The Sun.
London, England, 1848-08-03 00:00:00

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ER AL TE A M 1/AVIGAIIOY (
!:, t0k:;..i,,4
. •
COMPANY, /I
, ei.r• 1
\
(Incorporated by Act of Parliament.) , -"it 1
- -
71, Lombard street, London.
I jig > ' )464/i
_
Notice is hereby given, that the HALF-YEARLY GENERAL I ) - I
• ;11 +
EETINO of the PROPRIE FORS of this COMPANY will be hPld • { ,
.se at the Company's Office, 71, Lombard-street, on TUESDAY, the 29th _ 5;-"ct „- ~vyk
-

i►stant, at Two o'clock precisely, pursuant to tie Act of Parliament,
to transact the usualbusinesi*, and to declare the DIVIDEND for
the lialf-year ending June 30, 1848.
London, August 1, 1843.

JOHN WILSON, Secretary,

[PRICE SD.

THE GREAT NORTHERN RAILWAY
COMPANY.
The Directors are prepared to receive TENDERS for LOANS on
MORTGAGE for Sums of 500/. and upwards, and for any period not
less than Three, and not exceeding Seven Years, at Five per Cent.
per Annum Interest, to be paid half-yearly by Coupons, at Messrs.
Smith, Payne, and Smiths, Bankers, London.
Louis may be effected for Sums of less than 500/. by parties wil-
ling to bear the extra cost of the stamp.
By order,
J. R. MOWATT, Secretary.
Company's Offlces, 11, Moorgate-street,
_ .„

London, June 6, 1848

UNITED KINGDOM LIFE ASSURANCE
COM PAN Y.-8, Waterloo-place, Pall-mall, London ; 97,
neorze-street, Edinburgh; 12, St. Vincent-place, Glasgow ; 4, Col-
'ego-green, Dublin.
SECOND SEPTENNIAL DIVISION OF PROFITS,.
This Company, established by Act of Parliament in 1834, affords
the most perfect security in a large paid-up Capital, and in the great
succoss wh:ch has attended It since its COLIMICIICeMea—ITS ANNUAL
INCOME BEING UPWARDS OP 94,000!.
In 1841 the Company added a bonus of 21. per cent. per annum on
the sum Insured to all PolicieS of the participating class from the
time they were effected. to the 31st of December, 1810, and front
that date to 31st December, 1817, 2V. per cent, per annum was
added at the General Meeting on Gth July, 1848.
The bonus thus added policies from March, 1834, to the 31st of
December, 1817, is as follows:

Sum sum added WI Sum added to Sum payable
Amred. Time Assured. Policy in 1 841 !Policy in 1848 at Death
---- --L.-- ----I---
£5OOO 13 years 10 mths £683 6 8 £787 10 0 £6470 16 8
5000 12 years 500- 0 0 787 10 0 • 6287 10 0
5000 18 years 300 0 0 787 10 0 6087 10 0
5000 8 years - 100 0 0 787 10 0 5887 10 0
• 5000 6 years .. .. 670 0 0 - 5670 0 0
5000 4 years .. .. 450 0 0 5450 0 0
5000 i 2 years •.. .. 225 0 0 5225 0 0

The Premiums, nevertheless, are on the most moderate scale, and
only one-half need be paid for the first five years, where the In-
surance is for Life.
No Entrance Money or charge except the Policy. Stamp.
Every information will be afforaed on application to the Resident
Director, No. 8, Waterloo-place, Pall-mall, London.

rrHE ROYAL POLYTECHNIC
INSTITUTION, REGENT-STREET,

The Natural History of Electrical Eels, illustrated by Galvanic Ex-
erlruents.—Also, New and Important Experiments in Electricity, by
sham llaggs, Esq., explaining the Phenomena of Thunder-storms
and the Cause of Lightning.—Popular Lectures by Dr. Ryan and
r. Bachhoffner.—Dioramic effects are exhibited in the new Dis-
solving Views, which, with the Chromatrope and Microscope, are
shown on the large dise.—Elperiments with the Diver and Diving-
bell.—New Machinery and Models described.
Open daily from Eleven to Five ; and in the Evenings (Including
haturday) from Seven till Half-past Ten.
Admission, la.—Schools, Half-price.—The New Catalogue, is.

SIO Y E R'S EFFERVESCENT NECTAR.
" Homer sang of nectar for the gods, Soyer has concocted a
nectar meet for gods and.goddesses."—Mornlrg Chronicle.
"Give us thirst and a bottle of Soyer's Nectar, say we, and we
will laugh to scorn the cup of Hebe."—Sun.
Manufactured only at Messrs. SOYER and CO.'S, 40, Rupert-street,
Ilaymarket. Retail price per dozen, 6s. ; bottles allowed for at she
rate of 2s. per dozen when returned. A liberal allowance to the
trade.

VINAIGRE DE BORDEAUX
WINE VINEGAR, well matured, is the strongest, finest,
and purest of all; for pickling and every domestic use, it is preferable
to all other.
Sold throughout, the Kingdom. by Chemists, Grocers, and Wine
kerchants, wiosa names may be learnt front the Importers.
W. and S. KENT and SONS, Upton-upon-Severn.
London Shires, 3, Queen-street=Place, Cheapside.
W. S. RUMSEY, Agent.

PURE PORT.—A. combination of interested
competitors in the Wine Trade having existed at Oporto
since the year 1844 (with all its ramifications in this country), for
the manifest object of preventing PURE PORT WISE from being
drunk in England, as it used formerly to be, OFELEYS, WEBBER,
FORRESTER, 'and CRAMP, Alto Douro, farmers, have determined,
as growers, in self-defence, to supply the consumer direct: and there-
fore
Make this public announcement for the information of those gen-
tlemen 'wjui are disposed to r,3plenish their cellars with pure, fully-
fermented, and high-flavoured Port.
London, 36, Sew Bro.td-street, July 1, 1848.

WORD or TWO on PORT WINE. Ad-
-A. dressed to the British Public generally, but particularly Pri-
vate Gentlemen, by JOSEPH JAMES FORItESTEIt, of the Mouse
of9dlovs, Webber, Forrester, arid Cramp, of Oporto, author of " Sur-
•EYS of the Wine Districts of the Alto-Douro," " Surveys of the River
Douro," .ke
'ku.blished by Royston and Brown, 40 and 41, Old Broad-street.

•
ELEGANT TOILET REQUISITES,
BACA OF INFALLIBLE ATTRIBUTES.
•
ROWLAND'S MACASSOR OIL
Is highly and universally appreciated for creating and sustaining lux-
uriant Tresses.
Is ROWLAND'S KALYDOR
'* a preparation of unparalleled efficacy in improving and beautifying
the skin and complexion; and
Li , ROWLAND'S ODONTO, or PEARL DENTIFRICE,
",.lavaluable for its beautifying and preservative effects on the teeth
and gums.
The august patronage conceded by our gracious Queen, and the se-
veral Sovereigns and Courts of Europe, and the confirmation by ex-
perience of the infallible efficacy of these creative renovating speci-
fics, have characterised them with perfection, and give them a cele-
brity unparalleled.
BEWARE OF SPURIOUS IMITATIONS.
Some are offered under the implied sanction of Royalty, and the
Government Departments, with similar attempts at deception. The
only genuine of each bears the name of RoWLANDS' " preceding
that of the Article on the Wrapper or Label.

QPENCEWS CHINESE LIQUID HAIR DYE.
k The thousands of individuals who for upwards of twenty
years have used this celebrated liquid, pronounce it to be the only
article extant which effectually changes, in a few minutes, red or
grey hair, whiskers, moustaches, &c., to a dark• brown or black,
Without trouble (by simply combing it through the hair), and pro-
duces by one application a pleasing and permanent change ; anti it
van be incontestibly proved, that while many dyes tend to destroy
the hair by their pernicious properties and dangerous process of ap-
Pileation, that this article promotes the growth of hair, nourishing
the roots till the latest period of life. Price 3s. 6d., 65., and 10s.
per bottle.
To be had of the Proprietors, 29, Nottingham-place, Fieldgate-
street, Whiteehapel-read, London ; also of Mr. Johnstone, 0, Corn-
hill ; Butler, 4, Cheapside ; Prout, 229, Strand ; Sanger, 150, Oxford-
itteet; Barclay, Farringd
; Atkinson, 24, Ohill.Bznid-
itreet; Hooper, 43, King William-street, London bridge ;
Alllsent-street, Bath ; Elmore, Bull-street, Birmingham land of most
Perfumers and Medicine Vendors in townittaandeecouLlittr.yp'.aiair dDye."
Sent. to
any r
part of the kingdom byreceiving a
se
'Please to ask for " Spencer and Co. Chinese Liquid H
Observe, the Proprietor's address is on the wrapper.

AI G .
One half the wend are desolately single, and the other
7___PPfausif them married, questionably contented. Diffidence, or a
of right determine the former, and miscalculated
under the plea
s em-
bitter the latter. The solitary one may shield himself
al. caution and worldly prudence, and the indissoluble, regret un-
chmProsing harry ; but the truth lies deeper. Physical incapacity,
_`'l
" broken health, are the great hindrances to domestic happiness
"al content. The dowry should net be the only marriage set-
!lenient. Honour and justice demand that health should form an item
n the compact;
it alone dignifies the alliance. Blighted hopes er
these
woand more sorely than poverty or misfortune. Reader, if
nes° surmises concern u, procure Dr. CULVERWELL'S little
EhtOlßs ' On Singleo and Married Life," pub. in 2 vols., Is.
inc (by post, in stamps, Is. 6d. each). Let no imaginatively
?Clhued, *r prudish feeling deter you, by their titles, nor be hindered
eY misinterpretation of their supposed contents, from obtaining
-?lml• They are not intended certainly for mere idle cariosity, but
for 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
together, are, a disgrace to the age. Furthermore, two other
;I'll° publications claim your attention (same price Is. each,
by Post is. 6d.) called " What to Eat, Drink, and
" old," end " How to be Happy." They are not merely
ruphlets, but equal In quantity a library volume, nor are they the
hre ephemeral scribblings of the hour, but the study of the author's
!e ,who owes his present existence, health, and position to this ob-
Wynne° of the maxims he would inculcate—to do unto others as he
Would be done unto—to live after nature's laws—and to keep always .
tiffs "sunny side of the way." 'The above works may be had of
Sherwood, 23, Paternoster-row ; Carvalho, 147, Fleet•street ; Mann,
n.'Cornhill ; Nalson, 457, West Strand ; or direct (by post or other-
rah) from the author (who may be conferred with personally,
and evenings). 10. Argyll-place Regent-street; and all
stuerstsellers

ON NERVOUS DEBILITY AND GENERATIVE DISEASES.
Just published, the Thirty-sixth Thousand, an improved edition, re-
vised and corrected, 120 pages, price 2s. in a sealed envelope, or
forwaried by tho Authors, post paid, to any address, secure from
observation, for 2s. 6d., in postage stamps, illustrated with na-
merons Anatomical Coloured Engravings.

MANHOOD: the CAUSES of its PREMA-
TURE DECLINE, with Plain Directions for its PERFECT
RESTORATION.
A Medical Essay on those Diseases of the Generative Organs,
emanating front Solitary and Sedentary Habits, indiscriminate Ex-
cesses. the Effects of Climate and Infection, &c., addressed to the
sufferer in 'Youth, Manhood, and Old Age; with Practical Remarks
6rl Marriage, the Treatment and Cure of Nervous and Mental De-
bility, Impotency, Syphilis, and other Urine-Genital Diseases, by
Which even the meet shattered constitution may be restored, and
Teach the full 'period of lite allotted to Man. The whole illustrated
With numerous Anatomical Engravings on Steel, in colour. explain-
ing the various tunctionsi secretions, and structures of the repro-
ductive Organs, in health and disease ; with instructions for private
correspondenee, cases, &c.
By J. L. CURTIS and CO., Consulting Surgeons,
7, Fritli-street, Soho-square, London.
" Manhood. A. Medical Work.—To the gay and thought less we
treat ;his little work will serve as a beacon to warn them of the
clanger`attendant upon the too rash indulgence of their -passions,
whilst tts some it may serve as a monitor in the hour of tempta-
tion, aril to the afflicted as a sure guide to health."—Chronicle
" ' Manhood.' By J. L. Curtis, and Co.—Their long experience
and• reputation in the treatment of these pain( el diseases is the
atient's guarantee, and well deserves for the work its immense eir-
nlation."—Era.
" ' Curtis on Manhood' should be in the hands of youth and old
age. It is a medical publication, ably written, and elevelopes the
T eatment of a class of painful maladies which has too long been
he prey of the illiterate and the tesigaing."— United Service
Gazette.
The Parent, who beholds his beloved child pining away, and last
approaching to a premature grave, in consequence of some disease,
which, for want of careful investigation of its real cause, has been
set down to the score of consumption, will, on perusing this work,
lee astonished to find, that in niee-tenths of the cases of young per-
sons of both sexes, who perish of what is called pulmonary con-
sumption, heart disease, tabes, Ere., the sole and exclusive origin has
been the indulgence in certain destructive habits practised by youth
much more frequently than it is at all atzspected.
N.B. Hours of consultation from Eleven till Two, sad Six to
Might in the Evening.

IlluWated by 26 Anatomical Coloured Encravingeon Steel,

,
ON PHYSICAL_ DISQUALICATIONS, GENERATIVE INCAPA.
CITY, &ND IMPEDIbIENTS TO NIARRIAGE.
_ _ _ . _

New Edition, enlarged to 196 pages. Just published, price 2s. 6d., or
by post: direct from the Establishment, 3s. 6d. in postage stamps,
rrILIE 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-
42naliticatlons. Illustrated by 2G Coloured Engravings. By it. and
L. PERRY and CO., 19, Berners-street, Oxford-street, London.
Published by the Authors : sold by Strange, 21, Paternoster-row ;
Ilannay, 63, and-Sanger, 150, Oxford-street ; Starle, 23, Titehborne-
Street, Haymarket; and Gordon, 146, Leadenhall-street.
Pas= 1. 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-
testae, and their lamentable effects on the system, producing mental
and bodily weakness, nervous excitement, and generative incapacity.
It is illustrated by .Three Explanatory Engravings.
PAILT 111. treats of the diseases resulting from infection, either in
the primary or 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.
PART IV. treats of the Prevention of Disease by a simple ap-
Plication. by which the danger of infection is obviated. Its action
simple but sure. It acts with the virus chemiealiy, and destroys
to power on the system. This important part of the Work should
be read by every Yoang Stan entering into life.
PACT V. is devoted to the consideration of marriage, and its
duties. The musses of unproductive union are also considered, and
.
fle, whole subject critically and philosophically inquired into.
TIIICOILDIAL BALM or STsfAcatm is exclusively employed in treat-
tug nervous and sexual debility, impotence, So., Ils .and 335. per
wine. The Concentrated Detersive Essence, ax anti-syphilitic
remedy, for purifying the blood in cases of infection, secondary symp-
toms, eruptions, and the abuse of mercury, 1 ls. and 335. per bottle.
Perry': Purifying Specific Pills, is. Al., 4s. 6d., and l le. par box, a
certain . emedy in gonorrheea, facet, strictures, and chronic inflamma-
tion of the bladder. Consultation fee, if by letter, If. 5/. Packets
with advice to be had at the Establishment only, by which the fee,
11, is saved. Attendance daily at 19, Berners-street, from Eleven
Toro. and Fire to, Eight; on Saudays from Eleven to Oslo.

=-1 would 'Still have increased at the rate of 000,000 i. a
week. It is certain that in a very short period we should
have had as largo a reserve ss would be necessary for
I our purposes, and therefore the Bank was never at any
period in jeopardy."
The correctness of this conclusion, however, depends
on the practicability of the remedial measures recom-
mended ; namely, first the sale of stock ; and secondly,
the limitation of discounts. A further question also
remains, essuming these measures to have been practical
and successful, for the security of the Bank, in the first
instance, whether their consequences would - not have
been ruinous both to public and private credit, and
ultimately fatal to the Bank of England itself. These
questions the Committee now proceed to consider.
1. Sala of Consols.—At the end of October, it appears
from the statement of the Governor of the Bank that the
amount of Stock held in Consols and Reduced was from
two millions to two millions and a half ; the remainder
of the public securities held was the dead weight, being
annuities fur terms of years, which are not always so
easily dispose(' of. The Governor considered that the
Bank might easily have availed itself of two millions of
Three per Cents. But the stock, even if it could ee sold
to that extent, would not have strengthened the reserve
to the extent of amount sold. On this puiut the same
witness gives the follossina important information :
" Will you state what elf( et you conceive would have
been produced upon pair deposits if you had proceeded
at that time to sell securities to any considerable extent?
—My impression is, that supposing we had sold securi-
ties to the extent of about two millions, it is probable
that the deposits might have been affected to the extent
of about one million, so that by selling two millions of
sccuritie% we might have strengthened the reserve by
about one million."
" The reason why it e ould have the effect of reducing
the deposits is, that the art of selling securities would
naturally make securities cheaper, and parties having de-
posits at the Bank might be induced to employ a portion
of their deposits in the purchase of securities, in conse-
quance of securities being cheaper."
" It' we had sold to the extent of two millions it might
have effected us to the extent of one million. But I
think we may assume that money upon the Stock Ex-
change is, generally speaking, cheaper than it is else-
where ; the consequence is, that we might take money
out of the Stock Exchange without its generally affect-
ing the country for some little period, and therefore the
action of drawing out the deposits might not be so rapid
as would otherwise be the case."
But this is strongly controverted by many of the most
intelligent witnesses, who doubt whether securities to
this amount could have been found saleable at all, at the
period referred to, except to an enormous loss. Mr.
Horsley Palmer was asked,
"What would have been the difficulty of effecting the
sales of securities ?—The difficulty would have been in
finding Bank-notes to pay for them. I think the
Governor did try to sell a small amount of funded pro-
perty at a reduction of two or three per cent, about the
21st of October ; but it would have been quite impossi-
ble in the state of public feeling that then existed to
have gone into the market with a million or a million
and a half of securities, and have found Bank-notes for
them."
" Would it not have been attended with great distress
to many parties ? —Unless the prices had been forced
down to 60 or 65, or some enormous reduction, Bank-
notes could not have been procured."
It :hould be borne in mind, in reference to this evi-
dence, that the witness examined is a leading director
of the Bank of England, and one who was specially con-
versant with all the events of 1837 and 1839, with the
extent and resources of the Bank, and the possibility
of making these resources available at a time of com-
mercial pressure, This opinion was carried still far-
ther in this subsequent examination, which was as
follows :
" Supposing that in the month of October, when
the reserve of the Bank was low, and when the public
were aware that the reserve was low, the Bank had pro-
ceeded to sell stock to the amount of 2,000.0001., do you
think that would have had any material effect upon the
funds or not ?—I think it would have forced the price
of Three per Cents. to 60. There is no price that I
can name that they might not have fallen to. If any
violent measure of that sort had been taken, no one can
say what might have been the consequence. I do not
believe that the Bank could have got two millions ster-
ling of notes by selling stock towards the middle and end
of October."
This conclusion is borne out and fully comfirmed by
the evidence of Mr. Glyn at a subsequent period. Mr.
Glyn may be taken as a fair representative of the Lon-
don bankers, and as giving the result of thirty years of
experience in the money market.
" You said that it would not have been possible for
the Bank to sell stock to any great amount at the pe
riod of panic?—l believe not. On the 23d of October
200,0001. was sold with some difficulty.
" Are you aware that it was the opinion of the Bank
broker that a very largo sum might have been sold with-
out materially affecting the price of stocks ?—I was not
aware that the Bank broker had stated that. I should
say, from what I saw at the time, that the sale of a
million or two millions, which were the figures talked
of, would have been almost impossible without knocking
down the funds to such a price as would have created a
further panic."
Mr. Browne, M.P., an extensive American mer-
chant, expressed the same opinion in still more unqua-
lified terms.
" Supposing they had nut taken that course, but had
It it necessary to recruit their reserve by the sale of
ities, do you think that the circumstances of the
5' ‘Exchange at that time would have admitted of
the•atile of a million or two millions of stock or Exche-
quer.‘bills?—l do nut think it would, without very great
sacrifices; and if the panic had been equal to what we
might suppose it might have been under such circum-
stances, I doubt whether they could have been sold
at all.
"But even assuming that they could have been sold at
a considerable sacrifice, would not that have entailed the-
consequence, not only of a sacrifice to the Bank, but of
a sacrifice to all the holders of public securities?—Cer-
t.(inly. I think the remedy would have been worse
than the disease."
The attention of Mr. Tooke was called in the follow-
ing manner to the evidence .given by the Governor of
the Bank on this subject, and the questions and the
commentary are so important that the Committee think
it right to bring the whole passage under the observation
of the House:—
" You alluded to the jeopardy in which you conceived
the banking department of the Bauk to have been placed
in September, 1847. Your attention is requested to an
answer which was given by a witness before this Com-
mittee. I cannet allow that the Bank was in any dan-
ger of suspending its payments. I will take the reserve
as it read upon the Friday night previous to the letter
being issued upon the Monday. I did not take the
Saturday, because we were then acting under the ex-
pected issue of the letter. The Bank reserve at that pe-
riod, the Friday, was 2,376,0001. We should have bad
no difficulty whatever in meeting all our liabilities. We
should not have been able to give the same extent of ac •
commodation that parties were requiring from us. Par-
ties came, and thought they had only to ask for money,
and they would have it at once. We might have put
into the account a considerable amount by selling Con-
suls. We had going off weekly bills to the extent of
1, 500,0001.; so that by discount-bills to the extent of
100,0001. a-day, to give the public some accommodation,
our reserve would still have increased at the rate of
900,0001. a week. It is certain that in a very short pe-
riod we should have had as large a reserve as would be
necessary for our purposes; and, therefore, I maintain
that the Bank was never at any period in jeopardy.'
If you were told that such was the opinion of the
Governor of the Bank of England, would you say that
he took a very erroneous view of the situation of the
Bank at that moment?—lt would entirely depend upon
what is meant by the term, jeopardy. I did nbt go the
length of saying that I thought they could not maintain
their payments, but I considered they would be in very
great difficulty in doing so. Ido not imagine that the
Governor of the Bank or any body could form an ade-
quate conception of what might or might not have been
the difficulty of the week following the 23d of October.
Thu Governor talks of selling consols. It might be.
ilt have y conceive
sold consols
state
nss of a
thingst
BBatlitikl could ealdns b
withheld Bank-notes from the public to the extent
co
which is supposed in that answer I do not believe
i n
If whichthey
bed
the
that Bank-notes would have been found to pay for the
consols."
diminish-
ing the discounts would have led to nyforcedof
sale of
2. Limitation of Discounts—The remedy off
tile
samemaconsequences with those attending a
the pressure, and
in-
creased the panic by aggravating
on the part
ing any combined movement.
without supposing securities. This measure would undoubtedly have
have led to that result.
and private interest
must
temand must, to a certain ex-
The deposits available on
of the depositors to call up their deposits, necessity
B kwouldhad
or withheld, and the an have a
dis-
counts reduced
• loss on the one hand, whilst
an inevitable
tent, have been called for to supply the place of the
to encounter
fruitlessly endeavouring to secure a contingent advan-
tage on the other. In the course of this process, it ist
out
scarcely necessary to pole how much the commer-
cial difficulties must have been aggravated. This can-
not be denied even by those who anticipate that the
Bank might have been relieved and the Bank reserve
strengthened. But if the effect had been to increase the
pressure
and alarm to a greater degree, by the limita-
tion of the discounts, th-n that alarm and pressure were
mitigated by the augmentation of the reserve, the con-
ditionsgabrti I yb
abecomev
es
dt
tmooureseatlhaermwinogrd,
sanodf
a"wthite-
of the Bank already shown to be perilous would
remedyhave ne
necessarily
si
ness already quoted, " still worse than the disease."
On these grounds, and not relying • h with any confidence
on either of the remedies proposed by the Bank. as
likfly to have proved safe or effectual,'and believing that,
even if udequate for the special interests of the Bank,
they would have entailed upon the public, as well as on
the commercial classes, discredit,
loss, and suffering, the
Committee e • again repeat their approval of the Treasury
letter of the '2sth of October, which, as an extraordinary
asseniption of responsibility, dispensing with the re-
strictive provisions of the Act of 1844, and inconsistent
with them, would not otherwise have been justifiable,
but, on the contrary, would have exposed the Govern-
ment to well-deserved censure.
SECT. lII.—EFFICIENCY ()F THE CIRCULATION NOT
IDENTICAL WITH ITS MONEY AMOUNT.
The Committee have hitherto confined their observa-
tions to the practical effects which the Act of 1844 has
had upon the commercial distress of 1847. They feel it
their duty to consider, likewise, some more general qu es-
tiuns, which, whilst they have essentially affected ; ;be
period of distress, are also of more permanent and u pi-
versa! . application • • The inflexible rule, considered to be
invariable and self-acting, and adopted by the Legit ila-
ture as connected with and consequent upon the sepa-
ration of the departments of issue and of banking, t aid
the regulations provided for both, is founded on mat sin
principles which, before they can be adopted, dens and
very serious examination. The Act appears to ass one