in a circumscribed country and a limited sphere
of busiaess like Scotland is no sufficient test of its fitness
end safety for extensive application in a field of dealings
and money interchanges so vast and incalculable in amount
as England. The attempt to tamper with, modify and
mingle the two principles of perfect freedom or absolute
restriction in the creation and circulation of money values,
must prove, as it has hitherto proved, vain and abortive ;
the never failing cause of monetary derangements and
banking embarrassments.

SUN.—Rumours were current this afternoon of
bills to a large amount, drawn by a Manchester
Joint Stock Bank on their London correspondents,
having been dishonoured, but we refrain from the publi-
cation of the names.

The Foreign Exchanges_ were steady, but not so
buoyant as on last post lay.
The Committee of Spanish Bondholders, being un-
able to obtain the sanction of Messrs. Ricardo for the
immediate publication of their plans for enabling the
Government at Madrid to relies° itself from some of
its embarrassments, the second report will be early
made known. Spanish Active Bonds closed heavily
at 24.
There has only been a small speculative business to-
day in the funded debt, and no alteration has occurred
in prices, but there is - evidently more disposition to
make bona fide investments. Money is not easy, but
wo believe rather less difficult to be obtained.
The Railway Shares were depressed in the morning.
but subsequently rallied a little.

LAW INTELLIGENCE.

VICE-CHANCELLOR'S COURT, JUNE 26.

INJUNCTION.-...." A DISTINGUISHED MEMBER OF THE HUMANE
SOCIETY."-MOON V. BROOKES.

Mr. K. Bruce applied to-day upon notice on behalf of
Messrs. Moon and Co., the eminent printsellers, for an in-
junction to restrain the defendants fromi pirating a valuable
engraving published by them, entitled " A distinguished
member of the Humane Society." In the statements of
the Learned Gentleman it appeared that by some new pro-
cess the defendant took off eminent prints, and painted
them on canvass. In the present instance be had done to
with the engraving in question, and to restraio him from
doing which the present injunction was applied for.
The defendant, although be had been served, did not
ap7ear....

His Honour immediately granted the injunction.

COURT OF EXCHEQUER, JUNE 26.
GRAVENOR V. BARBER BEAUMONT.
The Court was occupied the whole of to-day with this
case.

The plaintiff is a hatttr in Hizh.street, SI adwell, and
cffocted a policy to the amount of 1,6001. for the premises
in which he lived, and carried on his business. The fire
took place in March last year, and destroyed his stock,
furniture, and fixtures, and his loss was estimated at 4141.,
for which amount the action was brought.
The defence was, that the claim was a fraudulent one,
and that the lots was by-no mcat.s as great as was repre-
seated.

A great number of witnesses were called for the plain-
tiff, the greater portion of whom were hatters, in the habit
of supplying the plaintiff with hats, as to the probab'e
value of the stsck, Sze. Some witnesses sera also exa-
mined on the part of the defendant on the same point. No
direct or conclusive evidence was, however, given on either
side.
The Learned JUDGE having summed up, the Jury found
for tic plaintiff—Damages, 1621.

NOVEL SCENE IN A CHAPEL -7—The Rev.
Thomas Adkins, the pastor, read f. out the pipit of the Inde-
pendent Chapelrat Scuthampton, • on Sunday last, an Address
to her 1114tjesty. on the late treasonable at- empt on her life;
after which the Rev. Gentlemen said, " as it would be impos •
Bible for the whole of the congregation to signify that they
:Treed to the sentiments contained in the Address, by their sig-
natures, he should propose that they should rise from their seats
in ti,ken of their acaulescience;' when all the congregation
immediately rose '• to express to Heaven their gratitude fer
the precious life that h-:d been so providentially preserved."
ne simultaneous and unanimoug expression of loyalty by a
religious congregation (says the Hampshire Independent)
within a sacre edifice, an:l amidst the solemnities of Christian
worship, was extremely interesting, and will be long remem-
bered by those present as one of the most solemn and affectito•
ceremonies that-could be witnessed."

FROM THE MORNING PAPERS OF THIS DAY.
(From the Morning Chronicle.)
" For myself, I never will consent to pay a sixpence for
teaching as the word of God is hat I believe to be contrary
. to that word." So says Sir R. Inglis in the House of Corn-
moos, and so says Jolin Thorogood, in Chelmsford gaol. A
more perfect identity of determination cannot be conceived,
The words as we now quote them are part of Sir Robert's
speech on the Mavnooth grant, but we believe the very
terms, and Certainly the exact sentiment, to have been re-
peatedly employed, previously, by his fellow Protestant.
The fixed purpose of both is on record ; the public has
cognizance of the Inglis and Thorogood resolve. But
John Thorogood is not coming to the House of Commons
next Tuesday to move for the right of taxing Sir Robert
Inglis and his co-religionists for the cost and support ols
two thousand • ndent chapels. Sir Robert Inglis is
coming to the ' of Commons next Tuesday to obtain
the power o . obn Thorogood's co-religionists for
two thousand new churches, more or less, according to the
_scale of extension which his legislative wisdom may prefer.
The two protesting authorities start from their perfect unity
into a wide contrast. How will the Member for Oxford
University make out his consistency ? What possible pre-
text is left to him, after his recent declaration?
(From the Morning Herald.)
The threats and persecution which the Privy Council
Committee of Education are so plentifully helping on the
National Society, for not submitting to their imperious and
unconstitutional dictation on the subject of school inspec-
tion—are strongly illustrative of the taste, character, and
designs of the existing Adinluistration. Having erected
themselves into a tnriet tribunal, such as was never before
heard of in our historical records—having affected to take
the nomination of all the schoolmasters in the three king-
doms into their hands—they are now sallying out with
brooms and birches, just like so many angry pedagogues,
to flog and chastise all who will not submit to their sum-
mons. It would be ludicrous, if it were not melancholy,
to behold 'these men pretending to combine all the details
of village schools with the government and statistics of the
British empire—to see them adjourning, from mooting the
questions of peace and war, to councils relating to alpha-
bets and spelling-books—to find Lord. Lansdowne now in
grave conclave about China and the opium trade, then
confabbing with Dr. Kaye about school inspection, and
how to floor the National Society—all this, we say, would
be matter of mere ridicule and raillery, if it did not por-
tend the most settled, insidious, and desperate designs of
the present Ministers, to bring about the ruin and over-
throw of our existing ecclesiastical institutions.
(From the Morning Post.)
Lord John Russell has announced that the Government
has not time this Session to discuss the Poor-law Bill, and
therefore he will bring in another Bill providing for the
continuance of the existing Poor-law Commission until
the end of next year. It is remarkable how very difficult
these Ministers find it to obtain time for the examination
and discussion of those things which most nearly affect the
condition of the English poor. Certainly the rules and
proceedings of the existing Poor-law Commission are not
so unsnimous;y and heartily approved as to deprive the
subject of interest, or to render it quite satisfactory that
the power of the Commission should be prolonged without
alteration or discussion. We think there are many rea-
sons why the Ministry ought to have found time fur a dis-
cussion of the Poor-law. If the English poor could be
made as instrumental in returning Ministerial Members to
Par:isment as the Irish poor are, Ministers would not so
readily neglect that in which the Engl:sli poor have so im.
mediate an interest.

(From the Times.)
When Mr. Charles Buller asked Lord Palmerston last
Monday, whether the Report of Messrs. Mudge and
Featherstonhaugh upon the geographical matters con-
nected with the North-west boundary question between
England and the United States had not been received by
the Queen's Government, and if so, when it would be laid
upon the table of the House of Commong,- the ,ahswer of
that noble Fhufflf.r appears to have been a characteristic
one—viz., that the Report had been received; that he was
preparing it to be laid upon the table of the House, " and
hoped to be able to do so in a week or ten days." Now,
what does Lord Palmerston mean by " preparing an cffi-
cial Report" for publication ? Does he mean to signify,
that after the manner cf the Normanby sheriffs in Ireland,
he is " packing" the materials of the Report, as many of
those respsctable functionaries are accused of baring oft 'n
packed the raw materials of a verdict, that is the names
composing a county panel fur jurymen in cases of political
or Rihand murder ! Are we to understand that to prepare a
Report is to " garble" it l If so, it seems to us that the
proceeding of Lord Palmerston in this case, as in many
others, ought to be carefully watched, overhauled, and
rifted.