The Sun.
London, England, 1841-11-03 00:00:00

MONEY MARKET and CITY NEWS.

FROM TEE MORNING PAPERS OF THIS DAY.
POST.—It is rather expected that when the circum- '
stances connected with the Exchequer bill fraud come to
be fully developed, the origin of the great fires in our
dockyards will be better understood by the public
than it is at present. There never was a doubt that the
foolhardy attempt of young Louis Napoleon was directed
by a party of Stock Exchange speculators, and the pre-
veiling idea at the time, with those who have the best
opportunity of informing themselves in many cases, was
that the burning of her Majesty's ships at Devonport and
Sheerness was not the result of accident, but that it was
accomplished through the agency of the same persons.
It is very scandalous that an attempt should be made to
throw the odium of the Exchequer bill fraud upon an
old gentleman long since consigned to the tomb ; the
more so as the infamy of the affair is, in this way, made
to attach to the widow and children of the individual
named. From the explanations given of the circum-
stances, it is quite clear to our mind that the party is
in no respect to be held answerable for the offence.
TIMES.—The resolution among the holders of Ex-
chequer bills to present them for money when they be-
come due, and never to have anything more to do with
such documents, is said to have become general, and may
be considered to have arisen entirely from the impound-
. .

ing of bills declared spurious by the which
has caused a feeling of indignation, that increases the
more the cause is reflected on. It is felt that the Govern-
ment most unfairly puts itself in an advantageous posi-
tion against the holder, for, whereas the latter would
have been able to commence an action on his bill, and

leave the onus of disproving it to the Government, his si-
tuation is now so entirely changed, that he has the onus
of supporting his own claim. Besides, the proceeding
of making the party against whom an action might
be brought, the depositary of the document on which
the action would be grounded, is in itself so absurd, that
the common sense of all men of business revolts against
it ; and although the existence of the spurious bills has,
in a great measure, deteriorated the market, it is pro-
bable that the acts of the Treasury will be found to have
created a more lasting dislike to the unfunded securities
than the actual demonstration of the fraud. Some of the
details of the measures taken at the Treasury have

given much dissatisfaction. For instance, some are
displeased that the notice issued yesterday led them to
imagine that they were at liberty to leave their bills
with the Treasury any day they pleased, and get them
on the next day, if genuine ; whereas it is found that
the people at the Treasury are too much occupied to give
the bills immediate attention, and that a visit to the office
merely entitles a holder to a certain order of precedence,
both in the delivery and the return of them, and that in
some instances they may have to wait even for weeks

before their turns.
It has further transpired this morning, that among the
bills that are either spurious, or at least derived from
the same quarter with those that are known to be spu-
rious, there are a great number of bills of 500/. each,
and that these are bills, moreover, confided to a distinct
officer, with whom Mr. E. Beaumont Smith, who issued
the spurious 1,0001. bills, has nothing to do. Hence it
would follow that the parties through- whom they were
brought into the market mixed up a large amount of
spurious with genuine bills, or that some other person has
been guilty of fraud. It is said that this matter is now
under investigation at the Treasury, and that an express
has been sent off to Scotland to the gentleman concerned
in that department, who happened to be away at the
time, in order that he may attend at the Treasury and give
the requisite explanations. Thus the difficulty of the si-
tuation of Government increases, as it were every day, for
they have evidently lost all power of distinguishing spu-
rious from genuine bills, except by a reference back to
parties who are known to a certain extent to have made
spurious issues. Instances are occurring dailx, in which
even the 1,0001. bills belonging to the suspicious issue
were declared on inspection to be genuine, and this is
said to be the case with the larger amount held by the
Chamberlain of London, who yet is under apprehension,
when the same bills go up to the Treasury for examina-
tion under the new official order, that they will be pro-
nounced spurious.
It is said further to-day, that the Bank have placed an
attachment on the transfer of a large amount of stock,
created by a delivery of Exchequer bills for the new
funding operation, and that consequently the parties
can neither get their stock nor their money. It is im-
possible to describe the anxiety and confusion on this
subject, which exists among the whole of the moneyed

interest.
HERALD.—The Exchequer bill excite= nt appears
to have almost subsided, and people are disposed to wait
more quietly the final action of the Treasury in regard
to the bills fraudulently put into circulation. It is con-
sidered, however, as not improbable, that no decided
course will be taken, or indications of it given, until after
the trial of Mr. E. B. Smith, when, if any further reve-
lations or information remain withheld so long, the whole
facts of this extraordinary case will necessarily transpire
in the most authentic shape, and will be relied upon per-
haps in justification of whatever determination may be
taken or arrangements made respecting the illegitimate
issues quoad the holders.
CHRONICLE.—Our readers will perceive that Lord
Monteagle is now obliged to be at his desk by the un-
usually early hour of eight in the morning, and to con-
tinue at work until dusk. If he or his deputy had at-
tended better before, they would have had less to do
now, and such vulgar people as City correspondents
would not have been able to bite their thumb at either.
We have seen some of the stamped bills to-day that have
passed the test of the counterfoil and 'received the ge-
nuine indorsation. The instrument used, as we re-
marked yesterday, is some old concern of the reign of
the late King, then employed in the stamping of country
notes; and now promoted to the station of distinguish-
ing genuine Exchequer bills.
The holders of bills who are not certain that they
came direct from the Treasury in exchange for others
of an antecedent date are much at a loss how to act.
The Goveanent notice says there is no reason to sup-
pose that ar bills so exchanged are other than genuine,
but those who purchased in open market cannot always
trace their billS to the first holder, and if they send them
up under those circumstances they do so at the risk of
having them "retained to wait the directions of the
Treasury;" merely because it is possible that the check
in the margins may not correspond with the counterfoil
kept at the Treasury: We should be sorry to incur the
responsibility of giving any advice to home fide
holders of Exchequer bills, to send up their bills
under the Exchequer-office notice, whatever might be
the manner in which they came into their possession,
because it is possible that Smith may have issued spuri-
ous,bills in course of the regular exchange, although
the First Lord of the Treasury and the Chancellor of
the Exchequer state that they have no reason to think
so ;,bat as far as we have been able to ascertain (and
may presume to state what we have reason to think) our
belief is that. few, if any, of the spurious bills were
bought and sold in open market. They were given in
deposit, and lodged with the lenders in security for
money advanced. In that view of the case those gentle-
men who bought the bills they now possess, in the usual
course would not run so much risk of having their pro-
perty impounded.
SUN.—No further communication has been received
from the Treasury in reference to the Exchequer Bill affair.
Matters in the City generally look rather better to-day.
The accounts from the Continent are rather more
satisfactory. The Belgian enteute is scarcely thought of;
and as respects Portugal, matters have for a long time
been in so uncertain a state that they are not considered
to be worse now than ever they were. If Spain remains
tranquil, this will go in favour of the sister peninsular
kingdom. Our trade with Lisbon is not expected to re-
vive yet, after the many recent failures.
In the Funds there was to-day an appearance of more
elasticity, and on the whole a fair amount of business was
done. The Consols for immediate transfer were at 884
to 88a, and for Account 883: to 881. There was again
not a single bargain in Exchequer Bills ; East India
Bonds were rather better, being at par to 2s. premium.
Time New Three-and-a-Half per Cents. were at 98i to
9S- ; and the Three per Cent. Annuities at 87 to 87; ;
Bank Stock was more buoyant at 164 to 1641-; and India
Stock advanced to 244 and 245.
The news from Spain is looked upon in a more satis-
factory light, and it is intimated that, ere many days,
remittances will be on the way to this country, in part
payment of the interest agreed upon in Surra y Bull's
last proposition. The Active Bonds rose to 204, and 21 ;
Brazil Stock was steady at 57 ; Colombian at 191- ;
Mexican at 258 ; and Peruvian at 131- ; Belgian Bonds
were at 1001-, ex-div., having partly recovered the depres-
sion of yesterday. occasioned by the news of the Belgian
e»teute. Dutch Two-and-a-Half per Cents were at 511. I.
In the Share Market there was also some appearance
of improvement.
We cannot yet notice any rally in the Foreign Ex-
changes. The negotiations of Bills to-day were 25f. bon
to 70c. on Paris ; 12 41 to on Amsterdam;
.12 31- on
Antwerp; 14 91- on Frankfort; and 9 54 to 55 on Trieste.

We are happy to learn that Mr. Davidge, the
very successful proprietor of the Surrey Theatre, is so
far restored to health as to be able to resume his profes-
sional duties. A few days back he gave a dinner to .a
select circle of friends, on which occasion he presented
to his medical attendant, Dr. Marsden, senior surgeon
of the Royal Free Hospital, a table snuffbox, value fifty
guineas, containing a splendid gold medallion, on which
was engraver a
high compliment to the talents and cha-
racter of that gentleman.
THE CHARTISTS :-- Mr. Teargus O'Connor
and the Rev. Mr. Brewster having challenged one an-
other to debate the relative merits of moral and physical
force as the instrument for securing the People's Char-
ter, terms were arranged last week by their respective
' friends, and a grand gladiatorial combat of words took
place between the champions on Saturday last; in the
open air at Paisley, in the presence of about 4,000 people.
Both gentlemen spoke at great length in support of
their respective creeds as Chartists, and both claimed the
majority when the vote was taken. It was then proposed
that the field should be divided, and Mr. O'Connor, wav-
ing his hat, called upon all his friends to follow him.
This was immediately done, and Mr. O'Connor climbed
a tree, and made it his rostrum. It was now evident
that Mr. Brewster had an overwhelming majority. The
whole affair must have been supremely ridiculous.
The remains of an old wooden bridge were
found lately, in digging a foundation for the new brick
bridge af. the Junction wateriugs, recently erected near
Lydd,-Kent..—Dovet chionicie: