The Sun.
London, England, 1847-05-14 00:00:00

PEEL'S BILL OF 1844.

(From the Morning Advertiser.)
The state of the Money Market is still the absorbing topic,
and there can be little doubt it will continue to be Cu, until
something is done to mitigate the existing pressure. Minis-
ters may persevere a little longer in their resistance to any
alteration in the Bill of 1844, but they must, in the end,
succumb to the force of circumstances. Even now we fancy
we can discern indications of their feeling a presentiment
that they must yield. The Chancellor of the Exchequer did
not speak on Monday in the same decided terms not to relax
the rigours of Peel's Bill which he did on previous occasions.
Nor need we wonder at this, when we reflect on the nume-
rous deputations which have, within the last fortnight,waited
on him from London and Liverpool, to urge upon him the
inevitable ruin which will be brought on the mercantile in •
terests, should Ministers persevere in their adherence to the
measure of 1844. And if the Right lion. Gentleman were
beginning to waver before, he must have been still more
shaken in his attachment to Peel's Bill, by the number of
influential and intelligent Members, who, on Monday,
ascribed to the operation of that Bill the terrible state of
things which now prevails. But what will be considered still
more surprising and hopeful, is the fact, that even Sir Robert
Peel himself, the author of the measure, manifestly
begins to have misgivings as to the practical workings of the
measure, in a season of adversity. On iSionday night the ex-
Premier distinctly stated that if it shohld be found on trial
not to work in the manner anticipated, no foolish parental
affection for the measure would induce him to cling to it.
Sir Robert, it is true, does not admit that a case has yet been
made out against his Bill, but it is a great tiling to extract
from him an admission that its failure is within the bounds
of possibility. lie would have made no such admission three
months ago. Altogether, indeed, we see abundant grounds
to believe, that if Ministers be only sufficiently pressed they
will consent to capitulate. The Opponents of the measure
must give the Premier and the Chancellor of the Exchequer
no rest. Deputation after deputation must wait on them, to
bring before them the disastrous effects which are daily pro-
duced by the Bill of 1841, and to repeat, over and over again,
the expression of the universal belief prevailing among mer-
cantile men, that if some modification of the measure be not
speedily made, there will be a complete extinction of trade
and commerce. The complete failure of Peel's Bill has not taken
by surprise the banking interests of the metropolis, nor the
more intelligent of our City merchants. On the contrary,
matters have just turned out as they expected and predicted.
The measure was strenuously opposed, when before Parlia-
ment, by nearly all the London banking establishments.
The only exception of note was that of Loyd Jones and Co.,
and the name of that firm was put down to a memorial
against the Bill, though afterwards withdrawn from personal
considerations, at the instance of one of the partners. The
metropolitan banking opponents of the Bill drew up and pre-
sented to Sir Robert Peel a strong memorial on the question.
And as that question is at this moment one of the gravest
kind that ever crme before the Legislature, we give, in this
prominent part of our paper, the document referred to.
Though brief, it is pregnant with force and full of meaning.
It is this:—

"TO THE RTOHT HON. SIR R. PEEL, BAP.T., M.P.
" Sir,—We, the undersigned bankers of London, are in-
duced, by the importance of the measure, and our interest
in its success, to address you upon the subject of the Bank
Charter Bill now before Parliament.

" We were led to believe, when the measure was first
brought forward, and we feel confident it was generally un-
derstood throughout the country, that although it 'was the
intention of her Majesty's Government that the paper cir-
culation of the Bank of England in their issue department
should be limited to an amount not exceeding 14,000,0001.,
upon securities, yet that in the event of any particular crisis
arising, a power was to be reserved by the Bill enabling the
Bank of England, with the consent of the First Lord of the
Treasury, the Chancellor of the Exchequer, and the Master
of the Mint, to extend their issue upon securities beyond that
amount.

" It is with considerable surprise that we find that the Bill
now before the House of Commons does not contain any pro-
vision for an extension of the issue beyond 14,000,0001. upon
securities, excepting under the special circumstances named
in the sth clause of the Bill now before Parliament.
" We are apprehensive that the absolute limitation of the
issue to 14,000,0001., without any power of expansion being
reserved, whether that amount be in itself a proper amount
or not, will create a general feeling of uneasiness throughout
the country, and by preventing the satisfactory reception of
the measure, will deprive the scheme of many of the advan-
tages it posseses, and interfere with its success.
" We respectfully submit that the effect of such an abso-
lute limitation will be to restrict the business of the country
by leading to general withdrawal of legitimate accommoda-
tion unless some power be reserved by the Bill for extend-
ing the issue, with the sanction of the authorities above
alluded to, in cases of emergency, to be made apparent to
such authorities.

" Robarts, Curtis, and Co. Fullers and Co.
Hanbury, Taylor, and Barnard, Dimsdale, Barnard
Lloyd. and Co. ,
Bosanquet, Franks, and Co. Barnett, Mares and Co.
Brown, Janson, and Co. Lubbock, Forster, and Co.
Barclay, Bevan, Tritton, Stevenson, Salt, and Sons.
and Co. Price Marryat, and Co.
Hankey and Co. Spate, Banbury, and Co.
Smith, Payne, and Smiths. Weston and Co.
Willis, Percival, and Co. Twining and Co.
Masterman, Peters, and Co. Dixon and Co.
Rogers, Olding, and Co. Coutts and Co.
Spooner, Attwood, and Co. Herries and Co.
Currie and Co. Ransom and Co.
Glyn, Halifax, Mills, and Strachan and Co.
Co. Scott and Co.

Williams and Co.
Cockburn and Co.
Lombard-street, June, 11, 1844."

It might have been supposed that such a document, pro-
ceeding from such eminent anthorities on the subject to
which it related, would hare induced the ex-Premier to
pause and reexamine the grounds on which he had based
his measure. He did no such thing. Priding himself on his
Landed superiority to everybody else, as regarded a know-
ledge of currency and banking, he paid no attention to the
representations of the bankers of the metropolis, but pressed
the Bill through its various stages. Few will envy him his
feelings now, ►•hen the event has so strikingly shown that
he was altogether wrong, and that they were altogether
right. The latter must experience no slight gratification in
the reflection, that they foresaw what the consequences
of the measure would be, and foretold them in the most ex-
plicit terms. " When surrounded," says the Bankers' Cir-
cular, ".by the distress of their oppressed and broken-hearted
customers, what a source of satisfaction it must be to these
men of foresight that they exerted themselves to avert the
evil which now threatens the ruin of their friends and the
safety of their own positions. Why the authors of this mea-
sure should be allowed to escape without the expre•.sion of
public censure and indignation, is one of those anomalies re-
sulting from servile convention, over which we can do no-
thing but meditate, mourn, and murmur."

o f The
railway eliaclisaries
agheanTletr-aolnly-re-anilvianrieottllsiatettlttlaie,
pRubAILWAY LEGISLATION.
k They
are also aware by this time that'
equivalent demand on the existentsof stock,
railway calls are not a mere
matter of account. Painfulexperience brought it home
to eveif class, rod to almost has •empire,
every person in the that these calls denote an of food,
uivalent expenditure
an materials, and labour, in orekt prospectiverutil
andof Course to
a corresponding enhancement
of these commodities. In the
green days of hope and d food was con-
Mitred a national calamity, - available
when the immediate y
resources of Europe and America inexhaustible,
rica were believed
cent.en and any uodertaking whatever
bethat returned •
calls paid up was thought t 5 Per
and at
therefore actually , once reproductive, we found ithe Men-
it 'lmpossible to fix . thin of the public or the Le •character
gis aturo to the serious of the engagements in wl • ireh the t • at large W 9 county •
volving itself. The present ais one
spect of affairs, however,
in-
calculated
to sober the most volatile them to
the rigours of arithmetic.
to the am )unt of 124,675,6551.
A io,alatile minds, and tie
tN,hich
we publish an abstract to-da rliamentary return,l
of
what' we
have already undertaken toy,sinformsend us exact
p a exactly
e Acts
passed in the two last authorisesessions to
- a--I.land loans
thiatrimisai3lbes,
the
new ea
tually so raised is 28,320,0201. the sum
yet to be raised in order to complete-1 follows that
ranted
in 1845 and 1846 is 96,355,63/.
the lines
this;
to
be spread over two years, it results theSupposingg
popular
_t portion of this sum ac-
average of a million a week is not far frmtthaet truth. There
are, indeed, very few of the lines which from
projectors do not
contemplate finishing by May, 1849. We- have- our own
possibility of this gigantic aggregate of un-
opinion—the opinion we have always entertained and de-
clared—as to the
itthaatd tt
the liinidnuvsotlriaelt else s'svehso, lien mer-
cantileditli.cler un-
dertaking. ki nAg.o.
r 1 dl,Vand believew-it
' culties beyond our present experience. However, what is 1
I done cannot be helped. It seems agreed on all hands that
this part of the experiment must work itself out. Naturce via
medicatrix, as exhibited in the spontaneous movements of
commerce and trade, is to reduce the disorder, and heal the
wounds inflicted by the public cupidity and rashness. The
public attention is rather directed to the fresh undertakings
now before Parliament. They can be confined to a safe
compass, or subjected to prudent conditions. What, then, is
their extent? The question is answered by the same Par-
liamentary return. The capital proposed to be raised by the
Bills of this session is altogether 47,486,6741., of which
31,161,6741. is for extensions and other improvements of lines
already opened, and 16,325,0004 is for railways not yet
opened. Some of these are unopposed lines. Some are
competing. Supposing all the objects to be sanctioned, con-
siderably more than half the Bills will pass. If only half
pass, there will then be en addition of about 24,000,0001. to
our railway engagements, entailing a probable outlay of
about 2C,000/. a week for 120 weeks to the end of August,
1849, and raising the weekly expenditure for two years to
1,2C0,000/. Two motions bearing upon the pending and all
future Bills are now before the Commons. Mr. Hume has
given notice of one for this evening, which proposes to put a
serious check on the borrowing powers hitherto conceded to
all railway companies. The power of contracting loans in
the proportion of a third of their capital has immensely in-
creased the ability of the directors to push on the progress
of their lines. The object of the motion is that no company
shall be allowed to use any new powers of raising money
with which it may be furnished by Parliament till it has
thoroughly exhaused its existing powers ; that, for ex-
ample, the Great Western, which has only called for 851. out
of every 1001. share, but which now, on the strength of cer-
tain extensions, is asking for power to issue new shares, and
Ist3. td hasay
of madej a
unaoaca, l, I ,l
tisltl3l,
il,,aned'gll. t.,
bpo ettra'slV'eues'et.eemeloenstnteptlio.
rpailsva\('leneitrriNhe,eaitde-te
to contract new loans, shall not be allowed to raise this new
the remaining 151. from the original share-
capital, should it obtain its Bills this session, till it has called
Mackinnon has one of a less artificial character, and which
Ifroorldaenrisi.reasluiscehd'is the remedy Mr. Hume proposes. Mr.
certainly does look a very rude piece of legislation. It is that
no railway company whose Bill shall have passed this sea_
which time lie will probably either give it a more definite
motion of which be has given notice for() nextorig:
character, or withdraw lit altogether. Of this latter
plan it is therefore needless to speak. Of the former,
e of the
we will confess an opinion .
ethat
Itit promises to be
stoi"doasnoduAntllchthaes
- tious than effectivwill be
more vexatious
a con-
many o
would limit the enterprise
dends, and wholly out ofMorey-market
for '
to find themselves suddenly dunned ' calls,,,
and obliged
siderable hardship
either to sell their shares at a loss, or to borrow money at a
high rate of interest. The measure would, in fact, necessi-
tatecsoninfatlllsittatra,n.sacltiions
f w h 0 m a r e trustee e n
the,
the o
sphererh i people
ant- .oss; nor is it by
any means ce
or
and versatile - thwart the ingenuity of those. potent l person-
monarchs, and cabinets,
s,ith an infinite
cit in cornntaNiiemnnbi
teein:
acteo: i t
ages, the and egal advisers of tt.e
Fur our own part w • .
great railway companies.
last . , e still abide
view which from first towe have maintained,
by the
that it was not only competent to Parliament, but was its
most obvious course, and bounden its duty, to lay
down at
some
the commencement of each session
t. general rules, with
a view to an ultimate selection from he Bills. A Parliamen-
tary Committee, after using. and reviewing the reports of the
- • might have indicated the
chief railway
Railway Commissior,
districts
desiderata of the country—viz., the most in want of
inl
aggregate of t ( ertakings to which it
communication, the
was prudent to go with reference to the available resources of
the country, and various other useful preliminaries of
legislation. We believe that nothing
easy and definite than such an inquiry Hw however
the Fates were against us. A vain conceit of the infinitely
expansive resources of the country, and of a certain tide of

prosperity which it was necessary to talcs at the flow, pre-
vailed against our cautions. It was pronounced a heresy
against tree trade, and beyond the scope of Government, to
assign any limit to mercantile speculation ; and in a few
short months, in great confusion, in the midst of blunders,
squabbles, technicalities, jobbing, canvassing, haphazard,
rascality, and chaos, there was passed an amount of Bills,
under the burden of which this nation is now bowed to the
ground. What is already done will not be mended till it
mends itself, as it probably will, without the intervention of
Ministers and Parliaments. But something may yet be
done with the Bills now before the Legislature. There is still
time to make a judicious and limited selection from them,
marking out some few for immediate execution, and giving
to others only a prospective sanction. There is no valid ob-
jection to such a measure. Railways are not simply com-
mercial speculations. They are distributions and assignments
of the British territory ; they are the foundation of a new
heptarchy in these islands. Surely they are amenable to any
sort of control the State may think tit to apply; and surely
the State is also bound to see, especially in these times, that
the realm should suffer no hurt, and receive no wrung, as it
certainly does by the enforced monopoly of its resources in
speculations of remote and precarious advantage.—Times.

NAVAL INTELLIGENCE.
PORTSMOUTH, MAY ll—Rear-Admiral of the Blue Sir
C. Napier, K.C.8., is selected by the Lords of the Admiralty
to hold a distinct command in the Mediterranean, and will
hoist his flag on board the St. Vincent, 120, Captain Milne,
at this port, in a few days, mid proceed forthwith to Lisbon.
Sir Charles will be followed as soon as possible by the Howe,
120, Captain Sir James Stirling, now tilting for sea with all
possible expedition, at Stieernes, ; and the Caledonia, 120,
Captain Dixon, at Devonport. Other ships will also follow,
as the Government have resolved to increase the fleet in the
Mediterranean.
A hoax was played off upon the inhabitants of Portsmouth
to-day. The news of the sudden death of the Duke of
Wellington was communicated between three and four o'clock
by electric telegraph, and created a most unprecedented
sensation.
The Vengeance, 84, Captain Lusbington, was at Bermuda
on the 24th of April, having arrived on the 15th with Col.
Cameron and the Ist detachment of the 42d Highlanders.
She had a long passage of forty-nine days from Malta to
Bermuda, and both sides of the main-deck full of sick, the
measles having broken out on board seven days after leaving
Malta, which carried off at the first sweep four soldiers. She
was to sail on the Ist of May for Halifax.
The Undine steam-tender, Master-Commander Allen,
having undergone sundry repairs, and been coated on one
side of her bottom with red lead and the other with a com-
position, in order to see whether either application will pre-
vent the growth of rubbish, was undocked yesterday, and the
Sappho, 16, taken in cw: refitment.
The Apollo troopssbj,p' Commander Radcliffe, sailed last
evening for Halifa
The Odin steam-frigate arrived this morning from Ireland.
She has a quantity of seeds and Indian meal undisposed of on
board, which is ordered to be returned into store at the Oa-
, renee•yard.. As usual with all new Government steamers,
her eagines have broken down, and will take a month's re-
pair to set to rights again. She is a new vessel, and has
never been employed but during the last three or four months
in " relief service."
The Hyacinth, 18, was undocked this morning, and the
Britannia, 120, taken in to have her bottom examined and
cleaned.
The Netley arrived this morning from Plymouth with men,
and left on her letarn as soon as she had discharged them.