The Sun.
London, England, 1847-10-30 00:00:00

TO THE EDITOR OF THE SUN.

SIR —The Government of the country have at
length sanctioned the extension of discount by the
tank of England; although at an enormous rate of
interest, the effect was instantaneous ; the funds, rail-
Way and other shares, immediately improved, and the
opinion is confirmed that what was principally re-
quired was a restoration of confidence—there being
Plenty of money in the country. Had the boon been
earlier granted, what loss and misery would have
been avoided !—many a family would have been in
Cernfort which are now utterly ruined. How much
have those to answer for who are at the head of affairs !
It is most astonishing that such overwhelming
tresa should have been experienced, not at a time
z'Then the result of the harvest was unknown, but
immediately after one of the finest seasons the country
has ever witnessed—the crops of all grain most
abundant, wheat yielding five, six, seven, and even
e1313t quarters per acre, and that of such quality and
Weighttrade
as have been rarely witnessed. The general
,tde of the country was in a healthy state, and no
.den speculation going forward. Railways have
Ten blamed as the cause of the calamity, but nearly
,e,r Y farthing of the money received ou account of
n ways is retained at home, the only exception,
Probably, being where foreign wood is used for
illeePerS, and the amount expended on this account is
81:nl The paramount cause of the mischief is the
unwiser Bank Restriction Act; this is now so gene-
-
1.444 Y admitted, that it is needless to attempt to prove it.
of may now expect to see a very different state
'Lungs to what has been lately witnessed. It will
soon be evident that there is no lack of money, and
inn 44 few weeks discounts will probably be at four
'steed of eight per cent., for the very obvious reason
Lnat there are very few bills now being created,
and those in existence will be running off. What
!oust be done with the money ? The parties who
have been fattening on the miseries of their fellows
must
have recourse to other sources of profit, and the
attention of capitalists will be again directed to in-
vestments in good lines of railways, and prices may
.be expected rapidly to advance. The " Bears" will
become " Bulls" when they find the tide is setting
in another direction ; the. intrinsic value of good lines
of railway has been evidenced by the large increase
in the receipts during such a season of commercial
difficulty as has been rarely experienced ; and there
can be no- doubt of increasing traffic when the gene-
ral trade of the country is more settled, combined
with the certainty that, fbr some years to come, very
few new lines of railway will be projected.
Whilst many holders of railway stock have been
compelled to sell at ruinously low prices, it is to be
hoped many have been able to retain their shares,
and will, ere lOng, be able to realise their fair value • and many a wealthy man will add to his riches by purchasing at the present time.-
It is to be hoped that a lesson has been learnt
which may prove permanently beneficial ; and there
can be no doubt that when Parliament meets, one of
its first objects will be to revise the banking system,
and to adopt some means of adapting the issues to
the requirements of the country, and not to limit the
circulation to what it was thirty or forty years ago,
when neither the trade nor the population of the
country were one-half of what it now is. It has
been aptly observed that it is like compelling a man
to wear the clothes of a child. The Ministry have
shown that they are not practical men of business,
lira were not equal to the management of affairs in
such a crisis as we have experienced.
I am, Sir, your obedient servant,
October 26, 1847. G.

TEE LATE 4ET3.—PEAKE.—We are glad to learn
that the committee for the purpose of raising a fund for
,the widow and children of this deservedly popular author
has every reason to anticipate a fortunate result to their
worthy labours. Mr. Rodwell, the active se.iretary, has
not met with ono denial to his various applications on
behalf of this beneficent object. The Drury-lane and
Covent-garden Theatrical Fun& have each subscribed
2„.°1• The subscriptions are coming in moat liberally.
T4l- Jullien has kindly granted the use of Drury-lane
Mheatre, in December, for a benefit, upon which occasion
adame Vestris, Mr. Charles Mathews, Mr. Farren,
r. T. P. Cooke, and indeed every actor whose talents
earl be made available on the same night will appear.
The Master of the Buckhounds and the Countess
I)!ranville arrived in London yesterday, from a tour in
kiermany. The Noble Earl goes next week to his resi-
dence in the vicinity of Wind4or, for the hunting
"Won,