The Sun.
London, England, 1848-10-17 00:00:00

N0.17,491.] LONDON, TUESDAY E N G

RACING SWEEPS and the RIGHTS of the
PEOPLE.
The hitter hostility which the pretended conservators of public mo-
rality, but real oppressors of the poor, have exhibited to wares Racing
Sweeps, proves, inure than words can, the spirit of jealousy with
which the privileged order too commonly regard the right of the
lower classes to choose their own amusements. Ever since the
qeestloa of the legality of these Sweeps has been mooted, in and out
os-
tocir'aacrlyiaem.
jeon, we
ytinrehspaeveet ctoonit,eeftitdinedg.tshhaotutlhdehia,rvievibi eege,n) we
xhtiecnhd
etdh etoartie
people in regard to Racing Sweeps, which are, in fact, nothing more
than associations for betting small sums upon a certain horse rac. ;
and we hive not yet heard a single argument opposed to'this plain,
and, as we take it, unanswerable view of the case. The only reason
that the opponents of Race Sweeps can give for endeavouring to sup-
press them is, that they encourage a taste for gambling amongst the
people. Let us, for the moment, accept this gratuitous assumption as
a fact, and o'Berve the dilemma in which it pla3es the Government.
Racing Sweeps, they say, are immoral—therefore suppress them ;
but betting is equally immoral—ergo, it must be legalised. Until
the Ansteys, the Ingllses, and the other brawling and canting nui-
sances of Parliament can draw a sufficient distinction between these
two practices, and show why one should be interdicted and the other
protected, so long will we proclaim the injustice and tyranny of in-
terfering with an amusement which pertains especially to the public.
It is a barbarous remnant of feudal Injustice to assert that the same
law should not apply to the labourer as to his lord—the enlightenment
of the age has exposed the monstrous anomaly, and the intelligence
of the people indignantly rejects the slavish dogma.
There can, as we have said, be no line drawn between betting and
subscribing to Sweeps; the Government must, therefore, if they be
not determined to insult and irritate a vast number oftheir warmest
supporters, determine either to put down the whole system of wagers,
under whatever form carried on, or to permit the Sweeps to continue
as they have gone on for the last sixteen years.
The following letter, which we have received from Messrs. Drum-
mond, Greville, and Co., Sporting Printsellers and Publishers, 72,
Princes-street, Leicester-square, London, whose " Race Sweeps"
have given such universal satisfaction to persons of every distinction
in society, expresses very clearly the sentiments, not only of every
class of subscribers to " Race Sweeps," but of the community gene-
rally, with regard to the Interference of Government in the matter :
" Sir,—We beg through the medium of your columns to offer our
most grateful acknowledgments to our numerous patrons in all parts
of the British dominions, who have so liberally assisted us in the
carrying out of our unrivalled Derby and St. Leger Sweeps, and at
the same time to express our sincere regret at the steps the Govern-
ment have taken, in declaring, through the Stafnps and Taxes Office,
their intention of preventing such Sweeps being advertised. We re-
gret it, because it was a gratification which thousands of the middle
and lower classes enjoyed, and because it is an act of tyranny on the
part of that Government which have hitherto been supported for their
supposed liberal principles. But let not the Attorney-General de-
ceive himself, for be assured, the greater the endeavour to suppress
them, the more earnest and eager will be the desire of the public to
patronise them. We can assure you, Sir, since the notice appeared,
we have received letters from hundreds of correspondents, expressive
of their determination to support our Derby Sweeps, if we will send
thorn Prospectuses, which we certainly shall do (gratis) if they ap-
ply to us. We should like to ask the Government what legislative
right they have to dictate to every subject of the British Crown, and
tell them they shall not subscribe their mite to a Sweep for a horse
race if they think proper, and that too on. tke stale and flimsy pre-
tence that they encourage immorality ? Why, Sir, every imaginable
amusement of the people might each in its turn be made subject to
the same absurd objection, provided this one was quietly submitted
to ; but most of the meddling sapient, who seem se anxious to pro-
scribe the liberties of the people, put out of cewideration the num-
berless benefits conferred, and the many firesides which are made
happy through the distribution of prizes acquires). through the medium
of these " Racing Sweeps." We could show them more congratula-
tory letters from the fortunate recipients of prizes, whose hearts have
been gladdened and their purses replenished, than the strongest of
them could carry away. In fact, Sir, we arc so fully convinced of
the benefits conferred through the medium of our " Racing Sweeps"
(in connexion with which be pleased to observe no drinking takes
place), that we sincerely hope the Attorney-General will be prepared
at the commencement of the next Session of Parliament to legalise
" Racing Sweeps." In tke meanwhile we must content ourselves
with supplying our Prospectuses to all persons who apply for the
same.

We are, Sir, your most obedient servants,
DRITAMOND, GREVILLE, and CO.
72, Princes-street, Leicester-square, London.
(Evening Paper.)

VICOLL'S REGISTERED PALETOT.—This
L® most gentlemanly and useful over-coat retains its original mo-
derate price, and being adapted for the autumn and winter months,
has already been honoured with the patronage of his Royal Highness
Prince Albert, Prince George of Cambridge, Prince Edward of Saxe-
Weimar, his Grace the Duke of Wellington, and the chief ornaments
of the Court, the Pulpit, and the Bar. The above can be obtained
in London only of N. J. and D. NICOLL, 114, 116, 120, Regent-
street, and 22, Cornhill.

Iqi A it R I A G E.
One half the wend are desolately single, and the ether
supposing them married, questioualsly contented. Diffidence, or a
sense of right determine the former, and miscalculated hopes est-
.itter the latter. The solitary one may shield himself under the plea
of caution and worldly prudence, and the indissoluble, regret en-
Nwsprosiag harry ; but the truth lies deeper. Physical incapacity,
sad broken health, sve the great hindrances to domestic happiness
and social content. The dowry should net be the only marriage set-
tlement. Honour and justice demand that health should form au item
In the compact; it alone dignifies the alliance. Alighted hopes or
Neglect wound more sorely than poverty or misfortune. Reader, if
these surmises concern yea, procure Dr. CULVERWELL'S little
MEMOIRS "On Single and Married Life, " pub, in 3 vols., Is.
aacb (by best, la stamps, Is. 6d. each). Let no imaginatively
refined, er prudish feeling deter you, by their titles, nor be hindered
sy mieinterpretatien of their supposed contents, from obtaining
them. They are net intended certainly for mere idle cariosity, but
ter the closet perusal of those mere deeply interested, to whom
they are offered as antagonistic to the empyrical trash put forth on
the above subjects, by unqualified authors, which alone or
'ogether, are a disgrace to the age. Furthermore, twe other
Kittle publications claim your attention (same price Is. each,
by post ls. 6d.) called " What to Eat, Drink, and
Avoid," and " How to be , Happy." They are net merely
pamphlets, but equal in quantity a library volume, nor are they the
mere ephemeral scribbling' of the hour, but the study ef the author's
life, who ewes his present existence, health, and position to this ob-
servance of the maxims he would inculcate—to do unto others as he
would be done nute—te live atter nature's laws—and to keep always
en the " sunny side of the way." The above works may be had ef
herwood, 23, Paternoster-row ; Carvalho, 147, Fleet street ; Mann,
Cornhill ; Nalson, 457, West Strand; or direct (by post or other-
wise) from the author (who may be conferred with personally,
m mings and evenings). 10, Argyll-place Regent-street; aid all
it wiksallers.

STERILITY.—Whatever is unproductive is with-
x.-7 out intrinsic value. Man and his Maker alike condemn that
which " yields ne fruit," and we find large tracts of land abandoned
fee the same reason that caused the barren fig tree to be cursed.
This curse clings to Sterility In every shape ; it brings upon the earth
famine. But the maledictioa breathes loudest and deepest into the
ear •f these of the human face who remain childless in a community
which must altogether fail, without continual additions. Not only
do such encounter the silent scorn or pity of their fellow creatures,
but their own hearts condemn them ; wealth brings no consolation
to the wifeless !wont—brings no return for the childless home.
It is a remarkable fact that the unproductiveness of soil and
species arises from similarity of cause. Some lands are
the produce of vitiated strata that yields an offspring as
unhealthy as itself. Others nurture in their juices the poison of
minerals, which form the foe to -vegetation. Others again lose value
by being toe early worked, before they are tit for cultivation, Some
soils, originally fertile, become barren by excess of tillage; others
are spoiled by unwholesome manures ; and others, again, by the
want of perseverance and nerve In the husbandman. Mark the ana-
logy I Man also is too often vitiated by the parent from whom he
springs. Man is toe often ruined by the indiscriminate use of mine-
rals, such as mercury, &c. Man also tries his constitution too early,
and avertasks it too late. Nan, by unwholesome contact can also in-
fect his fame ; and, to render the comparison complete, man can
render a naturally vital constitution unproductive through ignorance
of his organization and diffidence in his powers. Nor does the analogy
cease here. The detriments to cultivation above detailed have been
recently se entirely overcome by modern improvement in agricul-
ture, that farmers are now enabled to produce crops almost from
stone itself; and, in like manner, Sterility in the human race is now
removable through the profound discoveries in physic which enlighten
the present age. In testimony of this, a volume has recently been
produced which fills the heart with hope and is calculated to remove
Sterility altogether. It is from the pen of Messrs. J. L. CUItTIS
AM) CO., Consulting Surgeons, 7, Frith. street, Soho-square,
London, and bears the title of " MANHOOD: The Causes of its
Premature Decline, with Plaid Directions for' its Perfect Ile-
storation ;" and is sent by W. STRANGE, bookseller, 21, rater-
noster-row, London, post-paid, in a sealed envelope, by initial or to
any address, for 2s. 6d. in postage stamps, secure from observation.

Illustrated by 26 Anatomical Coloured Engravings 01 Steel.

ON PHYSICAL-DISQUALICATIONS, GENERATIVE INCAPA-
CITY, AND IMPEDIMENTS TO MARRIAGE.

New Editioi, enlarged t• 196 pages. Just published, price 2s. 6d., sr

by post, direct from the Establishment, 3s. 6d. in postage stamps,
rillE SILENT FRIEND, a Medical Work on
_a_ the infirmities and decay of the generative system, from ex-
cessive indulgence, infection, and the inordinate use of mercury,
with remarks on Marriage, end the means of obviating certain dis-
qualifications. Illustrated by 24 Coloured Engravings. By R. and
L. PERRY and CO., 19, Berners-stroet, Oxford-street, London.
Published by the Authors : sold by Strange, 21, Paternoster-row
Hannay, 63, and Sanger, 150, Oxford-street ; Starie, 23, Titehborne-
street, Haymarket ; and Gordon, 146, Leadenhall-street.

PAnT I. treats of the anatomy and physiology of the re-productive
organs, and is Illustrated by Six Coloured Engravings.
PART 11. treats of the consequences resulting from excessive indul-
gence, and their lamentable effects en the system, producing mental
and bodily weakness, nervous excitement, and generative incapacity.
It is illustrated by Three Explanatory Engravings.
Putt 111. treats of the diseases resulting from infection, either in
the primary er secondary form, and contains explicit directions for
their treatment. The consequences of early neglect and of the abuse
of mercury, are also clearly pointed out. This section is illustrated
by Seventeen Coloured Engravings.
Pear IV. treats of the Prevention of Disease by a simple ap-
plication, by which the danger of infection is obviated. Its action
is simple but sure. It acts with the virus chemically, and destroys
its power en the system. This important part of the Work should
be read by every Young Man entering into life.
PART Y. is devoted to the consideration of marriage, and its
Smiles. The causes of unproductive union are also considered, and
the whole subject critically and philosophically inquired into.
TmeConiszat Bum or STRUM( is exclusively employed in treat-
ing n.rvoas and sexual debility, impotence, &c., lie .and 335. per
bottle. The Concentrated Detersive Essence, an anti-syphilitic
remedy, for purifying the blood in cues of infection, secondary symp-
toms, eruptions, and the abuse of mercury, 1 ls. and 338. per bottle.
l'erry's Purifying Speciffe fills, 2s. dd., 4s. 6d., and 11s. per box, a
certain , emedy in generrhtea,gleet, strictures, and chronic inflanema-
' ion of the bladder. Consultation fee, if by letter, 11. al. Packets
with advice to be had at the Establishment only, by which the fee,
IL. is saved. Attendance daily at 19, Rereers-street, from Eleven
:ill T we. and Five to Eight ; en Sandays from Eleven to One.

Tux SUFFERANCE WIIAILVES.—The proprietors of
the sufferance wharves, as they are called, en the south
side of the river, and extending from above bridge to
Deptford, have urged a memorial, through Sir William
Molesworth, one of the Members for the borough of
Southwark, to the Lords of the Treasury, for important
alteration's and additions to the privileges which, under
the existing regulations, are permitted to them. The
several wharves and landing-places alluded to, which are
comprised within this extensive range, are in possession
of the privilege of landing a large variety of goods,
according to the individual claims of the places, and the
facilities which they respectively offer for the landing
and deposit of foreign goods and the general transaction
of import business, which have been from time to time
extended by the revenue authorities, as occasion might
seem to have required, on special application being made
to them by the parties interested and concerned; but the
owners of the principal landing-places on the site alluded
to wish for a general extension and allowance of the
entire privileges permitted to the wharves and quays on
the north side of the river, called the legal quays, and
extending from the Tower to London-bridge.
We understand that Captain Washington, R.N.,
F.R.S., of the Harbour Department of the Admiralty,
passed through Aberdeen on Monday, on his way to
Caithness, with instructions from the Lords Commis-
sioners of the Admiralty, to make inquiry into the
cruses of the wrecks of the 19th August last, which
were attended with such a lamentable loss of life and
property, on the east coast of Scotland. We understand
that a notification to this effect has been received by
the authorities at Wick, Banff, Fraserburgh, and Peter-
head, and that a public meeting of inquiry will be held,
at each of these places, in the course of the next fort-
night, at which all interested in the subject are invited
to attend, and give information and offer suggestions.
As at present arranged, we believe that the meeting, at.
Banff, will take place on Tuesday, the 17th instant, or on
Wednesday, the 18th instant, and at Fraserburgh and
Peterhead on the two following days.—Aberdeen Herald.
The Lord Chancellor and Lady Cottenham have
l'ft Cope Hill, Wimbledon, on a visit to the Venerable
Earl Digby, at Sherborne Castle, Dorsetsliire.

SPIRIT of the PUBLIC JOURNALS.
FROM THE MORNING PAPERS OF THIS DAY.
TIMES.—A letter was published in the Times at
yesterday from Mr. Thomas Young, in explanation
of another letter of his, which underwent some dis-
cussion last week. Mr. Young, in his second letter,
completely disclaims the sort of official colour which
has been given to his original communication. He
denies entirely that Lord Melbourne, or any other
member of the Whig Cabinet, was for anything in
• i the letter he addressed in the careless familiarity of
friendly intercourse to General—then Colonel—
Napier. He complains, finally, of the publicity given
to a communication which was never intended to go
further than his friend's escritoire, and of the
im-
portance attached to mere gossip. All this may be
very convenient, or very true. The internal evidence
• derived from the letter itself is, after all, the material
point. If, then, the discussion be made to turn
simply on the letter which has undergone so much
discussion, the case seems but very weak against
the members of the Melbourne Cabinet, if, indeed,
there be any case at all. In the next place, rebel-
lion can never be urged as excuse for rebellion, even
had the charge been made out. Lastly, the parties
who have brought forward this accusation have
been guilty of such flagrant misstatements in their
mode and manner of producing it, and have so
exaggerated and invented points against the parties
accused, that but very little credit can be attached to
any statement emanating from so unscrupulous a
quarter. 'We would first remark that the letter in
question, and the reply of General Napier at the time,
which have been adduced as a justification of the folly
and the crime of the Irish traitor, in point of fact
contain the strongest animadverson on the one and
the most powerful dissuasive from the other. This
would in itself afford but an additional proof of the
utter wrong-headedness, of the mere incompetency
to deal with facts, which is the characteristic of the
Repeal party in Ireland, whether it present itself
under the aspect of the unctuous hypocrisy of O'Con-
nell or the armed treason of O'Brien. The state-
ment in the Freeman's Journal was to the effect that
General Napier solemnly promised to conceal Mr.
Young's letter until the Whigs should institute
a prosecution against any one for a line of con-
duct similar to the one which had been proposed
to him by them or by their agent. General
Napier--so it is averred in the Freeman's
Journal—loyally kept his word. He suppressed the
letter, and only divulged it recently on the occasion of
the trial of Smith O'Brien, being such a contingency
as was contemplated by him at the time he volun-
teered his promise. For fear of any misapprehension
on such a point as that of impugning the character for
trustworthiness and credibility of a public writer, it
will be better to lay before the public the statement
from the Freeman's Journal at length, together with
the indignant reply it elicited from General Napier.
The fact of the promise of concealment until the
given contingency, the occurrence of the contingency,
and the subsequent publication of the letter by Ge-
neral Napier, were either in the knowledge of the
writer in the Freeman's Journal, or they were not.
It is evident he could not have possessed such know-
ledge, as from General Napier's letter it appears
the whole statement is a fabrication. If he did not I
possess such knowledge, and simply fired a random
shot to produce an impression in favour of the pri-
soner, it requires a shifty imagination to distinguish
between such a course and that of a wilful perversion
of the truth to answer a given object. Here is the
statement verbatim from the Freeman's Journal :
" Before we place this remarkable document before the
public it is due to the gallant, brave, and generous sol-
dier to whom it was addressed to state how its existence
became known, and the circumstances tinder which its
contents have been divulged. The gallant Napier re-
turned an indignant reply to Mr. Young, stating that he
received his sword from the hands of his Sovereign, and
that against that Sovereign he would never unsheath it.
The Whigs, through the secretary of their chief, applied
to the loyal soldier, requesting that the letter should be
returned, in order that this written evidence of the con-
spiracy' might be destroyed. Colonel Napier's reply was
worthy his brave deeds and honoured name. He pe-
remptorily refused—stating, at the same time, that he would
never divulge its contents, or allow it to be made public,
until the Whigs should capitally prosecute a British sub-
ject for the offence of they themselves were guilty. But the
same soldier's honour that pledged him to secresy under
certain circumstances, pledged him to render this letter
and the conspiracy it disclosed matter of history when-
ever the Whigs should dare attempt to deprive of life a
British subject whose only imputed crime was to follow
the course of policy adopted by themselves in '32. That
daring attempt—daring as coming from conscious conspi-
rators—has been made upon the life of Smith O'Brien, and
the Gallant General has kept his word.',
The vast importance of the point on which the mis-
statement has been hazarded by the Dublin journal is
this :—llad General Napier acted in the manner re-
presented, it would have been tantamount to a censure
upon the Government for instituting the Clonmel
prosecution. Such a censure coming from such a
quarter would have carried much weight, as an ex-
pression of the sentiments of an honourable man and
a liberal politician. This material point, it will be
seen, the writer assumes. He holds himself out as a
person possessed of full information on the subject,
and on one so serious it is evident that to act upon
anything short of certitude is in itself a public scandal.
We will now print General Napier's reply to this
statement, and leave the publie--even the Irish repeal
public—to decide what amount of trust they can place
for the future in the Freeman's Journal:—
"Saturday Evening, Oct. 7.
" Sir,—l have this instant been shown the weekly
Young, whichFreeman'sJrnouiva,al,
was, ley
obnyt ai
processofog
u, compelled
Thomas
elle.
dt op
ro-
duce at Clonmel on the trial of Mr. Smith O'Brien.
" I have had no communication whatever with any
editor or any person connected with newspapers, and
dhl
know not how that letter has been obtained
for
editor Freeman's being Jourtz
whollyal; bimutagthinearreyp,lycaatitlrsibfubtre d
an to me
immediate/
contradiction, and as I am told the promptest mode of
be through the
making that contradiction public will your
the
journal, I request as a favour that you will publish
following observations:—
"I. I did not return an indignant
Young—l merely made some ironical an
o
re-
marks upon the implied supposition that I could co- pe-
rdeps leyb'rbtofu lM r
rate in arms with a Birmingham attorney and a London
tailor against the Duke of Wellington!
"2. I did not state that from my Sovereign I re-
ceived my sword, &c.
"4. 1 did not at any time promise or state that I
the" letter terTwheouilVdhbigesredtiudrnne4d,&apcply to
me
requesting that
would never divulge its contents, or allow it to be made
public, &c.
"5. I did never pledge myself to seeresy under any dr-.
cumstanees.'
"I did never pledge myself to secresy under any cir-
cumstances, nor in any manner, Dor did I ever maintain
any secresy in the matter.
" W. NAPIER, laajor-General."
We will leave these facts to speak for themselves.
When we consider the long services, the unimpeached
honour, and the almost romantic chivalry of character
by which General Napier has been distinguished
through his long and brilliant career, we ourselves
have no doubt on which side the truth is to be found.
What we can do to give publicity to General Napier's
letter is now done. The gallant soldier, the distin-
guished historian, the loyal servant of his Queen and
country, has a right to this service at our hands.
No! his name has never been sullied by association
with a gang of frantic rebels, and still less with those
who satisfy their public enthusiasm by whispering
treason with closed doors—patriots who would have
fought by the side of the windy hero of Ballingarry,
" But, that I dare not' wait upon I would,'
Like the poor cat i' the adage"—
and so we leave.the public to decide upon the merits
of this part of the case. We now come to another
point—the letter itself of Mr. Thomas Young. On
reading this over we expected to find armed treason
recommended, at least by Mr. Young, if indignantly
repudiated by Colonel Napier. What we do actually
ind in the letter is this. Mr. Young announces to
Colonel Napier the fact that a rising had been in-
ternjed. There was to have been a run upon the
banks. The populous country towns were• to
have been barricaded; and, in the event of
a fight, Colonel Napier was to have been
invited to take the command at Birmingham.
But the very letter itself concludes with this sentence
—" Thank God we have been spared the trial; but,
as a matter of speculation, tell me what you think
would have been the result. Am I right in my con-
jecture that you would have refused the Birmingham
invite, and kept your sword in its scabbard ?" So here
is a document produced which speaks of transactions
that occurred seventeen years ago; the writer thanks
God that a rising which had been crudely meditated
and imagined—not resolved upon—had been given
u
upon
it
pp,
o, b
nua
oftna dnc
aa tarhrrmimi s is
eaednd owpurbtod
insurrection
ohuinesoed a
to sn only
resolution.justificationnmoetd oitnTa
ltyhedisr,ebtsfuhoo
etlrvnresolved
the
d resolvedbuepl.being
con-
ductgnthe subject matter of the letter, we find next that
this wriier, Mr. Young, so far from recommending
Colonel Napier to have anything to do with the
armed movement hypothetically suggested, dissuades
hiin
politicalfro eve
transactions
aantts
m ioomff e
nmhnaiti
ts,ni
odlpenuts
to finish
fieha,nte
his
seih: shouldohhreidsalol
tifhtbte,ehrcagaognirrmydn
leht rs
attempting
of thineirtiameu?
obtain a
in
Parlia-
ment, •
the turbu-
lent
vci
labours,ao
imefxotpor
lot
o'
i't
wleht Whaticinjuryh Awt rli
Young desires for his friend is leisure and tranquillity
brings
ter-
mination

hand down to posterity the achievements of Colonel
Napier's companions!! in arms throughout the me-
morable war in the Spanish Peninsula. One only
point remains untouched, and this will be found
touched upon in the letter from General Napier
which we have printed above. What was his answer
to the hypothetical inquiry to the question that had
been put to him by Mr. Young " as a matter of spe-
culation," whether he would take' up arms on a con-
tingency that could never happen, because the events
had already occurred in a contrary sense to the one
assumed ? General Napier
tells us, " a few ironical
and scornful remarks." Now, in all this where is
the justification of Smith Mae
en's treason ? In one
sense, certainly the proceedings of the Irish dema
gogues and of the professional Repealers are "
matter of speculation." To the phrase is attached
a vulgar as well as a philosophical meaning. The
Freeman's Journal is but following in the steps of
the party it represents when it brings forward a
statement such as this. Possibly the allegation of
Mr. Young may be the motive of the writer. It
has been done " as a matter of speculation."
POST.—On reference to the Lords' report on the
working of the currency laws, we find that a very
strong opinion is expressed of the erroneousness of the
Act of 1844, which Act appears to assume that what-
ever amount of bank-notes has been issued by the
Bank, that amount should at all times and under all
circumstances be equally regarded as constituting the
circulation of the country. It The inflexible rule,"
says the report, "considered to be invariable and
self-acting, and adopted by
the Legislature, as con-
nected with and consequent upon the separation of
the departments of issue and of banking, and the
regulations provided for both, is founded on certain
principles which, before they can be adopted, demand
very serious examination. he Act appears to
assunie that .one flied amoittit of notes out of the-
custody of the Bank, and in the, hands of the public,
will at all times produce the same effect, and will be
governed by the same laws. Unless this proposition
be true, the uniform and fixed rules of the Act
of 1844 can hardly be justified:' Now, it is
clear that the proposition is not true, and the
principal Parliamentary Committees from 1810
downwards have recognised the distinction between
bank-notes issued and circulation. And yet Mr.
Jones Loyd, we regret to say, was so unscrupulous
a partisan of the law of 1844 (cuizes pars magna fuit),
that he did what he could to mislead the Committee
upon this branch of their inquiry. When he was
asked whether, in consequence of the low state of the
reserve in 1847, the Bank was not constrained to put
a very heavy pressure on commercial accommodation,
he answered that he totally denied that fact, and that
he appealed to the published returns in support of the
denial. He then quoted the large- amount of issues
at the time of the panic in 1847, and drew the con-
clusion that as the notes in the hands of the public
amounted to an unusually large sum, it could not be
said that the Bank of England was putting a severe
pressure upon the mercantile world. It would
appear, says the report, that in this answer Mr.
Jones Loyd looks mainly to the numerical amount
of notes issued by the Bank, and assumes that the
accommodation possessed by the public may be
measured by that amount, and by the corresponding
securities in the hands of the Bank, No doubt
that was the impression he desired to convey to
the Committee in order to bolster up the policy
of the Act of 1844, but when pressed upon the
subject in a subsequent stage of his examination, even
Mr. Loyd was obliged to modify his assertion. We
must say that to us he appears to have condescended
to escape from it by a quibble. " I consider," he
said, " that the amount of notes in the hands of the
public and the amount of notes in the Bank (banking
department) still constitute the amount of notes in
circulation. It is perfectly true that the circulation
may be in a more active or in a more dormant state.
It is perfectly true that the samelamount of notes'will,
at different times, be more efficient in performing the
functions of circulation ; that in proportion as confi-
dence is firm the circulation is more efficient, and as
confidence is shaken circulation becomes less efficient.
A diminished efficiency of circulation and a contrac-
tion of the amount of circulation may, in some
respects, produce the same results; but they are still
totally different things:' No doubt they are different
things, but what matters that, if the results be the
same, namely, a pressure upon the mercantile
world, and a difficulty of obtaining money
with which to carry on business ? The
mercantile world suffers equally in both cases ; but
if the issues be contractea within their ordinary
limits there is a remedy. The Bank can issue up to
the amount fixed by the law of 1844. If, however,
public confidence be shaken, and a large amount of
the notes issued become inefficient as circulation,
there is no remedy. The law of 1844 will not admit
an additional amount to be issued to supply the place
of that amount previously issued which has been
locked up, and which, as regards the circulation, has
become dormant. That Act, as the report says,
" appears to assume that one fixed amount of notes
same
out of the custody of the Bank, and in the hands of
the public, will at all times produce the same effect,
and will be governed by the same laws." But even
that themns Mr. Jones Loyd, When pressed upon the subject,
amofoucnitrcuolfatinonot. He
es will at
different times be more efficient or less efficient in
admits
performing t
functions
ad-
mits that in times when public confidence is
shaken the same amount of
notesissued will be
less efficient as circulation than when public con-
fidence is firm. And yet the fixes the amount
of notes to be issued, and aw
recognises no practicable
means of increasing that amount, even though
one-half or two-thirds, or the whole of the notes
issued should be seized upon and locked up by the
great bankers, leaving the public at large without
any money at all ! Mr. Horsley Palmer, in his evi-
dence before the Committee,.ll estimates that in Octo-
ber, 1847, about three • ions were issued for what
he calls " the maintenance I
of credit," and not for
circulation. Mr.
Gurney goes further, and
says " he has not the slightest doubt that, at that
period at least, from four
millions to five millions of
the notes issued were locked up and inoperative, in
consequence of an alarm and
of a fear of not being
able to get bank-notes at all." In another part of his
evidence Mr. Gurney says that the difficulty of getting
bank-notes in the money market in October,
184
arose from an alarm that it would notbe pos-
sible to get notes from the Bank, owing to
the restriction of the Act of 1844. At that
time, when so much difficulty was felt, the issues of
the Bank amounted to 20,800,0001. At the time
Mr. Gurney gave his evidence, the issues amounted
only to 17,700,0001., but there being then no com-
mercial alarm, that amount was much beyond what
the exigencies of business required. "There was
then no banking house or money dealer in London
but what had, a larger amount of bank-notes than
they could use. One main reason of that state of
things no doubt was commercial stagnation from the
tremendous blows that commerce had received in
1847, through the operation of the Currency Act of
1844, or at all events, through the operation of a
smo-
netary panic which no adequate remedy could be
applied, owing to the restrictions of Peel's law, until
at last the Government found it necessary to autho- I
rise the Bank to violate that law in case of need. The
need did not arise, because the pressure had arisen
from alarm at the state of the law. When the tyranny
of the law was removed the alarm was removed, and
then the locked-up notes were let out, the circulation
became efficient, and the same amount of issues did
work which, under the operation of the law, they
were not permitted to do. We should, says Mr.
Gurney, have had at all events a great amount of
mercantile calamity in 1847 ; "but the extent of the
calamity was the effect of tae Act of 1844, and the
Act only." This, then, is the obligation of the mer-
cantile interest of Endland to the currency wisdom
of Sir R. Pool, backed and applauded by Sir Charles
Wood !

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ANOTHER ACCIDENT ON THE LIVERPOOL AND BURY
RAILWAY.—On Saturday
night William Bradley, about
fifteen years of age, who had been entrusted at Maghull
to point the rails on this nearly completed line, fell
asleep, as is supposed, on the turning table; and a loco-
motive with a train of mud-waggons passed soon after,
almost severing his legs from his body. Ile was brought
to the Northern Hospital about halt-past eleven on the
same night, but had been so seriously injured that he
died about three o'clock yesterday morning. Tho parents
of the deceased live in Raymond-street, in this town.—
Liverpool Albion,