The Sun.
London, England, 1840-09-19 00:00:00

THE SUN, LONDON, SATURDAY, SEPTEMBER 19, 1840.

the system of Ecclesiastical Government even in the
republican Church of Scotland.

We have on more than one occasion expressed
our dissent from the opinions of our Correspondent,
" A Commercial Traveller," who writes on banking
and money matters ; but, believing him to be a
person of considerable acquaintance with these sub-
jects, we readily give insertion to his communica-
tions, and place great reliance on the facts he men-
tions. In his communication, which appeared in our
journal of yesterday, there is one very important fact,
which, as it makes, we think, against his
own deductions, and is in strict conformity
with the general progress of money matters,
deserves especial notice. He first states,
that " the use of bank-notes is superseded to a
great degree in all our large cities and towns by
bills of exchange and the use of checks." He re-
fers to the well-known fact of millions in amount
being daily settled at the clearing-house in Lon-
don, without the exchange of a single bank-note ;
and he affirms that this cleating system is extending
itself to other places. Even the farmer transacts
his business by a check-book and a banker's ac-
count, instead of cramming his pockets with bank

notes. He then says—
Another most important feature in transacting the
business of the present day is to be found in the prac-
tice which very generally prevails of drawing bills for
the amount of an order on the first of the month after
its execution, this bill is then sent for acceptance
through some bank, and, when accepted, is discounted
by this bank, so that instead of our manufacturers and
dealers having, as formerly, large capitals absorbed in
book debts, this item is now an nonentity, and the tra-
vellers of many such, when they go their journeys, have
not one sbill.ng to receive, and thus the uses of which
money k capable is taxed as far as the ingenuity of mau
can carry it.
This often produces a great pressure for money on
particular days, and a greasy laxity on others, giving a
very uncertain and irregular character to the money mar-
ket, and our manufacturers would do well to obviate the
inconvenience which this is continually producing by
varying their days of drawing.
He deduces from this " that there is no connec-
tion between the state of trade and the amount
of bank paper, or bank-notes, in circulation," and,
of course proves, if he proves anything, that
" bills of exchange," " checks," and " bills for
the amount of orders," are now of almost infinite
importance compared to the amount of bank notes
in circulation ; and that nearly the whole of the
trade of the country may be carried on without the
use of a single bank note, and be indefinitely en-
larged or contracted without the slightest aitera-
tion in the issues of any bank. If this be a
correct statement, as we believe it is, how ineffably
ridiculous appears the inquiry of the Committee
of the House of Commons into the issue of bank
notes, which, except as it may place a few hun-
dred thousand pounds, more or less, in the
coffers of a batch of monopolists, can no longer have
the slightest influence on the national welfare,
Bank notes are gone out of use for all the purposes
of large traffic, though still retained in use for the
retail purposes of buying and selling. This theory
is confirmed by the present state of the Bank of
England issues, and the issues of country banks
No person can doubt that the commercial transac-
tions of England have increased--at least doubled
since 1817, but the Bank of England circulation,
which was then nearly 30,000,000, is now not
17,000,000. A similar reduction has taken place in
the issue of country bank paper, and yet trade
has everywhere increased. To form fine-
spun regulations on the subject of issuing
bank paper, to talk about establishing one National
Bank of Issue, todevise restrictions on bankers, and
compel them, differently from other traders, to give
security to the State fur conducting that part of
their business which is confined to issuing promis-
weary slzas cm demand, when ale '1.351.1e of

bank notes has ceased to have any important in-
fluence on the public welfare, on the value of
money, or on the extent of trade, is to lock the
stable after the steed is stolen. The evil of the
issue of bank-notes, whatever might have been
its amount, is now at an end. That invention to save
the use of money has been mainly superseded by
more refined contrivances. The facts stated by our
Correspondent are the more to be relied on, inas-
much as they knock on the head his own
favourite nostrum, adopted, however, from
Mr. M'CuLLorkt, whose doctrines are daily
proved, and very often overturned by new
facts—of compelling bankers to find security for
the issue of promissory notes.

These facts will teach our meddling legislators
—if they are not unteachable—a great lesson.
The evil they have been troubling themselves to
devise a remedy for, which they have uttered more
nonsense concerning than would fill many volumes,
and have actually filled volumes with their inquiries
into it this last Session, no longer exists for any im-
portant purpose. If they want to control the
currency, they must make regulations for deposit
accounts—they must make laws for check-books—

they must limit bills of eschanc—and bills for
the amount of orders—in short, they must inter-
fere with the most private business of every trader
and every banker in the country ; and much as
those gentlemen demand regulations and co-
ercive laws for the poor, they will spurn
with much indignation this system of
meddling with their private concerns. The
gentlemen of the House of Commons, finding they
can no longer effect any great purpose by
making laws about the issue of bank-notes;
and being unable to meddle with checks,
will have to stand aloof and see other parts of
society, like this of bank-notes, run away from their
regulations, and even assume a totally new aspect,
while they are deliberating about what they ought
to do with a system which has almost passed away.
The greatest fool on earth, says Dr FRANKLIN,
is a legislator, devising laws. for the regulation of
trade ; and his admiral)le and foreseeing wisdom
receives " cowfirmation strong," by the singular ex-
ample of banli.-notes becoming—in a national point
of vievv—wholly unimportant.

Madrid Journals of the 9th inst. have been duly
received. The towns of Barcelona, Segovia, Gra•
nada, Salamanca, and Huesca, have all sent their
adhesion to the governing Junta of Madrid. This
body has suspended the Regency, and ordered the
removal of all Magistrates who, by resisting the
Constitutional Government, might interrupt the
administration of justice. On the Bth a grand re-
view of the national guards of the capital took
place before Generals Rona., LoRENzo, and Lo-
PEZ ; and on the morning of the 9th 3,000 troops
of the line arrived and declared themselves in favour
of the Junta. ESPA RTERO had left Barcelona to
join the QUEEN at Valencia, in the hope of pre-
vailing upon her Majesty to yield to the national
wishes before it would be too late. The address
of this gallant patriot to her Majesty is given in
another part of The Sun.

is ene, it is asserted, which is likely to facilitate the
almost desperate arrangement of the eastern question
—viz., Mehemet Ali consents to accede to the proposal
of possessing Syria for his life only.
This news is not so improbable as it at first
appears from the repeated declarations of MEHE.•
AtET ALr • that he would yield to nothing but de-
feat. The bravados of the PACHA were the
natural offspring of his Highness's reliance upon
the support of France. Finding, however, that
France, in taking up arms, had no intention of de-
claring war against the Allied Powers, or of re-
sisting the blockade of Syria, it is probable that
the PACHA prudently resolved to yield to a neces-
sity which, if resisted, must involve himself and
his family in one common ruin.
TREATY OF COMMERCE BETWEEN
FRANCE AND ENGLAND.
We are enabled to state, that the British and
French Commissioner have brought to a close their
negotiations for a treaty of commerce between
Great Britain and France, and that it contains seve-
ral clauses highly favourable to British manufac-
tures. The very few points which may be considered
open are mere technicalities, of no importance what-
ever. But for the unpleasaut differences which have
arisen on the Eastern question, the treaty would have
already received the signature of M. Thiers. Mr. Por-
ter remains in Paris, and there appears to be an under-
standing that the treaty will be signed the moment the
political horizon shall have brightened up.—Galignani's
Messenger.
TURKISH CABINET.—The following modifications
have taken place in the Turkish Ministry :—Rifat
Bey, formerly Councillor of the Ministry of Foreign
Affairs, and at present on a mission to Mehemet Ali,
has been elevated to the post of Sadaret Mustechari
(Councillor of the Grand Vizier ; Ali Effendi, pro tem-
pore Councillor of the Ministry of Foreign Affairs, has
been definitely appointed to that situation. He is
replaced in his office of interpreter to the Divan by
Essad Sark Effendi, formerly director of the Moni-
tear Ottoman; Muhib Effendi, formerly Sadaret Mus-
techari, of which office he will continue to discharge the
duty until the arrival of Rifat Bey, has been appointed
Davi Naziri (Minister of Justice) ; Nedjib Effendi, at
present filling that situation, is appointed a Member of
the Council of Justice, continuing to hold at the same
time his office of Intendant of the Sultana Atie.
The Moniteur mentions that the Governor of Mar-
tinique had emancipated 134 slaves on the 21st of May
and 26th of June last--viz. 41 males, 52 females, and
41 children ; and that the Governor of Guadalouce had
emancipated 35 slaves on the 6th of July last—viz. 11
males, 16 leai!es, and 8 children.

DAMASCUS JEWs.—The Temps asserts that Me-
hemet Ali had anticipated the petition about to be
presented by Sir Moses Montefiore and M. Cremieux
for the pardon of the Israelites condemned at Damas-
cus for the murder of Father Thomaso, and had re-
mitted the sentence, in consequence, as he added of
four of the accused having died from the tortures in-
flicted on them.

The Journal du Havre says, " The Minister of War
has just announced to the Prefect. of the North, and,
doubtless, to the Prefect of the other frontier depart-
ments, that 56,000 infantry, and 20,000 cavalry will
be quartered on the inhabitants of the frontier towns
during a part of the year.
We are then going to enter on a permanent situation.
It is not a state of war, says a Journal of Valenciennes,
it is doubtless a state of neutrality.—Le Commerce.
A letter from Interlaken, of September 9, in the
Observateur Suisse, says—
" A terrible catastrophe occurred yesterday on the
Harden. Colonel Rowley, son of the Admiral, went
yesterday to the mountain with his two daughters
and his son, who is still a child, and very impru-
dently took no guides. When they had got to
some height, the youngest daughter, sixteen years of
years of age, stumbled and fell down la :precipice. The
son and the elder daughter seized with terror fell also,
but were so fortunate as to support themselves
by layinr, hold of the shrubs till the cries
of the rather were heard by a labourer named
Goldsedyler, who was mowing at a short dis•
tanee. This man, though he had lost an oral,
happily succeeded in rescuing the two children
from almost inevitable death. Meantime, other per.
sons who bad hastened to the spot looked for the
youngest daughter. The dead body was brought into
Interlaken in the evening."—Moniteur.

BOIJR.SE.—PARIS, WEDNESDAY, SEPT. 16.
HALF-PAST THREE.—The Market has been brisk, and
a great deal of business done. The rise which took place
yesterday has been followed by a further rise. The great
sales of the last few days have led to repurchases and re.
alizations of profits. For the Account, the Three per
Cents. opened at 73f., declined to 72f. 75c., advanced to
74f. 90c., and closed at 74f. 75c. ; a rise of if. 75c.
The Five Der Cents. npaned. at -1044., 44,15 to '1 04f-: soe-;
rose to ion% 7uc., and close at 1061. 25c. ; a rise of If.
45c. For money, the Three per Cents. are 21. 35c., and
the Five per Cents. 21. higher. The Bank of France
Shares have recovered 150 f., and the Belgian Bank
Shares 20f. The Laffitte Bank Shares are as yesterday.
The Belgian Five per Cents. have improved if per cent. ;
the Three per Cents. 2 per cent. for the Account —.the
latter 641. and Of. The Spanish Active I- better, having
had but the one price of 2.. The Passive is e better.
The Neapolitan Bonds are nOc. higher, and the Roman 2
per cent. Railway Shares have slightly improved.

MONEY and COMMERCIAL NEWS.

CITY, FRIDAY EVENING.

The Antwerp papers and letters of Wednesday were
delivered this afternoon, but btought no intelligence of
interest.

The Funds were unfavourably affected this afternoon
by the receipt of an express from Paris, announcing the
continuance of the warlike preparations there, and stat-
ing that Admiral Stopford had received intelligence of
a French vessel laden with stores being en its way to
Egypt, and had given orders for its seizure. The only
question which need be solved in order to allay anxiety,
is whether this French vessel is sent out on private
speculation or by the Government.
Consols receded from 884 to 881 s for immediate
transfer, and from 89 to 884 for time. Bank Stock
left off at 167 for the opening ; India Stock at 248 ;
the New Three-and-a-Half per Cents. at 974 ; and
Exchequer Bills at Bs. prem.
Notwithstanding the unsettled state of affairs in
Spain, Spanish Active Bonds were firm. They rallied
to-day from 22i to 231 ; and Portuggese New Five
per Cents. were buoyant at 334 to 32k, and the Three
per Cents. at 221 to 221. Co:ombian Stock of 1824
touched at 234, and Mexican of 1825 advanced to 26.
Dutch T wo-and-a-Half per Cents. are now full 2i. per
cent, better than on Tuesday, Ewing ranged from
51-1 to The Bou7se at Amsterdam was firmer on
Tuesday afternoon. Brazil Stock has been steady at 78.
Shlres were rather lower this afternoon.

The Foreign Exchanges again wore an unfavourable
appearaace this afternoon. Bills on Paris were nego-
tiated at 251. 421 c. to 40c. ; Amsterdam, 12 2 to 11 ;
and Hamburgh, 13 8 to 7i.

(From' The Sun of Last Night.)
LIVERPOOL COTTON MARKET, THURSDAY.—The
transactions in the Cotton Market to-day are to the
extent of 4,500 bags, prices steady.
LIVERPOOL SHARE LIST, SEPT. 17.—Eastern
Counties 104 ; Grand Junction Quarter Shares New,
; Great Western 84 85 ; Great North of Eng-
land 47i ; South Western 53i-; Midland:Counties 80.
A fair business has been done in the Share Market
to-day, and an improved feeling is pea ceptable.

We have received Barbadoes papers to the 28th July,
and Antigua papers of the 15th. They contain no news.
Extract from St. Lucia papers to the 16th July :
" The Columbia, stermer, arrived here on Saturday
morning, after debarking the detachment of the 52d
regiment destined for the garrison at Mon Fortunee,
and taking on board a part of the 14th, she proceeded
to Rizen Island, and landed the remainder of the de-
tachment of the 52d."

Our speculators in the Funds were rather taken by
surprise this morning on learning the considerable rise
in the French Funds; a rise was anticipated, but not to
that extent of 5 per cent. in the Fives, and 4 per cent.
in the Threes.

The important inteLigence received by private letters
from Malta of the 7th September, that Count Walewski
had proposed to Mehemet Ali a project of arrangement
which the Viceroy had decided on accepting, has not
had, as yet, much effect on the British Funds, as little
credit is given to the information.
Consols, which left off yesterday at 88i 4 for the
Account, opened at 88i1 LI, at present may be quoted
88i 89 ; Money 88i Exchequer Bills, 5 7 prem. ;
Bank Stock, 168 170 for the opening ; India Stock,
246 248.

In the Foreign Market Spanish Active improved,
left off at 22i 23, at present 231 ; Deferred, 11-1 ;
Passive, 5a a ; Portuguese left off at 321 33, may be
quoted 33,f ; Three per Cents., 224 ; Colombian, 224
; Mexican, 241 25 ; Dutch Two-and-half per Cents.,
.50k ; Five per Cents, 99 100.
SLIAUF.S.—Great Western, 19 21 prem. ; London
and Brighton, 10 921 dis. ; Blackwall, 2 11 die. ; Bir-
mingham, 75 80 prem. ; Southampton, 53 55 per
share ; Croydon, 114 1 per share ; Greenwich, 6 7 per
share.

The Dutch mail, of the date 16th September, has
just arrived.
The panic bad subsided, and the funds rather im-
proved,
PRICES OF SHARES THIS DAY AT ONE.
RAILWAYS. Paid. Per Share.
Bristol and Exeter 5O ...... 23i..... to

Great Western

Ditto New
London and Brighton
Manchester and Leeds
North Midland, (New)
York and North Midland

It is reported that the overland mail,going from
London to the East Indies, has been stopped at Malta.
Although the news from Malta that Mehemet Ali was
willing to agree to terms proposed by the French
Agent, in general is not credited in the City, still the
British Funds continue buoyant, and have reached 89,
at present a shade lower, 884 for the Account ; Ex-
chequer Bills better, 7-5 8 prem. ; India Bonds better,
10 8 discount.

In the Foreign Market Spanish Active also improved
to 23i, at present 281 ; Brazilian 78 ; Colombian 22i ;
Mexican 20i ; Portuguese 831 32i ; Dutch Two and-
a-H ulf per Cents. 50i ; Five per Cents. 100.
Little doing in the Share Market, and the prices are
rather higher.

We learn that the Swallow packet sailed from Tam,

pico for Vera Cruz on the 21st of August, haring a
freight of 750,000 dollars on board. The letters of
a !Tent date do not confirm the statement of serious
disturbances having broken out in the city of Mexico.
CLOSING PRICES.
BRITISH FUNDS.

Rank Stock
3 per Cent. Red BBA ' Ditto Bonds
3 per Cent Cons ...... .. BSA Ditto Old Annuities
31 per Cent Red........ Ditto New Annuities —
New 34- per Cent - Ex. Bills, 1,000/...2d... Bpm
New 5 per Cent ...
Long Annuities to expire ' Ditto Small Bpm
Jan. 1860, Bank Stock for 0pg....167
Oct. 1859... — India Stock for Acct... 247
Jan. 1860...

FOREIGN FUNDS.
Austrian, 5 per cent Portuguese, 5 per cent. 6917
Belgian, 5 per cent Ditto, New Ditto 33
Brazilian 130n,!5... 78 Prussian, 5 per cent....
BuenosAyres, 6 per cent Russian, 5 per cent....
Chilian, 6 per cent Ditto, Metallic
Colombian, 6 per cent... Spanish, 5 per cent 236
Ditto, 1824 23 Ditto, Deferred .. .11 a
Danish, 3 per cent. French,s per cent... —f. —c.
Greek, 1825, 5 per cent. Exchange ..
Mexican, 5 per cent.... French, 3 per cent —f. —c.
Ditto, 6 per cent, 1825. Dutch, 2i per cent 50:4
Peruvi an, 1825, 6 per et. Ditto, 5 per cent..... 99'
SHARES.
Bristol and Exeter
Great Western Railway
Ditto New Shares
London and Brighton Railway
London and Blackwall Railway
Manchester and Leeds Railway
Ditto New Shares. .
North Midland Railway
Ditto New Shares
COURSE OF EXCH

Amsterdam C F 12 5
Ditto, at sight
Rotterdam 2U. 12 5i
Antwerp ....... ....... 12 5
Hamburg... ...... 111.8. 13 11
Altona ... 13 11i
Paris, 3 days' sight „, 25 35
Ditto, 3 months 25 60
Marseilles .. 25 60
Bourdeaux
Frankfort on Maine 1494
Petersburg, 3 Us 371
Berlin
Vienna, efree. 3 M„, 1 3
Trieste, ditto lO 5
Madrid
Cadiz 364
Bilboa 361-
Barcelona 36i
Seville ........ .......... 36}

YESTERDAY

Gibraltar ........... 48
Leghorn
Genoa
Milan
Venice 47
Naples 4o}
Palermo, per oz 122
Lisbon 53
Oporto
Rio Janeiro 2B
Bahia
Buenos Ayres
New York, 21 days'sight 46i
Philadelphia
PRICE OF BULLION, PER oz.
Portugal Gold, coin X 3 17 9
Foreign Gold, bars...o 0 0
New Doubloons 0 0 0
New Dollars 0 4 104
Silver in Bars 0 5 ()I

THIRTEEN STACKS BURNT —One of the most
destructive fires that every occured in this part of the
county, broke out on Saturday last at nom., upon the farm
of Air. Dixon, of Waddington Heath, near Lincoln. The
fire was observed by one of the servants to issue from a
seed stack, and in a quarter of an hour the whole of the
stacks in the yard (thirteen in number) were on fire. All
the cattle were got out, but a vast quantity of poultry were
completely roasted, and served as a dainty meal for those
who hid come to render assistance at the tire. A building
containing about 500/. worth of wool was entirely con-
sumed, but fortunately not before it was emptied of its con-
tents. The large quantity of new thrashed barley that was
in the barn was got out with great difficulty, such being
the intense heat from the burning mass that persons
were much scorched. The wind blew very strongly
from the westward. Mr. Dixon, we understand, is in-
sured in the York and Yorkshire Fire Office. How
the fire originated is not at present known, and it is feared
will never be satisfactorily ascertained. The stacks de-
nvcr stack, two small hay
stroyed consisted of one large . ,I,
agricultural
stacks, and the rest corn. The whole 01
implements also were consumed.—Boston Herald.

NARROW ESCAPE OE THE LORD; OF .171jE
AD:eta/toTr.—The Firebrand man of war steamer, with
th Lords of thelAmiralty on board, on her way from
Milford to this port, ran upon the Nass Sands on
Tuesday morning in thick weather, and entirely, we
areinformed, through the pilot who accompanied her
from Milford altering the course before daylight. She
struck heavily, although, fortunately for their Lord-
ships, there wait not much ilea up. She was seen by
tho Bristol atarner from Swansea in her precarious
situation. We have authority for stating that there
was no Bristol branch pilot on board. 'rho Naafi sands
are considered extremely dangerous, and their Lord.
ships' escape was prellibly owing to the strength of
their ship. Had it occurred on the following day, she
must have gone to pieces. She struck near the spot
where the Frolic was lost, when upwards of 100 souls
perished. The Firebrand came up to Cumberland
Basin on Tuesday evening, when Lord Minto and the
other L')rds took their departure. Sir Wm. Symons, we
hear, remained at the Gloucester Hotel, and examined tho
iron ship in the Great Western Company's yard on Wed-
nesday. We hear that the Firebrand is gone to Milford
to be put into dock and examined.—Bristol Mirror.
CAISTOR.-THE lIARVEST.-A great deal of
wheat has been got into stack these last few days; 111;17:y
rACIds are nearly cleared, and the gleaners return ia the
evening with full bags of Elio grair, but tbs price of flour
is yet 2s. Bd. and 3s. per stone, and every article of food
very dear... Hull Observer.