The Sun.
London, England, 1840-11-05 00:00:00

TO THE EDITOR OF THE MORNING CHRONICLE.

Sia,—A deep sensation has been created in this town
in consequence of words which fell during the dying mo-
ments of the gallant Major Jerkins, of the 11th Hussars.
Through the medium of your co:umns (and I trust it
will be copied into others) it ought to be known that the
late Major s illness was supposed to have been brought on
by intense anxiety for the restoration (to the position in
his regiment) of his brother in arms, Captain Reynolds.
In his latter moments (when he knew the hopelessness of
his situation) he was frequently heard to utter the words
Poor Reynolds !" I know of nothing in language which
speaks more than this, and I feel persuaded that the dying
Major knew that he ought to be succeeded by his gallant
companion in India, Captain Reynolds. This conviction,
I have no doubt, arose from his persuasion of the'illegality
of his sentence, solely from the Court refusing evidence in
proof of gross provocation. That the deceased gallant
Major's dying wishes may be realised is the prayer of al-
most every inhabitant of Brighton.—Yours, &c.
Brighton, Nov. 3. BRIGHTONIENSIS.

EVENING EDITION
v.

MONEY MARKET and CITY NEWS.

(WEDNESDAY EVENING.)

CHRONICLE.—The Inland Bills falling due to-
day caused a demand for money, but the amount to
be provided for was not large, as the period referred
to the August trade, which is the dullest of the
:eear. Complaints, it seems, have been made lately
against the Branches of the Bank of England in Liver-
and Manchester, for having thrown out unexceptionable
paper drawn within the late rule of limit. The parties
were informed, we believe, of the agents' willingness to
advance in the shape of lean, but that they could not
discount the hills offered. This conduct is objectionable,
perhaps, at first sight, but we must remember the posi-
tion of the Bank, and allow for self-preservation,
.seeing
that the Directors have eleven or twelve branches to
attend to. and not more, perhaps, than three millions
of geld. If, then, they were not to keep a
strict guard over their branch discounts, the Direc-
tors would subject themselves to serious risk in the face
of the still unsatisfactory, though somewhat improved,
state of the Foreign Exchanges. Every note issued on
discount by the branches at Liverpool or Manchester is
payable there in gold as well as in London, so that the
Directors have to guard against their return at both
places. The necessity for caution, therefore, is evident.
T.nc., branches in question would have readily, we pre-
sume, sent the paper forward for discount 'to any of the
London agencies. In that way no additional liability
would have been incurred by the Bank, as these houses
would have negotiated the transaction by notes previ-
ouslyin circulation, and the object of those desirous
of accommodation at the same time gratified, although
et some additional expense. The very favourable
change which has t ikon place in the Syrian question
reduces the difference between this country and
France to almost nothing, and the restoration of a good
understanding between the two countries may new be
anticipated. Confidence will then be again restored
throughout the e9mmercial world, although the expense
incurred in equiping cur fleet must be provided for.
That outlay and other relative circumstances will no
doubt operate to keep down prices, and money must be
in rgque3t for some time on the Continent. France
must appear in the Money Market as a borrower, and
our Government will find themselves, in all probability,
()bilged to do something of the same kind, although our
expenses have been very small compared with those of
our Gallic neighbours. Under these circumstances we
are not disposed to find fault with the Bank at present
for being close-fisted, but trust that the Directors may
.
not find necessary to have recourse to further mea-
sur''s of restriction.—[One would suppose that this ar-
tlo.:10 had been written in the Bank parlour.—ED. Sun.]

TIMES.—It appears by a letter received from
.Manchester, that the branch bank of England there is
refusing to discount all paper, no matter how short the
date, or how valid arc the names, without first send-
ing it to London for the approval of the Directors.
The inconvenience arising from such a practice is ob-
vious. Parties are sometimes left a whole week with-
out knowing whether their bills will ultimately
be discounted or not, and they are kept out of pos-
session of them, so that they have not the oppor-
tunity of applying to other quarters, as they would
in the event of an immediate refusal. At this period
of the year punctuality is most essential for the
carrying on of the Manchester trade, and yet with
the persons who are placed in the uncertain position
above described punctuality is almost impossible. Such
an arrangement as this seems indeed not only
to be inconvenient, but absurd. The very use of a
branch bank would be, that there should be parties on
the spot qualified to judge of the local credits, and pos-
sessed of information as to the validity of parties which
conld scarcely come to the knowledge of head-quarters.
If the branch bank is not supposed to be a bettor judge
of local circumstances than the remote board, there
seems to be no occasion for a branch at all. Here the
branch, it appears, is obliged to consult the London
board as to the propriety of discounting a bill—that is,
feels a necessity of asking for information which, from
its pcsition, it should rather give than receive. If the
London board is to decide alone on the fitness of every
single bill to be discounted, the holder might as well
send it up to London, and thus the useless machinery
of a branch would be avoided. It is also said that the
branch bank refuses to entertain the question of dis-
counting for any bank that looks for assistance else-
where. The aid afforded by private banks has been
considerably restricted in their discounts of bills across
the counter, at 7 per cent. Many bills, it is said, that
could have been discounted on Saturday were refused
yesterday.

A deputation from a Committee formed for the pur-
pose of superintending a petition to Government pray-
ing its protection and interference in the management
of railways to a greater extent than is contemplated,
'Cited upon the Lord Mayor this morning with a
view to holding a public meeting at Guildhall. The
Lord Mayor concurred in their views, and offered to
give them every assistance, suggesting the propriety
of a conference with his successor, who, he was
assured, would lend his aid. It is expected that the
public meeting will shortly take place at Guildhall, and
no less than WO respectable names have been already
enrolled.

Private letters from Montevideo dated the 18th of
August state that Pacheco has been defeated by
Lavelle, and that Roses is making great preparations
to act against the latter, and pushing matters with his
accustomed vigour. According to report, Lavalle's
army is composed of 6,000 men.
The Minister of the Interior has addressed a cir-
cular to the Prefects of France with respect to extra-
ordinary imposts levied by the communes to meet local
expenses. In a law passed on the 18th of July, 1837,
certain commercial expenses were laid down as optional,
to meet which a proposition may be made and ratified
by a law or Royal ordinance to levy an additional per
tentage, not exceeding 20 per cent., on the regular
impost. But very frequently the communes, in addition
to this special tax, levy further imposts to meet other
necessities, generally to cover an insufficient revenue.
By this means a heavy overcharge is imposed on the
taxpayers, and the collection of public revenue becomes
impeded. And although the presence of the great tax-
payers in the municipal council gives a sufficient gua-
rantee for the interests of the commune, the same end is
not fulfilled with regard to the general interests of the
nation. The circular in question therefore enjoins
the prefects not to hesitate in rejecting any proposal
for levying an extraordinary impost should the object
which it is intended to meet admit of being postponed,
without detriment to the material interest of the com-
mune. In this predicament are the greater part of the
optional expenses, such as the acquisition of real pro-
perty, except with a view to the accommodation of the
schoolhouses ; the building or rebuilding of edifices, the
opening of new streets in the town, and generally all
expenses of utility to the commune, but which should
not be incurred without the assurance of sufficient re-
sources. These directions do not however include
measures already carried, nor autlio.ise the suspension of
ordinances already enacted. Should proposals be made
for entering into extraordinary expenses which the pre-
fects deem of immediate neeessity,such are to be forwarded
to the Minister, who will judge whether their urgency be
sufficiently justified to admit of authorisation. With
regard to expenses rendered imperative by the law,
many are enumerated which, although obligatory in a
legal sense, are not so urgent in their nature as to pre-
clude adjournment, more particularly those denominated
4‘ extensive repairs to the buildings of the commune."
Should any di3pute arise on the prefect's refusal to ac-
cede to such expenses, he is recommended to refer the
case to the Minister. The circular coneludes by ob-
serving, that the imperative measures of the law in this
case are not with a view to bind the superior authorities,
but the communes ; that the law was intended to fur-
nish the authorities with a wearon against the resist-
ance of municipal councils, which consequently can not
be turned against themselves; that the authorities arc
invested with the right of deterrniaing whether the pro-
'point expenditure, tire of that obligatory character
whichthe law has defined, and in that case to judge of
the expediency of an additional impost to meet them.
SUN.—It was reported this afternoon that the over-
land mail had arrived.
We have bad a firm market again to-day for the
public securiges, and with a good business doing., the
reetilt of the advance in prices on the Paris Bourse, and theincreased confidence felt here, at the progress of
our warlike operations in Syria. As the account of the
success of the Allies becomes known throughout the
country, it may probably lead to orders for bone fide
iaveetments on behalf of patties at a distance, especially
ea the French speculators appear to agree with those on
our own side of the water, that the readiest means of
ending the eastern question is by promptness and unani-
mity of action. Consols, for immediate transfer, brought
St and for the Account 88i to -,1,-, the
89i to 8, « 981 to 881
former closing a. 4 e, and the latter
at 88 88!1. Although these were the latest
official prices, we heard of bargains after the Sitoeelr,k,Bli:ixis.
pie ,
change hours at rather higher rates. Exchequer
realized 2s. discount to par, and India Bonds
15 discount. Bank Stock was heavyr at 159 to 160:
to
n
East India Stock at d 43, the New fhree-and-IIalf)pe;
Cents, at 07.1,- to 07, and the Reduced Three per
Ce. As. at 87i to 87k.
The Foreign Stocks were very dull, but remained at
about yesterday's prices, %h.—Spanish
...en
Activeswere
21 to, ; Portuguese New Five per U.. 13 3;
3 to
,if e Mexican Bonds 271 to ; Colombian 2.31; Belgian
to 97 ; Russian 113, and Dutch Five per Cents. 978.
The Shares experienced a trifling reaction this after-
nc,''''n• Great Western were quoted 151 to 16 ; Filch
hares 3;, and New Manchester and Leeds 7 premium.
l;rieliton were 13? and North Midland 26 diecouilt.
The "Inwinc, is an extract of a communication
f roan Paris

" There is a general cry of the want of confidence
among the mercantile interests at Paris ; indeed, the
are itnumber of failures as publicly announced twice a
month, IS a sufficient proof of the state of things. There
are besides private compositions, which do a great deal
of mischief, so that the winter is cot likely to pass over
without a severe trial to those who at the present mo-
rucot pos,=ess ample means to meet their engagements,"

SPIRIT of the PUBLIC JOURNALS.

FROM TYIE DAILY PAPERS Of 1
(From the Globe.)

The course pursued by Lord Lyndhurst's friends, 1
rota the beginning of the Cambridge election co .1• est to
the present moment, is one continuous proof of their
very slight chance of success. They began with bully-
ing and big vaunting. Lord Lyndhurst was certain,
not only of a majority, but of an immense majority ;
and if Lord Lyttelton wished to avoid disgrace, how-
ever indifferent he might feel as to simple defeat, he was
Advised to retire. This tone was afterwards changed
for a quieter one, in which, as we said yesterday, defeat
was clearly foreshadowed. The possibility of defeat,
which only the day befo:e had been an utter impossi-
bility, was considered ; and there was no longer brow-
beating, but calm expostulation, for the conscientious
Conservatives who have deserted Lord Lyndhurst for
Lord Lyttelton. Some of the artifices practised by
Lord Lyndhurst's friends are already known to the
public. But it is not yet generally known that a num-
ber of the names paraded in the long list of their Lon.
don Committee are, morally speaking, deceptions ;
and that by way of elevating the quality of Lord Lynd-
hurst's supporters, they have announced as their Chair.
man Sir J. Beckett, who is not a Member of the
Senate, and pressed into their service the brilliant
name of Lord Dclawarr, not a Cambridge, but an
Oxford, man. We may take a future opportunity
of more completely dissecting this list ; but in the
meantime proceed to speak of a grosser artifice
which has been practised—viz., the report raised
by Lord Lyndhurst's friends, and contradicted in a
part of our impression of yesterday, that Lord Lyt-
telton had determined not to proceed to the poll.
Proceed to the poll his Lordship undoubtedly will, un-
I less, by the way, Lord Lyndhurst saves him th©
trouble. The attempt to throw ridicule on Lord Lyt-
telton, on account of his youth, is another sign of Lord
Lyndhurst's weakness. We think, under all circum-
stances, that Lord Lyndhurst's friends would have
done well to avoid this topic. Lord Lyttelton's cha-
racter and conduct effectually disarm the objection,
derived from his youthfulness, of its force. By the
way, has the Times considered how this topic of
youthfulness may shortly be turned against Lord
Lyndhurst and itself? Lord Lyndhurst, the candi-
date for the Cambridge High Stewardship, is, it is
also announced, a candidate for the Lord Rectorship
of Glasgow which is to be given away, even this
month, by the Glasgow boys. Is the Times prudent
in thus cutting away the consolation which the juvenile
voice of Glasgow may try to administer for a defeat at
Cambridge ? The opinions of boys may soon have a
1 high value for the Times. To be sure, we forgot. that
the Times of a week before is never any longe • re-
garded by the Times, and that with the Times there is
not only a time for everything, but also for every eew
phase of the same thing. There is a time for talLng
of morality, and a time for saying nothing about t ;
and as it is now the time for holding up to ridicu•.• a
boy of twenty-three, the time will come for holding r,p
to commendation the matured wisdom of men of for.,--
teen. But if the Times forgets, we hope the manikies
of Glasgow will remember the Times of yesterday and
the day before..