The Sun.
London, England, 1847-09-21 00:00:00

Oltening

7,LONIION, TUESDAY, SEPTEMBER 21, 1847.

We yesterday pointed out the injurious conse-
quences that have been occasioned by the unusual
scarcity and dearness of money, which has led to the
embarrassments of houses of the highest respectability,
which at other times and under other circumstances
would have had no difficulty whatever in obtaining
all the accommodation they might reasonably require,
and thus have been enabled to weather the stores, end
to have more than retrieved their position. thready
we are rejoiced to say the indications of returning
paosperity are beginning to manifest themselves. No
new casualties or stoppages took pime in the City
yesterday, and there was a marked improvement in
the price of Consols and other Government and first-
class securities, -which:may be looked upon as an un-
failing V2.st of more favourable financial prospects.
The irr.(provement in Consols during the day was no
than it per cent, A stronger proof could not be
afforded of the real strength of our resources, and the
soundness of the position of our banking, mercantile,
and trading interests, and, above all, of a return of
that confidence so essential at all times, but more I
especially so at a period of difficulty and pressure,
when the operation of the monetary enactments re-
strain the banks from making those advances which
could otherwise be made with safety to themselves,
and so much advantage to the public. The state-
ments that have been published of the assets of some
of the suspended houses clearly show that the cala-
mity which has taken place has not been occasioned
by any want of caution, prudence, or solvency on the
part of the principals. We publish in another part of
The &n an account of the liabilities and credits of
the firm of SANAERSON and Co., from which it appears
that the total amount owing by them, not covered by
equivalent security, amounts to 160,4201.—against
which (and also against the responsibility on the bills
rurating, which it is to be hoped will not be
ifiery, weighty), there are assets held by the
TAM amounting to 259,0001., and the separate
property of the partners, amounting to 1811,000/.,
showing a surplus of 278,5801., after providing full
satisfaction ' for every claim. Is it possible to find a
stronger condemnation of the system by which men
of unblemigled integrity, meriting compliments such
as that which was paid to Mr. SamnasoN, should be
driven to a temporary stoppage by the effects of the
restrictions and impediments imposed upon the corn-
znerce and entdrpsise of the country by laws which,
in seasons of prosperity are utterly useless, but which
in -anything, like a period of pressure aggravate the
difficulties to a fearful extent?
Thene are many reasons why we may fairly look
for a more propitious season. the A hervest far beyond
average has been gathered in , affording a certain
promise of an ample and abundant supply of food for
the people. It is not in the British dominions alone
that this cheering prospect is apparent. happily,, a similar appearance of plenty
all parts
i There is
of the ''globe, so that there is no danger of a defi-
ciency of the means of livelihood in any
nation.
Ou foreign exchanges generally Ate in a very
,favourable position, so that there will be no occasion
for a further abstraction of gold from the coffers
of the Bank, in order to keep them in our favour,
On the contrary, as it will be more profitable
feur our customers in other lands to send gold for the
payment, of their enga-gements, than to purchase bills
at the high prices trey command, and, as very little
:will be required for the importation of corn for some
time to come, there will be a considerable increase to
the stock. -4 bullion in the country, and as a necessary
,1187-Kpience, -to the amount of notes that will be sen
:ago circulation.

These considerations should check the panic or
want of confidence by which many weak-minded
linen are influenced at the first appearance of distress
or embarrassment in the country. They withdraw
their capital from circulation, and hoard it up, at the
very time that its use would really be most valuable
to themselves, as well as beneficial to the public.
The effects of this hoarding is j furious to
ust as injurious the country for the time being as if the same
Se
quantity of money was altogQther destroyed, or
Sent to other nations. Each person who does so
conceiving, perhaps, that there can be no harm in his
securing himself, practically adds to the difficulties
of the country ; every sovereign he locks up dimi-
nishes the circulation by twice that extent, because it
is not merely the gold he puts by, but an equal sum
in paper that must be kept from the public undei the
operation of the Act of 1844.
Now that the tide has turned, that the funds are
again rising, and confidence is beginning to be re-
stored, we trust that there will no longer be any
occasion for the gloomy forebodings that have been
indulged in for some time past, and which have so
greatly aggravated the difficulties that had to be en.
countered. The houses that have survived the shock
will have given the strongest evidence of their
stability, and may, fairly look for increased
facilities in their future dealingse
the dangers and embarrassments
that hale
taken while
p
taken place will lead all
.rsd
in the commercial prosperity of theons countr interestey
to in-
quire into and investigate the causes that have led to
such untoward results ; and when they have satisfied