The Sun.
London, England, 1841-01-22 00:00:00

integrity of the empire—give it a little longer time for fortune, for the whole weight of it may be said to fall upon
growth, and it will be irresistible, except by a deadly I him, is universal.
civil war. We return to our question, Will Minis- Some small sales of stock produced an unfavourable in-
fluence or, the G.nsol market, but they do not appear to
ters dare to do their duty, or will the) dare to leave it
undone Their organs have three days to answer the have been prompted by any political cause.
question.

(From the Courier.)

The words of al-while man occupying a position so
high, politically and socially, as the Duke of Bucking-
ham, and one so little used to deal in empty verbiage,
carry weight and significancy with them, on occasions
when from other speakers they would rather be passed,
over as words of course. Thus whet at the Bucks Con-
servative dinner, reported in the Courier of Friday last,
his Grace observed that the " time had, .however, arrived
when Sir R. Pe.l should take the Government in order
that the Throne might be supported, the Church main-
tained, and the rights and liberties of the people protect-
ed," not only were all who heard him impressed with
the truth of the sentiment, and with the conviction that
something more was meant than the indication of an
opinion, but the public at large who had the advantage
of reading the declaratioe have not failed to regard it
in the light of those "coming events which cast their
shadows before." The Duke indeed qualified his lan-
guage in a slight degree, so as to check precipitancy of
conclusion and anticipation among his more sanguine
hearers, by the intimation that although " victory was
now within his (Sir R. Peel's) grasp, yet he might
be right in wishing not to take too sudden. an ad-
vantage of his strength." Ttic predominating qua-
lities of the mind of the Conservative leader un-
doubtedly are prudence, patience, and forecast,
and they never were more amply and conspicuously
displayed than in his cautious course during the
present Parliament, at any period of whose exist-
ence hitherto he might have forcibly ousted the
present insolvent tenants of holdings whose duties they
are unable to discharge of themselves, although rapa-
ciously insatiate of the profits, and nowise loth to
devolve the labour into hands infinitely more capable
and disinterested. We shall not, therefore, assume
to divine what may be the resolves and the action of Sir
Robert during the forthcoming Session, aware, however,
that it is competent to him at any moment to proceed
by summary process to the ejectment of unworthy men
who has eso long had notice to quit. But we are as-
sured of one fact, and that alone is some consolation
for the country, that the present position of Sir Ro-
bert invests him at least with the negative power of
preventing or neutralising a vast amount of mischief,
although he may be comparatively powerless to carry
into Effoct. any great positive good.

MONEY MARKET and CITY NEWS.

(WEDNESDAY. EVENING.)
CHRONICLE.—.The English Funds were heavy to-
day. Bank Stock was again I per cent. higher, being
quoted 170 to 171. Exchequer Bills gave way to 63. to
83. premium, being a decline of 2s. since yesterday.
Money continues quite easy.
We regret to hear of the failure of the respectable firm
of Messrs. Garry and Curtis, Russian merchants. This
failure will no doubt lead to a vacancy in the direction of
he Bank of England, Mr. T. A. Curtis, the surviving
partner of the above firm, having a scat at the Board, and
having formerly filled the office of Governor and Deputy-
3overnor of the Bank. The amount of the liabilities is
gated to be under 40,0001.

HERAL D.—Reports is circulation about an early
dissolution of Parliament, which must lead to extensive
sales of Consols to meet election contests, had the effect of
depressing the Funds.
The stoppage of the respectable firm of Garry and Cur.
tis was announced to day, and although in certain circles
it may not have been unexpected for some time past, yet
in the City generally it created a considerable sensation.
Mr. Curtis, the managing partner in the concern, was the
Governor of the Bank of England some three or four
years agn. ft is stated that the leading partner has been
for some time labouring unfortunately under a mental
affl ction. The house has been long established in the
Russia trade.

Cheap government in the United States appears to be
very much the same sort of gullible affair as cheap bar-
gains in Europe. The following statement of the progress
of cheap government from the ascendancy of moderate or
conservative principles to those of democracy in its wildest,
that is loco loco, abstraction, is taken substantially from the
Nov York Gazette, where the particulars by the presiden-
tial term, by the year, month, day, hour, minute, and
second are given tabularly.
John Quincy Adams was President during four years.
The total expenditure of Government for the whole term
of (face amounted to
(3neral Jackson eight years
Van Bt:ren four years
J. Q. Adams per year 12,625,400
G.:ncral Jackson
Van Buren
Democratic expenditure travels, as will be seen, by rail-
way, for Martin Van Buren carries the palm over the
more modest John Quincy Adams at the increased speed
of some 170 to 175 per cent. per annum.

The cost of maintaining the paper circulation of
the Bank of England is stated at about 21 per cent.,
and the profits derived from the country banks upon
their issues is reckoned at more than 4 per cent. In
the event of such a change being adopted as we
have advocated that of superseding, the Bank of
England, and all other banks, in their functions of
issuing paper money, by the appointment of a Board
chosen by the Crown—remuneration for the loss of pro-
fits which would thus be entailed on the banks of issue be-
comes a question of importance. Some parties, we believe,
have been blind enough to the force of national rights
as to argue with seriousness that the banking interest
had really a " vested right" in creating paper money.
This notion is quite erroneous. Any claim of com-
pensation on the part of the banks as a matter of right
is altogether untenable. We only allude to the subject to
state this ; but we observe that some of the witnesses
examined by the Committee were of opinion that an
allowance of 15s. per cent, should be made to the
country banks as an equivalent for the loss. Such a sug-
gestion was thrown out by Mr. Norman in the event of
the suppression of country issues, by the substitution
of Bank of England paper as the sole bank of issue,
and as a means of reconciling the banks to the
proposed change. In that view of the subject,
the proposal seems reasonable enough, although open
to the objection that private individuals might get
passession of Bank of England notes, and, putting them
in circulation, claim the commission; but the loss of the
profit on paper money would not break up any of the ex-
isting banks. Their profits on deposits and discounts, and
the operations of economising money belonging to the
trade of money dealers, are sufficiently attractive, and
ample enough to make banking, in its free and legitimate
sense, exclusive of creating paper money, a valuable and
permanent channel of investment for capital, and even if
some of the present banks were to discontinue, others
would quickly take their place. But supposing that the
functions of issue were to be taken away altogether from
the Bank of England, and placed in the hands of Crown
Commissioners, we are not convinced that it would be requi_
site to allow any commission to the banks for circulating
the Queen's notes. They would find their way fast enough
into circulation by the necessity of obtaining them to
replace the present currency. Much noise has been made, and
more no doubt will still be made, as to the great demand
for money which would be produced by the process of call-
ing in the present paper money preparatory to the change.
The measure would require to be set about with judgment,
and proper time allowed to carry it into effect ; but this
would be duly provided for by Parliament, and we are
satisfied that it could be adopted without disturbing the
transactions of commerce, or injuring in any degree the
rights of parties under subsisting contracts. The public,
indeed, would be evident gainers instead of losers by the
substitution of Government paper, fenced with the secu-
rity of unquestionable convertibility, and the only losers
would be the banks of issue, who would be merely de-
prived of the profit which they enjoy on their notes I
payable on demand—a profit to which they have no
right—and which tempts them to inflate prices and en-
courage speculation to the injury of trade and who
best interests of the nation. Such powers ought not to be
entrusted to the hands of any class of individuals ; and the
notoriety of the fact that the noire it is abused the greater
the profit drawn by its possessors, is a cogent reason for
its entire suppression. The notoriety of the fact, also,
that the country issuers unequivocally repudiate the doc-
trine that they should regulate their issues by the Foreign
Exchanges is so replete with dangerous error, that it be-
comes the duty of the Legislature to stop its agency before
it does more mischief. The leading advocates of compet-
ing issues scout the idea of being regulated in their cir-
culation by a reference to the influx or efflux of gold.
They have been rash enough even to ridicule that principle
as old and antiquated, totally unfit to occupy the atten-
tion of the philosophers who conduct joint-stock banks.
They made a bad point in committing themselves
by such a statement, because it is showing the
cloven foot, rendering it manifest that they are ac-
tuated by attention to self. profit instead of public
good, and that the security of the country, in respect
of a steady convertible paper money, is in opposition to the
aggrandizement of their class. They are actuated entirely
by:t he selling price of the staple commodities in their res_
pective districts, and they argue that a high price of corn
is a sufficient justification for increased issues. This ar-
gument entirely uproots the possibility of preserving the
convertibility of paper money. It is a doctrine radically
unsound, and one that, if allowed to go on unchecked.
would necessarily be productive of mischievous consequen-
ces. To use the words of Mr. Jones Loyd, " I conceive
it to be unsound for this reason, that when prices rise in
any country, of course that very tact creates an additional
inducement to foreign countries to send their commodities

here, and a diminished inducement to take our commodities
from us; consequently that must iHve a strong tendency
to produce an export of gold, and ought to lead to a con-
tracti©n of the circulation. Now, the principle here laid
down is to meet that stale of things by an opp isite course,
namely, by an expansion of the circulation."
The constant ri°e which our daily quotations show in
the value of Bank Stock is remarkable, and various causes
are assigned for it. Among others, the very natural one
that the Directors have come to an understanding with the
Government that the Charter is to be renewed on the
principle of subjecting the management to the control of
Crown officers. We know no good reason for this report
besides its probability ; but, as we have already said in the
course of our observations on this subject, we are quite con-
fident that the right of Crown interference must be sup-
ported by the leading men of all parties. The only
difference will be as to tlae extent to which the prin-
ciple should be carried. We have entered fully
into an explanation of the constitution of the Bank
of France, and stated our views as to the expediency
of adopting it as a model in this country. That this
would be an improvement on the present system there can
be doubt ; but we would wish to sec it carried to a further
extent so as to separate the issuing department effectually
from the discount and deposit Lusiness, and thus give the
public the full benefit of Parliamentary control and fre-
quent and full publicity of accounts. Unless the Crown
officers have an active influence in the issuing department,
and means are takes to secure the adoption of the true
principle, that of keeping the circulation regulated in ac.
cordance with the store of bullion, the mere acknowledg-
ment of the right of Crown interference, and of conse-
quence, Ministerial responsibility, would not be attended
with any efficient reform in our monetary system, nor would
the alteration have any chance of satisfying the country.

POST.—Some little sensation was Created in the City
this morning by the announcement of the failure of the
well-known Russian house of Garry and Curtis. The
fact of Mr. Curls having, but two or three years since,
passed the chair of the Bank of England, caused more to
be made of the event than the actual circumstances con-
nected with it would seem to warrant. It will probably
turn out that the liabilities of the parties are very limited.
and that the firm is one of those old-fashioned establish-
meats which have b-en superseded in their business by the
new and more economical system that has obtained among
commercial men during the last fifteen or twenty years.
The senior partner, an estimable man, has, we believe,
been for some time labouring under a state of mental pro•
stration that has prevented his taking any share whatever
in the management of the concern. The friends of this
gentleman (Mr. Garry) are, indeed, reported to have has
tened the suspension from prudential motives, the affairs
of the house having been for the last eighteen months or
two years suspected to be in an embarrassed condition.
The English Funds declined -1 to t per cent. to day.
To account for the change the only thing we heard stated
was, that there was an intention to dissolve Parliament.

TIM E S.—lt transpired in the City early in the day
that the house. of Garry and Curtis, a leading firm in the
Riga trade, had stopped payment, an event which excited
touch surprise, as the litouse is one of long standing and
great respectability, while its credit has not been shaken by
the knowledge of any previous disasters. Of the more im-
mediate cause of the failure, the rumour is, some necessity
which has a:isen, through proceedings in Chancery, for
withdrawing the capital of the senior partner, Mr.
Garry. The engagements arc variously stated, but none
of them at any large amount, the highest being about
60,0001., which is probably much beyond the truth, as
the transactions have been very limited of !ate years,
and the house presumed to be the more safe on that ac-
count. Mr. Curtis was Governor of the Bank of Eng-
land in 1838 and 1839, and has taken the lead in several
public Companies, more particularly with one established
for the improvement of the communication with India by
steam—a project, however, which has not yet been brought
into active operation. No man could be more generally
esteemed than INIr. Curtis has been for his gentlemanly
and manly, upright con-
duct, cur:
te, aonno uarl
1,
oecacsai ns
ieosns
s.of
Tachceesregret, therefore, at his mis-