The Sun.
London, England, 1841-11-15 00:00:00

MONEY MARKET and CITY NEWS.

FlO3l THE MORNING PIPERS OF THIS DAY.
POST.—It was whispered about, in the early part
of the week, that a money crisis in the manufacturing
districts of Lancashire was probably near at hand, and
there can be no doubt that considerable pressure has
again existed in those parts of the country. The_
mismanagement of some of the large issuing joint-
stock banks, to whose proceedings we have not un-
frequently alluded, is named as the groundwork of
this unsatisfactory state of things. It has all along
been sufficiently evident to those who are conversant
with mercantile affairs that the trade of Lancashire
was very much interfered with and held in check
through the evil influence of banks conducted upon
false principles : and the unreasonable length to
which some of them have ventured in the advances
made to cotton-spinners and manufacturers is now
beginning to be developed to the public by means of
the disclosures consequent upon the bankruptcy exami-
nations that are going forward. It is found that the
depression of prices in yarns and manufactured goods
has been unduly aggravated through the continued sup-
plies furnished by persons largely indebted to their
bankers, and who have been compelled week after week
to bring them to market and dispose of them at any
sacrifice, in order to keep their manufactories going.
The banks appear to be now all at once erring in an
almost equal degree on the side of caution. They are
endeavouring at length to rein in those of their custo-
mers whom they formerly encouraged in their headlong
progress, in a manner that contrasts strongly and injuri-
ously with their past liberality. Accommodation is now
dolei out with a most sparing hand,but this is,perhaps,to
a great extent owing to the impoverished condition of
the banks themselves. We are informed that it is
with reluctance three months' bankers' drafts are at
present taken by parties who had at one time no
hesitation in holding a large amount of them, and
the reason is obvious enough, as, indeed, we stated
last spring, why all such devices for raising money
are sure, in the end, to fail. We called, at the time
referred to, the attention of the public to the case of
the Ayr Bank, of which mention is made by the cele-
brated Adam Smith, and took upon ourselves to pre-
dict that any bank _ which depended either entirely
or partially upon such assistant° must eventually
sink. We regret, for the sake of the unfortunate
manufacturing population, that our anticipations in
this matter have been but too near the trutb, for we
have reason to believe tbat the difficulties we foretold
are actually in the course of realization. It is, on the
other band, w:th satisfaction we add, that arrangements
are understood to be in progress, the object of which is,
to avert us much as possible, the further calamity that
was threatening to overtake a class of individuals who
hay! already suffered so much. One of the distressed
banke, a large and wealthy, but, until recently, misma-
naged conctra, has obtained in London that co-opera-
tion vehizli will, it is hope:l, go far to re tore confidence
and to put Niles on a more desirable footing.
TIMES.—Toe observations in the annexed letter,
relative to the consequences to merchants and others of
detaining the spurious Exchequer bills at the Trea-
sure. , arc peculia7ly worthy if attention. There can be
no doubt that many houses, otherwise strong, might be
brought down by this circumstance alone, and it is pe-
culia-ly important, from the present difficulties with
which all classes of the trading interest are struggling,
that this point should have the ful'est and most anxious
consideration tv'th the Government :
Tj THE EDITOR OF THE TIMES.
Nev. 12, 1841.
" Silt —I have read the letter in your journal of this
day, signed A Const,nt Reader:_ by which it would
appear the writer defends the Treasury for im-
pounding the dsf.:ctive' bills. Perhaps he may not
be acquainted w:Cr. the variety of reasons which
work in a n:erchai.t's mind to evidence the utter
ruin tf a*. might et•end a man in business, through the
Govorninent withholding his securities, such as they
may be : possibly it a be said, the bills he'ng spu-
rious, o! what value are they ? I ar swcr, t iis is a
matter of opinion in the eyes of one man, good for
nothing in the estimation of another, es regards the
chances of success against the Government worth
something, and this something. as a collateral security,
might save a house at a pinch. I will suppose the
case of a foreign merchant, of limited ( redit, hard
presses.' for cash by the non-arrivt 1 of a packet ; he
goes to his banker and shows his 'ast lets( is receited,
by which it is made clear I e has the moral certainty of
braving ample 'emit accts by ti.e expected packet to
meet his present urges.t wants. 13 inke svi ry properly
ke la in mind the adage, • There's many a slip b. t vecn the
cup and the lip ;' still, it: such a case us I h lie set forth,
rather than let a mower fail, on very slender security,
they would m..ke a moderate advance. It is no UnCOD.-
mon thing with prudent men to keep Exchequer bills
by den', to guard against contingencies ; and if such a
er-on bad his bills, though spurious, kel t from him
by the Government, he might in consequence be forced
to stop payment, having no security to offer his banke-,
and I think he would have just grounds to bring an
action against the Government for the ruin brought
upon himself and his family. Why not stamp the
spurious bills with the word • forged,' and return theta
ts the holder thus defaced, to use if he can ? Leo men
diiTering with respect to a bankrupt's estate will some-
fmas buy and sell the acceptance to a bankrupt ; the
liolaer, wishing to avoid troub'e, and having no desire
to make a good hvgain, will sell a bill over due, with
the nottry's ticket in the corner with the word ' bank•
rupt' written thereon, for more perhaps than the estate
ultium'ely pays. So much for opinion on such matters;
bet opinion caul.] not be exercised if the Commissioners
were to impound all bills at the time of proving against

en ei t ite.
" With respect to the responsibility of the Govern-
ment in the present case, it appears to me the safety
of the bona fide owner cannot be doubted, especially
those who were so over cautions as to take the bills to
the Exchequer bill-office for approval, before they would
receive them as a security ; the case being, the chief
cl rk of the Exchequer bill•offiee gives to a third per-
son an Exchequer bill, struck from the Government
plate, cn Government paper, numbeiel by the chief
clerk, and signed by a third person, whom the chief
clerk subsequently, by telling the holder 4 all was right,'
in the name of the Government, in every sense of the
word fathered on Government account ; and thereby
induced the holder to give his gold fur the bill. "F. L."
The innocent holders" of the spurious Exchequer
bills must feel rather gratified tha, otherwise at the
position taken by the advocates of G,vernment irre-
sponsinility, as it is evident that the course adopted is
not so much a meeting of the subject in all its bearings,
a patent investiga'ion of the equity of the holder's
'1'14,1,, as an attempt which, having begun in
casting aspersions on the rcct•tude and character
of the holders, would now extend a sort of moral
culpability tyen to those who think that their case
is at least deserving of consideration, and express
that opirion. An impartial inquiry into the clams
of the unfortunate and innocent holders, the publi-
atioa of the arguments in their favour, is now spe-
ciously called " a defence and o •of forgery."
tion
A 1 nis endeavour to vilify the bill-holders, and those
who feel for their situation,
inargues but ill for the
soundness of a cause which requires to be supported
by such mise-able expedients.
As an additional proof that by refusing payment of
all spurious bills justice would not be done, it is gene-
rally remarked that those who but lenttheir money on
the deposit of the bills at a high rate
o questionableinterest sheacluT.
for the most part got rid of their very
rities, while the generality of the present holders
olders have
lent at no higher than the Bank rate of interest, so that
they cannot be charged with having allowed themselves
to -e misled by a prospect of extraordinary gain. If
this be really the case, as is now generally ssiielve.d, a
refusal on the part of the Government to acknowielg
the bills would be causing the innocent to suffer fore
those who play be suppo'ed to have had some cause for
suspicion, without puaishing the latter at all.
CHRONICLE.—The Morning Post is very angry
with us because of our advocacy of the claims of the in- '
nocent holders of the spurious Exchequer Bilk and
takes special praise to himself for having, single handed,
denounced the conduct of Rapallo in the affair of Louis
Napoleon. Had his efforts in exposing the practices of
those engaged in Stock Exchange speculations at
that period been supported by ourselves and others,
the Post conceives that all the embarrassment
produced by the operations of Smith would
have been avoided. Our Contemporary has sig-
nally failed in his endeavours to disparage the
cla;ras of the bona fide holders, which have
now been so fully discussed, that very little,
if anything new, can at present be said about them.
We can only urge their justice on the Government, and
call upon the Treasury to proceed without delay to
dispose of the impounded bills. We have shown the
gross injustice of the impounding, and that the whole
ends of justice would have been served by returning the
bills that did not suit the counterfoils, branded on the
face with their dishonour, so that the innocent holders
might use them in relief against their authors. That is
the course adopted by the Bank of England in the case
of forged
risk
of the destruction of the spurious bills might have
been guarded against by taking bond from the holders,
that they would be answerable for their production,
whensoever they /night be called for by the officers of
the Crown.

DISTRESS IN CA RLISLE.—I know families in
Carlisle, of live and six of a family, oho are compelled
to live on 45. or ss. per week, wh.o have nothing but a
pallet of straw to shop upon, with little or no covering ;
awl in order to keep in life, and that each day may be as
miserable as another, when they divide their scanty vic-
tuals over the week they sonistinies have five potatoes
for each meal, and six hutuanleings for them.—Corre-
spont!ence of the Curti Journal.
We understand that Sir James Graham, after the
fullest consideration, felt himself bound to reject the
appeals made for a commutation in the case of the con-
vict Blakesley. lip to a late hour on Saturday no re-
prieve had been dispatched from the Home-office.
The son o! Mrs. Lilly, the Queen's nurse, was,
sortie time back, at the desire of her Majesty, appointed
10 a
14ndlandingwaitership in the port of London.

SPIRIT of the PUBLIC JOURNALS.
FROM THE EVENING PAPERS OF SATURDAY.
GLOBE.—It is not often that the Tories are ac-
cused of refusing to pay the price of political services,
and, indeed, they have rather been considere 1 in the
light of unscrupulous dealers, who are ready to
purchase, without asking questions, anything that
seems likely to be of the smallest use to them. The
Conservative party has always kept a species of "fence,"
where people who are not over particular may dispose
of worn-out consciences, and coats that have been
once or twice turned ; where, in fact, not merely the
greater lights of politics, but the very candle-ends and
rushlight pieces are eagerly received, and the " highest
prices given," for the purpose of securing them. It,
however, very often happens that those who take their
commodities to the Tory market are surprised at finding,
that on coming to weigh them, in order to ascertain the
amount to be received, they are much lighter in the
scales of the purchaser than the vender could possibly
have suppose.' ; for the Conservative traders, like the
ordinary dealers in marine stores, have a distinct
set of weights and measures by which they esti-
mate whatever they are going to buy, and which are
considerably above the ordinary standard. A party
tool, therefore, which is offered for the value of the
brass it contains, seldom weighs nearly so much in the
buyer's as it does in the seller's scale, and the latter
has often cause to grumble at the insufficiency of the
price that is tendered him. It was to be supposed,
that after a long suspension of business on the part of
Peel and Company, the re-opening of the concern
for the purchase of miscellaneous articles would
create a considerable rush of persons who have
long been waiting the opportunity to dispose of their
commodities. The result is, that after so long an ac-
cumulation of unsold rubbish, there is now a perfect
glut of it ; and lumps of brass, bits of lead, habits so
long discarded that they never can be resumed, with
Tory tag-rag of every description, come pouring in
upon Sir Robert Peel with so much rapidity, that it is
impossible he can take in all the trash that is eagerly
brought to him. Some must necessarily be dismissed
with their wares, and these will naturally go away growl-
ing at the unfairness of a selection which has excluded
them from a share in its benefits.
STANDARD.—Mr. Warren is admitted on all
sides to hold rank amongst the most distinguished law-
yers at the Irish bar ; indeed, taking the test of Sala-
mis, we should say that he must hold the very highest
place, for every one places him second to some par-
ticular favourite of his own. He is a gentleman
of decided principles in religion and politics, one
who has taken an active and laborious part in
the Christien education of the Irish peasantry, and,
to put the seal upon his claims, he is denounced as
a Protestant bigot by Mr. Daniel O'Connell. It is
impossible that any Protestant Conservative can sur-
mise an objection to such a man. But though Mr.
Warren may not be " loved less," others it ap-
pears " are loved more." Mr. West's or Mr. Lit-
ton's Parliamentary claims ought, in the opinion
of some, to be preferred before the claims of Mr.
Warren, which are merely personal and profes-
sional. Would this be fair to the individual? Would
it be just to the public ? Assuming the profes-
sional claims of the three gentlemen to be equal—and
no superiority is claimed for either of the others
over Mr. Warren, that gentleman has one, and what
in this country would be considered a decisive advan-
tage over them—we see, by the I-ish law-list, that Mr.
Warren was called to the bar in Michaelmas Term,
1806 ; Mr. Litton (E niter), 1811 ; Mr. West
(Michaelmas), 1815. Long standing at the bar, as in
any other profession, if unattendel by eminence, proves
the reverse of merit ; but whea a man has long occu-
pied the fist rank in his profession, it is not just to
him, not just to others, that his claim to
promotion from length of standing should be disre-
garded upon slight grounds. It is a wrong committed
upon the bar when such claims are postponed to any
other. Mr. Warren, it is said, has not served his
country in Parliament ; what then ?—he has served
his country not Liss effectually. Tie late Attorney-
General S rurin, in his atter hie thei object of the un-
qual fled admiration of the Irish Conservat.vas, never
sat in the Imperial Parliament ; and it would not be
less for the honour of his memory if he had never sat
in the Irish Parliament, as Mr. O'Connell has proved
by quotations from his anti uhion speeches. Why may
not M. Wa ren as effectually serve his country out of
Parliament as Mr. Saurin did ?

LAW INTELLIGENCE.
VICE-CHANCELLOR'S COURT, Nov. 12.
CLARK V. 'VILMOT AND OTHERS.

The object of the bill filed in this cause was to have
a foreclosure of a mortgage, which had been created in
favour of a person represented by the plaintiff on a house
in Clerkenwell, in the county cl Middlesex. The mort-
gage was created for a term of 1,000 years, and for the
purpose of securing a SUM of 50C1.
The defendants claimed an interest in the pramises
in the nature or an equitable lien, and prayed an in-
quiry into their claim.
Ills 11w:ova referred it to the Master to inquire
whether the whole or part of the 500/. consideration
for the plaintiff's mortgage was ever paid, and when and
how, and whether any part of the consideration money
was kept back, and under what circumstances; also whe-
ther William Wright, one of the defendants, had in any
mode an equitable lien upon the estate, and if so, when
and how acquired ; with liberty to the Master to state
special circumstances.
Against the other defendants the bill was dismissed ;
his Honour reserving the question as to by whom the
costs should be ultimately borne.
The Court rose at a few minutes before four o'clock.
(Before Vice-Chancellor WIGRAM).
MOUNSEY V. BURNHAM.

- -
The hearing of this cause had terminated at the rising
of the Court. His Honour postponed his judgment.

The Court closed at three; o'clock

POLICE INTELLIGENCE.
GUILDHALL.

Jcseph Jones, a young knight of the thimble, aged
24, and in altitude about five feet four inches and a
quarter, was brought before Sir Peter Laurie by City
police constable, No. 362, to answer the alliterative
charge of being drunk and disorderly.
Sir P. LAURIE—WeII, officer, what has this man
done ? Officer—He was drunk and disorderly last
night, your Worship.

Sir P. LAURIE-Disorderly, in what way ? Officer
—He assaulted people.
Sir P. LAURIE—Is anybody here to complain of in-
jury ? Officer —No, Sir.
Sir P. LAURIE—Then who did he ansult ? Officer
—Prostitutes, your Worship.
Sir P. LAURIE—He did, did he ? Officer—Why
ho made their noses bleed.

Sir P. LAURIE (looking steadfastly at the prisoner)
—What are you ? Prisoner (drawing himself up)—Pm
journeyman tailor.—(A laugh.)
Sir P. LAURIE—And you think you have a license
after you get drunk to ill•use unfortunate women ?
Prisoner—No, your Worship.
Sir P. LAURIE—A person who wears such a head of
hair as you, will do anything in the street. You must
be fined 53.

[lt is necessary to explain that Mr. Jones wore his
hair not in ringlets, but combed down over his coat col-
hr in a profusion which would bid defiance to rheuma-
tism in the neck, and a pair of bushy jet whiskers ap-
peared to be an equal protection against an attack of
toothache.]
Sir P. LAURIE—Was he very drunk ? Officer—
Not very ; perhaps he was more foolish.
Sir P. LAURIE—WeII, he is fined ss. ; but I think
be had better be cropped. If he'd have his hair cut off
I'd forgive him. Prisoner—l havn't got the money, so
I'd take you at your word.—(Laughter.) The prisoner
then retired, and soon after, Mr. Roe, the officer, an-
nounced that a barber had been sent for to dock his
head, but the young man wished to preserve his whis-
kers, as they were not included in the stipulation.
After the lapse of half an hour, Scomfield, the officer
at the Compter, called out, " Your Worship, this is the
young man who has had his hair cut off."—(Laughter.)
Every eye was turned towards Mr. Jones.
Sir P. LAURIE—WeII, Mr. Jones, you look all the
better for the operation. Mr. Jones (simpering)—
Yes, Sir.
d nS,itr
wear long
Al
ounagr G
hair
aonyhommoer
more,
do
rfoglel follow w
intoyour t
rtereatd e, an
broils.d
A new question wag here mooted, " Who's to pay
thesbirarpb.erL."AJ
JRIE_
'hat is his demand ? Mr. Roe—
A shilling, Sir Peter; and he hesitated at first before he
would operate.

Sir P. LAURIE—Is the hair-dresser here? The re-
SrihrePk.nLigAhutuoiEf ThLe ectomhibmasnt(al
ply was " Yes."
nsdttisfosorrtis'.approached the
that what he had
overture
had bench, and the Magistrate told
done was not a sentence of the Crnau
had been made, and Nlr. Jones had
„argtr.eelidAatinordirt.
sser—
demand a shilling, I understand e
Pay you out of my own
Yes, Sir.
Sir P. LAURIE—WeII, I'll
pocket cheerfully (handing over the shilling),
and
-
dare say the young man will not have occasion for your
services again under a similar accusation.
The little tailor (the form of whose visage was
changed) made his best bow to the Alderman and de-
parted the Court, surrounded by mirth, in which the
party making his exit appeared to participate.
William Adolphus Abrahams, a person of respect-
ahit appearance, was charged by Mr. Ashton, the land-
lor4teihe White Bear, 13ridc-lane (known as Copra'-
viii unitiwfully possessing a bras candlestick, his
'Mr. Ashton having stated the fact of the candle-
stick being found in the coat pocket of the prisoner,—
A Gentleman in Court testified something in his
favour.
To counterbalance this the contents of the pri-
soner's pocket-book were produced, and among other
things there were 25 duplicates of pledges of snuff-
boxes, capes, water-bottle-3, umbrellas, and divers other
utensils and things which are to be found in taverns.
Sir P. LAURIE ordered the prisoner to be remanded
to Tuesday next.