The Sun.
London, England, 1847-08-17 00:00:00

s 5

fellow, too.—(Laughter.) I beg leave to propose Francis
Scully as a fit and proper person to represent Tipperary.
—(Loud cheers.) His father, the late James Scully, was,
at the worst of times, at the head of the Catholics of this
county.—(Cheers.) In 1828, the year before Catholic
Emncipation—of which measure, my Lord, your Lord-
ship's ancestors were the most strenuous advocates—
Dr. I3URKE-A cheer for the old Hutehinsons.—(Loud
cheers.)
The ARCHDEACON—I remember in Dr. Burke's pre-
sent chapel the late lamented O'Connell, may God be
merciful to him!—(Sensation.) Pray for him, Mr.
Collett.—(Laughter.)
Dr. BURRE—If he knows how.—(More laughter.)
The ARCHDEACON—The late Daniel O'Connell was
present—James Scully was in the chair. " I am de-
lighted," said the Liberator, " to see you in the chair,
James Scully, as the brother of the distinguished author
of the ' Penal Laws.'—(Loud cheers.) We must have
fair play ; we'll beat him into rags, so that his English
friends won't know him.—(Hear and laughter.) They'll
say, " Can this be the Collett that stood for Lincoln ?"
—(Loud laughter.) Electors of Tipperary, you'll do
your duty ; we want Ireland for the Irish. (Loud
cheers.) Our standard is the green flag of Erin.—(Tre-
mendous cheering.)
" On our side is virtue and Erin ;

The friends we have tried
Are by our side,
And Collett is before us."—(Loud cheers.)
I am speaking at random (Laughter)—but I had a
very good speech prepared, and you, Mr. Coll'-tt,
spoiled it—(Laughter)—by coming up at the eleventh
hour with your bamboo head. (Laughter.) I
really believe it's not the first good thing you spoiled.—
(Laughter.) Sir Joseph Yorke, in the House of Com-
mons at one time said, that if Ireland was four and-
twenty hours under water, it would be peaceable, and
not till then. Little Johnny Russell has adopted a dif-
ferent plan; he adopted starving them in millions.—
(Loud groaning.) You may go home to Lincoln, Mr.
Collett; do you live near it?—(Laughter.) Go home
and tell them from us we are Irish—the descendants of
the old Spaniards.—(Cheers.) You are not a Spaniard,
you are more like a Creole.—(Loud laughter.) Tell
them from us that we are not to be trampled upon—
(Cheers)—that we repudiate both Whigs and Tories;
and if Old Nick had both of them Old Ireland would be
much better off.—(Laughter.) We are moral force Re-
pealers.—(Tremendous cheering.) We are the disciples
of the Great O'Connell—he of European fame.—(Loud
cheers.) We are his followers, and though he is dead,
we will hoist his banner for repeal, liberty, and Old Ire-
land.—(Great cheering.) I have great pleasure, my
Lord and electors of Tipperary, in proposing Francis
Scully as a fit and proper representative for gallant
Tipperary. —The venerable Archdeacon resumed his
seat amidst the loudest demonstrations of applause.

HER MAJESTY'S MARINE EX-

CURSION.

PEMBROKE, AUG. 14.—At 3.45 P.M. the Prospero
mail-steamer (which had on Friday noon been ordered
to lie off St. Anne's Head to await the arrival of the
royal squadron) signalled the squadron, and precisely
an hour afterwards they had entered Milford Haven,
coming to an anchor off Allifoid, the Dockyard fort
firing a royal salute.
The squadron passed Friday night at the Scilly
Isles, being prevented by fog from touching at Fal-
mouth. The Queen came on deck and was heartily
greeted by her Welch subjects, who, after cheering
her Majesty, called for the Prince of Wales, when
hearts, hands, and voices were united to express the
delight felt by her loyal Britons. The Earl of
Cawdor waited on her Majesty on her arrival and
took with him a Welch girl in the costume (hat,
jacket, &c.), much to the amusement of the royal
party.
A few minutes afterwards the Prince, accompanied
by his suite, together with the Earl of Cawdor and
the Captain-Superintendent of the Dockyard, went
on board the Fairy, and proceeded up the river to the
Dockyard, where they landed and went round the
establishment. The fort again fired a royal salute as
the steamer passed.
They then rode up in the Superintendent's carriage
as far as Bush-hill, to have a view of the castle and
tawn of Pembroke. The Prince alighted, and seemed
to enjoy the scenery very much. They then returned
and embarked on board the Fairy, steamed down to
the royal yacht, and came to anchor about half-past 7
in the evening. It is not known whether the royal party
will remain to-morrow (Sunday), or proceed to the
coast of Scotland. Rumour says they will visit the
Earl of Cawdor to-morrow, and start on Monday
morning.
CARNARVON, SUNDAY, AUG. 15.
To-day at one o'clock the squadron was descried
out in Carnarvon Bay, and the movements of the
vessels were immediately signalled from the pilot
station at Llanddwyn. It was soon manifest that her
Majesty intended to pass through the Menai Straits.
As her Majesty had been fully expected on the pre-
vious day everything was in readiness. Colours
were hoisted on all the principal buildings—the
Porth-yr-aur, Custom-house, Town-hall, &c., and the
various vessels in the harbour and straits were gaily
decorated. About half-past two o'clock the Fairy
yacht, with her Majesty, Prince Albert, the Prince
of % ales, the Princess itoyal, and suite, steamed up
to the front of the town. One man-of-war steamer
only accompanied the royal yacht, the Victoria and
Albert and the other vessels, forming the escort,
having passed round by llolyhead ; but several Li-
verpool steamers followed in the wake, having large
pleasure parties on board. On arriving off the town,
the Fairy lay to for ten minutes, when a royal salute
was fired from the Coed-helen guns, and from a bat-
tery on the pier-head. The quays, town walls, pier-
head, and every available spot of ground were crowded
with people, all anxious to obtain a view of the royal
party, who, however, were not distinctly visible,
owing to the distance ,from the shore. Mr. Turner,
the Mayor, and several other gentlemen, paid their
respects on board. Before the salutes had finished
the Fairy got under steam, and proceeded on her
passage down the straits, having a pilot for the pas-
sage of the Swillies on board. A. pilot for the navi-
gation of Carnarvon bar had joined the yacht at Mil-
ford. The non-arrival of her Majesty on the previous
day had caused great disappointment, numbers of
persons having arrived from a distance for the pur-
pose of seeing the squadron pass. It is expected the
yacht will anchor fur the night in the Cross Roads.

THE INFLUENCE OF THE BANK
ACT IN PRODUCING THE PRESENT PRES-
SURE.—No.
—E
NI
TO
TEDITOR OF THE MORNING CHRONICLE.
Sir,—ln considering the present difficulties which
oppress the money market, and interfere so prejudi-
ciallywith the commerce of the country, it is exceed-
ingly important to draw a strong and a conspicuous
line of distinction between the radical and the acces.
gory causes out of which the evils have arisen. An
impatient and indiscriminate vehemence, which should
expend itself in animadversions upon the Bank Char-
ter Act as the exclusive parent of the severe incon-
venience from which the country suffers, would not
in any sense be creditable either to the candour, the
reason, or the discretion of those who gave it the be-
nefit of their concurrence. There can hardly be a
question among dispassionate observers, that the influ-
ence of this supererogatory law has been most per-
nicious, and that it has added very seriously to the
difficulties of a crisis which certainly did not require
the aid of any extraneous complication. It is most
desirable, therefore, that the faults of vicious legisla-
tion should not be palliated or obscured by an intem-
perance of accusation unable or unwilling to discrimi-
nate between inevitable and artificial causes 'of
commercial disturbance. If we can fairly apportion
the results upon this basis, and with this object, we
may conclude with some confidence, that a judgment
so obviously impartial and so sedulously just will not
pass uaheeded by a community distinguished by an
habitual respect for fair argument and an honourable
sensitiveness to its force.
It may very readily be conceded, that the competi-
tion raised by the railway companies for the use of
capital, both as direct calls upon the proprietors, and
as loans negotiated with the public, has become so
extensive as to exert a powerful influence upon the
market rate of interest. If the rate of interest was,
say four per cent. before a railway demand of the
magnitude of thirty millions per annum came upon
the country, the fact of that demand is an intelligible
reason why the rate of interest should advance to a
higher figure. But it is scarcely an intelligible reason
why the general advance of the rate of interest should
produce the same violent effects as the measures of
coercion which are connected with the last stages of
an adverse exchange.
A feeling is very prevalent, which with some in-
consistency appears to be equally alarmed at the oc-
currence of one of those gluts of capital when 1 or 2
per cent. is obtained with difficulty, and at the revival
of a demand which again restores a more natural
relation between the lending and borrowing portions
of the community. There is a general uniformity
of opinion as to the ultimate mischief of capital
over-easily and cheaply obtained; but there is no
well defined test as to the position in the scale of
advance of that line of distinction which separates a
period of exuberance from one of healthy facility,
or which, again, distinguishes this latter condition of
the money market from a period when the rates
of discount have attained a degree of inflation ruinous
to the successful prosecution of the ordinary branches
of trade. It is not in the nature of the phenomena
that there should be such a certain and definite test.
Nor in this country is it probable that we ever suffer
from a state of things when the quantity of loanable
capital in existence is positively inadequate, except at
ruinous prices to meet the legitimate demands for its
use. The derangements of our money market are
those of panic and alarm. We encounter periods when
in the words of the late Mr. Rothschild, " the appre-
hensions of capitalists are excited, and they withdraw
themselves altogether until quiet is restored." The
exorbitant prices paid for accommodation during
these seasons of excitement are not so much a correct
index of the relative scarcity of money, as premiums
fairly due to the lender for the augmented risk with
which circumstances have suddenly surrounded nearly
all the branches of his business. lam far from say-
ing that extremities do not sometimes occur, when, as
the condition of avoiding a greater and more per-
manent evil, there is no escape from one of
these desperate and disastrous disturbances of
our whole commercial economy. It is the duty,
as
most assuredly it is the interest, of our legislation to
establish regulations which, as far as possible, shall
diminish the frequency and mitigate the violence of
these unhappy disruptions of all the roles of ordinary
sagacity and circumspection. This is the species of
merit which, before long, will be held paramount to
all others in the consideration of schemes of cur-
rency management ; and it is precisely because the
existing law, so far from giving us any better protec-
tion against these exacerbated crises, does, in point of
fact, promote their multiplication and intensity, that
it is so obviously and so justly obnoxious to the
severest tone of criticism.
There is abundant evidence that the elevation of
the rates of interest at the Bank of England on the
2d August inst. was a measure almost totally unex-
pected by the commercial community. During the
preceding week the abundance of money in Lom-
bard-street, at the then existing rates, was quite
adequate to the applications for it, and there was no
symptom of uneasiness until the publication of the
return of the 24th July excited an apprehension that,
with so small a reserve in the banking department,
and with the improbability that it would receive any
important increase from a further decline in the out-
standing circulation, the directors might feel it neces-
sary to adopt some measures of restraint. The acute
sensation produced by the events of April has not
yet been much impaired by lapse of time, and it can
excite no surprise that any reasonable fear of the
repetition of similar difficulties and perils should
bring the principle of self-preservation into most
active exercise, and at once place the money market
under the influence of one of those alarms when, as
I have endeavoured to explain, the rate of interest
ceases to be the true index of the quantity of capital
in existence, and becomes a premium of insurance
against an imminent but undefined hazard of losing
the principal advanced. It appears to me, there-
fore, that altogether apart from the general question
as to whether the demand for advances had
come so far to preponderate over the supply
of capital as to lead naturally to a rise in
the rate of interest, the rise which has oc-
curred, supposing it to be legitimate, has been accom-
panied
excitementby a
altogethersudden n
disproportionate
e s sand severit y oft
o tensionthe o
occa-
sion—and sion—and that this suddenness and severity are
wholly and exclusively the consequences of the pre-
sent Bank Act. By this Act the directom are mere
passive instruments for giving audible utterance to
the effect of a numerical rise or fall of the reserve of
the banking department. When that reserve has
fallen to a certain depth of exhaustion, the functions
of the establishment cease and determine. 'The public 11
in April last had an opportunity of beholdiing a p irtial
reduction of this theoretical outline into bond fide
practice. The lesson has not been thrown away, and
no merchant can now be accused of nervous timidity
who feels himself in the midst of perils when the
Bank directors, in obedience to the prer_,ent ruth-
less legislation, have intimated in the 'usual form
that it is only a narrow margin which separates them
from the positive rejection of all furt'aer discount
business.
In a few words, then, we are indebteal to the Act
of 1844 for the sudden and unexpected interference
of the Bank with the course of the m oney market,
and for the association with that interference of a
degree of perplexity and alarm such as,, under other
circumstances, would be reserved for the extreme
stages of a foreign drain of bullion.
There are two objections which may be started to
this conclusion—it may be said, first, that, in the ab-
sence of the present stringent laws, the !Hank would
have permitted its treasure to descen,l to a most
hazardous point of exhaustion; and seccmdly, that to
the same influence we are beholden 'ior an action
upon the money market so decisive as to impose an
effectual barrier to the further progres:a of no small
portion of the railway expenditure.
With your permission these topics may form the
subject of another letter.—l am, Sir, your obedient
servant, LOUIS D'OR.
Aug. 14, 1847.

RAILWAY ACROSS THE ISTHMUS OF PANAMA.—M.
Klein, who was sent to Bogota to treat with the Go-
vernment of New Granada for the establishment of a
railway across the Isthmus of Panama, has returned to
France. He has completely succeeded in his mission,
having obtained most advantageous conditions for the
company ho represented. The works will shortly be
commenced. _

The following arrangements have been effected in
consequence of the vacancy of the collectorship of cus-
toms at Inverness :—Mr. J. Waters, now collector at
Boston, to be collector at Inverness ; Mr. W. Delap,
comptroller at Sligo, to be collector at Boston ; Mr.
t,I.
.1
(iCel atEorrk ,a
tc
FORCE
llaeicdt
000nr.
F._a tioi‘bMi
As
eaGrl
ivdNeorAn.
1, I too be comptroller at
newr‘papers that
collector
Mr. J. Bennett, collector at Bridlington, to be
THE
singularaeni3r,eumstance is one of manNy.—thaTthoeccufrolilvoiwthionugt
ceived from Captaayi.
finding
Upon tatting publicity,,i.sre re a d
y notwithstandingtosna pup evethrye n umber o f
inconsider-
able trifle of the
Ramsgate,
two ladies, one of them discovered, Corbin. The captain, as is his
We relate the fact as it was re-
wont, went his roundsn among the passengers to receive
the amount demanded from
their fares.
to Margate. Captain Corbin,
and not, as she thought,
e,
eseeing her sudden alarm,
in consequence, that
was comparatively she was on her way to
assured her that the ditferenn
the utmost dread of the
o.her.Lrd but little no-
thing, as the weather was fine and
thatfe in a little
glass. She, however, expressed the sea as smooth as
North Foreland. Captain Corbhnina
fur-
ther on the subject, naturally
time she would laugh at her ill-grou nuclnegd
waasrs. Upon
being told by her companion that she
‘
North Foreland," the lady in question fell baclt‘ off
i the
fainting fit, from which she never rocovered. Shent was
a
removed from out the steamer (the Little Western) upons
its arrival at Ramsgate, and placed in a fly by order 1)
the cqt•ain, who himself obt;ined apartutA=nts for the in.sensible lady and her di,tracted sister. Er, ). ear,
a'',,
attention was paid her, but she died the same evening
an extraordinary instance of the folly of allowing the
mind to be overcome by horrors of its own creating.—
Canterbury Journal of Saturday.