The Sun.
London, England, 1840-05-09 00:00:00

EVEN D:l3- F,DiTIO.N•

as tile evidence was only placed in tile
hands of Members yes:erday. Sir foil N WA L§fit
after a stout resistance, on beinii, informed that
Lord Jou SI RUSSELL wished to be present at the
motion, postponed the discussion till 'Thursday.
Sir CHARLES LEMON, the Chairman of the
CambridAe Committee, though he dcchncd to
move for the new writ, said• he should not oppose
the motion. Mr. WA RBURTON will move, on
the motion for issuing a new writ, that the election
take place by Ballot.
Sir R. PEEL wished to learn, but obtained no
information, whether it was intended to bring for-
ward any measure to obviate the inconvenience of
the law which levies Poor-rates on stock in trade.

In ansuer to questions, Lord PA LAI ERsToN
described the law of blockade, and implied that our
country had acknowledged the French blockade of
Buenos Ayres.

The Noble Lord, in replv to Mr. GLADSTONE,
said he had no additional papers to Jay on the table
relative to China.

.....
Mr. BARNEBY complained of the dealers in
stamped covers for letters charging more than a
penny a pitce for them ; and Sir R. PEEL recom.
mcnded that the design should be curtailed to leave
more space to write the direction.
The House was occupied a great portion of the
evening s4ith voting the miscellaneous estimates in
a Committee of Supply. On going into the Com-
mittee,

Mr. HUME called attention to the propriety of
rig;dly investigating the estimates by a Committer,
:►nd instanced those for Ireland, which in 1830
were reduced 25 per cent. Next Session the Hon.
Member is to move to icier all the estimates to a
Select Committee.

In the Committee Mr. HUME objected to the stun
proposed for pensions and retiring allowances, and
complained in particular of the pensions granted.
the Police Officers CAPES and LEADBITTEnt
who were both young men ; but he did not press
his opposition to the length of a division.
The remaining items (some of which were post-
poned) were then gone through.
On the motion of-Mr. HumE, the Committee,.
on Import Duties was appointed.
The other Orders of the Day were then disposed
of, and the House adjourned at Half•past Twelve
o'clock. •

It is at present said that money is very plentiful.
How doe; this come about ? Accoldin,.,,, to the
Bank return, published in The Sun on Saturday,
there was only 4,316,0001. of bullion in the Rink: •
as the average of the stock between the 4th 01
February and the 28th of April ; and there was
only 16,831,000/. in circulation. A most beg
arly account both of circulation
.and of means to
meet it. By the official returns of the circulation
of the private and joint-stock banks, it appears •
that between Dec. 28 and March 28 they had
10,833,244/. of notes in circulation, being less•
according to the Times, than the total amount of
their circulation at any time since 1837. The di.
vidends have undoubtedly been paid within the Ist-
ter part of the period, over which the Bank averages
extend ; but if their amount—the payment _recurring
periodically, and they being, we may be sure, in
many cases forestalled—suffices to derange the cur,
rency, a more pestiferous effect of the nations'
debt has not yet been pointed out. The fact, how-
ever, we apprehend, is that confidence amongst
those who deal in money is revived. They see that
all the mischief which can be done at present has
been done, and they begin to be anxious to make
profit on the cash they have hoarded up fromar
prehension. The market for money cannot be
im-
mediately extended, and the °competition
money lenders, each to place his own store to the
best advantage, begets the appearance of plenty 01
money, though probably no great additional On'city,
tity, perhaps not more than a few hundred thousand
pounds, may have been put into circulation, of may
now be offered to the borrowers. •' amongst

•••.. •• •••••• • •• •e•
According to the reports of the Money
Market
the rate of exchange continues against England both
at Hamburgh and London ; and during the week,
ending the .30th ult., nearly 200,000 ounces
silver were exported, and upwards of 350 ounces -
of gold. There is no good foundation, therefore,
in the increased quantity of bullion in the coffers of
the Bank, or in the rate of the exchange, or in the
enlargement of the Bank circulation, for the abun-
dance of money which is now announced.
If we consider what this money is, which is
plentiful, we shall get, as it appears to us, a solu-
tion of the difficulty. Every motley lender has a .1
large credit at some bank, and he lends his check
which the banker honours. The borrower n'ha)::
perhaps, not cash the check, it answers li:in--
purpose that the banker should giveche'c'..k.--s
credit for the amount, and honour his own
when he issues them. If the banker cash the,
Bank
.0:
check he rarely gives gold for it, he gives
England notes, and his stock, from which he sei.
tracts the amount, is included in the -16,830,0 w.
already in circulation. Thus, in fact, what
rs
meant by plenty of money is merely plenty of
credit, the so-called money which is borrowed con-
sisting wholly of the bankers' checks, or credits, or
the promises to pay which the Bank of England
has already issued.
There may be also no occasion for any more
money. The borrower may be a manufacturer who
will pay for his raw material by checks or bills at 11,
certain date, or he may get money to pay wegeis' . • "
and the wages may be expended in food, and the
bills, or the money which is received from the work-
men, may be paid back into the hands of the banker.
It is of no consequence, as far as this operation. is
concerned, as the bankers balance their accounts
by writing off their mutual debts and credits
brought to them by their respective customers, tis,st
the money or bills is not paid in to the same bati4P!'
The whole operation may be performed, the credit
given and repaid at the end of six, twelve, cr
eighteen months, without the use of a single guinea;
Of course there is a limit to this creation 01 .
credits in the amount of deposits which are in the
bands of the bankers, or in the amount of propertY,
which individuals have to lend. In the Bank of
England:the deposits are upwards of seven millions,„:
if we suppose that the deposits in the hands 0'
all the joint stock and private banks of the
metropolis are four times that amount,
and suppose a confidence amongst the
owners, and an eagerness to gain a reasonable in'
terest, which makes them willing to draw against
their deposits to as great an extent as they reason'
ably can, we shall at once see that without the et
dition of a single guinea, or perhaps without add
ing a bank note to the circulation, that credit--or°
ill common parlance, money—may, as apprehenttiu.n..'
changes to confidence, be suddenly augmented I
the metropolis to the extent of thirty millions ate.rn
ling. In the phrase, abundance of money, there,,
appears to us, therefore, unless it be understood to
mean confidence in those who have credit, and
willingness to lend it, a great deal of delusion, not
to say humbug, against which the public should bes
on its guard.

We proved yesterday, Tv
at by LordS
the admission
Ma rquiE of DOWNSHIRE, :hat the object
which the Tories aim 6 „.
Bill is to put down by law tin, Ca-
. influence of the
tholics in the election of Members of Parliament.
They repent tnem that they orcatslofs
have admitted the Ca-
tholics to the honours and privileoes of free men,
and they are trying covertly them to that
to reduce
i d
slavery from which the Emanci • Act released
Emancipation,tvb,,e.
them. They are not contented with having con-
tinually agitated the empire by their bigotry down
to 1829 ; they are now resolved, if possible,
achieve the mischief which their leaders, though
they were WELLINGTON and PEEL, had "°-
t
~hen courage to perform. The Morning
of yesterday s4id—
PPeel,
" When tio Duke of Wellington and Sir litber. h
in an evil hour, conceded Emancipation to the 'l3lse
party, they were supposed to have yielded to the influell,f,,
of fear; and O'Connell reaped the reputation of ha'"111.
couver,d the leaders of Protestantism. Had his pret.t.a_
sions been, at that pe:iod, firmly resisted—had the 1,7.
Herald
been energetically brought to bear upon the Popish C.:''
svit:,cv whi,,:-: raced in Clare in 1828, o,',Cseoditnetx.ell:p‘tuk!,.da
hay.? aly,t,d,med This decigns, and havo purch
frinn punishment be any conceivable act of faithlessness.
Dis older visant. It was otherwise ordained ; and O'Con-
nell s triumph over the great Duke was trumpeted
in every
quarter. The ignorant, vulgar, cowardly blusterer, vih,e'+'
in dctiance of law, contrived to get returned. for Clare to
i 328, was actually mistaken for a great man; nor has the'
lackethig of lt,t false relutation worn completely t ffuottl
a comparatively recent pc. 1 otl.
The SUCCVsii of Lord Stanley's Bill will, to a great
extent, rectify the evils of the Emancipation Act. It
ta. hovcs, therefor', every Conservative to struggle
to the
uttermost for the ultimate triumph of that gr:at Incsaurei
Above all is it important that the miserable pal* 13,..
" cone: scion" to the deadly enemies of England, and of
Peolcstantism, should be henceforward, and for ever,
abandoned. To ' concede' the Municipal Corporations