The Sun.
London, England, 1847-09-15 00:00:00

THE SIIN, LONDON, WEDNESDAY
_EVENING, SEPTEMBER 15, 1847.

during many centuries. It is well that the credit of
this alliance should be acquired by the Cabinet of a
RUSSELL—by him who introduced the Reform Bill
to the House of Ccmmons, who carried the Municipal
and Corporation Act through Parliament, and who,
forgetful of political rivalship, gave his cordial co-
operation to Sir ROBERT PEEL, in abolishing the
laws which restricted our national commerce and
stunted our national enterprise. It is fit that Eng-
land should afford this noble incitement to the people
of Italy, and to their Liberator, Pius.

It is not often that we find any class or body of
men coming forward and deliberately urging the
adoption of a course the immediate and necessary
consequence of which must be a diminution of their
own resources, a reduction of the humble comforts
which they are enabled to afford to their families, and
the present realisation of difficulties and sufferings
which they are too well aware cannot possibly be
altogether averted, and the period of which they are
willing to anticipate, in order that the crisis may take
place at a season when these sufferings may be miti-
gated, as far as practicable, by the cheapness of pro-
visions, and the employment which the operatives
may be enabled to procure from other sources. The re-
solutions passed at the recent special delegate meeting
of the operative cotton-spinners of Lancashire and
the neighbouring counties, evince a wonderful fore-
sight and providence on the part of those who so
readily agreed to propositions which, if assented to
by the manufacturers, would occasion the stoppage
of all the mills throughout the country, and a ge-
neral cessation of labour, not only to the spinners
themselves, but to the members of the different trades
which are so intimately connected with the working
of the factories, and the progress and prosperity of
the manufactures. No stronger testimony could be
afforded of the existence of that stern necessity, now
so universally recognised. The operatives know that
there is not a sufficiency of the raw material
for the wants of the country. There is a deficient
!Supply of cotton, and consequently the prices thereof
have been enhanced to such a degree, that it is im-
possible for the millowners to continue their opera-
tions without great and ruinous sacrifices. The ex-
traordinary extent of speculation that took place in
cotton some time since, the attempts that were made
to purchase up the entire crop, and thus to obtain
the command of the market and to enforce exorbitant
prices, materially increased the difficulty, and the
forestallers were the better enabled to carry on their
schemes, inasmuch as we were wholly dependent on
the United States for the means of keeping our mills
at work, and giving employment to the factory
operative. The manifest and only remedy for this
fearful evil is to increase the sources of supply, to
introduce, as far as practicable, the cultivation of
cotton into new districts, where hitherto it has been
unknown, and more especially to revive its culture in
those localities where it formerly flourished, but
where, owing to various causes, it has been suffered
to languish and decline, until it has become compara-
tively neglected.
A return ordered by the House of Commons, on

the motion of the lion. Member for Montrose, shortly
belore the dissolution of Parliament, has just been
published, which is peculiarly important at the pre-
sent time. It contains a copy of a report, dated the
•23d of March, 1847, of the Committee appointed by
the Government of Bombay, to inquire into and re-
port upon the extent as well as the causes of the de-
cline into which the cotton trade was alleged to have
fallen, and to suggest remedial measures ; and also
copies of the dispatches and correspondence of
the Bombay Government arising out of the
above report. The report in question is a very
able document, and the appendix contains spine
voluminous statistical details, for a period of 13 years
from the Ist January, 1834, to the 31st December,

1846, from which the conclusions of the Committee
ire deduced. The Committee briefly recapitulate the
result of their labours by saying—

"First, that the export cotton trade had under-
gonga great decline, both- in quantity and value, and
was in a very depressed state when the Government
was appealed to on the subject.
" Secondly, that the cause of that decline has been
the inability of the exporter from that country to
compete with the cheaper produce of the United
States in the markets of Europe, and the representa-
tives of that cheaper produce in the form of yarns and
goods in the markets of China.

! " Thirdly, that the only means by which this su-
persession of the cotton of India in those markets
can be obviated are by reducing its first cost."
We have here, then, established on the
clearest evidence the fact of the great de-
cline and the causes to which that decline is
attributed. The Committee do not, however, in their
suggestion of remedial measures, fancy that the trade
can be resuscitated by a return to the old-fashioned
doctrines of protection; they take a more reasonable
and practical view ; they know that they must

themselves make the necessary reforms, and adopt
measures adequate to the emergency, and by which
the cottons of India will be enabled to compete in
the home market with that of her great rival
America. They find certain impediments existing
and difficulties interposed in the way of the more
extensive culture of the crop, which can be removed
by the Indian Government, and they therefore state
that the desired end is to be attained—
" Ist. By the entire abolition of the onerous Custom
duties levied on the exportation of manufactured
cotton.

" 2d. By a revision of the land assessment in the
collectorates of Surat, Broach, and Candeish.
" 3d. By permanently improving the communica-
tions between the Southern Mahratta country and
the posts on the sea coast.

" 4th. By the introduction of a system of railway
communication between Bombay and the interior, as
proposed by the Great Indian Peninsular Railway
Company, and thus opening up the fertile districts of
Berar and the Deccan to the sea."

All these suggestions are of a reasonable and prat•

tical nature, and such as might easily be carried into
execution. In the result our national prosperity and
the welfare of the British people are deeply inte-

rested. We are mainly dependent on our trade
and commerce, and nothing can be more im-
portant than to render our home markets independent
of supplies from other parts of the world of that
which can be obtained from our own colonies and de-

pendencies. As free-traders, we desire that no re-
strictions should be placed on the produce of other
countries, but we wish to see the productions
of our own dominions enabled to compete with
them on fair terms, by being as cheap and good, and
in every respect as valuable to the consumers. This
is the only protection we should desire for native in-
dustry, and we are convinced that under such a
system it would flourish and prosper more effectually
than if unduly stimulated by protective imposts, and
the creation of a monopoly for those engaged in its
culture.

that it has almost doubled. Certainly that is not a
falling off."
The other journals all comment on the ultra-Legiti-
matist article on the affairs of Italy which appeared
in the Journal des Debats of the preceding day, and to
which we alluded in The Sun of yesterday. The
National banters the heavy Ministerial journal in
the following admirable manner :
"The events which are passing in Italy cause
much pain to our system, as appears from the
articles published daily in the Journal des Debuts.
We remarked that that paper, which enjoyed the re-
putation of being lucid and fluent, is becoming
visibly unintelligible. Even its literature is inferior
to what it was. The Debats published yesterday a
long and heavy historical. essay, in which fallacy,
which generally assumes a flippant air in that journal,
abounded in heavy phrases, studded with the particle
que, affording an alarming similarity to the harangue
of a personage inviolable by law. If it be intended
as flattery, it appears to us to be in bad taste. When
it is wished to disfigure history, to misstate facts, and
to give a false interpretation to passing events, it
would not be inexpedient to employ an expert pen
and one somewhat acquainted with the French lan-
guage. But to recount such strange absurdities,
and to write as M. Muret de Bord speaks, is, we
take the liberty of telling the Journal des Debats,
too great an abuse. Ever since they have
become so completely inspired by the ter-
rors of the Court, the literary elegance of the
writers in the Debuts has vanished. Yesterday it
was the history of modern times written at the foot
of the system's block. To-day recent events are re-
counted with most affecting pain. Why this tone of
alarm? Why hose sighs drawn from the bottom of
the heart ? Webgrieve for the Debuts, and we do not
wish to reproach the writer, who was evidently suf-
fering under spasms of apprehension and fear. We
must rather endeavour to tranquillize him. Let us,
therefore, reason quietly with the invalid. Let us
see what it is in the accounts from Italy which affects
his nerves. The inhabitants of Leghorn having seen
that their neighbours, the people of Lucca, were be-
coming excited, considered that the best guarantee
for public order was the organization of a national
guard. We are aware that Austria is opposed to
such a measure, but this reason, so powerful with M.
Guizot, was far from receiving the assent of the
Italians. What resolution did the inhabitants of
Leghorn adopt ? They prayed the Municipal Council
to wait on the Grand Duke of Tuscany, to present
him a petition, and to explain to him the expediency
and the utility of establishing a national guard.
Let it be remarked that the Grand Duke had pro-
mised to establish a civic guard. He considered the
demand of the civic councillors as both opportune and
rational, and he published a decree which satisfied the
population, and the grateful people saluted with joy
this act of their chief governor. The theatre was
crowded, and the audience exclaimed energetically,
' The civic guard for ever !" Long live the Grand
Duke.' You yourselves give us these details, and
they cause you a shudder ! You are not, it is true,
accustomed to these demonstrations of popularity.
A political act hailed by the blessings of the governed
appears to you to be a fearful phantom. But be re-
a*sured. This accord between the conduct of the
Government and the wishes of the population cannot
be contagious with regard to yon. The Duke of
Tuscany may enjoy a popularity equal to that of
which the Pope is so proud without exciting pity.
You consider such popularity monstrous, but it is far
distant from you. The Appennines and the Alps
separate you from it, and you may remain tranquil.
If you have trials to undergo, it is not by popularity
that you will perish. Thus, then, your terror with
respect to Leghorn is dispelled.
"Let es now speak of Lucca, a small corner of
land governed by a Bourbon. We consider that we
are inure flee to appreciate the Bourbon family, since
the birth of the Duke de Guise reminds us of that
superb placard, posted on the walls of Paris on the
2,1 of August, 1830—' "1. he Duke of Orleans is net a
Bourbon, but a Valois.' Let us dispense, however,
with all generalities. The liberty we enjoy, having
M. Hebert as a companion, it would not be prudent
to trust him. Let us confine ourselves to the Bour-
bon of Lucca. He belongs to us, and he is a medal
of rather a fine character. This Bourbon of Lucca
has played a part in his petty state worthy of a larger
theatre. He commenced by arresting in an arbitrary
moannsn.er sio,mhee men highly d
ceoenmseidderteidlatforprtoheeeiredoipnig-
nibrutal, and they assembled in the public square de
manding that the prisoners be released. The Bourbon
resisted at first, but his resistance excited the fury of
the people. The Bourbon became alarmed and fled.
But he met the populace on his road, and the windows
of his carriage were broken with stones. The paving
stone becomes a most interesting element in the his-
tory of the Bourbons. It was on the Ist of Septem-
ber that the Lucca paving-stone interfered in politics;
and the same day the Bourbon of Lucca published a
proclamation, stating that he wished to reign by
love, and not by force, and he promised a national
guard, and all that his subjects wished. But he
promised too much, and as soon as he found him-
self on the territory of Modena (another sprig of the
house of Austria) he recalled his promise. The in-
habitants of Lucca immediately assembled. A. civic
guard was formed, and the people discovered how
easy it is to live without a Bourbon. A party, how-
ever, proceded, as a deputation, to the refugee, who
replied to them by appointing a regency. The people
next declared that the palace of the absent Duke
should be sequestrated. This was his sensitive side,
and they had no sooner touched it than the Bourbon
returned in the midst of the national guard, which
gave him the best of receptions. He quitted Lucca
on the Ist, and returned cn the 3d of September, and
thus concluded the three days of Lucca.
" We have now given a summary of the facts stated
by the Journal des Debuts, and we are at a loss to
explain why that journal is so much affected by what
has taken place. Its lamentations have the double
error of being ridiculous and ill-timed. What I a
paper so well bred, having the air of taking under its
protection a Prince who shows himself cowardly,
crafty, violent, and avaricious, and who crowns his
bad faith by meanness ! In its place we should have
been more severe, on account of the Prince being a
Bourbon, and even an Infante of Spain. We know
the respectful tenderness which the Debats entertains
for the blood of Philip V. ; but after all, the whole
of the saints of a parish need not be included in the
same worship; and if the action of time and the ill-
treatment of fortunehaveeausedanob
onlere,s incenseacetode
and generate,-
homage,isprudent not to prostitute but to cut off from the flourishing tree
it
whatever dead branch may be found."
The Presse has the following on the subject of the
new loan

A new mode for contracting the loan of
350,000,000 f. was talked of yesterday among the
speculators at the Passage de l'Opera. It is said that
it was to be at 4} per cent., for 97f. or 98f., to be
paid up by monthly instalments. It was to he repaid
two years after the last instalment, by yearly pay-
ments at par. As the Minister of Finance has gone
for several days to Agen, nothing can be decided on
until he returns. It is said that before his departure
he signed an ordonnance authorising the issue of
Treasury bonds to the amount of 25,000,000 f."

In the same paper we find it stated that Admiral
TREBOUART, commanding the French fleet at Naples,
has received orders to complete his stores for a cruise
of three months, which proves that the fleet is not
about to return to Toulon, as was reported.
It was rumoured in Paris on Monday that a very
formidable insurrectionary movement had broken out
in Sicily, and that the services of the French fleet

were to be put in requisition against the Sicilian

patriots. It Is in consequence 0f.... the employment of
the fleet on this unpopular service that the command
of it has been transferred from the Prince DE JOIN-
VILLE to Admiral TREIIOUART.

The Union ilfonarchique, in commenting on Spanish
affairs, says that tho Fronoh Ambasso.cloA, 61. c Duko
GLUCIESBURGH, has contrived to render himself as
disagreeable as possible to the young QUEEN. In the
beginning ISABELLA was much amused with the stiff
air and perfect nullity of the Charge d'Affaires of
France, and particularly with the doctoral tone with
which he upbraided her. The Duke, a youth of
twenty-six, had assumed the part of a mentor, and
was the meutipiece of the severe maxims of her
mother, the ex• Regent. ISABELLA said to him one
day, " Was 4 your father, Sir, who taught you such
fine things ?"
The diplomatist made no reply. Of
late he had become quite insupportable, and could not
obtain an audiznce. " Thank GoD," exclaimed the

QUEEN, "he is ''a er my chaplain nor my confessor.
lam deterrnired n. to receive him any more, he is

too tiresome." Weary of his
_ -
position, which was
both painful and'ridiculous, the Duke DE GLUCIES-
BERGII communicated his tribulations to M. Guizor,

and to the mother and uncle of ISABELLA, and it was
agreed to relieve him from the unpleasant situation in
which he is placed.
General LINAOES passed through Paris on Sunday,
en route for London from Madrid. He was said to
he the bearer of a pressing invitation from Queen
ISABELLA. to General ESPABTERO to return to Ma-
drid without delay.
A grand Reform banquet, at which 500 citizens
assembled, was held last reek at Bar le Duc. The
Mayor of the town presided, and M. ETIENNE, the
Deputy for the Meuse, proposed as a toast, "To the
Morality of the Political Powers," which was drunk
with enthusiasm.

The bbot which entered the cheek of the Duke az

NEMOURS has been extracted by Dr. PAsQUIER, and
his Royal Highness feels not the :,inallest inconve-
nience from the operation.
M. LEVASSEUR, the French Consul-General at
Hayti, had the honour of being received by the
KING, at St. Cloud. M. LEYASSEUR returned to
France with the Convention, which, as his MAJESTY'S
Plenipotentiary, he concluded on May 15, with the
Republic of Hayti, insuring the execution of the
financial treaty of 1838.

General LammliciEnE passed through Angers on
Saturday on his way to Algiers.
The Moniteur contains the following :—" The
National announced yesterday that administrative
irregularities have just been discovered in one of our
ports, and added that powerful influence was being
used to stop all proceedings in the case. This latter
assertion is altogether incorrect. For some time past,
and from the very moment when suspicions were
raised, the Government adopted every necessary
measure to investigate each affair, and to institute
judicial proceedings if such should be found neces-
sary."

The impression on the Paris Bourse on Monday
was of a most unfavourable character. Stock and
shares fell, the former considerably.
The Three per Cents. closed at 75f. 90c.; the Five
per Cents., 114 f. 90c.; the Orleans Railroad Shares,
1,180 f.; Rouen, 925 f.; Havre, 565 f.; Great Northern,
5201.; Avignon, 552 f. 50c.; Vierzon, 542 f. 50c.; Bor-
deaux, 437 f. 50c.; Dieppe, 265 f.; Basle, 170 f; Paris and
Strasburg, 375 E; Tours and Nantes, 350 f.; Paris and
Lyons, 377 E 50c.; Lyons and Avignon, 445 E
MARSEILLES, SEPT. 9.—Marseilles and Avignon, 578 f.
50c.; Northern, 535 f.
BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK EXCHANGE, SEPTEMBEIL 14.
Boulogne and Amiens, 131/2—Northern of France, 10%
—Orleans and Bordeaux, 3%—Rouen and Havre, 21.

LITERATURE.
SHAKSPERE'S HOUSE.

The Home of Shakspere Illustrated and Described, by
F. W. Fairholt. .

Particulars of Shakspere's House, for Sale by Auction, by

Mr. Robins.

lAmong several apposite publications which have
appeared since the first announcement of the intended
sale of the birthplace of our glorious Shakspere, these
two especially demand attention. We cannot direct
the observation of our readers to them on any even-
ing more appropriate than one that is literally the eve
of that interesting sale. Mr.Fairholt's volume has some
pretensions superior to those of an ephemeral book of sea-
sonable gossip—it has pretensions indeed to be squeezed
into a corner even of the most ostentatious library—
upon a bookshelf so conveniently situated that the
volume can be picked out and referred to whenever
the thoughts revert with a loving curiosity to the actual
existence of the great poet. In reading Walter
Savage Landor's inimitable conversation, or rather
trial, of William Shakspere for deer-stealing, we
should have this little book of " The Home of Shaks-
pere" at our elbow. It is illustrated with thirty-
three clever little engravings—though the profile
of the dramatist upon the title-page is so marvel-
lously unlike all other representations of Shakspere,
that if the beard and moustache were only removed
it might pass for a very fair likeness of the poet
Beranger. flow melancholy, but true, is the opening
sentence of Mr. Fairholt !—" All that is known with
any degree of certainty concerning Shakspere is,
that he was born at Strattord-upon•Avon ; married,
and had children there ; went to London, where he
commenced actor, and wrote poems and plays ; re-
turned to Stratford ; made his will, died, and was
buried." 0 that sonic Elizabethian Boswell had
dogged the heels of Master SLakspere in clock'd•
stockings, and slashed doublet, and trunk hose !
Barren, however, as are the written facts about the
domestic habitudes of the dramatist, there is a good
old tradition that saith Shakspere was born in Hen-
ley-street, S.ratford—which not only indicates the
street, but particularizes the house—which not only
particularizes the house, but points out the very
room. We bow down with implicit faith before that
tradition, and to whomsoever might have the hardi-
hood to be sceptical of its accuracy we should be
almost tempted to emulate the anathemas of Uncle
Toby, or the pathos of Corporal Trim. The second
publication . mentioned above is the circular—a
characteristic one, as may be imagined—of the auc-
tioneer. Besides the prospectus of the sale, there
are quotations from 1)r. Nathan Drake, from Charles
Knight, and from Washington Irving. The
title-page alone would be most interesting—contain-
ing vignettes of the house in Henley-street, the Globe
Theatre, Stratford Church, and Anne Hathaway'`
cottage, besides medallion likenesses of Shakspere,
Queen Elizabeth, Ben Jonson, and Lord South-
ampton. While writing upon this subject, we
would make one observation about the bust
of our immortal countryman over his tomb
in the church at Stratford. Every one knows that
that bust was originally coloured to the life, and that
it was painted white through the impudent, and we
might almost say sacrilegious, intervention of Malone.
Since Malone committed this impertinence people have
contented themselves with execrating the 'Vandal and
bemoaning the act. It seems never to have occurred to
any one that the error could be repaired ! It is well
known that the doublet was painted crimson, slashed;
that the face and hands were flesh colour; the hair,
beard, and moustache, auburn ; the eyes light hazle;
the lower part of the cushion, on which he is writing,
green ; the tassels, gilt, &c. &c. &c. Why, we ask,
should not some artist not some mere dauber
and sign-painter—but a competent and even inimit-
able artist be employed to restore the monument to
its original appearance ? This, however, must be
thought of after the house itself is secured to the coun-
try and guarded by the Government ; and to-morrow
at twelve o'clock, men of England! the birthplace of
the greatest mortal that ever breathed in Britain will
be lost or gained by the nation.

ASTLE Y'S AMPHITHEATRE.
Last evening, it having been understood that her
Royal Highness the Duchess of Kent would honour
the performances with her presence, the royal box
was prepared for her reception. The stairs and box-
lobby were covered with crimson cloth and the
officers of the theatre were in waiting in full costume.
An unexpected circumstance, however, prevented her
Royal Highness from attending the theatre. His
Serene Highness the Prince of Leinengen, attended
by an equerry, occupied the royal box, and seemed
highly delighted with the performance.

At a late houryesterday afternoon, we regret to learn,
that the large discount h. puse of Sanderson and (20.
suspended payment. Mr. Morris, one of the partners,
died la►t Friday.

N. F. Davey, Esq., on his resignation of the office
of surgeon to the (bank Prison, to commence prac-
tice at Romford, Essex, was yesterday presented with
a handsome silver inkstand by the subordinate officers
of tt at establishment, as an acknowledgment of their
,ratitude towards him, and of the uniform kindness
and attention experienced by those who were patients
under his care.

FIRE IN BERMONDSEY-STREET.—Last night, about
eleven o'clock, a fire broke out on the premises belong-
ing to Mr. Hodgkins, rope and rag•merchant, Great
Bermondsey-street. The firemen, by dint of great per-
severance, succeeded, by t.velve o'clock, in getting the
completo mastery over the conflagration, but not until
the entire range of premises in which it commenced, to-
gether with their contents, were reduced to ashes. How
the fire originated, or whether or not Mr. Hodgkins was
insured, could not be learned during the excitement
which prevailed. Fortunately no human life was lost,
but it is reported that a valuable horse was burnt to death
in its stable.

NAPLES, AUG. 28.--There has been unusual gaiety
here during the dog days, owing to the presence of the
Prince de Joinville and his fleet. The young officers are
very fond of dancing. and there has been a reunion ..ome-
where every evening. M. and Madame de Luttroth
lighted up their villa, at Capodinionte, and it was quite
a fairy scene, but the Prince de Joinville's illuminating
his fleet was gut.. Vocuviu• rvisaces a beautiful
display, and it burst forth, too, the night the French
fleet cast anchor in the bay. On the side towards
Pompeii, scarcely more than the reflection is seen, so
the crowd of fashionables at Castellamare came to
Naples to see this belle korreur It flames immensely at
the top, and stones are seen thrown up to a great height.
Another crater has opened half-way between the her-
mitage and the old crater, from which run two large
streams of lava.

IMPORTATIONS FROM FRANcE.--There have been
several importations of grain from France during the
past few days. The Siren, of Jersey, from Marseilles,
brought 700 quarters of wheat; the Italia, of Trieste,
from Marseilles, 1,200 quarters of wheat; the Anna
Maria, from Nantes, 500 quarters of wheat; and the
Mlle, from Nantes, 450 quarters of wheat. It will be
seen that of the arrivals above enumerated two were in
foreign vessels, and imported under the privilege of the
suspended navigation-laws with respect to the importa-
tion of grain, and the remainder in vessels belonging to
France.
SHOOTING A LEGISLATOR.—On Saturday, 21st
instant, Elisha Worthington, of Arkansas, made a des-
perate attempt to murder Warner Crow, Esq., in the
streets of Owensboro. Mr. Crow was a representative
from Davie's county in the last legislature of Kentucky,
and voted in favour of the granting of a petition for di-
vorce„ presented by Worthington's wife. It was for
this vote that Worthington sought his life. Meeting
Mr. Crow in the street, he addressed him with the in-
quiry if his name was Crow? On receiving an answer
in the affirmative, he exclaimed, " You are an old scoun-
drel," and forthwith drew an old revolver and fired at
Mr. Crow, the ball taking cffi,ct in the neck. Before he
cowd shoot a sec :nd time Crow closed in on him, and
wresting the weapon from him, was proceeding to repay
the assault with compound interest, w hen the parties
were separated. The wound of Crow is not con-
sidered dangerous. Worthington, at our last advices,.ll
was undergoing a taut k fur assault with intent to --
New York .Exprear.

MONEY and COMMERCIAL NEWS.
CITY, QUARTER TO THREE.

The Cotton Market at Liverpool yesterday was flat
Sales about 1,500 bales. Shares improved, and with
more disposition to buy. Midland and North-Western
itock was in demand.

The whole talk of people in the City is of failures
and anticipated further disasters. The serious stoppage
yesterday of the extensive discount house of Sanderson
and Co. has excited uneasiness, because it arises,
perhaps, from a more direet indicati.)n of want
of confidence on the part of the public, than
can be traced as the cause of any previous sus-
pension. Parties having surplus moneys, whether
as private capitalists or country bankers, are
in the habit of placing money at the disposal
of housci, such as that of Sanderson and Co., of which
there are but two or three others in the City, with the
view of its being invested in the discount of bills, and
either being pinched for cash, or mistrusting Messrs.
Sanderson on account of their known heavy losses by
the recent failures, they have come suddenly upon the
firm to return their deposits or provide fresh bills. The
property of the firm is believed to be large, but whether
immediately available remains to be seen.

There has been a report that a deputation is about to
wait upon Government to beg the interference of Lord
John Russell, in modifying the Peel Currency Bill, and
it is hoped that the Liverpool movement in favour of a
retardation of railway calls will also gain ground.
Much uncertainty prevails as to the extent of the
mischief that may be occasioned in America by the
failures here. One party writes from New York :
" It is impossible to tell, at present, where the bulk of
the loss will fall, but we have great fears that it will fall
heavily upon parties in this country. It by no means
follows that because bankruptcies to a certain extent are
reported the losses will be anywhere in the neighbour-
hood of that amount. The assets of insolvent houses
generally amount to a fair per centage on their liabili-
ties; and it is fair to suppose that the resources of
houses engaged in the corn trade bear as good a pro-
portion to their liabilities as those of any other class of
business. For more than twelve months past prices of
breadstuffs have been steadily advancing, and handsome
profits have been realised. It, therefore, appears more
extraordinary that the first reverse should have carried
down so many houses, and produced so much bank-
ruptcy.

The announcement of failures to the amount of six
million dollars is well calculated to create considerable
fears of a panic on this side of the Atlantic ; but when
the thing comes to be analysed, we think there will be
very little cause for apprehension. That serious losses
will be the result of the recent heavy fall in breadstuffs,
no one can for a moment doubt ; but that the effect will
bo as alarming as may be at first anticipated, we do not
believe."