The Sun.
London, England, 1847-06-04 00:00:00

THE FARMER'S MAGAZINE.

We agree entirely with the Farmer's Magazine,
that a deficient harvest or a recurrence of the potato
murrain would be productive of consequences the
very supposition of which is appalling : and we do
believe that if it be ever advisable to ad-
dress orisons to the Deity for any temporal
blessing, it is surely advisable to address such orisons
for the continuance of the present favourable and
magnificent weather. Upon the advantages that have
already resulted from the beautiful month of May
just terminated, the Farmer says :
"After rather a heavy fall of rain the temperature
rose gradually, and the moisture and warmth combined
have wrought an amazing alteration in the appearance
of the country. The spring-sown crops stand as well as
could possibly be desired. The wheat plant, though
still backward, wears a healthy and vigorous aspect, and
promises far better than could have been hoped, consi-
dering the extreme length and severity of the winter.
Grass has grown amazingly. and all the green crops are
luxuriant. As far, therefore, as a judgment can be
formed at this early period, the harvest promises to be
abundant."

Earnestly is it to be hoped that all our hopes
in this respect may be realised. Although the writer
does not appear very sanguine as to the diminution
in the price of corn, before the time of harvest has
actually arrived, he still thinks that " under certain
combinations" wheat may easily decline 20s. or even
30s. per quarter. Unless it decrease more than this,
we shall yet have to pass through a severe, if not a
protracted, ordeal.

THE BANKER'S.
One of the principal features in this month's
number of the Banker's Magazine, is, as a matter of
course, the odious and miserable financial blunder of
Sir Robert Peel. Every alternate page displays in
conspicuous characters the words " Bank Restriction
Act," and these words are plentifully accompanied
by animadversions upon the reprehensible measure
they indicate. In speaking of the almost uni-
versal obloquy now showered upon the enactment
of 1844, one of the contributors to this commercial
periodical observes, that it was eulogised on its ori-
ginal introduction as an admirable scheme, by nearly
all the press, " with a very few exceptions." ft
cannot be forgotten that among those very few ex-
ceptions, we ourselves were numbered from the very
outset. Speciously as the innovation upon banking
transactions was introduced by the then Prime Mi-
nister, we recognised in it, from the first, those
dilemmas and miseries and dangers which have re-
cently come to pass. We perceived and proclaimed
that the Bill was intended to direct the currency by
mechanical agency, when the agency was required
to he most flexible and elastic. What has been the
result of experience in developing the influences of
the measure is tolerably well expressed in the follow-
ing sentences :
" The recent fluctuation in the rate of interest within
a few months, from two per cent. to twenty, has dispelled
the delusion they wore under on this subject. They see
clearly enough that the Act, instead of equalising the
rate of interest and the value of money, must, whenever
its enactments come into effect, produce more violent and
sudden changes than could reasonably occur under a
system which would permit the exercise of wisdom and
experience on the part of those who have the practical
regulation of the rate of interest in their hands.
A lengthened and accurate report of the debate
upon this important subject in the House of Com-
mons is given in the June Number. The Magazine
continues to be the bold and temperate organ of the
banking world.

VIE MONTHLY RAIL WA Y RECORD.
With a characteristic likeness of the chairman of
the London and North Western Railway Company,
and a singular accumulation of information upon
railway matters, the present part is embellished (we
use the word advisedly) with a generous appeal to the
railway public—and a vast public it is, too ! —in
behalf of Thomas Gray. We quote the sensible and
reasonable proposition of the Railway Record:—
,‘ The formation of a penny railway subscription, has
been suggested on the principle of a p:mny per pound on
the paid up railway capital of the country. Suppos-
ing the paid-up capital of established railway companies
to b© somewhere about 47,000,0001., a penny subscrip.
don, as thus suggested, would yield 47,000,000 of pence;

which, by an easy process of arithmetic, will be found to
be, in round numbers, 195,0001. It may be said that
this is a large sum. Then, let the limit be a penny per
five pounds ; this would yield again in round numbers,
39,0001. Again a tenth. or a penny per ten pounds,
would be just one half-19,5001 Say only a penny per
share, and, to facilitate calculation, take the shares at
251. each ; 47,000,0001 divided by 25, gives 1,880,0001;
and this, at one penny each, amounts to 7,8331—the
lowest possible amount we think the railway public
could, with any regard to liberality, offer as their contri-
bution to the national testimonial to Thomas Gray. We
hope to see some movement made at the ensuing half-
yearly meetings of the railway companies ; and, in the
mean time, we throw out these hints for the consideration
of railway men."
Let it not be forgotten that Thomas Gray was the
first (derided) propounder of railway communication.
Thomas Gray is now old, and, we believe, very in-
digent!