The Sun.
London, England, 1841-01-23 00:00:00

Mr. DYER wished to know whether the Chairman or
Assessor was to sum up.
The SOLICITOR—If the chairman felt any legal diffi-
culty, he would call in the Assessor to sum up for him.
Mr. DYER thought it might be better that the As-
sessor should preside over the proceedings from the be-
ginning to the end.
The CIIAIRDIAN had asked that he might 13,?, permit-
ted to have such assistance on the last Court day, and
it had been refused him by the Court.
The order for the attendance of the solicitors in sup-
port of the former presentment having been read,
Mr. LESLIE wished to know if the former present-
ment were to be shown to them without observation.
The SOLICITOR—The proceeding was in the nature
of a new trial, and therefore the former presentment
would be carefully kept out of view.
Mr. MuLuss thought that the attention of the jury
ought to be directed to the law of Sewers, and to the
former presentment. lie had always contended that
the charge ought to be revised by the Court before the
Chairman delivered it.
Mr. ADEY did not deny the right of a Commissioner
to address the jury. The rule only said that it was in-
expedient. He thought the course to be pursued on
Friday was very simple. The Chairman would
under
state
the facts to the jury, and tell them that, acting
the advice of the Assessor, such and such was the law of
the case.
The CHAIRMAN said, that as it was now so late, half-
past five, he should propose to adjourn, Mr. Leslie having
kindly consented to postpone the motion, of which he
had given notice, to some future opportunity.
The Court then adjourned.

MONEY MARKET and CITY NEWF.

- _
(FRIDAY EVENING.)
CHRONICLE.—The subjoined communication from
Edinburgh explains fully the causes of the periodical rise
and fall in the issues of the Scotch banks. Our corre-
spondent is quite correct in his remarks upon the influence
of the harvest wages and the great cattle fairs, which,
along with the herring fishery, Martinmas rents, and mort-
gages payable at that term, satisfactorily account for the
swell in the circulation in July and November in Scot-
land :
" EDITOR OF MORNING CIIRONICLE-TO YOUR CITY CORRE-

SPONDENT.
" Sir—ln your City n'flris of Monday last you treat of
Scotch banking; • but in accounting for the increased cir-
culation from July to November', especially in this last
month, you lean too strongly to the herring fishery as a
cause, the especial cause, of the increase. I have no
doubt it dots increase the circulation to a certain
extent, but it is more local than genera!; Thu herring
fishery at Dunbar is rarely productive, noet4 of Inver-
ness it is often very largely so, and much more
surely; but it is not the herring fisheries that cause the
great autumn demand for small notes—it is the harTest
wages, and the great cattle markets or trysts in October
and November, the great Falkirk tryst and Hallow fair,
assisted by the rents due at Martiamas and the large sums
which change hands on mortgage at this term, create a
very great increase to the circulation of bank notes ; and,
so far as great tact and experience go, the enormous sums
that change hands at this period, seldom cause any confu-
sion in the arrangements of the banks, which the weekly
exchanges do not rectify. At the same time I agree, as 1
they are, that they are not a sufficient check on over issues.
" Edinburgh, Jan. 14, 1841. ' C."
It is very clear, indeed, that the Scotch system of
weekly exchanacs would not be a sufficient check on over
issues. We have shown that fact explicitly, and if the
control of a national bank of issue were taken away,
leaving the trade of issuing notes open to all who
clanse to embark in it, its insufficiency would soon
he felt m the most palpable form. It should he
borne in mind by those who advocate competing
issues as the sale cure necessary in our monetary
system, and who found their argument mainly on
the beneficial srorkirg of Scotch banking, that
the tendency to over issue is kept down in that
country by the counteracting influence of the Bank of
England ; tor we do not behave that the Scotch barkers
are much imbued with the heresy displayed by their Ene-
list: brethren in regard to their connection with the state
of bullion in the Bank of England. Few of the well.
informed Scotch bankers would tell a Committee of the
house of Com:Ilona that the charge of providing hellion to
pay their notes rested with the Bank of England, and
that they had nothing to do except to supply the local
demand for paper. The Scotch,-banks are large hold-
ers of Consuls, which they keep against their issues,
and they arc acv ore that if the bullion in the B ink
be drained away, the value of their securities will be
diminished. They know alto that if the Bank of
England be drained of its bullion, that confidence is
its stability must be shaken. and that this state of
things must be attended with a depreciation of the
currency, which would even be felt in the most remote
extremities of the island. Therefore they watch very
narrowly the operations of the Bank of England, and are
much influenced in their operations by the bullion in its
coffers and the state of the foreign kw:changes. If the
i restrictive influence of u national currency were entirely.
I removed, anti the trade of gaper money open to all
I comers, we should have at the commercemement an in-
ordinate:degree of seeming prosperity and inflated prices.
A secoud version of the bubble fever of 1823, followed
Mby still more lamentable results ; and in a very short
I time the whole of the gold in the country would vanish.
The advocates of weekly exchanges, payable in gold,
would soon find that there were no sovereigns ia
the country to settle their transactions. By eon,
paring the state of the currency in 1824 with 1822,
it will be found that there was an increase of nearly
9,000,000/. of paper in the two years. "It was owing to
this state of things," says Mr. Ilurn, "that although the
Bank in the five years from 1821 to 1325, bad coined
23,000,000 of sovereigns, yet within a few months there
was hardly one left to issue; for by the over issue of paper,
and hs consequent depreciation, all the gold had flown out
of the country." It seems perfectly plain that if the views
of the currency doctors were adopted, and the necessity
of keeping the circulation dependent upon the bullion in
the Bank, and the state of the exchanges disregarded, we
should inevitably bring hack a i epetitien of the scenes of
1825, and that we should find the country inundated with
an irredeemable paper currency.

TIMES.—The premium on gold at Paris is sf. p.r
mine, which, at the English Mint price of 3/. 17s. NV.
the ounce for standard gold, gives an exchange of 25. 27,i,
and the exchange at Paris on London at short being 25. 30,
it follows that gold is .10 per cent. lower at Paris than in
London.
y adviccs from Hamburgh of the 12th instant, the
price of gold is 423 per mark, which, at the English Mint
price of 3/. 17s. 104 d. the ounce for standard gold, gives
an exchange of 13. 4, and the exchange at flamburgla on
London at short being 13. 4, it follows that gold is the
same price at Llamburgh as iu London.
The course of exchange at New York on London is 109
per cent., and the par cf exchange between England and
America being 109 23.40 per cent., it follows that the ex-
change is .57 per cent. against England; but the quoted
exchange at Ncw York being for bills at sixty day? sight,
the discount on these sixty days must be deducted from the
aforesaid difference.

SUN.—The Foreign Exchanges were without further
improvement this afternoon. The tendency, in fact, svas
barely to support the slight increase of buoyancy which
took place on last post day. The quotations were 25f,
32I-e. to 57ic. on Paris, 13 74 on Ilaniburgh, 12 2} on
Amsterdam, and 1481 to on Frankfort.
The Funds were rather better to-Jay, but there was
no speculation going on. ,For present transfer Consols
realised 894 to 90, being a shade better, and for the Ac-
/ count, 904- to a ; Bank Stock has been down a trifle,
v iz., to 1701 to 1691; the New Three-and-a-Half per
Cents . have realised 981 to 97i, and the Reduced
Three per Cents. 90 to 90i ; Exchequer Bills were at
6s, ,to Bs. premium, and India Bonds at 53. discount.
The feature in the Foreign market was, an improve- '
ment teis afternoon in Spanish Stock, which got up
from 24i to 24; there were, however, but one or two
bargains at the rise, the cause assirrnod for which was
the receipt of higher prices from Madrid. Portuguese
New Five per Cents. were rather better to-day, being
321 to for money, and 324 for the account ;
the Three per Cents. were not dealt in ; Buenos Ayres
Stock was rather firm at 21 ; Brazilian rose from 73 to
74 ; Colombian were at 23i ; and Mexican at 281 ;
Peruvian were 166 ; the Old Belgian Five per Cents.
were marked 98i ; and the Scrip of the last loan was
at 2 prem. Russian Bonds ranged from 113,i to
1144 ; and Dutch Two-and-a-half per Cents. were
steady at 50:4 to 50k.
The market for Shares was not quite so dull, but
still cannot be called active. Great Western were 066,
;.and 13irminghani 84 prem. Brighton were WI disc.

a PIRIT of the PUBLIC JOURNALS.

FROM THE HORNING PAPEns or THIS DAY,
( Front the Morning Advertiser.)
ri'l lac was in the Post a day or two ago, an attack
upon
LA ,rd Melbourne in his public capacity, as Premier Mini
Iv itich, of all things in the world, is about as laughable
ater r latt,lr as Bayly's Neu; Talc of a Tub, which we duly
not iced. ,It charged Lord Melbourne with everything that
w, ; weak and inconsistent—with everything that savoured
want of energy, nit ted want
rminate of ability
to
of
weaanrrty°Culiji.ilittii'
ePicGovernment ; and d, if
vie remember rightly, with a sort of salvo, that not-
e rit hstanding all these incapabilities, he still held the first
c, ffeAlial post in the empire, and was not
unlikely tomci r-
-
i nail! so for some years to come.
No,ly
n Dt ;understand, notwithstanding all our experience in'
I. fc, bow a man so utterly incapable as the Morning Post
u tould represent Lord Melbourne to be to execute the
d 4ties of Prime Minister, could, by any possibility,
%a ii ii 1 his station, not only against the Tories as a body in
"IP, osition to hint, but against the men in his own camp,
,y of whom are characterised by great talent, arid may,
°anlici ''e.xtrario.hrteiincla.
perl iaps, be ambitious of rcli}-vivg him from the toils of
rrey.o ni sta.t, ce,
character,t(;
4 ;alt at the de • snat.yidthaelillei:a'sttek‘.'airt'y isst rone
g . oi
yf
;.,
....,
...
_um
cotrine of the Murninl Post, which, resolved
;i0 g,41: t --•:_r.
an . lye:tic:n[B, means that ,t man may be next door.
0f....4,11 equalsu' aii,irac,emmand, Liy simple volition, the services
.flit
tk;
,that the write;la and superiors hi mind. We rather
of the article in the Burning Post
uev e r A •ad a play by a French author, entitled Ma/Comet, in
wiii( 11 ,
.upen being questioned
f&J 'cv gm rtals, ha dl what right he had over his
Tim , pCM. er that a greater mind sensibly is made to state,
o rer t 'nose witio happen to ber i is entitled to exercise
d ann : ;0, it must have naturally to
it
;" for if he had
tJ euro :.. must poism;s some qualities unequalled
him that Lord Mel-
}, is op portents or by his friends,
hm, unequalled either by
I: c Lan done t:le higi:e;it position
In
Chu
maintainedi cc lougus
Chat he is
v. +ere is, iiiust be a matter of greater'' gratification '
s‘r.atification to his
•riend; i than it puesibly can be to hinil,
-Int ; and our •AT dent
•