The Sun.
London, England, 1848-11-07 00:00:00

THE BANKERS MAGAZINE.

The present number opens with a "Review of the
recent Parliamentary Inquiry on the Commercial
Distress of 1847." Anything that relates to the
amendment of our monetary code, under which the
country has sustained such severe losies, and witnessed
such tearful distress, and so general a depreciation in
the value of every description of property, must ever
be a subject of the deepest interest to all—more
especially to the banking and commercial classes.
No apology is, therefore, due for returning to a ques-
tion which has been discussed with great ability and
sound judgment in the-pages of the Bankers Mag-
azine. The public are not wearied of the controversy.
It is par excellence the question of the day,
and on its solution will chiefly depend
the future prosperity and happiness of the
nation, whether we are to see our industrious classes
fully employed and fairly remunerated for their labour,
and, as a natural result, loyal, orderly, and contented,
or suffering the most bitter privations, and spending
their hours of compulsory idleness in listening to the
inflammatory harangues of mischievous demagogues,
and easily seduced from their allegiance and love for
a government under which they have experienced so
much wretchedness, and all the evils of tho most
griping poverty. Our contemporary well remarks
that "it is not to be permitted that an inquiry con-
ducted with so much care—resulting in the collection
of evidence of so conclusive a character—and sig-
nalised by the adoption of the most important Parl.a
mentary report (that of the Lords' Committee) which
has appeared upon the subject since 1819, and that
report distinctly in opposition to the present law,
should be converted into a weapon of offence in behalf
of those very opinions which this occasion, and these
materials have done so much to invalidate." It ac-
cordingly attacks the arguments that have appeared
on the subject in a daily morning journal,—which it
completely demolishes with weapons drawn from the
armoury of the bullionists. " Letters to a Branch
Manager" are continued—" Discounts" are the
subjects of the present epistle. There is a second
article on the " Statistics of Railway Expenditure,"
from which it appears that the total amount of share
capital actually paid up on the Ist December, 1847,
is 121,641,5841. Gs. Id., and the total debts of the
several companies at the same period, 39,514,8951.
Bs. 7d. Thus we find more than 161,000,0001.
already embarked in those important undertakings,
which are so perseveringly attacked by some mis-
chievous and designing men. It also estimates that the
future calls,to be distributed over three years at least, will
not amount to more than 45,000,0001., or 15,000,000/.
per annum at the outside. This estimate is founded
en the clear and accurate calculations published in a
provincial contemporary, to which we have already
alluded. Various " Railway Statements" are given,
including, of course, the important " Bear". destroy ing
statement promulgated by the directors of the North-
Western Company. There is also a well-written
paper on the " Law of Cheques," and a mass of valu-
able intelligence of the usual character. Among the
communications will be found a powerful letter from
Mr. Salt to Sir Robert Peel on the subject of the
late currency debate on Mr. Ilerries's motion. The
present number fully maintains the high character of
this excellent periodical.