The Sun.
London, England, 1841-01-19 00:00:00

BANK OF FRANCE.

(From the Morning Chronicle.)
The yearly balance sheet of the Bank of France has
recently been published, giving an exact account of the
tiffairs of that institution up to the 31st 1/Tcrnber.
These accounts also exhibit the average position of the
Bank for the preced►ng quarter, and the result of the
operations for the last six months. The fullness and
precision of these documents afford a striking contrast
to the partial and vague information derived by the
people of this country from the average Gazette returns
of the Bank of England. In no respect is the contrast
so striking as in respect of the relative amounts of
specie in proportion to the circulation possessed by
these two national establishments, as may be seen from
the subjoined comparisons of the most recent returns of
each :

lows :--

Bullion in Bank Coffers. Circulation.
1835 £6,626,000 £17,321,a00
1836

1837
Its3S . ... 9,362,000 • 18,469,009
1839

The average about
X 6,318,000 bullion against £17,576,000 of circulation.
Stating the French returns in our money, the ave-
rage of the maximum of coin is about 9,533,000/.
against 9,225,0001. of maximum average of notes in
circulation. These results cannot fad to attract at-
tention, and it must not be forgotten that they prove
the working of a national bank conducted under the
immediate superintendence and control of officers
chosen by the Crown, and subjected to periodical
publicity by its actual position, in contrast with the
Bank of England, managed without any such right
of interference by the Crown, and affording no
account to the public of its actual position. • They
give such decided weight to the principle of
Crown interference and Parliamentary control, as
acting beneficially for the public interests, affording
steadiness of prices and the convertibility of paper
issues, that we almost consider the precedent deci-
sive in favour of the adoption of the same principle
in this country. Difference of opinion, in and out
of Parliament, will no doubt be entertained as to
the extent to which the principle ought to be carried
in renewing the Charter of the Bank of England ;
but we are confident it will not long be anything
more than a difference of degree. The expediency
of having the national currency subjected to the
control of Parliament, through the supervision of
nfficers appointed by the Crown, we believe will soon
be generally admitted by the leading men of all parties.
The precedent is directly in point. The Bank of Eng-
land have thought it no humiliation to borrow gold
upon the security of the dead weight from the Bank
of France, and the obligation should now be renewed
by borrowing a leaf also out of their book of financial
management. We think the principle so sound,
and have seen the beneficial result of its opera-
tions so clearly in the affairs of the Bank of France,
that we have :ittle difficulty in coming to the
decision, that in this country it ought to be car-
ried to the full extent of placing the issuing depart-
ment separately and entirely under the control and
management of Crown officers. '['he interests in-
volved here nre vastly beyond those in France.
The notes of the Bank of England alone, without in-
cluding the country issues, are nearly double in
amount to those of the Bank of France, and, Om.-
fore, the controlling power should be proportionably
stringent. The merely negative process of super-
vision which would be obtained by the presidency
of the Crown officers at the weekly board would not
work with sufficient energy or harmony. To reach
the safe haven of rest, the sittings and actions of the
Crown officers aid those of theShareholtiers'officers
must be separate and independent, in respect, at least,
of the process of issuing the paper money. The elec-
tion of the Governor and Deputy-Governor by the
Crown would naturally entitle those officers to preside
at the meetings of the General Beard, but the propriety
of such a step requires more space than we can afford at
present. The indispensable preliminary to Crown in-
terference at all is the extinction of the debt due by the
Government to the Bank—an easy and necessary er-
r rangement.

BANK OF FRANCE. BANK OF ENGLAND.
Circulation, Dec. Circulation, Jan.
31, 1840 £9,666,000 5, 1841,
Bullion
Deposit Accounts, Deposits
including Trea-
sury Balance ... 7,073,000
We thus see that while the specie on hand in the
Bank of France is only 338,0001. less than the amount
of its issues, the bullion in the Bank of England is
12,555,000/. below the circulation, and that the
bullion in the Bank of France is nearly three times
as great as that possessed by the Bank of England.
By the original constitution of the Bank of
France, the management was vested in a general
council, entirely chosen by the shareholders, but
that form of administration was altered by the
law of 22d April, 1806, when the central committee
was replaced by a governor and two deputy-governors
chosen by the Crown. Oa the fall of the empire, the
introduction of the agents, chosen by the Crown, was
represented as an act of tyranny, and an attempt was
made to dispense with them ; but the opposition was ul-
timately unsuccessful, and the Crown patronage is still
continued. The Bank offers no Abjection to the in-
terference of the Government, and the law of June,
18.10, gave full effect to it. The report of M. Du-
faure of April last says, " Your Committee also
approve of it without reserve ; not that they would
wish to afford to the Government a means resorted
to at former periods of procuring irregularly the re-
sources of which it might stand in aced ; they are
of opinion, on the contrary, that the public treasury
should never treat with the Bank except by mutual
consent, on conditions respectively agreed to, and as
every other capitalist would do. But such would be the
influence on the value of all transferable articles, and
consequently on all private fortunes, of an unlimited ex-
tension of, or of an imprudent restriction in, this im-
mense circulation of notes performing the functions of
[Honey, and of a change in the rate of interest whieh the

Bank charges in this enormous mass of discounts ; or of
a refusal to render to commerce the gratuitous services
which is owes it ; that it i 5 impossible to expose society
to the chances of the errors which may be committed,
or of the bad calculations which may be made by a pri-
vate company armed with such extensive powers."
The French legislators in this report demonstrate
very plainly that they foresaw the dangers attending
the possession of the power of making money by any
class of individuals. They specify the evils which
society would be exposed to by such a system, and
therefore they have wisely appointed officers chosen by
the Crown, to preside over the deliberations of the
Directors chosen by the shareholders, the former of
whom sign all agreements and covenants, without whose
approbation no bill can he discounted, nor of conse-
quence, we presuanc,reje3ted ; nar can any resolution be
carried into effect, unless signed by the governor
uppointed by the Crown. The constitution of the
Bank •of France, then, which is admitted, on all
hoods, to have worked better for the pui,lic in-
terests than that of any other iu the world, fur-

EVEN ING EDITION

tteesi.aestrpmeitic...,,-;leNcl,es,.
- ---..
precedent for the checks of publics ty concluded on October 29, between the, representactir . of
niches a direct
and of Crowo t 'fficers under Pdrliamentary cot if;1•01, •to
IForanipicpeoianntdathcoemGmoist.teeren,moefnttvhoicfhßminile
protect society: from the evils of unlimited po,,ve rofi s-
was named president, and Messrs. Pierre Bang ttliks. \lt\
suing paper in oney being vested in private hand B.
G. Bellemare, secretaries ; who having, sit 'reitieetta --eiliC k ';
[fader the influi ince of such control our French neig'a-
og
of the bases of a petition.
ce
or assembly, and read the following; resolutio '''.i 1-'
'' '''
boors allow the privilege to the Bank of Fran TH ,to. jertee' atsr -
...,,.,. _ -
.t ~ ,
being a national bank of issue. Such an engrafti
ayssethrre,blei.nd
" ' Resolutions I. The French, residenite iitlllooto
Parliamentary et intro!, and of officers appointed bi ' the video and making them:miens' iipcie-
teirpleeree'ters of the French .rqsidesaw at
Crown to presid aat the meetings of our Bank D irec- taneousl
tors, would bee 'n improvement on the constitutio nof Buenos Ayres,.in order to make a national manifestation
the Bank of Engl and, but it would only be a palliation of their sentiments on the subject of the treate, coneluched
of the disease. . It would not, we fear, be a rad cal on the - 9 9th of October
last between the French repre-
eitire ; and, unless united with perfect publicity of ; the sentative and Governor Rases, declare that this treaty has
arNirs of the instil ution, no great benefit would acct ue been made with an illegal power unqualified to negotiate,
front it. To effect substantial real good for the peep !e, anciwhich has forfeited the respect and co,efidence of the
we ne-est go back ti 3 first principles, and have the so le world; that it is illusory, and seriously cok-nprornises the
.. , present and future interests of the French its these coun-
reel 0, whether specie or convertee e
money of the tries; they, therefor
, I tom the Crown, e, declare that they solemnly clisay-
never, etnatia ling
..... . subjected to pet' - prove this treaty.
1,1,,itl 7 altst toofficie Parliamentar 0t l "' 2. The French feat [vim.' .... . ~ en
y cnra • residents address th sel
Yes to the
• the ePie or k.rance placin so tr
When we ssli
___ ...eme_t of a s ong a Chamber of Deputies of France, to obtain°ln • the no..urai'ifi.
their Bank to as subinit A ltion of the treaty of 29th Oct
•4 the own i. LI
October last, seeing net curbordy-
ups, • t• et s.:,areholders to the constant tit does not in any respect . of Li •,- , sup, sr- thaaccomplish the exigencies of
the actions „ t eit Crown efficers, although the '' interests, b
cc en thou
~
.ut further seriously com inenisee th
vision and co 1." •2
hestablishment . ,• te.
.frequently excee,ta honour and dignity of the French name iMe - °
in the coffers o. t 'eceon, and is never much below i:, are an,-ninated as a Committee to draw up this ads's". .
their notes in ciro. & the conclusion, upon a parity o f .. .3. The French residents, in order to give' dorehts'•
solutions op,i.rich they have adopted the solemnit to
d' ire-
we can only come td -d, where the circulation of the.
penance reqt2n:ed ET their object and nature, ayi»oirx: Ma;
reasoning, that in Engle, s 16-1 to 3.5 against the spe-
their delegate i.e Paris 31. —, whom they chargei with
Bank of England stands b. 'he trading and commercial powers to represect them, And to support their demands in
Cie en hand, and where , • the interference of the
.ana,etiveand efficient manner;
tn interests arc so imen,e tha\ 'a be carried to a much i ~4lt is also resolved that ' ' • . '
tJc riseheions agreed upon
Crown and Parliament ought i the rights of property. :shall be signed, in the- name of the asset -icily, h% the prop:-
farther extent, in order to proteft •. of France, end its dent and
secretaries, that all p?ssible pe-blicity shall be
The coin in the coffers of the Bank, • " ..
99 inclusive, were A•iven to them, and that an officialcopy
shell he sent to
circulation for the years 183 A to TIN. )ranee,' with a view to the accomplishment o.f the comm-
as follows : Circulation. Pllated object.'
Coin in Bank Coffers. Notes ie.% • '
. ePeimum " The third proposition having been read, the meeting
Maximum 31inimum Maximum ...'
1,21an:.5, ut ianimously elected as its delegate in Paris,. M. Alfred
Francs. Francs. 'Francs. ". tave Bellemare, and as its
90‘ t ,in us.
1835...203,207,200 130,8P,278 941;879,000 20'4.104,b
1,500 b.. 1 of Deputies M Mermilloid. On the proposition of' .14.
1836_192;916,100 89,989,044 931,873,000 196,537
1837...248,221,300 103,702,344 916,912,000 190,079,j-00
V illant, that a second deputy should be charged with the:
1838-298,208,000 235,003,000 927,713,500 195,225,500 iti, a w
rests of the meeting in the Chamber of Deputies, it as:
1839...249,091,500 202,814,500 234,740,500 195,880,500
wre, 'd to leave this to the discretion of the delegate and'
T
he average will be about 1° y:dready appo
• Mn. DESRROSSES, BELLEMARE, and BANON.' inted.—Signed by the three secretaries,
Maximum of Coin. Maximum of Circulation. d, 'eat
44
Francs. Francs.
238,328,820 " 230,626,200
Minimum. Minimum.
152,338,8.33 196,984,900
The circulation and bullion of the Bank of England
for the years 183.5 to 1839 inclusive, taking the
amounts from the average Gazette returns in the
months of December for, each year, were as fol-

PORTUGAL.

Lisn JAN. 11, 2 r.ta•—The Climber of Deputies
JAN
exclusively engaged in balloting for the
has beets unittees• On the election of the Finance
various cot
Icier ,`he immediate superintendence of Mi-
Committee, u.
h.'odrigo Pereira Ferraz, the actual Se-
nisters,'M. A.4lort:
cretariof State iO,
Oct departhaos4, was excluded. This
among the members of all 4Nnii.
•
has caused much su." ,t,ce is composed of Messrs. G.
plexions. The Combat,
valb9, Comes de Castro, 13.
Ferreira, Jose da Siiva 04-
M. 0. Borges. J. J. Falcso,- Avua,and Roma.
M. Some called the
,
Notwithstanding the little iterest this session has
hitherto offered to public curiosi.
'y'
f the Metropolitan
attention of the house to a petitionwhich he presented, a
copy of which I subjoin, nunierousl "fined by the various
y-
commanders, officers, and privates o.
S.,
ores, who, ac-
tilar, came
National Guard, complaining of a circa liar from the Ad-
ministrator- General of the 30th of Decemi tier ult., in which
he ~rders that the soldiers of this civic t.
corlng to the construction of the said ‘
within the meaning or are liable to the decree of the 13th
of that month, are to join the new corps raised . under the
same. This petition met with the sympathy of t. 'e majo-
rity of the Chamber, who decided that it should be forth-
with referred to the Committee of Public Instructio. n fur
its repot.
To return to the Douro question, which:still continues td"
be the all-engrossing topic. At two o'clock on Friday
morning last, Count de Almoster (son of the Marquis de
Saldanha) arrived express from Madrid, in sixty hours ;
at eight o'clock a Cabinet Council was held at the Home
Department, and, after a short deliberation, proceeded
to the Palace of the Nccessidades. At two they went
down to the Cortcs, where an immense concourse of per-
sons, eager to hear some important communication, had
assembled ; but, to their bitter disappointment and mor-
tification, not a single disclosure was made. This, of
course, gave rise to conjectures that the news could
not be of a palatable nature ; and in the evening, at
eight o'clock, a meeting was held at the hotel of the
Deputy Joaquim Jose Pereira de Mello, which was a,t..
tended by the Dukes de Palmella and Terceira, a)
few Senators, and the greater part of the Ministerie
Deputies. Here, again, however, nothing of moment:
was divulged, Ministers confining themselves to Om
vague statement, that the Cabinet of Madrid wmald
not consent to withdraw the ultimatum of thetth
of December; it having decided only upon waiting
until the end of this month, January, for the fulfilment of
the promises made by Portugal, and that the mediation of
Great Britain was not deemed by it to be necessary. It
is, nevertheless, understood, that the Regency of Spain
will not treat further with the actual Ministry, nor accept
the mediation of England, sad that A strong military
force is in readiness to march upon the frontiers of this
kingdom without delay. A Foreign-offi,le courier was
despatched for Madrid yesterday afternoon aft five o'clodk,
with the answer to the express received on tie preceding
morning, which states, I am informed, that Ole Govern-
ment will accept the extension of the thirty days, but in-
si:ts on the mediation of England. Ministers, 1.14 wever,
hold out, that if they cannot carry the question .in the
Cortes within the period mentioned, they wili retire .from
office.

The Spanish Government expresses itself angry at tha
hostile demonstrations Portugal is making, without firm
publishing a manifesto declaratory of the cause, and dtilF
asks if Portugal is about to wage war against her.
It is next to impossible, in this distracted state of affairs,
to hazard an opinion as to how tills quarrel will end, the
difficutties That now surround Ministers being of more than
ordinary magnitude.
Another very serious circumstance, which must tend to
cause extraordinary embarrassment to the advisers of the
Crown is, that the populace of the Alto Minho have
risen in arms, and spread themselves into many districts
for the object of prcventing the enforced recruitments; to
such an extent have they carried their resistance, that they
have already come in contact with a detachment of the 18th
Regiment of Infantry, killing some soldiers and rescuing
the recruits they had made. It is farther said that they
have killed two Justices of the Peace, and that the autho-
rities, through fear, havo ceased to coerce the people, and,
consequently to fulfil the order of the Government. . In

the Lczirias- many persons are going about with arms, re-
sisting the Recruitment Act, and a considerable number of
persons have fled from the Alemtejo to Spain from the
same cause. The authorities of Portalegre hare, from
being menaced with assassination, loft unexecuted the
ihjunctions of Government upon this head ; in fact, every-
thing augurs a dissolution and breaking up in the interior
of this ill-fated country.

The preparations for war are still actively going on,
and every demonstration to repel invasion is manifested ;
110 pieces of artillery arc already planted on the lines 'of
the capital, which, with its suburbs, is said to have fur-
nished 5,200 men for the standing army ; and orders have
accordingly been issued to some of the parish overseers to
suspend further impressment,
The Porto steamer, having on board the Duke da Ter-
ceira and Staff, the Count Villa Heal (the ex-Foreign Se-
c. etary) to command the first division, and Viscount da
Serra do Pilar, left for Oporto on Saturday last. The
gallant and distinguished Duke will, soon after his arrival
there, proceed to Valence and other important military
points in the northern provinces.
The debate on the speech from the throne will com-
mence in the Senate to-morrow.

The Baron dc Oleiros, a rich land proprietor in the
Beira Baixa, his two sons, and other emigrants implicated
in the cineute of Castello Branco, who took refuge in
Cuidad Rodrigo and Ayamonte, have at length, after the
repeated remonstrances of the Marquis de Saldanha, been
removed to Salamanca. The Baron and his followers
have refused the amnesty of her Majesty the Queen.
Arrived on the 7th instant—The Espoir brig of war,
from Falmouth. The schooner Wave, from Newfound-
land 39 days, bound to Jersey, laden with dry codfish and
oil. On the Bth, the brig Thames, from Leghorn 30 days,
with a general cargo, bound to London, was compelled to
bear up for this port, having on the 3d instant, when
about 100 miles from the British Channel, been struelt.ty
a heavy sea : she will probably have to discharge under
quarantine. The schooner Buoy Yacht, from Cardiff
25 days, laden with iron, bound to Oporto, has suffered
severely from boisterous seas and weather, and vlll dis-
charge. The Royal Tar steam-packet, from London and
Falmouth, with the mail of the 2d instant. On the 10th

the Iberia steam-packet, from Gibraltar and Cadiz. The
French brig Mathilde, from Martinique in 43 days, bound
to Havre de Grace, laden with coffee, sugar, logsvood.
and turn, with loss of bulwarks, stanchions, and two of
the crew washed overboard. The schooner Orange Branch,
from Dartmouth in nine days, bound to St. Michael's, with
damage to her rudder. The cargo of the brig Homer,
which put in here on the Ist instant, is discharging under
quarantine ; the wheat is much heated.
Sailed on the 9th.—The Royal Tar steam-packet, for
Cadiz and Gibraltar.
Trinculo and
ervette F cn h
Espoir brigs, British ; La Coquette, c
and r F brig,
Foreign Ships of War in the Tagus
Brandy-wine frigate, United States;
Swedish.
rei ; discount on ex-paper money,
60 to 62 per cent.
Guard's petition above
referred the National
Exchange upon London at 30 days' sight, 53d. per mil-
refer Therse
odn followingbtto
0 r:
TsDeputios of the Portuguese Nation,—The
undersigned commandants, officers, and privates of the
LiN National Guard, having received, on the 30th of
December
n
.en
her the enclosed circular, in which the Administra-
tor-General of this district orders that all citizens who by
es
the decree of the 13th of December last ceased to belong
to the National Guard, be transferred to the National Bat-
talions, and demands that within the space of eight days a
diviidtutahelsi:ro
dutywh to layomsuch before
the i
beenrelation t
granted,in of the
consideri
the Senhores Deputies the following
" By the constitution of the monarchy. Art. 121. the
National Guard constitutes part of the public force, and
the actual law by which it is regulated, pointing out the
individuals of which it ought to be composed, cannot be
considered as altered, except when very expressly declared
so, and by legal means ; and much less can the Adminis-
trator-General give the decree such interproalion. So
much so does the decree suppose the National Guard to
be in existence, that in the Stir article it Rays, • that
officers can be nominated from among pees( ns of probity,
&c., although belonging to the National Guard,' and no
revocation taking place of the law by which it is governed,
the undersigned consider themselves de jute ct de facto
members of it, and that they ought to be kept in it ; for
which reason they ask the Senhores Deputies r,f the Por-
tuguese nation to be pleased to take thin expo-itior, under
their consideratien, and cause to 142 respected the authority
of the laws in conformity to the 37th article of tL Con-
stitution."

The Cheltenham stag hounds recommenced
hunting this week, fresh as kittens from their long holiday,
and anxious for a turn with the antlered monarch of the
park•

EVEN ING EDITION.

MONEY MARKET and CITY EIV S.

(MONDAY EVENING.)
HERA LD.—A singular report is given in the Ameri-
can papers of one of the Commissioners for managing the
state debt. of Indiana, and providing for the payment of
dividends, the last of which in July was a matter of con-
siderable difficulty, but it is only Lair to add was eventu-
ally acccrmplished, much:to the credit of the State and its
officers, although at great pecuniary sacrifices in the sale
of stock and excessive discounts on exchanges of paper
available for remittances to New Orleans and New
York. These difficulties in making provision for the
dividends falling due arose however from no want of
apparent assets, or credits, in possession of the State,
had they been of a nature to be made serviceable, for
exclusive of a debt from the Mortis Canal Corn
praly of upwards of 1,000,000 dollars upon balanc
Vie State was and appears to be still a holder ,f
:State, bank, railroad, and other stocks and shares, of
-very indifferent repute to the extent of above 1,000.,000
dollars more, the larger proportion of which was i'acon-
vertible into real values on any terms, and what in',ght be
disposable, only so perhaps in the way of depoP:it as col-
lateral security for money advanced on an. emergency.
The Commissioner in his Report confesses rxith a candour
approaching to simplicity, that he had "-made indiscreet
sales of bonds. . . . I must say," he states, " that I
have made contracts for the sale of our bonds that I would
net with my present experience make again, but at the
time they were made, in the honesty of my heart I believed
them to be for the interest of the State." The unsale-
;able stocks and shares referred to were doubtless a part
of the consideration received in satisfaction of con-
tracts for the sale of Indiana Bonds to unsubstantial
parties. But past experience was not sufficienti:.
:smart to prevent the worthy Commissioner from faPs.„
ing into, other blunders. For example, he was jtiggif.d
by the Morris Canal people to hold over or waive.'tbe
.heavy claim of the State before noticed, on mortgage of
-the Morris Canal itself for 1,250,000 dollars. He atatss
:himself for his justification that the canal is worth 2,000,001 j
but:cost 4,000,000 ; that it produces 70,000 dollars a year;
bul as the expenses of management and working anek.unt
•to 50,000, there results, even should the valuatir,a be
realised, no more than 20,000 del Lars annually towards
the interest upon 1,250,000, which at 6 per eel:44, would
be 75,000 dollars, to say nothing of principal for ever un-
redeemed. The poor man appears to have been duped
every way by the Morris Canal Company, foz- it was from
them also he received, and the State was saddled with,
the 1,000,000 dollars and upwards of discredited stocks
and shares before mentioned, by way oft payment of In-
diana bonds.

CHRONICLE.—Lord Al.',horp, now Earl Spencer
in moving, on the 31st of May, 1833, that the Howie re-
solve itself later a Coro.mitrte of the whole House on the re-
newal of the Bank Char*.er, said, " It is certainly a ques.
lion of great importance whether it is desirable to trust
such a power in the ',tends of persons not legally respon-
sible,:or in the hands of a Government which is responsible:
and another poiot is, whether the profits, necessarily to
be derived, sheeeld belong to the Government, or be
allowed to the Company? The advantages, and the only
advantages I have been able to discover in a Government
bank instete'e of a private company are the responsibility
of the mreageri and the profit to be derived front this
undertalr.in ; but it seems to me that they are
much 'more than counterbalanced by the practical
evils bf such a system." His Lordship then referred
to the temptation of Government to abuse its power,
and to the impolicy in that case of permitting any
resistance to be given to the commercial interests of the
country in periods of difficulty—a course frequently pur-
sued by the Bank of England. His Lordship, therefore,
throw aside all idea of a Government Bank for the ma-
nagement of the paper circulation of the country, and then
touched upon another point, which, he observed, had been
urged upon some occasions, that although a private corpo-
ration ought to have the management of the circulation,
vet that Government should have a direct control over its
affeirs. He states that he did not think this control
would be very effectual, and, to a certain extent, he
thought it would be liable also to the objection
already stated, " but," added his Lordship, " I do not
Icnow what great objection there would be to adding
to the practical experience of the Directors the opi-
mion of the Minister of the day." This adds to the
weight of precedent afforded by the Bank of F, ante
the important opinion of Lord Althorp, which every
man in this country will receive with deep respect,
that be knew of no objection to the interference of Go-
vernment in the management of the Bank. Hie Lord-
ship, however; did not think that the establishment of
Government control would be of any great advantage. It
ruight, he thought, be of some advantage, but not to such
ten extent as to make it desirable. The only remaining
theek, therefore (and he admitted it was imperfect), was
the publication of the accounts of the Bank. His Lord-
snip then alluded to the principle on which the Rink
Had conducted ite business for the preceding five or six
years, which ho explained to be the retention of one•
third of the liabili,iee to be kept in bullion in the Bank
coffers. He very justly observed, that they had the ex-
perience cf the effect of that inoc'e of management c:trieg
a period of considerable difficulty, and he came to the ceo-
.
cluelov that it was justified by experience. " Publibty of
acii 4t5," said his Lordship, "will enable all nice to judge
whether the Bank continues to act upon this wholesome
eneiple, or varies from it. It may be said, that the
eiasik Directors are not legaliy responsible for their
conduct, and Pleat the'/ cannot be punished if t'sey depart
from their firmer practice. This is true ; but we must.
a,trnit that there is a responsibility to public opinion, and
that it will have its control upon men in every situation.
Theretote, I am prepared to propose the contieueti,ei of
ra single bank of issue in the metropolis, subject to the
control of publicity." The publx will thus see that the
Mound on which the Bank of England charter was last
renewed, as a single bank of issue, was the confident be-
lief and understanding, that the bullion would be kept on
es fixed principle of one-third in amount to the liabilities.
'l'he conditiou has been almost entirely disregarded ever
emcee The agreement has been broken with the
country, and the question now comes to he cono.lered
—shall it be renewesP No one, we presumes, enwil
propeee to do so on the Fame terms, Without one
expressed clause in the Act of renewal, hindine the
13 ink to adhere to certain principles of management,
.we scarcely think that a proposal of renewal would
hate any chance of success in Pediment. The point of
importance to the public is, should it be renewed even
with a clause exposing the Directors to punishment ii, case
of forfeiture? We have stated our views on that head al-
ready, and l,elieve that the only sato remedy is to add ro the
check of perfect publieity of accounts the control of citfi-
teers chosen by the Gown. Lord Althorp was averse to
'tire idea of any compile try enactment to compel the Direc-
tors to abide by a ;iced principle of management, because
lie saw and felt th h only way by which the Directors
could expect to maintain public confidence was by proving
that they were' possessed of that judgment and steadinese
of purpose winch rendered penal clauses to compel there
to act raitVells to the nation useless end unnecessary.
Experience he, now shown how far that reliance was well
placed. The' Direetrus have been weighed in the balance
and found wan bog ; and when Lord Althorp sees how his
confidroce ili-in has been misplaced, we confidently hope
be will admit :hat Government control, after all, re-
ilu . isite to ensure uniformity and steadincse in our motic
'eery system.

N.—Tie Tallow trade is in a depressed state,
owing to ihe apprehended influx of extensive supplies
from Buenos Ayres. The fact of Rosas not having
ice 'pted the terms offered him by the French
Tit!, up to within a day or two of the actual conclusion
of the treaty, seems to indicate that he was no very
willing party to it.

The public securities were dull to-day, but this was
not the result or the consequence of any depression in
prices. Consols for immediate transfer only alternated
from 90 to 904, and for the Account were all day at
94 Exchequer Bills were at 10s. prem., and India
at Bs. discount ; hut these quotations were all but no-
minal. Bank Stock was 4to 1 per cent. higher again
to-day, being firm at 169. - The Reduced Three-and-a-
Half per Cents. realized 98i to 99 ; the Three per
Cents., 90 to 90:1- ; the Old Three-and-a-Half per
Cents., 98a ; and the New Three-and-a-Half per
Cents., 954 to a-
Foreign Stocks partook of the general dullness, but,
like our own funds, they supported their value. Spasish
Bonds went rather higher—viz., 24-4 to 4. Portuguese
Three per Cents. were dull at 20i, and the Five per
Cents. were not dealt in. Mr. Richard Thornton has I
received an answer from the Lisbon Government, ac-
cepting, of course, his offer to receive the reduced di-
vidend, and disclaiming any intention to place the In-
demnity Bondholders on a worse footing than they are
at present, but, on the contrary, a desire to raise the
value of the security they bold, and make it more mar-
ketable. Colombian Stork was at 23i to t, Buenos
Ayres at 19} to 2.0, and Peruvian at 15 to 16. French
Five per Cents. were 1 11 f. 75c., and Dutch Two-and-
a-Half per Cents. 501 to I.
In Shares a moderate degree of animation prevailed.
Great Western were 18 to 18i, the New 13§ to 14,
and the Fifths 64 premium. Brighton were 6 to 61,
Blackwall 33. to 4, and Manchester and Birmingham
14i discount. Australasia Bank Shares were 141, and
National Provincial Bank of England a premium.

GORE'S NEW NOVEL ABOUT PARIS.
—As everybody goes to Paris, everybody should read Mrs.
Gore's new novel," Greville," or a " Season" in that de-
lightful metropolis—by the production of which the au.
thoress has conferred a real benefit on the public in several
respects. First, she has given them something new—and
secondly, her lively pages contain a view of Paris, socially
considered, such as no writer but herself is qualified ti af-
ford. The manner in which Mrs. Gore has introduced her
readers at once into the heart of society in the French ca.
pital is admirable. She has supplied the public with that
intimate knowledge of the domestic life of France only to
be obtained by long and familiar residence. In short, it
could scarcely be thought possible that a single work
could so completely familiarise the reader with the society
of a foreign capital as this novel of " Greville," and no
English person intending to visit Paris should fail to study
its sparkling details.

TAICORS AND COATS.-Of all the gifts with
which we frail mortals are endowed, there is not one so
sadly abused and misused as that of " taste" (mind, we do
not use the term palatably) ; and of all tastes surely
none is so erually tortured as that of dress. The omni-
potent arbitress, " Fashion," has much to answer for, her
sway in nine cases out of ten being subversive of propriety
and judgment. What can be more preposterous than to
follow, in every minute particular, the style of dress
adopted by any distinguished individual? That which
may appear becoming upon the person of Lord A—,
might be ridiculous on a Mr. It is the power of
nice discrimination alone that identifies the man of taste.
To a chosen few only does the enviable talent or gift be-
long of what we call dressing well.—Sportsman.

' CHE NEWPORT CONVICTS.

TO THE EDITOR OF THE SUN.
S IR—As a Chartist, it would ill become me to keep
sile• ace, when I owe a debt of gratitude, which may be
sat' isfied by a public acknowledgment. That debt I
ow e the present Government for its humane conduct to
th, 2 Newport convicts. Be their crimes heavy, or, as
VI( : Chartists say, a mere act of momentary weakness,
ti ,ey are certainly at the mercy of the laie, and (that in
it self being no humane guardian), but for the interfe-
r once of the Melbourne Cabinet, would have had to un-
lergo the extreme penalty.
Then, for their humanity to them, lot all good Chartists
cherish the hope that, when so much leniency has been
shown, time, and our own good discretion in future,
' may eventually secure a free pardon. At all events,
loud blustering is not the method, and to all such I
would say, Let your madness have a method, for by
bullying and blustering we placed Frost in his present
'unenviable position, reduced the comforts of his family
to comparative wretchedness, and for ever blighted
-their prospects. Thanking the Whigs for what they
have done, and believing they may yet do more,

I remain, Sir, with great respect,
Your very humble Servant,
A LONDON CHARTIST,
Monday, Jan. 18, 1841.

GOOD REASONS FOR KEEPING

OUT THE TORIES.

We would keep in the present Ministers, because we
have no doubt, that, whenever a revival of popular
zeal shall take place, they will yet do much more ; and
we would keep out the Tories, because we believe that
they would not do anything for the people under any
circumstances. But, say the Tory sophists, " There is
a dead lock : parties are nicely balanced : the Ministers
can do nothing for you : why, then, keep the Tories
out any longer r We confess that we do not see the
force of the reasoning. The " dead lock"argument will
tell against one party as much as another ; and the
Tories, if let in, would still be weaker than those
who now hold the reins of government. It is
an odd thing to tell us that the sheep-dog should be dis-
missed, because the wolves are stronger than they were.
But ecce signum. We remember a very remarkable in-
stance of a " dead lock." It took place in one of the
early Peninsular campaigns, when the Duke of Welling-
ton thought it prudent, for a time, to retreat before
the enemy. Accordingly, he fell back upo❑ the lines
of Torres Vedras. There he halted, and the "dead lock"
to which we allude occurred. According to the Tory
idea of things, ho should have at once abandoned his
position, because ho could not advance. But the
Duke knew better. He was " biding his time ;"
he was watching his opportunity, calculating
the moment when he should again make a rush
and scatter his enemies before him, and, in all pro-
bability, was even then anticipating the splendid series
of successful campaigns in which he, subsequently, ren-
dered such essential services to his country. Even
so the bare possession of office is the position, in the
political struggle, to which the Liberal party are, for
the present, driven. But it would be folly to abandon
the Torres Vedras until our enemies are strong enough
to force our lines and drive us from them. The
wiser plan would be, like the Duke, to hold our own
as long as we can, still watching for the time when,
with the popular support and with union established
amongst all classes of Reformers, we shall be enabled
once more to make a forward movement and drive our
adversaries before us.—Liverpool Albion.