The Sun.
London, England, 1847-04-27 00:00:00

Obriening .1111".

LONDON, TUESDAY, APRIL 27, 1847.

The situation of the discount market is the all
absorbing subject of speculation amongst the rner.
cantile community.

In most instances discounts have become impossible,
and where parties ca❑ obtain them the rates sub-
mitted to on first-rate paper varies from 6 to 10
per cent.
The denial of accommodation in the manufacturing
districts, where bankers have depended on the re-
discount of bills in the London market, is adding to
the difficulties arising from the high price of the raw
materiel, and causing the total stoppage of some mills
and the working of short time in all.

From the best accounts we can collect not more
than one-half the quantity of corn ordered has as yet
arrived, and of that which has already come to hand
not more than one-half has actually been paid for, so
far as its influence on the specie is yet felt.
The Bank of England has ceased to be an institu-
tion which can afford relief. It can afford protection
to no class of traders, nor can the credit of its large
capital and long standing be brought beneficially to
bear. It is even forced, in a fruitless attempt to regain
its position, to add to the difficulties of the actual
crisis.

The unpropitious weather which we have lately ex-
perienced must tend, at least, to retard the harvest,
even should it be as abundant as desired.

Under these accumulated embarrassments, is it diffi-
cult to foresee the imminence of a commercial crisis ;
or that sooner or later the Government will be con-
strained to interfere to prevent the headlong depre-
ciation of property, and the destitution of our labour-
ing population ? Is is that the Government waits for
some even more severe test of the pressure before it
affords the requisite aid ; or, does it entertain the
vague hope, in presence of so many realities, that the
crisis is but temporary ? We believe, and regret it
deeply, there are parties connected with the Bank
management who are prodigal in assurances that it
all will soon be over, and who assert that the Bank
has nothing else to do but to call in its securities,
in order to augment its reserve of notes. It is evident
this opinion prevails strongly in the Bank parlour, as
appears by the violent action on its securities within
the past week. Notwithstanding this futile attempt
of the Bank, the object aimed at (the increase in its
bank-note reserve), hai not been obtained. The re-
serve is again diminished and a contrary effect pro-
duced, as a slight reference to the last return will
show.

Between the 10th and the 17th of this month the
Bank reduced its securities, public and private,
2,922,0001. Did its reserve increase in the same
ratio ? On the contrary, its reserve has actually
decreased by 376,572/. Ilere is a violent action
without result within seven days. It is evident, while
the rate of discount is so high, that each reduction in
the securities of the Bank must produce a corre-
sponding one in the deposits. This is amply proved,
for within the same period the private deposits have
been called up to the extent of 1,253,046/. to replace,
no doubt, the accommodation denied by the Bank.
No sooner are bank-notes forced in at one door of
the Bank than they steal out at another.

In this state of things, which paralyses all trade,
and has become the anxious topic of all circles, not
one word until last night had been spoken, or ques-
tion ptit in Parliament. Has, therefore, a common
calamity, in which all are equally involved, become
a matter of so much delicacy, or are our legislators
so apathetic, or so meek, before the great author of
all this mischief, or can the just complaints of the
suffering community find no voice, no advocate
within the walls of Parliament ? Is any one bold
enough to say the danger is surmounted, or can any
one indicate the quarter of the horizon from whence
a gleam of hope may be seen ?
We confess we have waited patiently before speak-
ing out so plainly. We expecteds q this to have
seen the initiative undertaken, and the aanger averted,
either by the Bank, by the Government, or by Par-
liament itself. Let us not deceive ourselves or expect
anything from party. It is not a party question, and,
above all, the present Government are free from re-
proach. The class most immediately affected and
whose fortune is in the scales, must arouse them-
selves to instant action. Parliament must be peti-
tioned ; deputations from the principal towns formed,
and, late as is the session, a simultaneous effort made
to get rid of the Bill of 1844, which is now on all
hands admitted as defective in principle and perni-
cious in practice.

The Duke of WELLINGTON has spoken out—the
opinion of the veteran Commander-in-Chief has at
length been obtained on the much-disputed question
of limited enlistment. In the premature discussions
that were forced on, every attempt was made to elicit
the nature and character of the advice which that dis-
tinguished officer in his official capacity tendered to
the Cabinet on the subject. The impropriety of that
attempt was forcibly pointed out, the evil precedent
that would be established if the private and confiden-
tial communication that took place between the ser-
vants of the Crown, when considering the probable
results of any contemplated enactment, were to be
made public, and revealed to all who desired to satisfy
their curiosity, was clearly explained. It was mani-
fest that those opinions would be stated at the proper
time. It was certain that the illustrious Duke could
not rest satisfied with giving a silent vote on a
question so materially affecting that branch of the
public service over which he so worthily presides, and
Itsit that all the information that could reasonably be de-
sired would be obtained at the fitting period, and
before their Lordships were in any degree committed
her
bath!.krinciple or the details of the measure.
opPonentsAowever, Were mg satisfied. They
ar
ped taut this silence was clear and dibtin°t "i" I

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