The Sun.
London, England, 1847-10-25 00:00:00

LkientaS - Int

LONDON, MONDAY, OCTOBER 25, 1847.

The accounts from all parts of the country are
still gloomy in the extreme, still an urgent demand
for money continues throughout the length and
breadth cf the land ; the public funds and every de-
scription of security and property are still sadly
depreciated; and if sales can be effected, or loans
obtained, they are limited in amount, and the parties
obtaining money must submit to the most serious, if
not absolutely ruinous, losses. But even this—fearful
as it undoubtedly is, and heartrending as it must be
to the sufferers to see the fortunes they have ac-
quired during a long course of upright and honour-
able conduct, swept away ; to be reduced from compe-
tence to poverty, and perhaps even to have their
characters impeached, and suspicion for the first time
insinuated against their integrity—is by no
means the worst feature of the present financial
crisis. Banks possessed of large paid-up capitals,
with numerous and wealthy shareholders, whose
entire properties of every description are responsible
for the full liquidation of every demand, have been
compelled to suspend payment, not from any doubts
being entertained of their solvency or stability, or of
the positive certainty of every fair claim being fully
satisfied, but simply because they are unable to obtain
the usual facilities for carrying on their business.
The Bank of England, from the undue restrictions
imposed on its circulation by the Act of 1844, is un-
able to render the assistance it would otherwise most
willingly afford. From a perfect knowledge of the
causes of the present emergency, and that gold is not
wanted to be exported from the country, which
the present favourable state of the exchanges—
the large orders for our manufactures from
every quarter of the globe, and the bountiful
and abundant harvest now gathered in for the food of
the people, rendering them comparatively independent
of supplies from other lands—makes perfectly cer-
tain, the directors are aware, that they could
extend their issues with the most perfect safety, and
without in the slightest degree endangering the con-
vertibility of every note, in accordance with the terms
of the Act of 1819. They know that such an exten-
sion would immediately restore the public confidence,
and if it would not altogether remove, would greatly
mitigate the evil; and yet by that insane and fatal
law they are prevented from using the same weapons
and following the same course that preserved
the country in 1825, under circumstances of far
greater real danger. Accordingly, they have been
compelled to suffer the stoppage of bank after bank,
without the power of averting the calamity. The
Royal Bank of Live-p2Ol,
Company, the Union ' Bank the Liverpool Banking
, of
N
tarn suspended payments, and we
this list is this day increased
b
yer ewg rtcha :tle, have int
the
North
t al inadt
South Wales Bank, which, it is has also been
obliged for a time to bend to the
storm, These unto-
ward events, in addition to the causes by which they
were occasioned, have compelled many of
our most
eminent mercantile houses to adopt a similarucromu course.
Highly respectable millowners, although there
is no
want of demand for their manufactures, are in like
manner compelled to suspend, or greatly to diminish,
the working of their factories. Operatives are thus
thrown out of employment, and, from obtaining their
livelihood by their own honest industry, are
driven to the workhouses, to consume, in
place of increasing, the resources of the
country. The petty traders, and every contributor
to the poor-rate, are thus affected ; and there are
none who are not exposed to the greatest losses, except
the money lenders, who increase their profits in pro-
portion to the exigencies of the country; and all this
is occasioned while nearly five and a half millions of
bullion are lying idly in the issue department of the
Bank, not a single sovereign of which could be
withdrawn under the present system, were it to
preserve the credit of the country, although,
practicable purposes, the boxes might as well be
for all
filled

with any species of rubbish—the 3,070,000/.
sterling of bullion in the banking department being
the only portion of the treasure over which the
directors have any real control.
It is, however, to be hoped that the Government
are at length awakened to the extreme urgency
of the case, and that, even before the great majority of
our readers can peruse these statements, some an-
nouncement will be made calculated to remove the
panic. The laissez faire policy of Sir CHARLES WOOD
must be abandoned. The apathetic Chancellor of the
Exchequer must yield to his more energetic col-
leagues. On Saturday a deputation consisting of
some of the most eminent London bankers, including
Messrs. MASTERMAN, GLYN, ABEL SMITH, BEVAN,
BARNETT, and others, waited upon the Premier, at
his official residence, and adding the weight of
their authority to the other remonstrances that
have already been addressed to the Govern-
ment, urged the absolute necessity of some re-
lief being afforded by the temporary suspension
of the Bank Charter Act. It would be impossible to
disregard a warning from such a quarter, and Lord
JOHN RUSSELL, who was much struck by the repre-
sentation, and who, we believe, if unfettered by the
doubts and hesitation of his Financial Minister, would
act promptly, vigorously, and efficiently, promised to
bring the matter under the consideration of the
Cabinet Council, then about to sit, and to return an
answer to the deputation this day. Even in this
day's publication we trust that we may be enabled to
communicate the glad tidings that something is at
length to be done, that a further issue of Bank paper
will be authorised forthwith, and that Parliament will
speedily be called together to deliberate upon the
measures that may be essential to the restoration of
England's prosperity, and the maintenance of the
national credit.

Meanwhile the people are not idle. A numerous and
influential meeting took place at Birmingham on
Friday evening, at which a memorial to the First
Lord of the Treasury was adopted, by an
overwhelming majority, in which it is boldly
stated that "it is the madness of the law
and the crime of the Legislature, and not the specu-
lative spirit of the people, that have produced the
ruin that now affects the country." They also show
" that the main principle of the Act of 1844 is alto-
gether erroneous, and cannot be carried out in
its integrity without producing conseque❑ces
too terrible to be contemplated ;" the principle
referred to being that " which makes the
foreign exchanges the regulator of our internal circu-
lation." This memorial is to be presented by a de-
putation of straightforward, plain-speaking men,
who are by no means disposed to withhold a clear and
full exposition of the causes of the present emergency,
which the memorialists appear to be thoroughly
acquainted with. The bankers and merchants
of Liverpool, indignant at the total failure
of the representations made by their deputa-
tion, and at the decision of the Chancellor of the
Exchequer to hold out no hope, but to let matters
take their course, have signed a requisition to their
chief magistrate to convene a meeting, in
order to petition her MAJESTY " to sum-
mon the Legislature to meet for the pur-
pose of deliberating on the alarming condi-
tion of the country, and of devising measures for
restoring confidence." Such demonstrations must
have their effect. It is necessary for the people to
show that they are not insensible to the evils now
afflicting the nation. They should assemble together
in every part of the country, and if the example
of Birmingham, of Liverpool, and of Newcastle is
generally followed, ere many months we shall be
enabled to congratulate our countrymen on the adop-
tion of a new monetary code, under which we may
hope for permanent prosperity for our afflicted
land.

Since the above was written, we have heard
the result of the application of the deputation to
which we have already alluded. The Bank are
to be authorised to issue such sums as may be
necessary, at a minimum rate of 8 per cent. discount.
This concession will, we doubt not, have the most
valuable effect, and will induce those who have
hoarded their money to bring it into cireu4tion
again—that it will, as in 1793, in a great degree,
supersede the necessity for the relief by the almost
instantaneous restoration of mercantile confidence.
It is, however, at best but a temporary expedient,
and the Legislature. itself can alone afford a per-
nunent cure ; we therefore must again express our
hope that Parliament may be immediately sum-
moned.

While the Imperial Parliament is sitting, but little
opportunity occurs for the consideration of such
matters as are not immediately connected with the
circumstances of our internal legislation, or the
casualties of international relationship. It is, there-
fore, by no means unadvisable to direct public atten-
tion to other events by which popular rights or
municipal immunities are jeopardised during the
temporary lull of a vacation, or the preparatory
quiescence anterior to the assembling of a new
House of Representatives. Now that the autumnal
quarter of 1847 is approaching its completion, it is
especially correct that the journalist should endea-
vour to revive in the recollection of the community
and authorities one of those petty grievances which
transpired during the past summer in one of the most
sequestered localities in the United Kingdom. The
Igrievance to which we allude, although petty
in the selfishness in which it originated,
is nevertheless of no inconsiderable importance, in as
far as it is a direct infringement of the rights of high-
way, and a proceeding such as would scarcely have
been tolerated during the darkest periods of feudality.
Those who may have recently adventured, either as
tourists,like Dr. SYNTAX in search of the Picturesque
and Beautiful, or as botanical disciples of LaNximus,
or as geological emulators of MuucursoN, or as
artistic copyists of STANFIELD, to explore the ac-
clivities of Ben-Muich-Dhui, or to loiter by the
" wimpling burnies " of Glen Tilt, will readily
comprehend that we refer to nothing less than the
closing of a servitude road through the latter by his
Grace the Duke of ATHOL, and the establishment of
a cordon of keepers around the skirts of the former
by his Grace the Duke of LEEDS. How far this
constitutes a violation of an immemorial prerogative,
appertaining not merely to clansmen familiar with
the neighbourhood, but likewise to such wanderers as
have never before smelt the bloom of the heather or
sipped the nectar of the genuine usquebaugh, all the
population of the " land o' cakes,"
" Frae Maiden Kirk to John o' Groat's,"

can testify. Never within the recollection of topo-
grapher has a more wanton, or more unwarrantable,
proceeding, brought the proverbial hospitality of
Caledonia into discredit. But, for the extenuation of
Scottish liberality, it must be remembered that one
of the ducal delinquents is an English nobleman, who
retains possession of the Mar estates merely as
lessee under the Earl of FIFE.

The circumstances of this unprecedented inter-
ference with the popular rights of transit are already
so notorious as to require no detailed reiteration.
And it is almost superfluous to remark, that these
impediments have been raised solely through an incom-
prehensible and most discreditable churlishness, under
the shallow and insufficient pretext of preventing the
disturbance of the red-deer and enhancing the en-
joyment of sportsmen. That such precautionary
measures are preposterous in such districts as Glen-
lui-beg, all practised deer-stalkers will acknowledge.
That they are altogether unendurable, the tourist will
protest with a vengeance. That they are in no man-
ner to be justified or persisted in with impunity, the
jurisconsult will more than insinuate. The proceed-
ing. is as wholly without palliation as it is without
justice or authority. The RED KING himself—en-
lastic as was his partiality for the chase, and
addicted as he was to restrfict4l,..he privileges. of his
villeins, with all the sway of irresponsible fuedal-
lord—WlLNLerAwm
Foltrue:tusshouldse whendviedr
be heen
eorrotn
ee
dd
that the
inalienable
e mporri
upon by mason or agriculturist,
flagrant manner set at defiance the innoalti
vileges of the people.
Having submitted to the impertinences of the
hirelings of his Grace of LEEDS during the past July
August, and September, we would earnestly corny-,
mend all excurtionists during the summer of
1843, who may be desirous to tread the
pinnacle of the loftiest mountain in these islands—.
Ben-Muich-Dhui—to buckle their loins in by another

perforation, on reaching the station of Braemar, and
to set out, best leg forward, stick io ‘l. uile, uii
back, chibouke in mouth, straight ahead—as straight
at least as convenience will suggest—towards the
summit of that famous acclivity. Are the keepers
importunate ? Let the wayfarer proceed on-
wards at a brisker pace, as dumb and as passion-
less as Death, Do the guardians of the path-
way become insolent or outrageous ? Budge not
the length of one barleycorn backwards, but—on
like a blithe pedestrian. Does the Duke himself start
forth from the wayside, like CHRISTOPHER NORTH
"in his shooting-jacket ?" On still—unmoved by
threats, unseduced by remonstrances, deaf to all
expostulation. Is there an assault ? There is the
compensation of a bit of blackthorn or of the
moneys mulcted in damages. Is there a chase ?
Let the tourist avail himself of the start and
oxygenize his blood by a scamper—over the burns,
down the corries, across the glens, skirting the
lochs, up the hill-side, if he be nimble of foot,
until he reach the top of Ben-Muich-Dhui, when
he may refresh himself with a refection, and laugh
to scorn the impertinence of his pursuers. All this
he may do without peril of prosecution or annoy-
ance, for—be this remembered as the motto of all
future tourists to Glen-lui-beg—The law makes no
provision for trespass upon waste lands or uncultivated
moors.

It is said that intelligence has been received from
Constantinople to the effect " that the Divan was
not satisfied with prohibiting the Greek vessels from
carrying on the coasting trade, and that it had
ordered them to quit the harbours of the Ottoman
Empire with as little delay as possible; that the
French Ambassador had applied to the Divan to stay
the execution of this last measure, but it was thought
that the Porte would pay no attention to the desire
manifested by the representative of France, who
meets with no countenance from the Ambassadors of
the other Powers."

The POPE published a decree, consisting of seven
chapters and 56 articles, by which he constitutes a
Council of state. The introduction is as follows :
" When, by our circular of the 19th April last, we
announced our desire to choose and call to Rome re-
commendable persons from each province of the Pon-
tifical State, our intention was to form a Council
of State, and thus to enrich the Pontifical Govern-
ment with an institution which, if it be at present in
existence in connexion with other European Govern-
ments, was not less in other times the glory of the
States of the Holy See. We are persuaded that,
when the co-operation of the enlightenment and the
experience of the persons honoured with the suffrages
of entire provinces shall come to us in aid, it will be
more easy for us to take vigorously in hand the
public administration, and to give it a character of
utility, which is the object of our solicitude. That is
an object which we are sure to attain, since to our
fully decided determination is allied the moderation of
the people's minds, which permits the fruit of seed al-
ready sown to be gathered. We shall thus make known to
the whole world, either by the organ of the voice, or by
the press, or by our conduct, that a population, in.
spired by religion, devoted to its Prince, and gifted
with good sense, knows how to appreciate a political
benefit, and to express its gratitude with a spirit of
order and moderation. That is the only price which
we demand in recompense of our constant care for the
public welfare, and we flatter ourselves that we shall
obtain it. Confiding in the aid of Divine Providence,
and desiring that our sovereign resolutions shall be
executed of our own motion, in full knowledge cf the
cause, and with our supreme authority, we have
ordained and do ordain what follows." (Here come
the articles.)
The Grand Duke and Grand Duchess of Tus-
can, accompanied by the Hereditary Prince, made
their solemn entry into Lucca on the 14th instant.
The civil and military authorities, and the entire po-
pulation, went out to meet them at some distance
from the town. The Grand Duke caused 12,000 f. to
be distributed amongst the poor, and all the articles
pawned at the Monte Pio for less than 4f. to be re-
stored free to their owners.

A letter from Leghorn of the 17th says—" You
are already aware of the annexation of the Duchy of
Lucca to the Grand Duchy of Tuscany ; but what is
not generally noticed is, that in virtue of the treaty
of Vienna, the little province of Lunigiana is to be
separated from Tuscany, to pass under the adminis-
tration of the Duke of MODENA. At the news of
the annexation, this unfortunate province sent a depu-
tation to the Grand Duke with the bishop at its head,
supplicatinghim to rel ieve it from this denationalisation.
The people of Leghorn, sympathising in the grief of
their brethren, yesterday drew up a petition, demanding
from the Grand Duke that the province of Lunigiana
should not be separated from his states, showing
forth the numerous and important services which it
rendered to the republic in 1450 and 1477, and par-
ticularly to the Grand Duke FERDINAND 11. in 1650.
This petition, which bears more than 20,000 signa-
tures, announces that the inhabitants of Lunigiana
are ready to repel by force every invasion by a
frontier country, not connected with Tuscany. They
appear disposed to abandon the natal soil en masse
rather than submit to the Government of the Duke
of MODENA. The following remarkable words ter-
minate the petition of the Leghorn people :—' The
inhabitants of this city offer your Royal Highness
all their goods and possessions to preserve to
Tuscany the province of Lunigiana; and in the
same way as they will be always ready to shed
their blood for your defence, they are ready to give
up their fortune to redeem, if necessary, their
brethren.' "

The state of affairs in Naples is very unsatis-
factory. The KING still continues his career of
equivocation and double dealing, and the people are
getting angry and impatient. A revolution is con-
sidered as inevitable.

The Count DE BRESSON passed through Florence
on the 13th, on his way to Naples. During his
short stay in Florence, M. DE BRESSON had a private
audience of the Grand Duke of TUSCANY, and was
afterwards received by the Grand Duchess.
The Vapore of Lucca, informs us, that on the
publication of the decree of the Grand Duke of
TUSCANY abolishing the punishment of death, the
people broke into the prison where the guillotine was
kept, and having carried that instrument to the
public square, set fire to it, while the bells of the
town rang a merry peal.

Madrid Papers of the 16th and 17th have arrived.
The Gaceta of the 16th publishes a royal decree,
stating that the Government, considering itself suffi-
ciently strong to be tolerant, had directed that all
pending prosecutions against the press instituted by
the Crown officers should be quashed.

The KING and the QUEEN had appeared together
in public, and had visited the Duchess of SESSA, the
KING'S sister.

Don FRANCISCO DE PAULA has received permission
:o return to Madrid.

On the 15th a deputation of Catalonia manufac-
turers was received by NAavAEz, who assured them
that he would submit the cotton question to the
Cortes, with a view to protect the home manufactures,
and that he would neglect no legal means of advanc-
ing trade.

Mr. BITLWER and the Duke of GLUCKSBURGR had
each a private audience of the QUEEN on the 16th.

MADRID BOLSA, OCT. 16.—The Three per Cents.
closed at 27i, at 50 days ; the Five per Cents. at
17 for paper; the Debt without Interest, at 5Z- ; and
the Coupons, at 131. Alfer the usual hour of busi-
ness the Three per Cents. were done at 261 9-It, for
cash; and the Five per Cents. at 164, for paper.

We have received the Paris papers of Friday and
Saturday.

On Monday the railway from Creil to Compeigne,
a section of the Creil and St. Quentin line, which is an
embranchment on the Great Northern Railway, was
opened for public traffic.

The Moniteur publishes a royal ordonnance for the
encouragement of the fisheries of Algeria :—" !a fish,
fresh, dried, salted, or smoked, caught and cur ed on
the coast of Algeria, either by French or native fisher.
men, or by foreign fishermen domiciliated in the
colony, and prepared with French or Algeri; m salt,
shall be freely admitted into French harbour s, on a
certificate of their Algerian origin delivered. by the
Custom officers of the port of embarkation." There
have been already several fishing establis.hments
STo founded The National
ployment to nearly 400 boats, manned by nearlyl ,
eseaomnent.he coasts of Algeria, which gr've em.
of Thursday was seized at t he Post-
o office by the authorities. The National of, Friday,
in commenting on this seizure, takes the op portunity