The Sun.
London, England, 1847-10-25 00:00:00

011ta

LONDON, MONDAY. OCTOBER 25, 1847.

The accounts from all parts of the country are
still gloomy in the extreme, still an urgent demand
for money continues throughout the length and
breadth of the land ; the public funds and every de-
scription of security and property are still sadly
depreciated; and if sales can be effected, or loans
obtained, they are limited in amount, and the parties
obtaining money must submit to the most serious, it
not absolutely ruinous, losses. But even this—fearful
as it undoubtedly is, and heartrending as it must he
to the sufferers to see the fortunes they have ac-
quired during a long course of upright and honour-
able conduct, swept away ; to be reduced from compe-
tence to poverty, and perhaps even to have their
characters impeached, and suspicion for the first time
insinuated against their integrity—is by no
means the worst feature of the present financial
crisis. Banks possessed of large paid--up capitals,
with numerous and wealthy shareholders, whose
entire properties of every description are responsible
for the full liquidation of every demand, have been
compelled to suspend payment, not from any doubts
being entertained of their solvency or stability, or Of
the positive certainty of every fair claim being fully
satisfied, but simply because they are unable to obtain
the usual facilities for carrying on their business.
The Bank of England, from the undue restrictions
imposed on its circulation by the Act of 1844, is un-
able to render the assistance it would otherwise most
willingly afford. From a perfect knowledge of the
causes of the present emergency, and that gold is not
wanted to be exported from the country, which
the present favourable state of the exchanges—
the large orders for our manufactures from
every quarter of the globe, and the bountiful
and abundant harvest now gathered in for the food of
the people, rendering them comparatively independent
of supplies from other lands—makes perfectly cer-
tain, the directors are aware, that they could
extend their issues with the most perfect safety, and
without in the slightest degree endangering the con-
vertibility of every note, in accordance with the terms
of the Act of 1819. They know that such an exten-
sion would immediately restore the public confidence,
and if it would not altcgether remove, would greatly
mitigate the evil; and yet by that insane and fatal
lawani theyfl are prevented from using the same weapons
th
esame course that preserved
the coounotwriynln 1825,under circumstances of far
greater real danger. Accordingly,they have been
compelled to suffer the t
s oppage of bank after bank,
without the power of
paovortitthig the calamity. The
Royal Bank of Liver
Company, the Union Bank 0;
N.Liverpool Banking
ewcastle, have in
turn suspended payments, and ,
this list is this day increased eb regret to say that
South Wales Bank, which, it is said, thehasNorth and
obliged for a time to bend to the storm. lh also been
ward events, in addition to the causes by which
were occasioned, have compelled many ofour
they
eminent mercantile houses to adopt a similar course,
Highly Highly respectable millowners, although there is no
;
want of demand for their manufactures, are in like
manner compelled to suspend, or greatly to diminish,
the working of their factories. Operatives are thus
thrown out of employment, and, from obtaining their
livelihood by their own honest industry, are
driven to the workhouses, to consume, in
pfac#s of increasing, the resources -of the
country The petty traders, and every contributor
to the poor-rate, are thus affected ; and there are
none who are not exposed to the greatest losses, except
the money lendere, who increase their profits in pro-
portion to the exigencies of the country; and all this
is occasioned while nearly nve and a half millions of
bullion are lying idly in the issue department of the
Bank, not a single sovereign of which could be
withdrawn under the present system, were it to
Preserve the credit of the country, although, for all
practicable purposes, the boxes might as well be filled