The Sun.
London, England, 1841-01-20 00:00:00

LONDON, WEDNESDAY, JANUARY 20, 1641.

CITY OF LONDON COMMERCIAL
CLUB.
This CLUB is OPENED for the ACCOMMODATION
of MEMBERS. It embraces all the elegancies and advan-
tages combined with the comforts of the best arranged Clubs.
The Exchange or Commercial Chamber is furnished with every
necessary information relative to Commerce. Each Member
has the privilege of introducing a Friend.
Applications for Admission (with references) to be made to
the Committee at the Club House, 38, Throgmorton-street.

ATIONAL LOAN FUND, LIFE AS
111 SURANCE, and DEFERRED ANNUITY SO.
CIETY, 26, CORNHILL.
Capital £500,000.
Empowered by Act of Parliament.
DIRECTORS.
T. LAAIIE MURRAY, Esq., Chairman.
Elliotson, F.R. S. John Rawson, Esq.
H. Gordon, Esq. Clement Tabor, Esq.
George Lungley, Esq. Joseph Thompson, Esq.
A UDITORS-Dr. 0. Gregory, F. R. A. S. ; Professor Wheat.

stone, F.R.S.
ACTUARY—W. S. B. Woo'house, Esq., 'F. R. A. S.
LIFE ASSURANCE.

Besides the perfect security to the policy holder of a large
paid up capital, and accumttlating funds, with moderate rates
of premium, the followieg is one amongst many of the advan-
tages which belong exclusively to the princinles of life assu-
rance and deferred annuities originated by t Society, viz.—
Power to borrow, (without delay, expense, or 'orfeiture) two-
thirds of all premiums paid upon a policy of assurance.

Premium for assuring 100/.

Age. I s. d. 1 Age. 1 s. d. I Age. I£ s. (1.
25 I 1 14 6 1 35 I 2 10 11 1 45 I 3 9 4
30 I 2 4 4 1 40 I 2 lEc 8 I 50 1 4 4 2

DEFERRED ANNUITIES DEPARTMENT.

By the plan exclusively developed by the Society, a single
deferred annuity is made, net only to answer the object,
but to equal in amount the entire suns of all the advantages
heretofore only obtained by the middle and industrious classes
by separate investments in Savings' Banks, Benefit Societies,
and Loan Banks.

1. A small yearly or weekly contribution will secure the
most ample return for after life; thus-21. 12s. per annum (Is.
a week) at 20 will at 65 give the policy holder the choice of an
annuity for life of 471. 16s. 6d.: 3941. I Is. in cash; or policy
without further contributions of 4661. at death.
2. Two-thirds at any time lent on deposit of policy, being a
fund always available during sickness or want of employment.
3. Two-thirds of all payments returned to representatives in
case of premature death.

The report to the Annual General Meeting of Proprietors,
prispectuses, tables, &c., may be obtained at the office of the
Society, by
letter or otherwise, 26, Cornhill, London, er at
any of its Branches throughout the country.
F. FERGUSON CAMNOUX, Sec

Date of
Policy.

May 1535.

£l,OOO
1,000
1,0(X)
1,000
1,000

£lO 6 8
24 $ 4
$1 10 0
42 15 0
66 11 2

Animal
Reduction Premiumpayable in
1840.

£ll 12 01 £7 14 4
14 13 0, 915 4
IS 18 0 12 IS fi
25 13 0 17 2 0
39 10 0 20 12 8

This system of reduction in the premiums affords immediate
benefit to the Assured, or enables them to secure a considerable
bonus by effecting a new policy.
Policies are granted in London and by resident Committees
at Calcutta, Madras, and Bombay, on Indian risks, at very ad-
vantageous rates, calculated front e,tensive data and tables,
exclusively in the possession of this Society, to show the true
risk •f life during residence in India, and after retirement from
foreign service.

By Order of tho Board,
DAVID JONES, Actuary.

AFirst-rate HOTEL, and BOARDING-
HOUSE adjoining, in CHELTENHAM, to be LET
on LEASE, or SOLD, formerly well known as FISHER'S
HOTEL and BOARDING-HOUSE, but since named the
CLARENCE HOTEL, &c., in consequence of his late Ma-
jesty having sojourned there when Duke of Ciarence. The
establishment has enjoyed, for upwards of thirty years, a very
extensive connection, and has been a principal resort of the
most distinguished visitors to Cheltenham. The Hotel and
Boarding-house are distinct buildings, contiguous to each other,
and are situate in the centre of the town, in a most convenient
position for access to all the spas, walks, and drives of that fa-
vourite watering-place, and very near to the Depots of the
Cheltenham and Great Western Union, and Birmingham and
Gloucester Railways. The Hotel contains 13 sitting-rooms, 38
best bed-rooms, 13 servants' bed-rooms, with all requisite
offices. The Boarding-house contains four large public dining-
rooms and drawing-rooms, 11 private sitting-rooms, 34 best
bed-rooms, and 10 servants' bed-rooms, with all necessary,
offices. Attached to these buildings are baths, a brewery, plea-
sure garden, coach-houses with standing for 24 carriages,
stabling for 31 horses, loose boxes, and numerous convenient
offices. These extensive premises will be Lot for a term of
years, or Sold if required.

For further partic-ulars, and to treat for a Lease or Sale, ap-
ply (if by letter, post paid) to Mr. Laurence, solicitor, Ciren-
cester. Immediate possession may be had, if required.

COURT OF ALDERMEN.

Yesterday a Court was held for the despatch J
business. It was crowded in consequence of the inte-
rest excited by the petitions against the late elections
at Wardmotes for Common Councilmen.

LA NGEOURN WARD ELECTION.
Alderman HUMPHERS presented a petition from Mr.
Richard Gude against the return made for Langbourn
Ward, on account of certain irregularities in the pro.
ceedings at the last wardmote. The petition sub-
mitted that the election was null and void, in conse-
quence, amongst other things, of the poll not being open
at the hours prescribed by law.
After some conversation among the Aldermen the
petition was ordered to be taken into consideration at
the next Court, and it was directed that the parties in-
terested should have notice to attend.

COLEMAN-STREET WARD ELECTION.
Sir JOHN KEY presented a petition from Mr. Taylor
and Mr. Const against the return of Mr. R. T. Cons-
sons, as a representative of this ward, on the ground
of i, eligibility, Mr. Cousens not being a resident inha-
bitant of the ward. The Alderman also presented a
petition from Mr. Bracher, ono of the candidates, to
the same effect.

The petitions were ordered to be considered at the
next Court.

CORDWAINEi'S WARD.

Mr. T. G. WILLIAMS appeared with a petition
against the return of this ward, upon the ground of the
inaccurate and careless manner in which the poll-books
were kept. He, however, after some observations from
Alderman Thomas Wood and others, begged permis-
sion to withdraw the petition, a request with which the
Court complied.

THE WARD OF FARRINGDON WITHOUT.
Sir PETER LAURIE then called the attention of the
Court to the petitio, which he had presented on Plough
Monday, on the subject of the election at the wardmote
of this ward. He stated that as it was admitted upon
ill sides that the election was null and void, the course
to be adopted would be very concise. It was only ne-
cessary for the Lord Mayor to issue his precept to hold
a wardrnote for a new election.

Sir JAMES DUKE said that he had admitted, upon the
presentation of the petition, that its allegations were all
perfectly true. He had, he said, been induced to leave
the wardmote to vote for a clerk to St. Bartholomew's
H,►spital, during the polling, and had thus vitiated the
election.—(Hear.)
Sir P. LAURIE said that the head clerk admitted the
truth of the allegations in the petition.

The TOWN CLERK mentioned that a scrutiny had
been commenced in the ward, but was withdrawn.
Sir J. DUKE stated that the scrutiny had been with-
drawn, upon the understanding that the Court of Al-
dermen would declare the election null and void, on
account of his having left the chair during the polling.
The petition of the inhabitants of the ward having
been read,

Alderman BROWN asked whether all parties concur-
rod in the prayer, and an answer in the affirmative was
returned.

Mr. WELLS, as advocate for the petitioners, wished
to say a few words on the subject.
Alderman T. WOOD said the application was rather
singular. Could not the Learned Gentleman be satin•
fled with the success of the cause he had undertaken to
advocate, ?—(A laugh.)
Mr. WELLS said his only objection in addressing the
Court was to disclaim that the petitioners meant any
thing invidious to Sir James Duke.—( Hear, hear.)
It was then formally proved that the allegations in
the petition were correct, and
Upon the motion of Alderman THOMPSON the LORD
MAYOR was requested to issue a precept for calling a
wardmote for a new election.

Sir JAMES DUKE, with whom it rests to appoint a day
for the new election, stated that he should consult the
,•c:iiveaiorce of all parties in that appointment as much
as possible.

VINTRY WARD.

The return of this ward, which stated that two a

the candidates had an equal number of votes, was then
taken into consideration, and the LORD MAYOR was
requested to issue a precept for another election as re-
garded the gentlemen whose votes were on an equality.
THE BOROUGH MAGISTRACY.
Alderman BROWN brought up the Report from the
Police Committee respecting the Borough Magistracy.
It recommended the discontinuance of the performance
of magisterial duties by the Aldermen of London in the
borough of Southwark.

A long conversation took place upon the subject,
which is postponed for further consideration, after
the inhabitants of the Borough shall have had an oppor-
tunity of meeting and petitioning in favour of the con-
tinuance of the Aldermanic Magistracy.

ATTENDANCE OF ALDERMEN AT THE COURTS OF
COMMON COUNCIL.

Alderman BROWN brought up the Report of the Po-
lice Committee, recommending, as a security for the at-
tendance of a sufficient number of Aldermen in the
Court of Common Council to prevent the breaking up
of the Court, that the two Aldermen on the rota as
vi?itors to the prisons for each month should attend the
Courts of Common Council.
The Report was ordered to lie on the table.
Alderman GIBBS begged to know whether the Lord
Mayor had any communication to make on the subject
of a statement addressed to his Lordship and published
in the newspapers on the administration of the Poor-
laws in the City, by Mr. Pewtress ?
The LORD MaYort said that he considered the com-
munication which Deputy Pewtress had sent to him, to
be one rather of a private, than a public nature.
Alderman GIBBS said that there were some allegations
in that statement which he considered it to be proper
for him to notice, as they were calculated to throw con-
tempt upon the City of London Union, of which he
(Alderman Gibbs) was chairman. He then read some
of the passages alluding to the shocking state of desti-
tution, and stated to them how opposed the fact was to
the impression meant to be conveyed, that within the
last year, 7,015 individuals had been relieved by the
City of London Union, and of-that number only six ap-
plied for second relief.---( Hear, hear.)
The Court then adjourned.

very forced construction of the phrase " national debt"
to apply it to transactions with the Indians, as the
purchase of the ceded territory is commonly redeemed,
and that at a very early period, by sales of the land
itself to new settlers. The message, therefore, in its
items of account, appears to us to remain unshaken.
These papers, by the present arrival, have been re-
ferred to in the city with some curiosity in connexion
with the affairs of the United States Bank, which have
acquired new importance since it was known that the
agency in London has been undertaken by the eminent
house of James Morrison and Sons. Though it is con-
fidently held out that the Bank would resume specie
payments in this month, it is nevertheless certain that
on the spot, and in New York particularly, a very un-
favourable view is taken of its affairs. F,,r this some
allowance is to be made on account of the rivalry that
subsists between New York and Philadelphia in bank-
ing business generally, but still it seems that no harm
can be done to the shareholders in Europe of the
United States Bank by exhibiting to them the view
its condition taken by an opponent, especially as that
is supported by a reference to figures, put forth as a
statement of account by the management. Mercantile
men more particularly will judge of the soundness of
the following remarks, which are;taken from the Journal
of Commerce of the 28th ult. :
" THE UNITED STATES BANK STATEMENT.
" In tne present posture of our curreucy it is of great
importance that the real condition of the Bank of the
United States should be correctly understood. The ex-
position of its affairs, as published by Mr. Jaudon in Lon-
don, throws a good deal of light on the subject, though not
so much us the public would be glad to have, nor as the
exigency seemed to. :imam'. The fact that this state-
ment represents the Bank as possessing its capital entire,
and a surplus of ovCr three millions, while at the same
time the stock is allowed to sell in market at two-thirds of
its par value, has caused some persons to conclude that
they who know most about the matter know the state-
ment to be fallucioua. The fate of the Bank must turn
upon the value of the following large items—viz.:

" Dollars. Cts.
" Bills discounted on personal security 16,580,037 11
Bills discounted on other security. 5,438,177 08
Domestic Bills of Exchange
Foreign Bills of Exchange ... .....
Stock Accounts
.10,980,569 05

"47,895,663 34
" Of this immense mass of claims, exceeding the whole
capital of the Bank, we suppose it is safe to say that there
is not one obligation which has not been dishonoured.
There may be, perhaps, more or less of these claims which
have been renewed from time to time, and these renewal
notes may not all have been protested. But the Bank has
made no new discounts of any importance for the last 12
months, nor in fact but few for the last three years. Every
bill, therefore, which it took must have long since arrived
at maturity. Ever since the suspension in 1837, it is well
understood that the Bank has been earnestly engaged in
collecting its claims. It has within that time done a vast
amount of new business, and has made some new discounts.
Immediately on the last suspension it discounted a million
or two, perhaps more ; but all those bills matured long ago.
If one quarter part of these bills are such as would be
counted good in market, they might have been readily dis-
counted at other banks, bringing four times the amount of
the loan which has been negotiated with so much trouble.
The large smount loaned on stocks, which appears under
the head of Stock Accounts,' must be in the same condi-
tion of dishonour with the bills ;' and as to some of the
stocks held as collateral, it is known that they are worth
very little. What, then, is the value of these debts?

.. .........
. .
‘; There is another class of assets which, perhaps,. is worth
a somewhat larger per tentage upon its par value, viz.:.—
" Real estate
Banking-houses
Bonds and mortgages 981,502 28

" $4,138,625 29
" There is then the items due by the State banks,'
and ' notes of State banks,' both together
..`9,573,237 33.
The State banks referred to cannot mean the solvent banks
of Philadelphia or New York, unless it may be that the
' bank of the United States in New York' is included,
which may perhaps stand on the books as a large debtor,
in consequence of being charged with the suspended debt
here. The bank balances in Philadelphia are all the other
Kay. These claims, therefore, must many of them be
a,f,Tainst incolrent institutions. In the item of notes of
State banks,' we have reason to think, are included the
notes of one or more banks in Pennsylvania which have
been worthless these dozen years.
" The item ' bonus for charter 25 years,' though pro-
perly enough put as it is in the statement, is obviously of
no value as a resource for the payment of debts.
" The stocks deposited as security for loans in Europe,'
may be fairly offset against those loans, though, as they
arc put down at their own cost, which was generally par
at least, they would not now sell for enough to settle the
account.

Then come stocks on hand in London —42,741,505 56
Agency—London, Paris, and Amsterdam 1,377,999 72

"14,119,505 28
" What these stocks are, and wity it is that these ba-
knees lie thus in the hands of agents, we have no means
of judging. The balances would certainly not remain, if
they were really available.
" Finally, we arrive at something tangible, viz. :
" Specie $2,890,388 37
Pennsylvania Five per Cents. 1,116,407 21
Loan to Commonwealth

" $4,267,795 58
" The specie is a good and substantial asset, and the
Pennsylvania stock can be sold for its market value.

" Guessing as well as we can, we will now just put a
value to these several items, as high as in our judgment
the final result will prove them to be now worth, via.:—
" $37,695.663 34 at 50 per cent $18,847,831 67
4,138,625 29 at 60
9,573,237 38 at 50
4,119,505 28 at 66 2.3
2,890 388 37 at par 2,890,388 37
1,487,407 21 at 93

" $:33,144,639 b 8
The liabilities of the Bank, exclusive of the loans in

Europe, are as follow:

. .
Circulation 59,725,508 90
Post notes .... 2 257,590 28
Bonds to United States 1,336,904 28
Due State Banks
Deposits 2,815,368 40
Guaranteed to Michigan
Guarantee of Bonds Planters' Bank 611,000 00

" 124,396,078 10

" Nearly 20,000,000 of these liabilities are payable on
demand, while most of the assets can only be realized by
very moderate instalments. How there can be any hope
of success with the loan in Europe, which Mr. Jaudon
went out so confidently to negotiate, we do not under-
stand. Surely the Bank cannot borrow without collate-
rals, for it could not 18 months ago, when its credit was
much stronger than it is now ; and of collaterals it has but
a very small remainder. Should the assets of the Bank prove
finally as good as we have estimated them or better, three
years at least will be required to realize. an amount equal to
the claims against the institution now payable on demand.
" Under these circumstances,, the effort on the part of
the Bank to resume specie payments, and on the part
of the other Philadelphia banks to assist in doing so,
is preposterous. The Bank cannot continue to pay
specie, nor to pay at all, and it is a shame that the
currency and business of the country should be again
agitated and put in jeopardy for its sake. Its proper
course is liquidation. Justice to its stockholders and
the public demand that it should make no more sacri-
fices to maintain appearances. The Philadelphia banks
have yet one chance to save themselves. We fear it is
their last, and if their eyes are not closed with scales which
no exhibitions of truth can cause to fall, they must see
their danger, and try to escape. In Philadelphia, although
there are more men who think as we do than dare to tell
their thoughts, yet it is the way with the newspapers and
with too many of the bank directors to answer all such
statements by crying S Hostility to Pennsylvania and her
institutions.' But we beg to remind them, that 14 months
ago we sent them the history of the present position, and
declared all the prominent facts which this analysis con-
firms. We beg them also to remember that all our state-
ments and predictions concerning the course of this bank,
and the end of that course, have turned out as true as if
they had been spoken by inspiration ; and we ask
thorn to inquire whether, if an enemy tells us the truth,
it is the part of a wise man to reject it because of its
source. But it has been the lot of all who have predicted
events disagreeable to their fellow men, to be called ene-
mica. Yet, when all their predictions have been verified,
it has been common to allow them a better motive.
But what is thought of our motives in this matter, we can
tell our neighbours of Philadelphia, is of more serious im.
portance to them than to us. We have lost a good deal
by our resistance to the bad administration of the United
States Bank. But we do not wish to retrace our steps,
nor to stop until it shall cease to wrong the business of
the country. It is of great importance to the whole nation
that tile resumption about to take place in Philadelphia
should be sound and permanent. It is especially import-
ant to Philadelphia. If the other banks resume without
the United State; Bank, the resumption will possess in
sonic good degree the public confidence, and will be a
comparatively easy thing. But if the United States
Bank is included, the public distrust will draw
every dollar of money oat of Philadelphia im-
mediately, and place it in situations more secure, and
most of it will come to New York. To sustain such a
resumption will require that money should be made
and kept intensely scarce in Philadelphia. For once, the
interest of every Philadelphia merchant, whether he be a
debtor to the United States Bank or not, is obviously op-
posed to the plans of the bank. The interest of every mer-
chant in the whole country is also against the bank. New
York, and Providence, and Boston, secure as we all are,
not behind cotton bales exactly, but behind principles of
truth and honesty, all these places will be agitated and in-
jured by the proposed resumption. We know that the
Philadelphia banks have negotiated their loan un the plan
of including the United States Bank in the resumption.
But there was no pledge that this should be the case, nor
do those who loan the money care, we think, to have it se.
They are therefore not shut out from the liberty of turn-
iog which way tiley please,"—Times.