The Sun.
London, England, 1841-11-08 00:00:00

LONDON, MONDAY, NOVEMBER B, 1841

TO WHITE LEAD, COLOUR MANUFACTURERS,
AND .
FOR SALE BY PRIVATE CONTRACT,
THE WHOLE OF THE VALUABLE
PLANT OF THE KREMNITZ WHITE LEAD
WORKS, BELVIDERE-ROAD, LAMBETH.
These works are extensive—have teen erected in the best
and most substantial manner within the last three years, and
are admirably adapted to the manufacture of White Lead,
Car-
bonate of Barytes, or any Colour or Manufacture, wherein the
use of Carbonic Acid Gas is required; there being means of
producing from common coke, 5,000 cubic feet of this gas in a
perfectly pure state, per hour.
There is a Dissolving Vessel of copper, capable of containing
3,000 gallons, and a Precipitating Do. f 2,000 gallons. Very
large and superior Backs, two Hydraulic Presses, viz. a 15 -inch
Ram and a 6-inch do. with pumps complete. The Presses have
been proved under a pressure of five tons per square inch,
Drying Rooms, capable of drying 12 tons of White Lead per
day, Coke Ovens, Reverberatory Furnaces, Colour Mills ; in
short, every requisite for manufacturing in the best manner, on
an extensive scale.
For particulars, apply to Mr. Betts, on the remises
t P •

MR. and MRS, WATSON EWBANK,
COMMERCIAL and PRIVATE HOTEL, No. 16,
MARKET-STREET, NEWCASTLE-UPON-TYNE.
GOOD BEDS, and COMFORTABLE APARTMENTS.

~.- --- -----
M.ONEY MARKET and CITY NEWS.
FllOll Trill AIORNDIG PAPAW; OP VIM DIY.
TlMES.—According to a private letter from Macao,
dated the 22d of August, and which is deemed in the
City of very good authority, the following are the con-
ditions which Sir Henry Pottinger, under his instruc-
tions from this Government, is to demand from the
Chinese as the basis of a treaty of peace between the
two Powers :-
1. The opening of all the Chinese ports .situated on
the eastern coast to all European nations without ex-
ception, who will be permitted to trade freely, subject
to a moderate duty on the entry and departure of their
vessels.
2. The abolition of the monopoly hitherto enjoyed by
the Hong merchants.
3. The appointment of an English Ambassador to re-
side at the Court of Pekin.
4. Indemnity to the English merchants for the loss
sustained by the destruction of opium and the abolition
of the trade.
As usual when the Government is in any difficulty on
a point of finance, there are abundant suggestions as to
the best means of getting out of it, and no topic has
been more fertile in this respect than the affair of the
spurious Exchequer bills. One suggestion which has
been current to-day strikes us as both novel and inge-
nious, and as it proceeds from one of the most expe-
rienced members of the Stock Exchange, it comes with
some weight and authority. The notion is founded on
that peculiar state of the market existing at present,
which has paralyzed the sale of Exchequer bills, but has
improved the condition of the funded debt, and would
' have improved it still more, had not the public been
constantly supplied with the new scrip. Hence, it is
thought, that as the Government have at their disposal
the stock of the savings'-banks, they might avail them-
selves of it for the purpose of taking Exchequer bills out
of the market, and thus substituting one security for
another, with a small advantage on their own side. It
is thought there is the greater propriety in this, as the
funding, though chiefly effected by Exchequer bills, still
leaves this weight upon the market.
The alarm produced yesterday by the statements that
were believed in the very best quarters, of a number of
spurious Exchequer bills having been bought and sold in
the regular market, has, in a great measure, subsided
to-day, having proved upon inquiry to be almost wholly
without foundation. After the most careful research, it
seems that beyond 8,0001., sold by the Bank, and that
since the first alarm, only one spurious bill of 1,0001. has
been discovered, which was purchased as far back as last
May, and would appear further to have got into circula-
tion almost by accident, for out of a large parcel of spu-
rious bills, one perfectly genuine has been discovered.
It is supposed that the party to whom these belonged,
finding himself short by one bill, namely, the bill that
got into circulation, supplied its place by purchasing a
genuine one. Hence the former belief is restored, that
all persons who purchased their bills in the regular mar-
ket before the 21st of October, may consider themselves
I secure.
CHRONICLE.—A member of the Stock Exchange,
who had been examined by the Committee touching his
connection with Rapallo's speculations in the; Foreign
Securities, and who stated during his examination that
he lad committed his books to the flames about three
weeks previously, as he did not suppose they would be
wanted again, has, it is understood, since found his
books, which, by some miraculous agency, have again
been brought back to existence. It is understood that
at the period of the attempt of Louis Napoleon on Bou-
logne, the Rapallo party were actual and optional
Bears of 3,000,000/. of Consols. On the failure of the
attack the Funds rose rapidly, which must have pun-
ished those connected with the speculation most severely.
It is of no use for the bone fide holders of the Exchequer
bills to hang upon their oars in the expectation that the
Government will come forward to their assistance.
Heaven helps those who help themselves, and they need
not expect to be made exceptions. The impounding of
the bills and the retention of them, to wait the directions
of the Lords of the Treasury, showed very clearly that
those bills which do not correspond with the counterfoil
will not be returned to the holders, and that payment
will be resisted of the whole as forgeries.
The object of seeking for a committal of Rapallo on
the plea of uttering forged bills, knowing them to be
forged, is evidently to justify the Government in their
determination to resist payment of all the spurious bills.
From prudential considerations the deputation to wait
upon the First Lord of the Treasury was postponed,
fearing, we presume, that it might compel him to deli-
ver his opinion prematurely. That is a fault which he
generally takes special care to avoid ; and even if the
statement of the case of the innocent holders should
have the extraordinary effect of inducing the Premier to
be explict for once in his life, it would surely be better
for those concerned to know the best and worst of it than
to remain in their present uncertainty. The notion of any
benefit arising to their case from delay is, we suspect,
perfectly visionary. The bills which have been im-
pounded will be produced in Court, we presume, if the
holders raise an action for payment, but not otherwise; and
as the notice from the Exchequer gave distinct warning
that the bills would be retained, we do not see that those
who parted with their property under:such circumstances
can complain of the impounding. We are not surprised
that the Government shoull have laid such a trap to get
the better of their own neglect, but we certainly are
Irather astonished that so many people of sound sense
should have been caught by it.
Some people, we believe, were induced to send up their
bills, and others to remain quiescent in fear of exciting
the hostility of the Government. Those well-intentioned
gentlemen should consider, however, that the only way
to obtain the good opinion of the Executive will be to
submit quietly to the loss of all their bills. They will
make no advance in the good graces of the Treasury by
merely postponing their claims. They may injure them-
selves by that course, but they need not expect to get
their bills paid by waiting upon Providence. The only
course is to let the Government know the danger in
which public credit is placed by the course they have
indicated their intention to pursue, and that if it be ad-
hered to they must be prepared with 22,000,000 L of cash
in March and June next, to pay the bills which will
then. be sent in for payment, as the floating debt must in
that case continue perfectly unsaleable and useless as a
security for money.
Our Contemporary the Post devotes more than a co-
lumn of its pages this morning to the cause of our ho-
nourable friend Mr. Tasker, and his everlasting Trea-
sury Bonds. The flood of virtuous indignation with
which we are assailed in this fresh attack is irresistible.
For our own part, we are fortunately used to it, but we
should not be surprised if his Excellency the Spanish
Minister of Finance really sunk beneath its force. and
granted the preference to the Treasury bondholders
over the other creditors of his country, which our Con-
temporary so eloquently advocates. We must hope for
the best, however, and still trust that Senor y Bull
will adhere to his bill of the Bth July, regulating the
terms of admission of the holders of the Treasury bonds
to the benefit of Gamboa's decrees. We see no dis-
crepancy between his letter to Mr. Tastier and the
bill itself ; but we must repeat that on this point Mr.
Tasker acts unjustly to himself and his constituents
by withholding a copy of his letter to Senor y
' Bull, enclosed in his appeal to Lord Aberdeen. With-
out that document his fellow-sufferers, as well as our-
selves, are totally unable to appreciate the extent of their
sootwra.
ct stated
af informationdelinquencies.thatsmall
the
-f.
ytdeotillltisdl consistsl
Tasker had " felt himself called upon as
the Treasury bondholders, to inquire of Senor y Bull
upon what principle it was he intended to proceed, so as
to place them upon that footing on which it is admitted
by him the special character of their claims entitles them
to stand. We ought really to be favoured with a copy of
this comtnunication to the Spanish Minister, which, to use
the emphatic language of our Contemporary " makes
everything, clear, lucid, and intelligible," instead of
"our crooked way of interpreting things," whereby it
seems that nothing can result but " discord and con-
fuson." We trust that our application may yet be lis-
tened to, and that this new statement of the ease of the
Treasury bondholders may be made public. Being with-
out the benefit of the information it contains, we may
labour under error, which its light would instantly
dispel. There is one point on which it is our duty, in
the meantime, to enlighten our Contemporary. He must
not suppose, for one moment, that the " controversy has
been revived," for this plain reason, that it never began.
We have merely administered a little merited castigation
to a few puny assailants, so much swallowed up in their
own conceit, and in maintaining the " due and forfeit " of
their bonds, that they could not suffer an opinion to the

contrary. We have always satisfaction in pulling down
such jackdaws from their perch.
POST.—The circumstances brought to light by the
examination of Smith and Rapallo, at Bow street and
the :Mansion House, are such as to prove very com-
pletely that the whole of the Exchequer bills issued by
the former, without authority, are forgeries. Smith,
in his admissions, expressly states that he gave out the
printed forms for the purpose of being filled up by an-
other hand, and the Government appear, therefore, to
be fully released from the necessity of treating
with
parties on the subject of indemnification- A claim is
made in behalf of those who had the precaution to go to
the Exchequer-office to get their bills verified, and who
are assumed to have had no cause, from the statement there
made to them, to doubt that they were genuine ; but
these persons unfortunately addressed themselves to the
criminal in chief, Mr. Smith, and who, of course,
took care to satisfy all callers on that head. Many
inquiries have to be made, and many points of
law and commercial usage to be discussed, be-
fore the validity of such a claim can be conceded. The
Times, after insisting with great earnestness upon the
surrender to holders of the bills deposited for examina-
tion, under the mistaken idea that the forgeries were exe-
cuted by a Government clerk, and this within the walls
of the Exchequer-office itself, now abandons its preten-
sions on that score, and, desisting from the factious at
tempt to get up a conspiracy to refuse any further
exchange of paper, and to demand payment in money,
assumes to-day a tone that denotes a consciousness of
over-precipitation. The Times says :
" The confession of Mr. Smith to Mr. Maule, the So-
licitor to the Treasury, that many bills were given to
Mr. Rapallo with the numbers only, and without the
signature, is very alarming, since, as far as these bills are
concerned, it is doubtful whether they would afford a
chance of action against the Government, never having
been regularly issued across the counter, but only acquir-
ing the power of circulation in the hands of the party out
of doors who might haye added the signature."
Our Contemporary Conceives that the chance of the
holders of these counterfeits is "doubtful ;" but, with
due submission, we contend that there can be no doubt
whatever in the case. Doubtful, indeed !

We hear that scarcely a bill of the unauthorised emis-
sions has been actually sold; and this point being estab-
lished, it is clear that the holders at large must have
held under the most questionable circumstances. Re-
straints were imposed which indicated in the plainest
manner that the bills had not been honestly acquired.
In the case of a genuine Exchequer bill there can be no
occasion for mystery, or for whisperings, and conceal-
ment ; and where are we to look for parties among the
self-called " sufferers" who obtained the forged instru-
ments by straightforward, open negotiation ? It is
scarcely " doubtful," in our humble apprehension,
whether individuals who knew, as these persons did,
" what was going on" (for so Rapallo expresses it), ought,
or ought not, to be severely dealt with at the hands of
Governm•nt for the suppression of such proceedings.
The Crown has far more to fear from the manifesta-
tion of a weak half willingness to connive at the gross
immorality with which the Exchequer bill fraud is sur-
rounded, than f'om that O 4 firm and uncompromising
determination to do justle•l The public now perceive
that the floating debt has can subjected to much less
official tampering than this', was, in the first instance,
reason to suppose, and w• should consider it exceed-
ingly unwise in Government to give its sanction, in how-
ever negative a sense, to the daring liberties that have
been taken with it. _ _

It has not, perhaps, occurred to the Times that those
who proceeded to the Exchequer-office some time ago to
got their bills tested, did so possibly will the full know-
ledge that Mr. Smith was the only person in attendance
to whom they could safely submit them. Recourse
might have been had to the expedient as a crafty method
of placing them in the comparatively favourable position
in which they now find themselves in the estimation of
the public. Such extraordinary caution, though not ob-
jectionable in itself, certainly betokens anything but that
simplicity of dealing for which credit is taken.
The Morning Chronicle defends these forged Exchequer
bill holders, on the ground that the forgeries are not,
after all, greatly inferior to the genuine bills. Wo hare
here his reason for the announcement of that generous
conviction :
" It is," he observes, " now established beyond all
question that the spurious bills and the genuine are in
all respects the same, with the sole exception of"—what
is the reader prepared to hear?—" with the sole excep-
tion of the signature ; the signature of Monteagle, which
the Deputy-Comptroller states he can at once detect to
be forged, as it is neither in his own handwriting nor
that of the Comptroller-General."
Our Contemporary alludes to the conflicting statements
of Smith and ltapallo. Rapallo is so far at issue with
his ally as to declare in the teeth of the latter that he
had the bills from him in a complete state, yet this the
Chronicle deems of little consequence, so long as another
momentous assertiou remains untouched—namely, that
the stationery is the same. He says—" Be that (the die-
crepancy in the statements of the two prisoners) as it
may, we now see clearly that the whole of the bills al-
leged to be forgeries are in all respects identical with
those admitted to be genuine, with the single exception
of the signature."
But a little farther on we find that there is also some
slight discordance between the forged bills and the coun-
foils :
" The paper, printing, and stamp, are all confessedly
the same in the genuine and spurious bills. There is no
attempt to dispute that fact. There is nothing in ques-
tion but the signatures, and the technical point of agree-
ing with the counterfoil."
Our Contemporary goes,
as usual, strongly for the
" broad, equitable principle," and accordingly winds up
with the comfortable conclusion, that " even if the bills
were not signed by him (Mr. Smith) the case of the in-
nocent holders is still entire, and, in every equitable
point of view, clearly irresistible."
The same fertile genius has favoured the world
with many amusing essays on the purity of financial
economy, but, on this occasion, he surpasses him-
self. He writes in the true spirit of the modern
free-trade school. Monopoly is his abhorrence, in
whatever shape or guise it comes before him. Even
a monopoly of signatures is incompatible with the
temper of the times, and no longer to be endured. What
is this moral we are to draw from his strictures on this
Exchequer bill fraud? It is neither more nor less than
that, if a merchant's clerk should think fit to put his
employer's name to the draft of a bill, as a name more
current than his own, he mast be careful only to have
the right material for the purpose. "The paper, print-
ing, stamp," and such like important particulars being
strictly in rule, the bill may be safely discounted by any-
body that oen furnish the oath for it, as it must unques-
tionably ba paid at maturitx. The time ham gone by for
any absurd boggling &bow fignaturua " The case of
the innocent bolder is still *Eire, and, ill ivory equitable
point of view, irresistible."
All things connected *dab this business hare be-
come a matter Of intense public interest, and we
trust that the inquiry in progress will be kept open
until the whole of the infamy attaching to the stock
gambling system is very thoroughly exposed, and
ripe to be submitted to the Legislature for correction. It
is affirmed that one of the parties who have negotiated
largely in Exchequer bills only eight or ten years ago
returned from Brazil so impoverished by unsuccessful
mining speculations, and so destitute in consequence, as
to have been obliged to take his passage before the mast.
It is further stated that another of them is a clerk to a
concern in which most, if not all, the delinquents are large
shareholders, and which concern has absorbed some
400,000/. of British capital in the pumping up of water
and breaking of stones by slave labour. It is added that
the clerk referred to, although employed on a salary of
2001. per annum, has, during the year, built or purchased
several houses at a fashionable watering-place. The
Committee of the Stock Exchange sat again to-day, but
their proceedings are kept private. The forgeries are
said to be the work of a female.
We are informed, upon authority in which we have
every reliance, that important changes in the Stamp-
office are under the anxious consideration of the Treasury.
ADVERTISER.—Connected, as Mr. Smith has been,
with Rapallo, and as it is known that the latter had large
speculations afloat, the favourable issue of which de-
pended at one time upon the success of the attempt of
Louis Napoleon to revolutionize France, it is thought
now rather remarkable that the same parties who were
Bears of Stock to a large amount before the news of the
Boulogne affair was made public, should have been ex-
tremely active in predicting a fall in prices immediately
before the fires broke out in the dockyards at Sheerness
and Devonport. The writer of this article was assured
the day before the fire at Sheerness that something would
be made public within twenty-four hours that must leal
to a fall in Stocks. To say the least of it, these transac-
tions had a suspicious appearance.
To-day there were various reports as to certain parties
having met in the City to concoct the Exchequer bill
fraud, and the relative one, it is said, has left this country
with some 40,0001, of the proceeds. It would be unsafe
to particularize.
Inquiries have almost hourly been made to learn the
fate of the Exchequer bills. The anxiety upon this sub-
ject may be conceived when it is stated that one firm
has held not less than 80,0001., another 60,0001., another
45,0001., and many others smaller sums. That the in-
vestigation now proceeding at the Exchequer-office must
be very protracted is certain, as bills of the aggregate
amount of 22 millions sterling have to be compared with
the counterfoils of this department. We are not enabled
to confirm a statement made a day or two since, that the
Chamberlain of London, Sir James Shaw, holds a large
amount of these bills.

HOP INTELLIGENCE.—WORCESTER, Nov.
s.—The supplies of new hops on offer from the planters
at market on Saturday last, were much less than we
have observed them for some weeks past, which shows
that the quantity left on hand is limited. Fine classes
of new, and, indeed, all fine growths, are in request;
and meet with a ready sale;, but low sorts go off heavy.
The quantity weighed on Saturday was—new, 584; and
old, 17 pockets; and in the week, new, 354; and old,
172. Present prices per cat.:—secondary low new sorts
from 105 a. to 1265.; fine, 130 s. to 1475.; 1839'5, from
84s. to 105a4
1837'5, from 60s. to 84a.
Hutchinson, who for the last forty years has
been the chief stable-man ,t the Pavilion, died.on Thurs-
day last, after a severe illness.—Brighton Herald.