The Sun.
London, England, 1847-10-23 00:00:00

No. 17,187.] LONDON, SATURDAY E VENE G S Ny OCTOBER 23, 1847.

THE ELECTRIC TELEGRAPH COMPANY
London, 345, Strand, September 1, 1847.

COMMERCIAL TELEGRAPH.
The works of the Lines for commercial communications between
the places enumerated below, embracing a system of Telegraphs for
commercial purposes only, and distinct from that reserved for the
special Ilse of Railways, being so far advanced as to admit of their
completion ay the commen?ement of the coining year, the Directors
think tkat the time has now a•rived when it becomes their duty to
make known the arrarnzements which they contemplate for the ac-
commodation of the public.
Stations will be opened in central situations in the principal Towns,
whence Messages and Dispatches will be forwarded to and received
rom all the other kttations of the Electric Tele.graph Company.
In order to give to :Merchants, Bankers, Manufacturers, and all
connected with trade, the greatest possible amount of information, a
Room will be reserved in eac't of the Company's Stations for Sub-
scribers, in which will be received, tabulated, and exhibited, all intel-
ligence of commercial or public interest ; for instance—
Ship Lists from the rarioas Ports.
Share Lists from the various Exchanges.
Prices Current.
Stock Exchange Lists.
Corn Markets from the var'ous Towns.
Prices of Live Stock, &c., &c., &c.
In London, a Central Station, suited to the importance of the Me-
tropolis, is in course of erection la the immediate vicinity of the Bank
sad Royal Exchange; in this Station the whole Telegraphic News
of the country will be concentrated and forwarded in every direc-
tion ; and here, a, in other Towns, a Room will be reserved for Sub-
scribeis.

The Subscription to these Pleoms will be Two Guineas per annum,
paid in advance, which will entitle Subscribers to the right of en-
trance to all the Subscription Rooms of the Company, including the
Central Station at London.
The foreg.ing detai's some of the advantages of the Commercial
Telegraph to Subscribers,—but the requirements of the Public in ge-
neral will be provided for by the Establishment of Offices, which will
at all times be open for the reception or transmiss'on cf Messages
and Dispatches, while Messengers will be kept at the various Station',
by whom dispatches may be sent out to any part of the Town where
the communication has been received by Telegraph at the Com-
pany's Station.
:_ttbscribers' Nantes are received at the Commercial Telegraph Of-
fice, where any further information may ke obtained.
The following are the Towns to which the Commercial Telegraph
will he first extended:—
London Barnsley Peterborough Chelmsford
Margate Wakefield Yarmouth Ipswich
Ramsgate Leeds Huntingdon -York
Deal Halifax Hertford Darlington
Dover Rochdale Manchester Newcastle
Folkestone Hull Leicester Berwick
Canterbury Maidstone Derby EdinburOt
Northampton Tonbridgo Nottingham Glasgow
Coventry Gosport Lincoln Scarbor. ttgli
Birmingham Southampton Chesterfield Bridlington
.Iy.olterhampton Winchester Sheffield Stunfor.l
Ffitifford Dorchester Bradford . Norwich
Chester Bristol Wis beach St. Ives
Liverpool Gloucester Lowestoft Ware
Rotherham Cheltenham Cambridge Colchester
J. LEWIS RICARDO, Chairman.

Published This Day, in 12m0., price 45.-cloth,
rHE PRINCIPLES and PRACTICE of
ARITHMETIC and MENSURATION ; with the -Use of
Logarithms. Adapted for the use both of Public and Private Schools
and the Universities. By J. WHARTON, M.A. With the Sanction
of the College of Preceptors.
London : Longman, Brown, Green, and Longmans.

GREAT WESTERN RAILWAY.
OPENING TO CHELTENHAM.
On and after SATURDAY, October 23, 1847, the London Trains of
this Company will run over the Line between Gloucester and Chel-
tenham. The Trains will lease Cheltenham for London at 645 A.m.,
7 50 A.M. (Express), 8 20 A.M., 10 40 A.m., 11 15 A.M. (Parliamen-
tary), 12 45 r.m., 1 20 r.m. (Express), 3 55 P.M., 5 50 P.M., and 11 30
P.M. (Night 3lail).—Trains from London will arrive at Cheltenham at
10 o'clock A.M., 12 5 r.st., 12 45 P.M. (Express), 2 30 P.sf. (ParEa-
mentary),2 50 P.M., 4 24 P.M., 6 25 P.M., 8 30 P.M (Evening Express),
9 20 p.m., and 1 30 A.M. (Night Mail).
The Express Trains arriving at Paddington at 11 lock A.M., and
leaving Paddington at 5 30 P.M. will, on and after the 23d instant,
convey Passengers to and from Cheltenham, Gloucester, Stroud, and
Cirencester Hand Bills, giving full particulars of the above, may he
obtained at the Railway Stations.
By order of the Directors,
C. A. SAUNDERS, Secretary.

ARRIVAL AT MALTA OF
IBRAHIM PACIIA.
On the afternoon of the 13th of October the Caire,
French steam-packet, entered the quarantine har-
bour of Malta, with the Egyptian standard flying,
and soon after coming to an anchor it was ascertained
to have been hoisted in honour of his Highness Ibra-
him Pacha, the Generalissimo of the Egyptiau army,
who, owing to ill-health, had, by his medical adviser,
Dr. Franc, been ordered a sea voyage, and. so alarming
did his case appear, that although be only reached
Alexandria on the 7th at noon, weak and fatigued as he
was, he embarked ou board the Caire on the 9th, at
nine A.M., and she took her departure at four r.m. on
the 10th, in lieu of her remaining until the usual
hour of seven A.M. on the 11th, an arrangement
which the French would have it believed was come
to out of regard to the precarious state of the illus•
trious traveller, though in reality done to secure the
g of his Highness and his suite of
fourteenpassae nn
loey
individuals, who no doubt would have pre-
ferred the Peninsular and Oriental Company's noble
steam-ship the Hinclostaa (a far more desirable con-
veyance), had they been certain that the India mails
were so close at hand as to allow the latter to follow
so soon after the Caire.
From Alexandria it is stated that his Highness
suffers from a disarrangement of the digestive organs,
but we learn that he had been troubled on board by
dysentery, which, though at first was very violent,
has so much subsided, Vitt his Highness has almost
resolved to give up his intention of proceeding on-
wards to Naples, and to return, after receiving pro.-
tape at Malta, to Alexandria.
The sudden departure of his Highness on the very
day of an annular eclipse of the sun, a phenomenon
always looked upon with awe by the astrologers of
Egypt, added to the unusual high rise of the Nile
on the two days preceding, had given rise to innume-
rable predictions and forebodings, some of which are
of a very gloomy character.

SOCIETY ISLANDS, SOUTH
PACIFIC.
Letters have been received announcing the official
declaration of the independence of the Society (or
Leeward) Islands. The following is an extract from
a letter, dated Borabora, May 17 :
"I am happy to inform you that the people of Bora-
bora are at length assured of th.e independence of this
island, and of all the Leeward group.
" Her Britannic Majesty's •ship Grampus, Captain
H. B. Martin, arrived here o7i. the 4th of this month,
and she is still at anchor in -the harbour.
"On Saturday, the 15th inst., the French steamer
Gassendi brought back the native adherents of the
French from Otaheite. They were allowed to land
in peace, and are now repairing to their respective
localities in the settlement to rebuild their houses.
" The steamer brought official documents from
Admiral Sir G. Seymour, conveying the final deci-
sion of the French and English Governments. Our
chief, Tapoa, who accompanied Pomare to Otaheite,
is still there, but is expected to return shortly to his
own land.

" I send annexed the copy of a letter written by
the chiefs to Captain Martin, on receiving the above
documents, and his reply :
" tTO CAPTAIN MARTIN, OF HER BRITANNIC
MAJESTY'S SHIT' GRAMPUS.

" ''Borabora, May 12.
" Peace be to you from the True God.
" This is what we have to say to you :—lt has
frequently been reported here that our lands will
become independent, and not be included in the Pro-
tectorate. With these reports we are much pleased,
rejoicing in the thought that we shall not be under
the Protectorate.

" We now think that if our independence is ob-
tained we shall be left to ourselves. And this is what
we wish—that Britain should protect us, our country,
our people, and our religion, that we may not in future
be troubled. We are afraid of any other powerful
kingdom, and on that account we desire you to come
and protect us for ever.'

"'Phis letter was signed by the Regent on behalf of
'Capon, and by all the principal chiefs.
" T 11.3 following is the reply of Captain Martin :
" ' Her Britannic Majesty's ship Grampus.
To TERIIMA.EVARUA, AND THE CHIEFS TEVIVI,
lIAAPOUA, TIANOA,TAEAETUA, PA, MARE, HURIAI,
RAITABU, TEBUIARII, REO, BUTOI.
" Borabora, May 14.

" Peace be to you.
" I have received your letter of the 12th of May,
and this is what I have to say to you in reply :
" It gives me great satisfaction to relieve the
anxiety with which you have so long and so patiently
waited for the decision of the Governments of Eng-
land and France respecting the independence of Bora-
bora and the neighbouring islands.
"' I am now able to communicate to you that your
complete independence will be acknowledged.
"' In order that you may live in peace, you must
not concern yourselves with the affairs of Otaheite,
nor must you permit yourselves nor your people to
excite the Otaheiteans to rebel against the Protectorate.
Thus you will, I trust, continue on friendly terms
with the French, as with other nations.
"' England will not forsake you. She will watch
with interest your improvement and progressive ad-
vance towards civilization ; and the English Admiral
will send his ships to visit you as often as their other
duties will permit.
" In conclu,ion, I advise you to cultivate your
lands, to educate your children, and to strive by
honesty, industry, and sobriety, and by a steady ad-
herence to the religious truths which the missionaries
have taught you, to improve the moral and social
condition of yourselves and your people.
"' I am, your sincere friend,
" H. B MARTIN.'
" This letter, as might be expected, gave much
pleasure and satisfaction to the people, and has, I
hope, filled them with joy and gratitude,
" Those who went over to the French are again
the subjects of Tapoa, and will, we trust, in future
live in peace, and in the observance of the laws of the
country. They all attended chapel yesterday, with
their children, about 100 in number, and, perhaps, a
ninth or tenth of the whole population. After being
landed, the French authorities gave up all claim to
he island."

ibe
fullestpOarbtsioeurfaerr of Sunday,
s of
the
esttl 0
state of
ofctthoe
ebmr
02n4e,ywmilalrgkivete, he
the
Funds, Failures, and all Commercial Matters connected
with Monetary Affairs. The Observers of Sunday, Oct.
10 and 17, which together, contained sixteen folio co-
lumns of city, commercial intelligence, revenue tables,
&e., have been twice reprinted, and copies of either can
be had at the office, 170, Strand, all this month of Oc-
tober. Price of the Observer, 6d.
ACCIDENTS ON TUE BERWICK RAILWAY.--On
Wednesday last, an accident occurred at the station of
the Newcastle and Berwick Railway, at Tweedmouth,
which might have occasioned a serious loss of life. The
train which leaves Newcastle at half-past two o'clock in
the afternoon, arrived at the terminus about half-past
five, and whilst the guards and porters were collecting
the tickets, an engine which is used for removing car-
riages, &c., at the station, called the Pilot engine, run
into the train with fearful violence, and the consequence
was that some of the carriages were more or less broken,
and the passengers thrown together with such force that
ten or twelve of them received severe bruises and
wounds, but fortunately no bones were broken. One
gentleman was much cut about the head, and was re-
moved to the King's Arms Inn, Berwick, when two
pieces of plate glass were extracted from the wounds • he
was able to proceed accompanied by a surgeon. A lady
was also much cut and bruised about the face, and had
to remain all night ; but it is not expected that any
serious result will follow. The greatest attention was
paid to those who suffered by the station-master, Captain
Bell, who immediately procured medical assistance. On
Wednesday morning, a man lost his life at the railway
works at Berwick, whilst employed in excavating earth,
which, being undermined, fell upon him and crushed him
to death on the spot.
MESSRS. LITTLEDALE AND Co. SUCCESSFUL.—The
express train from London has just arrived, bringing the
gratif3ing intelligence that the Bank of England have
agreed to assist Messrs. Littledale and Co. in their
present emergency. The reply to all inquiries was,
" They have granted all that was required." This
is very satisfactory, and will go far in esta-
blishing confidence. Those who were present
at the railway station, and saw the intense anxiety
depicted upon the countenances of the large num-
ber of gentlemen deeply interested in bank and mer-
cantile affairs of this town, who were anxiously waiting
the arrival of the train can only judge of the relief which
this news appeared to give them. It was rumoured that
the Bank of England had assisted the Messrs. Littledale
with a loan of Consols, which, at the close of the market
in London to-day, sold at 791, at a hich price it was un-
derstood the whole had been disposed of. Mr. Littledale
arrived by the train.—Liverpool Mercury.
The lion. E. K. Coke, M.P , was entertained at
dinner at Holt, on Wednesday, by. his friends and sup•
porters, to congratulate him on his return for the western
division of the county,

THE CURRENCY.
Mr. Muntz, M.P. for Birmingham, has addressed
the following letter to the Editor of the Times:—
Sir,—l can ill afford the time necessary to address
you respecting the subject of your article upon the
most favoured locality of this empire, but I feel that
I should neglect my duty both to my constituents
and to myself if I allowedjsuch a jumble of misin-
formation and misrepresentation to pass unnoticed.
As you say, Birmingham and the eastern part of its
environs may have some little advantage from being
represented by Mr. Scholefield, Mr. Spooner, Mr.
Newdegate, and myself; but certainly none of us
represent any part of the iron trade, and our consti-
tuents are not only very few of them interested in
the making of railways, or the various articles used
in working them, but they have, during the last four
years, been seriously injured in their general trades,
and still continue to be so, prejudiced by the high rate
of wages which the railway demand for labour in
Staffordshire has enabled mechanics to maintain in
Birmingham. I am willing to admit, that during
the late war the injury which that war generally
produced throughout the country was much neutra-
lised in Birmingham by the large expenditure of the
Government in arms and other necessaries of war;
and certainly the visitation of the cholera to all of
the populous parts of the kingdom, excepting
.Bir
-
mingham, appeared to be a special interposition.
The reason is, however, very evident. The
town and immediate neighbourhood have scarcely
a flat piece of ground in them. An undulating
surface, founded upon red sandstone and gravel, and
therefore drained by nature far better than most
places are by art, and higher above the level of the
sea than almost any place in England, must naturally
be freer from cholera and other epidemics than other
localities. Besides this, the almost universal plan in
Birmingham, of each family having a house to thtm-
selves, adds greatly to the cleanliness, morality, and
health of the place. But, Sir, Birmingham is more
favoured than most of our other manufacturing towns,
by having its population employed in a great variety
of trades, so that it rarely happens that all are de-
pressed together. The variety of trades produce
variety of ideas, and therefore each mechanic helps to
enlighten his neighbour. The workmen of Birming-
ham are not confined in rooms at a temperature of
eighty or ninety degrees, without change of air ;
they work very hard, and come in contact with much
fire, smoke, and noise, which have made them, with
both hard hands and hard heads, as careless and as
fearless of the thunder of Printing-house-square as of
the still more empty emanations of Downing-street.
It is evident you have made very few inquiries as to
the locality and trades of Birmingham, and that you
have lent yourself to the general opinion, that the in-
habitants are more interested in the construction of
railways than those of most other places where com-
panies are formed and shares are held; and you
assume, therefore, that the inhabitants oppose your
view, that railroads are the main cause of the present
pressure and extensive ruin.
Never was a greater error committed by any paper.
There is scarcely a person connected with the iron
trade who resides either in the borough of Birming-
ham or in the district of North Warwickshire. The
iron works are all in Staffordshire, of which no part
enters the borough of Birmingham ; and, strange to
say, but not less true than strange, there never was
one locomotive engine made in the borough of Bir-
mingham, and, until very lately not one car-
riage. On the other hand, such has been the
injury to the general trades of Birmingham,
from the high wages consequent upon the de-
mand for labour in the neighbouring districts—
which additional charge for labour the manufacturers
were unable to add to their selling prices, in conse-
quence of foreign competition—that scarcely a trade
bears such a profit as covers general expenses and risk
of bad debts. Yet it is very lately that the increase
of wages, and the consequent consumption of imports
and produce, caused entirely by the railway specu-
lations, have been boasted of by Ministers, who then
declared, as I know to be most true, that there had
been no overtrading, and commerce was never in so
sound a state. The supposition that the capital em-
barked in railways is the principal cause of
the present monetary pressure, is nearly groundless.
If the outlay was in foreign railways, or the mate-
rials used were principally imported, the case would
be different. Now the expenditure is home labour,
and English materials,;ind productions ; and although
some indiscreet persons may have suffered from spe-
culation, others have gained, which would leave the
nation as rich as before. The only way in which the
railway speculation has affected the country has been,
as I before stated, by raising wages above the usual
level, and by causing an increased import of foreign
produce, which our present monetary system canna
bear,

, My opinion about the railway system is not at all
governed by interested motives. I have not any rail-
way shares, and I am quite unconnected with the
manufacture of any articles used on railways. I
wamag, seriouslyeosnwthhiechcolntarmar7t,hruetbulgeos of a very
hhsrailwinajy my.
injured by the high
pay,
in which
supposing
annum. And now, Sir, work obliged obslaigmed per
to
were immediatelyat
interested
ng corrected your mis-
take,majority of the inhabitants
in the construction of
railways, I cannot plead guilty to your general charge
of propounding an inconvertible
ible paper currency. I
that am not prepared to say it is impossible to have
an inconvertible paper currency so regulated as to
have all the soundness and solidity of a currency
convertible upon demand into the precious metals ;
but certainly I have never
sufficient, insufficient, oryet learned how the
excessive quantity of
such inconvertible paper could be ascertained.
Under such circumstances,
the present monetary system
and
yet convinced that
is
equally unjust and
untenable, I have always, for thirty-two years, advo-
cated such an alteration in the value of gold at which
the bank notes are redeemable
to all classes and to all interestsas shall be equally just
; and I am confident
I shall yet live to see such change, or something much
worse carried into effect.
The
all the philosophers, that it
i clap-trap argument of
alter the yard, or foot s as just and necessary to
measure, as the standard of
value, may satisfy those
superficial persons who never
think for themselves ; but
those who will think and
know that the yard and f
so altered, but that the foot measure never have been
tually altered from 1785 standard
to value was vir-
suspended from 1797 to 1815,e1844, and was entirely
t-
will also see that, if in-
stead of suspending be
altered our measures for t standard of value we had
period we had more than twentyrebled our rental and our
years, during which
debt, it would have
been
as impossible to return to
the old measures as it is ne
our old standard of value of gold
impossible to return to
gold at 31. 17s. 10Id. per
ounce. I y here
common resourcma es ofby philosophers
you against the
and bullionists
when any man advocates
standard—which is, that I. an alteration of the
what he owes. In my
en_ wants to avoid paying
I have always a far
ina
larger amount owing to se
than by me; yet, as I
maintain that the effects or
thee present system are
not half carried out, and will
not be until the prices
of all property, produce, and labour
average prices of 1785 to 1790, are reduced to the
amin advocating
an alteration of the standard, not -,
Incurring a direct
loss, but an indirect loss of some 30,0001.,0 which I f
shall
certainly obtain by reduction
iprices if the
be
present system can carried out. ite agree
with your correspondent, " Spectator," which
Chancellor of the Exchequer, that nothi n means
be done for the public than the Bank isg more can
under the present system. At the presenntow doing,
standard
only a certain amount of paper can be circulated,
is whether wanted or not, or whatever ruin produced.
I also am aware that the 1844 Bill is quite
neif the 1819 Bill and 31. 17s. 10Id. standardcessary
be con-
tinued ; the former Bill is absolutely necessary in
such case to prevent those vacillations in
the conduct
of the Bank, and those depreciations and
appreciations
in the circulation, which were constantly occurring
between 1819 and 1844. Had the 1819
9ing
Bill
been properly worked, by keeping half the
amount of the paper in circulation in bullione in
the Bank, without allowing any material deviation
in the amount, the 1844 Bill would not have
eahon
been
wanted, and is now only useful to ensure such
result. Agreeing so far with " Spectator," I am
quite at issue with him as to the quantity of money
now in circulation being enough for the wants of
the country, and opposed to his argument that, be-
cause the same amount of notes sufficed at another
time, it should do so now. .An increase in prices,
the extent of transaction, or the discounting onlyro
short-dated paper, will have the same effect in ren-
dering money scarce as a reduction in the amount
issued; and when confidence is once lost, and the
system will not allow of anything being done to re-
store it, every individual who has the power to do so,
b y keeping an extra amount of money at command,
impoverishes the whole community. " Spectator "
says, the reign of reason must not be altogether sus-
pended ; that improper monetary and banking re-
strictions are not a prominent cause of the present
_difficulties ; that overtrading is the cause, aided by
fictitious credit and railroad enterprise ; and that
tampering with the currency will only increase the
distress. I say, on the contrary, that nearly the
whole of the mischief arises from an unsound, unjust,
ignorant, and unnatural monetary system, instituted
by men who knew nothing of the subject; that
there
has been no overtrading ; that the railroads

would have done no harm if the system of money
had been sound ; that there has been nothing
but tampering with the currency since 1814; but
what has been called legislation upon it would disgrace
a schoolboy; and that, until the system is honestly
revised,
and entirely altered, there will be no lasting
prosperity in England. And now, I ask you, who
ought to be believed in preference—a series of Go-
vernments, who for thirty-five years of contined
peace have governed the country on a system which
has added to her national debt, and at repeated periods
brought her to a comparative state of ruin—who
have during that time, and to support that system,
enacted poor-laws, truck-laws, corn-laws, and bank-
laws, all impolitic, iniquitous, and unjust—whose
every new plan was to be a cure, and whose every
new plan failed ; or a number of disinterested men,
who have as repeatedly said that the Government
plans were unsound, and would not succeed, and who
now say that the remedy is easy, and the cure may
be made permanent, and the principle of cure be a
just one ? Of course no one will admit, if they can
avoid it, that anything good can come from Birming-
ham. Nevertheless, the empire is indebted to my
native town for many useful and valuable discoveries,
not to say anything of my own yellow sheathing,
about which I was so much ridiculed and abused at
first by all classes, and all interests and professions,
but which the nation now saves about 200,0001. per
annum by the use of.
It appears fearful odds to be opposed by the Times,
the Government, the philosophers, Sir R. Peel, and
the money-holders; but no odds are important when
one is acting in accordance with the principles of
nature. It is only a question of time, and success is
inevitably certain. Whether the 31. 17s. 101-d.
standard is partially got rid of by a heavy property-
tax in exchange for indirect taxation, or by any other
insidious plan, it must and will be got rid of. The
other classes will not allow the money class to mono-
polise all their property, produce, profits, and labour,
long without remuneration ; and, in spite of all op -
position, the nation will at last confess that the prac-
tical men of Birmingham were long before the rest of
the people in discovering that the great cause of the
distress and misery of the last thirty-five years was
attributable to an ignorant, vicious, and unjust legis-
lation upon the monetary system of the empire. You
say that any change in the currency will only be
robbing Peter to pay Paul, but you are
wrong.
frominoneetearny
system.
inPeterthe
tinning to rob Paul, as he has been doing for the
A would proper
only change
prevent
last thirty. years. If you could show them that all
prices had accommodated themselves to the standard of
31. 17s. 100., I should immediately admit your posi-
tion ; but the far greater proportion of prices have
still to be greatly reduced before they will be in ac-
cordance with that standard. A nominal convertibi-
lity of bank-notes is not a real convertibility, and
here has been the deception. It is very easy to effect
convertibility when none, or few, want to convert;
but, whenever circumstances make general converti-
bility approach, wretchedness, misery, and ruin cover
the face of the land. The pressure is now great, but
it is nothing to what we shall yet feel, although pos-
sibly it may be temporarily postponed ; but the present
Money Laws will not be carried into full effect until
the value of land, the value of landed produce, and the
value of labour connected with them, are reduced to
the level of 1785. Then, when farmers are ruining,
mortgagees foreclosing, land uncultivated, and both
agricultural and mechanical labourers unemployed,
with the tax-collector clearing away all the existing
profits, you may rejoice in your healthy standard of
3/. 17s. 100. And now, Sir, I may as well give you
my remedy, as proposed in 1840 to the Commit-
tee upon Banks of Issue, the efficiency and justice
of which the events of the last seven years have
mournfully convinced me. The first and indispen-
sable step is a suspension of cash payments, whilst
the subject is debated and arranged. The second,
an entire separation between the Bank of England
and the Government. The third, taking out of the
hands of the Bank the management of the circulation
of the country, and giving it to a national bank,
managed by commissioners appointed by, and respon-
sible to, Parliament, which bank should issue notes
which should be a legal tender, and in which all other
banks should pay their notes on demand. The fourth,
empowering such commissioners to issue their notes
very gradually, to such extent as should eventually
raise all prices which have fallen, and with them gold
and silver, until silver was 7s. 6d. per ounce, which
would keep wheat at an average price of 7s. 6d. per
bushel, and all other prices in due ratio. And when
such price of 7s. Gd. should have been obtained, the
national bank should at all times receive silver at
7s. Gd. against their notes, and pay the notes on de-
mand in silver at 7s. Gd. per ounce.
The above proposal will be a fine field of cavil for
the philosophers, bullionists, and the press; in the
meantime I have only to say, that I would most
.willingly undertake by the above plan to relieve, im-
prove, and entirely restore the country to permanent
prosperity, with satisfaction to all interests, all classes,
and all parties, subject to any forfeiture, even were it
loss of life.—Yours, respectfully,

G. F. MUNTZ.
Ley Hall, near Birmingham, Oct. 18.

TO THE EDITOR OF THE SUN.
Silt,—Let the Bank of England issue ten millions
of Government one pound notes, which notes should
be payable for duty at every custom-house through-
out England and Wales.—Yours, &c., T.
Bath, Oct. 22, 1847.

-
MONEY MARKET and CITY NEWS.
CITY, FRIDAY EVENING.
TIMES.—The fluctuations in the English Funds
have to-day been somewhat less violent. Consols
opened at 798 to 4 for money, being a slight decline
upon the closing prices of yesterday, advanced to 80k,
receded again to 79k, and closed at 79i to j. For
the account the first price was 798 to 80k, and, after
ascending to 808, they left off at 808 to
There was more business transacted in the foreign
exchanges than on any recent post-day. The rates
for Holland, Frankfort, Vienna, and Trieste were
higher, and for other places about the same as last
post.
In London, although at the Bank, out of doors,
and at the Stock Exchange, there has been a strong
demand for money, the day has passed off well. From
the country, reports have been industriously circu-
lated of the stoppage of two joint-stock banks, but in
one case the town agents are wholly without advice
of any such event (while, from the state of the ac-
count with them, they also consider it highly im-
probable), and in the other a contradiction has ap-
peared in the third edition of The Sun.
The arrangement which was described yesterday
as having been made by the Bank of England with
Mr. Littledale, of Liverpool, for the support of his
firm, is now fully completed, and the house will re-
ceive the required amount.
The letters from Newcastle received this afternoon
mention the existence of considerable excitement in
the town, on account of the stoppage yesterday; but
they are free from news of any further disaster. The
proprietary of the Union Banking Company are very
respectable ; and it is believed that any call that may
be necessary towards the liquidation of the concern
will be promptly met.
Letters from Manchester received this morning
maintain the same comparatively steady tone which
we mentioned a day or two back. Everything
here," says one writer, "continues quiet, and there is
a more hopeful feeling beginning to prevail. We
are likely to have cheap food and cheap cotton, and,
with a beter state of the money-market, business will
certainly improve."
The accounts from India by the present mail, as
regards the affairs of Messrs. Cockerell and Co., are,
it is said, not unsatisfactory. Owing to the better
state of the market for piece goods, the house had
disposed of the old stock, and were proceeding to sell
those of 1847, while, with respect to indigo, it appears
that, although the crop was estimated at only 116,000
minds, the factories with which the firm are con-
cerned were better than the year preceding, although,
like the crop generally, inferior to what had been
anticipated. Confident expectations were entertained
of large remittances being made during the season to
cover the bills drawn.
CHRONICLE.—Our letters from Liverpool de-
scribe a better state of things as having commenced.
This has arisen, no doubt, from the partial improve-
ment which took place in London, the favourable
reply to Messrs. Littledale's claim for assistance, and
the general belief that the Government will step in to
aid the commerce of the country in its distress.
The Bank returns have, as usual, appeared in the
Gazette this evening, being the account up to Satur-
day last, the 16th inst. Under the circumstances, we
do not think a better return could have been antici-
pated. Compared with the same period of 1846, the
effect of the payment of the dividends this year is less
apparent, although of course the change in the posi-
tion of the Bank is very great.
Much anxiety prevails in the north of England
with regard to the contemplated stoppage of works,
and the most fatal consequences are apprehended
from a continuance of the present crisis in financial
affairs. The Government have an opportunity for
preventing the further spread of the evil ; but every
hour lost is the addition of more difficulty to be here-
after removed.
The epidemic, which we %di • '
P4Diel Is on the in-

crease, and although a lull may here and there for a
brief moment occur, yet with the state of feeling
which paralyses the heart of the country, London, we
may be sure that the extremities cannot escape the
pressure which it endures. We hope to see the
matter taken up by the leading firms in the City. It
interests all alike, whether supporters of the Bank
Act of 1844, or its opponen's ; for it must not be for-
! gotten that the original scheme contained a clause
authorising, under certain circumstances, the increased
issue of notes which are now found to be required.
We believe it was to the opposition of the present
Chancellor of the Exchequer that we are indebted for
the exclusion of this clause; and if so, the Right Hon.
Gentleman has a debt to pay to the commercial commu-
nity, whose troubles are now aggravated by the feeling
that the remedy is a matter involving a responsibility
which the Ministers of the Crown seem but little de-
sirous to incur. To this point, however, they must
come at last; and if the period be delayed, it will be
with the misfortunes tenfold greater. The prestige
of " the proper moment " lost, and their own reputa-
tion as statesmen must be seriously damaged in the
estimation of the country.
HERALD.—The pressure for money to• day in
the discount market, if such a market can now be
said to exist, in the proper sense of the term, was
severe beyond all former precedent, and the rates
charged puts carrying on regular business in any
department of trade utterly out of the question. We
have repeatedly cautioned the public not to look at
the Stock Exchange as affording any criterion what-
ever for the actual state of affairs in the metropolis,
for the prices there are governed to such an extent
by speculative operations that they lead to no con-
clusion that can be relied on. Although, however,
every person having the slightest knowledge of the
subject is perfectly convinced of such being the
fact, it is currently reported in circles that have
ample means of judging, that so limited is the
knowledge, and so narrow the views of the Chan-
cellor of the Exchequer, that he clings with the
utmost tenacity to the belief that an advance of

per cent. i❑ the price of Consols for the account
is an irrefragable evidence that things are im-
proving, and that consequently there will be no
necessity for interference on the part of the Govern-
ment. It is scarcely credible that such shallow flip-
pancy could be displayed in such alarming circum-
stances as the country is now placed in, by any man
having the confidence to accept of such an office, and
we have no hesitation in stating that we speak the
mind of a great majority of the country when we
affirm, that if Lord John Russell cannot find a man
with a more expanded grasp of mind to fill the office,
the doom of his Cabinet is sealed.
Reports were industriously circulated, and which
for a time obtained credence in a number of the
banking-houses, that the North and South Wales
Bank, the head office of which is at Liverpool, had
suspended payment. As this bank has a number of
branches ramified through Wales, the report in ques-
tion excited considerable interest ; for, being a bank
of issue, the maximum of which is 63,9511., it was
inferred it would create great distress among a num-
ber of poor people. We are very glad to be enabled
to state, that on inquiry at the London and West-
minster Bank, who are their agents in town, we were
informed that they had received no advice on the

subject, and had-not only paid and received every-
thing for them during the day, but were to remit a
sum in bank-notes to Liverpool by this evening's

post.
There were other rumours circulated respecting
two or three commercial houses in town being unable

o meet their engagements, consequent on the arriva

of the mails yesterday, but the facts were not attested
on such authority as would render it prudent to give
them publicity at present.
The letters received from Manchester this morning
announce the stoppage of the private bank of Scholes
and Co., but except as an evidence of the extension
of the pressure, it is not treated as a matter of much

importance. The bank was established in 1790, and
by the return made to the Stamp-office, the partner-
ship consists of Thomas Seddon Scholes, of High-
bank, Prestwich, near Manchester; and Joseph Sed-
don, Cheatham, near Manchester.
► The directors of the North of England Joint stock
Bank, whose head office is at Newcastle upon-Tyne,
and which suspended payment in March of the pre-
sent year, have been actively engaged in realising
the assets, and have just issued a circular to the
shareholders, together with a balance-sheet setting
forth the assets and liabilities to the 30th of Octo-
ber, 1847.

SPORTING INTELLIGENCE.

BETTING AT MANCHESTER.-FRIDAY.

CAMBRIDGESHIRE STARES.-9 to 1 agst Geraldine,
9 to 1 agst Giselle, 12 to 1 agst The Prior of St. Mar.
garet's, 12 to 1 agst Patriot (t), 13 to 1 agst Hydrangea,
14 to 1 agst :Collingwood, 15 to 1 agst Blackbird (t),
16 to 1 agst Foreclosure, 16 to 1 agst Queen Mary, 18
to 1 agst George Hudson, 25 to 1 agst Lady Wildair,
25 to 1 agst The Cur, 33 to 1 agst Dulcet, 33 to 1 agst
Sagacity, 40 to 1 agst Wanota (33 to 1 taken).