The Sun.
London, England, 1840-10-05 00:00:00

(SATURDAY EVENING.)
C H RO NIC LE —The continued unfavourable state
of the foreign exchanges begins to be seriously felt, and
the Bank Directors have intimated to the brokers not
to press their paper on them. Money is, in conse-
quence, tight to-day in Lombard-street, and the rates
have been raised to 5 per cent., and commission on
bills at three and four months.
We hear that the paper of some of the leading ca-
pitalists was thrown out yesterday by the Directors.
This is said to have been done in return for the ab-
straction to a considerable amount of gold from the
coffers of the Bank for remittance on foreign account ;
and, under the circumstances of the case, we cannot
blame the Bank parlour for being cautious, and even
stringent, in their course of business.
A large amount has been drawn upon London from
Russia against shipments of hemp and tallow, which
adds to the unfavourable course of the foreign ex-
changes.
The payment of the October dividends will soon af-
ford relief to the Money Market, but we believe they
have been considerably anticipated during the shutting,
and the feeling is, that a tight demand for money may
be expected. Our exclusive policy has raised up a ri-
val school of manufactures on the Continent, and the
markets of the United States are in consequence gene-
rally choked with our goods. The Government have
been laudably employed in finding fresh vent for our
products, by opening up the field of colonisation, and
much may be done in that way ; but the sore remains
deep-seated at home, and will press upon our native in-
dustry, until the proper remedy is applied to the root of
the evil, by throwing open the ports of this country to
the agricultural productions of Europe. At present,
however, we see no good grounds fer expecting the
early consummation of such an auspicious change in
our commercial policy. But, notwithstanding the
heavy obstacles which our manufacturers have to strug-
gle with, owing to the restrictive insulated policy which
is maintained by our Legislature, it is gratif3ing to
observe that the accounts from the manufacturing dis-
tricts are rather cheering, and speak of a revival of
trade.

Captain Reynolds entered the room first, when the
Judge-Advocate said—" Inform the Earl of Cardigan
the Court is formed," when the Earl came in and took
his seat.
The Judge-Advocate then called Major Jenkins,
who, on being sworn, was examined.
Are you a Major in the 11th Hussars ?—I am.
Arc you aware of a statement said to be written by
you, and signed by Lieutenant Cunningham, addressed
to Captain Reynolds ?—Yes.
Under what circumstances did you obtain that state-
ment ?—Mr. Cunningham came to my room on the
Ist of September and asked me to intercede with Lord
Cardigan with regard to what be said to Captain Rey-
nolds, as he was afraid that he (Lord Cardigan) would
be angry with him.
How did you obtain that statement ?—I asked for
the paper, that there might be no mistake, and he
signed it, being previously acquainted with the circum-
stances of the case.
Judge Advocate—Did you receive any application
from Lieutenant Cunningham for a copy of-that state-
ment?—On the day of the opening of this court•martial
I said Lord Cardigan had it, and that I would ask him
for it ; he also wrote to me for it by his servant, and I
enclosed a copy in an envelope and gave it to hint. I
addressed it to him before the court-martial commenced.

Who did you give the manuscript to ?—I gave it to
his servant myself. It came to me on the Ist of Sep-
tember, but I do not exactly know when the statement
was written, because he came to me more than once.
Did you give any particular direction to the servant
as to the delivery of the letter ?—No.
Judge Advocate.—An explanation is all we want.
The President addressed the Earl of Cardigan, and
said that the prosecution and defence had both closed,
Major Jenkins having been previously called in in ex-
planation.
henry Bird was then called and sworn.
Judge Advocate.—Are you a servant to Lieutenant
Cunningham ?—Yes.
Were you directed by Lieutenant Cunningham to go
to Major Jenkins for him for an answer to a
letter ?—Yes ; he told me to go on Tuesday last, but
I will not be certain ; I think it was on that day.
Did you go more than once 2—No, I did not.
Did the court-martial sit on the day you went ?—Yes,
it did.

POST.—The money market has been in a state of
increasing alarm and difficulty throughout the whole of
the present day. In the early part of the morning
the value of Consols was affected, but not extensively,
by reports of the rapid efflux of the bullion of the Bank
of England, and the probability of a violent contraction
of the currency being very near at hand, the lower con
tinental exchanges having compelled the Directors to
refuse the bills of first.rate parties when offered for dis-
count yesterday afternoon. The market for Consols
was, however, relieved from this cause of depression
by the revelation from well-informed quarters of
the erroneous tendency of these reports, the Di-
rectors of the Bank of England having refused
no discounts to those who really required money for
firm mercantile purposes, although it does appear that,
notwithstanding the bullion is reasonably sufficient in
the vaults of the Bank of England, it is not so supei-
abundant that the Directors should not exercise some
discretion in taking in enormous masses of bills from
parties whose waggons may be standing at the door of
the institution, for the direct purpose of carrying away
the boxes of bullion for shipment to the Continental
ports. Excepting to one or two parties, whose business
it is, in the words of the late Mr. Rothschild, •' to lend
money to foreign nations without caring what they do
with it"—as for the military chests of either the friends
cr enemies of their country—we believe that no refusals
whatever of discounts were yesterday experienced at
the Bank.
Consols were beginning to recover their cheerful
appearance, when the arrival of a Second Edition of
the Morning Journals, with the intelligence of the de-
struction of Beyrout, created a scene of the utmost
confusion on the Stock Exchange. Without waiting
for the slightest examination of the probabilities of
the truth of this intelligence, some of the most emi-
nent of the jobbers rushed into the market in a
panic-stricken condition of mind, and in the course
„. ULCO 413, Itaii in consul. wus how 011
to 86, even at which quotation large amounts of
stock were still offered for sale. No further pur-
chasers appearing, the jobbers had time to reflect
upon the intelligence from France, and, as the bom-
bardment of Beyrout is described in the French
telegraphic accounts to have, occupied a period of
nine days, the wonder began to grow how so long a
time should have been allowed to elapse before the
despatch of any steam-vessel with intelligence so im-
portant to the French Government as the commence-
ment of active hostilities,in the East. This was, how-
ever, attempted to be reconciled by the supposition
that nine days bad been erroneously telegraphed in-
stead of only nine hours, which may have been the
duration of the bombardment of Beyrout. But even
this version of the bombardment was not quite satis-
factory to the jobbers, who now commenced with equal
avidity to buy back their stock, Consols consequently
rising rapidly again.

At what hour did you go to Major Jenkins, and
when did you return ?—I Went to Mqjor Jenkins at
half-past eleven o'clock, and returned to my master im-
mediately after with the letter, but I could not find
him.

When did you give it to Lieutenant Cunningham ?
At half-past three o'clock, when I brought the cab to
take Captain Reynolds away.
What instructions had you from Lieutenant Cunning-
ham relative to the letter he sent you for to Major
Jenkins ?—To bring the letter back to him immediately.
Can you recollect whether it was the day before yes-
terday ?
Here the Court was ordered to be cleared.

Upon the public being re-admitted into court, the
Lieutenant Cunninghan's servant was re-called, and
asked the following questions :
Did you hold any conversation with any other per-
son before you gave it to your master ?—No.
Did you ask any person about the Court where Lieu•.
tenant Cunningham was ?—I asked se►eral persons.
'rile inquiry having terminated, and the defence con•
eluded, the Earl of Cardigan said he should be prepared
with his reply on Monday morning.
The Judge-Advocate then closed the Court, and said
it would be opened on that morning at nine o'clock
when the Earl would make his reply.

CAPTAIN REYNOLDS'S CASE.

We have. not yet before us the cnneba. At ttr
rout-1.-maids-, tine uui upprehenston is that the Court,
in refusing to listen to evidence not directly bearing on
the charge, will, in effect, exclude the circumstances of
provocation, excusing or palliating the offence of Cap-
tain Reynolds' letter to his commanding officer.
The question was put by Captain Reynolds to Major
Cooper—
Have you ever known me to try to allay the
irritable feelings of other officers in the regiment, and
persuade them from acts which would be regarded as
insubordinate ?—Yes, I know two ; in two remarkable
instances,
one of which was when a lie had been given
by one officer to the other.
" Here the witness was stopped, and the Court con-
sulted together, when the President observed that the
Court had already decided that they could not enter
upon any extraneous matter, and they should not travel
out of the immediate charge before them."
In all cases—in the classes of crimes the most seri-
ous—circumstances of provocation are admitted in evi-
dence to explain the character of the act. Even in
offences of blood, the irritation of the homicide and its
causes are taken into account, and they are considered
in determining the shade of guilt.
For example, if Lord Cardigan had killed Captain
Tuckett with the pistol which he supposed and deposed
not to be rifled nor hair-triggered, but which appears
on the evidence of a gunsmith to have been both,
would the court trying him confine itself to the point
whether he aimed the ball at the body of Captain
Tuckett, refusing to admit any evidence as to the causes
that led to the hostile encounter ?
The second letter of Captain Reynolds to Lord Car-
digan we cannot approve, but we do not believe that
such a letter could have been written by any gentleman
(hearing such a character as Captain Reynolds does
bear,) who had not been goaded to desperation by a
series of ill-usage.
The defence of Captain Reynolds was most effective,
excellent in reasoning and spirit. It has won general
sympathy and general admiration, but yet we cannot
pretend to be confident about the issue.
Should the result of the court-martial be adverse to
Captain Reynolds, the pleasing duty will devolve on
Lord Hill of disposing of a commission, and he will of
' course look out for some officer reprimanded for tyran-
nical conduct, on whom to bestow it.
Fault may be found with Lord Hill's administration
—we ourselves have presumed to impugn it—but we
must in candour admit that it is marked with a strict
consistency, and especially in all relating to the 11th
Hussars and Lord Cardigan.
Having restored Lord Cardigan to a command
after having strongly censured him, the Commander-
in-Chief appoints to the district in which Lord Car-
digan serves en luspccaug-General who bas also
been severely reprimanded for misconduct to an in-
ferior officer. In this there is a concord. As a fellow.
feeling proverbially makes reen kind, there was every
cause for the finest harmony between General Sleigh
and Lord Cardigan. The first Captain had not the
good fortune to have been reprimanded, but the very
first opportunity of placing: his commission in jeopardy
has been seized. For Lord Hill's consistency some
member of a noble family who has undergone censure
should be found to fill Captain Reynolds' place. The
other Captain Reynolds is already in the suitable con-
dition of a reprimanded officer. Mr. Forrest is reported
to be so also ; and when all the officers of the 11th have
in due course suffered the same lot, Lord Cardigan
will be at case, as there will then be a uniformity ex-
tending beyond the mere dress and accoutrements of
the corps.
When George IV. threw a glass of wine into the face
of a 'gentleman who sat nex flue
t d at table, the courtier
coolly tilled his own glass ang it into the face of
his neighbour on the other side, saying, " Isauspsep7anidt
is to go round." In the 11th we suppose the reprimand
is to go round, the Colonel's mark is to be psuppassed,
woe to him who holds out against taking it.
Happy arc those officers who fall by some uncon-
scious transgression under the lash. Had the senior
Captain Reynolds a moath or two ago drank Moselle
from a black bottle, his case would have been much
better—he would have been reprimanded for some
reply, like that of his namesake, and there an end.
There is an assumption of the most impertinent kind in
an officer's piquing himself on fifteen years of uninter-
rupted meritorious service, when the Colonel in com-
,ehnerimcoaunrdtitevrisll
orfeatdheaswwreyl-ln)ecan-
not d
boast (thea
s Colonelm uc i n
rihr
mrnarch knew better than to carry their heads straight.
Prudent officers in the I Ith will drink Moselle out
of black
bl:rokombso: att,
coorurct their
arra
fau't:‘, ' k, o
mildly at ffn
once
We h ar-
We 1.1 all have more to say
case at the end cf the trial, when we see the evidence
complete, and more than that—the evidenceap tCaptain
Reynolds'ex
ded.
—Examiner.

HER ALD.—It seems highly probable that the dispo-
sition so lately prevalent of competition for precedence of
news from the East Indies by the overland mail through
private sources, will receive a check, as yesterday's ac-
counts from Paris state that the Government had issued
an order interdicting the running of couriers from Mar-
seilles except on official business. This will do much
for the commercial community, who have hitherto been
kept in a state of suspense by the announcement of
vague information 36 hours prior to the receipt of their
regular despatches through the ordinary channel.
With reference to Spanish Treasury Bonds, it
appears, upon a careful perusal of the conditions
under which they were issued, and the decrees con-
firming them, that the Ambassadors, as the represen-
tatives of their Government, are personally liable. It
is singular that not one of the bondholders has ever
tried the question, and the omission can only be
accounted for by the supposition, that having lost so
touch by them already, they are unwilling to risk any
more. A verdict, no doubt, would be obtained, but
whether the damages could, is very problematical.
This is the first instance of any Treasury Bills, (even
Spanish), whether made payable at Cuba, Porto Rico,
or Madrid, being left overdue, and unredeemed, but
as poor John Bull is the holder, this is considered to
be a sufficient excuse for non-pnyment. The amount
due upon these bills is but trifling in comparison with
the remainder of the debt. Taking this into conside-
ration, with the solemnity of the promises under which
they issued, if Spain ever wish to regain her former
honour, or to take the rank again which she once
held among the nations of Europe, let her immediately
fulfil her engagements with respect to these bills.
Some hope may then be entertained that honesty is not
Quite extinct.

TIMES.—The expectation of some stringent mea•
sures on the part of the Bank still prevails, and to-day
it is again reported, more currently than before, that
discount has been refused to some bills of the very first
class. The Directors, in addition to other causes of
disquiet which various circumstances have combined to
produce, are said to have this constantly before them—
that they cannot expect any further assistance from the
Bank of France under the aspect which the relations
with that country have assumed. Whether the present
state of things shall terminate in war or not, they are
certain, too, that the preparations made for that con-
tingency, especially by France, must lead to an instant
demand for money and increase of its value all over
Europe. Why the Bank should entertain so great a
dread of this, is not very apparent, but it is certain that
of late the very mention of a foreign loan has been enough
to bring on a cold fit in a Bank Director. This ought
not to be, if they conducted their business properly, for
the few years following the passage of Peel's Bill were
the period in which the greatest number ever known
here of foreign loans was made ; yet no inconvenience
followed from them at the time, and some of them turned
out most profitable transactions, having been repaid at
an advance of from 20 to 30 per cent. on the contract
price. When the Bank went astray from the prudent
and regular course, then loans of a different kind were
concocted, and the taint thence inflicted is still perceived.
As to a resort to the Bank of France, it is a matter of
congratulation that the Directors cannot, if they
would, adopt that course ; and if it be true, as alleged,
that they are endeavouring to act on the circulation by
contracting their discounts, it is by far the more legiti-
mate mode, as at present situated, for them to pursue.
Thought it may save therm from the more pressing diffi-
culty, it will not set them right with the public. A
Government Bank, with a monopoly, should always
have as large funds at the disposal of commerce as mthier-
s
chants in really credit can call for ; Leer od?
they should *tie encumbered with no such securities as
the .6 dead weight" and other inconvertible assets.
.They would probably now like to dispose ef it, if they
cif preachers, but siTeEhUenreveenrcea
could ; but such has been their course with respect to
the dead weight, that when they-•+-L'ERIEN t
want to sell they can't,
and when there is a market they turn away the largest Mirror. li:rgtheecmonozatulealotiqoune.l