The Sun.
London, England, 1847-10-11 00:00:00

ViTE SIM,
__LONDON,

THE CAUSES OF OUR TRADE
EMBARRASSMENTS.
TO THE EDITOR OF THE MORNING POST.
Sir,—While the daily disasters among commercial
houses of the highest standing sufficiently attest the
severity of the present crisis, and the ruinous depre-
ciation in the market value of almost every article
of commercial property, threatens a still greater
aggravation of our present difficulties, it is alarming
to hear the Finance Minister of the country talk of
these things in a tone of self-complacent confidence,
as if there were really nothing unusual or distressing
in the state of affairs. It is much to be lamented
that such an error should exist in such a quarter. I
think, however, that your columns will be more
profitably occupied with an inquiry into the causes
of the fearful embarrassments of trade which justly
fill us with consternation, than with a controversy
as to a matter of fact which is so palpable. The
causes assigned are various, viz. the Banking
Bill of '44, the railroad expenditure, and the dis-
proportion between imports and exports under free
trade.

The Bill of '44 involves questions so recondite,
that we find the highest authorities differing in
opinion respecting it ; and it would be presumption
to dogmatise upon a measure relating to the theory
of money upon which such men as Lord Ashburton
and Mr. Jones Loyd are opposed. The Bill having
been in operation since 1844, we are justified in pass-
ing by the discussion of abstract principles in order
to test it by its effects. The author of the
measure recommended it to Parliament as an
effectual check upon excessive speculation, and a
safeguard against the recurrency of monetary
crises. Has it accomplished these objects ? The
almost unprecedented embarrassments under which
every branch of business is now labouring sufficiently
proves that the Bill is powerless for the objects con-
templated by its author. It is asserted, no doubt by
its advocates, that but for this Bill commercial dis-
tress would have been even greater than it now is.
This, however, is altogether a gratuitous assumption.
It cannot be denied that, both in intensity and dura-
tion, our present difficulties have perhaps never been
exceeded; and if the Bill has proved impotent for
good, are we sure that it has been equal so for evil ?
May it not be charged with protracting the monetary
pressure by paralysing the elasticity of credit ? As
an unbiassed observer of events, pretending to nothing
deeper than a common-sense view of the question, I
have felt considerable distrust of the Procrustean
scale of issues which prescribes one unvarying mea-
sure under every possible contingency which the exi-
gencies of trade may create.
The amount of the circulating medium, I presume,
ought to bear a certain relative proportion to the
traffic of which it is the agent. Let us try the Bill in
question by this rule. Supposing that fourteen mil-
lions, or any given amount of bank-notes, be the sum
required for carrying on conveniently the ordinary
traffic of the country, and that there supervene upon
this ordinary trade a new branch of business, re-
quiring a considerable amount of money to fulfil the
negotiations connected with it, it seems obvious that
the amount of circulation limited to our mercantile
wants antecedently to the new demand for money,
cannot perform this double duty without incon-
venience and peril. In this sense, and in this
sense only, can it be said that railroads are concerned
in the present pressure. Then what is the remedy
that reason and common sense would suggest ?
Surely, to relax your restrictions so as to admit an
expansion of the currency commensurate with your
extended business. But by your law, not the wants
of commerce, but the amount of gold, must regulate
the circulation. Is gold the only token of wealth ?
Are not land, and houses, and mines—aye, and pro-
ductive railroads, too, capital ? Then, why, are these
not available as securities for circulation ? Have we
not the evidence of experience in favour of a currency
founded upon other security than gold ? Has not
the country passed triumphantly through much
greater drains upon its monetary resources in former
periods of our history, than those now created by
railroad expenditure ? Was the commerce of Eng-
land ever more prosperous than during some periods
of the war, when our war expenditure exceeded the
demands of railroads, great part of which, too, let it
be remembered, was spent in foreign countries ?
I by no means wish to defend the selfish cupidity
which has dictated a large portion of railroad under-
takings, many of which have been prosecuted with a
reckless disregard of the public convenience, and not
a few with an inadequate consideration for the inte-
rests of shareholders. But to the Government and
the Legislature belong the reproach of having incon-
siderately and blindly sanctioned this wasteful and
unproductive squandering of capital. But let us not
undervalue the immense benefit of railroad enter-
prise. Independently of the prospective national
advantages resulting from increased facilities of inter-
communication and transport, can any man doubt
that the vast sums paid to labourers out of railroad
funds enabled the poor to pass through the last trying
winter with comparative ease, with so little pressure
upon the resources of the rich ?
It may serve the purpose of argument among those
who, having committed themselves to unsound opi-
nions in favour of a rigorously restricted currency,
have not the magnanimity to acknowledge their error,
to attempt to throw the blame of our present difficul-
ties upon railroads ; and, with this view, a phrase
has been imported into the discussion, and paraded
with all the authority of an unanswerable argument,
which is, in reality, but a cloak for a fallacy. The
phrase I allude to is, " the conversion of floating capi-
tal into fixed capital ;" as if the money employed upon
railroads was absolutely withdrawn from circulation.
I confess I can see no difference in this respect be-
tween money paid in wages on railroads, and that
which is spent on agriculture and handicrafts. In all
these cases the money is thrown back into circulation
within four-and•tvventy hours, through the medium
of grocers, bakers, and beersellers, and even that
portion of these funds which is paid to capitalists
for land, iron, timber, Sze., is immediately handed
over to bankers, where it becomes instantly available
for other purposes. From all this it appears clear
that commercial distress has not been occasioned
by railroad expenditure, and arises not from a mis-
appropriation of of the national resources, but from the
insufficiency of a restricted currency. Is it not a fact
that many of the failures which have lately astounded
the public have fallen upon houses in high credit,
and in whom the commercial world had the fullest
confidence—a confidence which an examination into
the affairs of these houses has shown to be well-
founded, exhibiting an excess of assets over liabili-
ties. Such failures could not, of course, have hap-
pened under an ordinary facility of money accommo-
dation, and are, of themselves, an unanswerable
proof of the unsoundness and danger of our
present system of currency. Many of the failures,
no doubt, are to be ascribed to the enormous
and unforeseen depreciation in the price of cer-
tain commodities occasioned by free trade. This
is especially conspicuous in the sugar trade, the
price of that article having fallen at a rate that must
defeat the most prudent calculations of importers,
since the passing of the unjust law sanctioning the
indiscriminate importation of slave production. This
is a case, to be sure, which stands alone. There is
no parallel to it in the history of British legislation ;
no other example in which a large amount of
British capital has been so palpably annihilated by
Act of Parliament. No word less forcible than an-
nihilation can describe the complete ruin which the
late Act is rapidly working in all the sugar colonies.
The effect of free trade upon these interests, aggra-
vated by an unequal contest between slave and free
labour prod uce, having proved so much more destructive
to their interests than was anticipated even by the advo-
cates of the measure, Government, we may fairly pre-
sume, will take steps to avert the ruin which so immi-
nently threatens them. This, however, will, I pre
sume, be postponed till the meeting of Parliament.
More prompt and vigorous measures, however, are
called for to stay the plague which now rages with
such awful effects upon the commerce of the
country. Every man, whatever be his opinions
upon the currency question, feels that it is the im-
perative duty of the Government to make an attempt
to revive prostrate credit. The present distress,
although perhaps hardly ever before equalled in mag-
nitude, is not without past examples. Let us profit
by the lessons of experience, and adopt measures
similar to those which in former cases of the like have
proved effectual for reviving confidence and restoring
the prosperity of trade. In the cases alluded to the
Bank was authorised to make an extraordinary issue
of notes, and forthwith the money panic and its awful
effects disappeared. Lord John Russell has credit
for vigour and moral courage. Let him prove a just
claim to these attributes by daring to depart from a
pedantic deference to rules, which, under ordinary
circumstances, he may consider sound and wholesome,
if, by so doing, he may avert the impending calami-
ties of an extraordinary crisis. He is under an awful
responsibility, and I believe he is too honest and too
humane to sit unmoved and witness the frightful dis-
asters which are absolutely crushing the trade of the
country in deference to a theoretical dogma.
Your most obedient servant,
R. 11.

THE MAIL STEAMER WASHINGTON.—Thi3 Ame-
rican steamer, which is one of a new line of communica-

tion with America, running from New York to South-
ampton and Bremen and back, arrived at Cowes on
Saturday morning last from New York, after rather a
severe voyage. The passengers on board, before leaving
her, paid a very high compliment to the officers, and
extolled the manner in which all their comforts had
been attended to during the voyage. They likewise
expressed their admiration of the vessel and her
performances throughout the " run." The Washington,
since her recent alterations at New York, appears to
have improved both in speed and ease in sailing.
BRISTOL SUGAR-MARKET, OCT. B.—The market is
very dull, and participates in the depression prevailing in
other descriptions of produce.—Bristol Mercury.

POLICE INTELLIGENCE.
MANSION-HOUSE.

The LORD MAYOR said he had received some more
correspondence since he had called the attention of
the public to the persevering conduct of Joseph Ady,
which correspondence needed no comment from him.
The correspondence consisted of letters from Mr. P.
B. de Blaquiere, of Kingston, Canada, enclosing
Joseph Ady's letters to him and his wife, which were
lof the usual character ; also a letter from Sir W.
IMiller, Bart., dated from Cheltenham, enclosing Ady's
letter to him. There was also a letter from Joseph
Ady to Mr. Nobler, the late chief clerk at the Man-
sion-house, which was found amongst that gentle-
man's papers after his decease, which bore the date
of October 8, 1828. As these letters, with the ex-
ception of the addresses, are merely duplicates of
those already published, we omit their insertion.
GUILDHALL.
James Styles, a marine store dealer, at No. 8,
Milton-street, Cripplegate, was summoned before
Aldermen Musgrove and Farebrother, to answer an
information, filed at the instance of the Commis-
sioners of Excise, for having in his possession 131 b.
of tealeaves, which had been used, and were in course
of being fabricated and manufactured in imitation of
tea. A second count charged that he had 131 b of
the leaves of divers trees, shrubs, and plants other
than tea, which had been fabricated in imitation
of tea.
The Solicitor to the Excise conducted the prosecue
tion, and Mr. Skinner defended the accused, who
pleaded " Not Guilty."
James Jordan, an officer of Customs, stated, that on
the 29th of June he went to the defendant's house,
and, on entering the shop, he found a woman, who
stated that she was the defendant's wife. He went at
once into the back room, and found a pan containing
a quantity of used tea leaves. They were being dried
before the fire. Under the bedstead he found a deal
box, containing a quantity of leaves. In a copper
saucepan he found a further quantity of leaves under-
going a saturation in gum, to give them a fine crisp
appearance. In the same room he found some madder,
stone-blue, and French chalk. He then went into
another room, where he found some tea, the fabrica-
tion of which had been completed. It was in paper
bags and canisters. He also found here two wire
sieves, which appeared to have been used for sifting
tea, as particles were still sticking in various places.
Three of the bags and one canister contained green
tea, and one canister contained black and green mixed.
While he was there, the defendant came home, and
witness pointed to the leaves in course of manufac-
ture, and asked him what he was doing there ? He
replied, that he was trying experiments. Witness
told him he knew he was in the habit of supplying
grocers with that trash. To this he replied, he knew
who must have given witness the information, and if
he was summoned for it he should " split." He
seised the goods, and delivered them to Mr. Hoare,
the superintendent. The paper bags of tea were not
tied down, so that whoever had them would see the
contents.
Cross-examined—Everything was open. Nothing
was secreted. Defendant did not say that the things
had been left there by somebody else, or that they
belonged to somebody else.
James Lew is and John Brown, officers, who ac-
companied the last witness, corroborated his evi-
dence.

John Hall, of the Excise, produced samples of the
various packages seized.
Mr. Phillips, the chymist to the Board of Excise,
said he had analyzed the different sorts found at these
premises. The greater portion were altogether spu-
rious. The mixed tea was composed of genuine
green and black which had been used, dried, and
curled, slightly coloured, and coated with thin gum-
water to give it a crisp and somewhat shiny appear-
ance. Another sample was the renovated exhausted
black by itself. Another was a specimen of green
made up of mixed black and green genuine tea,
which had been used and remanufactured for the use
of the grocer by the help of a little chrome yellow
and Dutch pink, the surface being afterwards coated
gum-water, to prevent the colour from being too
easily rubbed off; the portions of colouring matters
produced consisted of stone blue, Prussian blue,
French chalk, Dutch pink, and chrome yellow.
Mr. Skinner, for the defendant, urged that the
chain of evidence did not show the isamples analyzed
were taken from the stock brought away from the
shop, and that for aught that appeared the defendant
was an honest, respectable tradesman.
The solicitor said the fines incurred amounted to a
very large sum, but he did not wish to press with
severity. He would be content to take a eonviction
of having possession of 81h. of imitation tea, being the
portion completely manufactured for use. The penalty
was 51. for every pound.
Mr. Alderman Musgrove and Mr. Alderman Fare-
brother consulted for a few minutes, and then
Mr. Alderman MUSGROVE said they had no doubt
the defendant had been guilty of the offence charged.
It was an offence of great magnitude, that required
them to inflict the full penalty, because it was a
fraud which fell heavily on the poor. They gave ss.
a pound for the trash which the defendant prepared
by wholesale for them, and the toil and sometimes
difficulty with which that money was obtained by the
humble classes must not be forgotten. They con-
victed him of knowingly having the tea in his pos-
session, but postponed for a week adjudging the
penalty.
A young woman, named Mary Davis, was charged
with wilfully breaking a pane of glass, value 51., at
the shop of Mr. Inglis, a biscuit baker on the north
side of St. Paul's-churchyard.
She had not asked for relief at the shop or received
any provocation, but being in distress, and finding all
the parish authorities unwilling to give her protec-
tion, she broke the window to enforce her claim to
food and shelter.
Mr. Alderman MusauovE told her the object of
enforcing her wants would have been equally attained
by breaking a pane worth one shilling, and it was
cruel to inflict such a loss on a tradesman who con-
tributed his fair proportion to the relief of the poor.
He committed her for fourteen days on low diet,
and then to find securities to be of good behaviour
for two months.
She received the sentence with apathy.
BOW-STREET.
On Saturday a man named Richard Gregory, a
salesman at Mr. Alderman Copeland's, was charged
with stealing two shillings from a desk in the count-
ing-house, Portugal-street, Lincoln's Inn-fields.
Mr. Powell, the cashier, proved having for several
weeks missed small sums of money. He marked three
shillings, and placed them in a bowl in his desk,
which he locked, leaving the key in it. On Friday
morning he discovered that they had been stolen, and
having communicated with the superintendent, the
prisoner was searched, and two shillings of the marked
money found on him.
Mr. Gibbon, the superintendent, said the prisoner
received 265. a week, and on telling him he suspected
him of theft, he denied the accusation, and handed
witness one of the shillings produced, and another
was found
him, also marked. The prisoner
was
he had been in the habit of
suspected
because
borrowing money from the workmen, which he never
repaid, and on accounting for this by saying he owed
71. before entering Mr. Copeland's employ, that gen-
tleman gave directions that that sum should be lent
to him. He could not be in distress, as he had only
received his wages on Friday evening.
The prisoner, who made no defence, was committed
for trial.
Stephen Stere, a waiter at the Golden Cross, was
charged with stealing 12s. 6d. from a drawer in the
hotel, the property of Mr. Gardiner.
It seemed that the head waiter had missed several
sums, and in consequence marked 31. 10s. and placed
it in the drawer in question, which he locked. In
the course of the afternoon he opened the drawer,
which was still locked, and found that 12s. 6d. had
been abstracted. A policeman was sent for, who found
10s. 6d. of the marked money on the prisoner.
The prisoner declared he had received the money
in the course of business, and was committed to the
Middlesex Sessions to take his trial.

MARLBOROUGH- 01?0U
On Saturday Sarah Kemp was brought before Mr.
Hardwick for final examination, charged with having
stolen 61. in silver money from her master, William
Bennett, potato salesman, 14, Newport-street, Soho.
It appeared that the prosecutor, on Saturday night,
took his cash-box into his bedroom, and there left it
with about 501. in silver in it. The money was right
on Sunday morning. On Monday the prosecutor's
wife, on going into the prisoner's bedroom, noticed
that her box was open, and that it was apparently
filled with new clothes, silk stockings, and other
articles, evidently
of recent purchase. She was
tempted to look further into her box, and she then
found about .5/. in silver, which she immediately sus-
pected had been stolen from her husband. In the
evening she communicated her suspicions to her
husband, and he at once proceeded to count over the
contents of his cashbox, when he discovered that about
6/. had been stolen. The prosecutor instantly went
to the prisoner, and taxed her with having robbed
him. The prisoner admitted that she had robbed the
prosecutor. She said that she had taken the keys of
the cashbox from his pocket, and had thus possessed
herself of the money, which she had partly spent in
new clothes and finery.
The prosecutor mentioned to the Court that he be-
lieved the prisoner had been in the habit of robbing
him from time to time.

The prisoner made no defence, and was fully com-
mitted.

George Bridger was charged with having illegally
driven a cab as " buck" to the lawful driver, by which
he had incurred a penalty of 51. The case was brought
forward by Mr. Yeoman, an extensive cab proprietor,
who, it appeared, has determined, if possible, to put
down the illegal practice of " bucking.
A solicitor who attended for the complainant stated
that the evils arising to the public and to cab proprie-