The Sun.
London, England, 1833-10-03 00:00:00

GERMAN PAPERS.

VIENNA, SEPT. 21.—Letters received direct from Con-
stantinople state that the number of houses consumed by
the late fire was only 800, and that the reported insurrec-
tion was merely a mutiny among the troops, inconsequence
of a reduction in their pay from 23 to 15 piastres. They
added, that open rebellion was prevented by the Sultan's
yielding to the wishes of the soldiers, and restoring the
former pay. More recent accounts have been received
from Constantinople through an indirect channel. Letters
from Belgrade assert, on the authority of a Russian courier
from the Turkish capital, that a new fire had consumed
2,000 houses, and destroyed all the quarters between the
Fanar and Solomoni Zamissi. Among the buildings destroyed
are the greater part of the mills which supply the capital
with flour. This had caused a temporary want of bread,
and increased the distress. It is possible that this fire is
the same as that announced by the English steam-vessel
which lately arrived at Ancona.
The accounts from Belgrade and those from Ancona
agree on one point, namely, that the Sultan's life was not
safe Gne moment, and that, consequently, he had again
applied to the Russian Ambassador for assistance, but that
the Ministers of France and England had protested against
it. This news has produced an extraordinary sensation on
our 'Change.

SMY RNA, Auc. I.—The anniversary of July was this
year celebrated in that port for this first time. On the
morning of the 29th, the schooner Mesange, the only
French stills of war in the Roadstead, and all the mer-
chantmen in this port, were dressed with their flags. At
twelve the Mesange fired a salute of twenty-one guns,
which was returned by the American and English ships
John, Adonis, and Scout, and the Austrian schooner
Vigilant. Upon this the Mesange replied with three
other salvoes of twenty-one guns each. The captain gave
a gland dinner on board the Mesange, and in the evening
here was a bull and a display of fireworks.
RostE, SEPT. 17.—M. Von Rothschild has been here
some days, and the new loan for five millions is finally
concluded with bitn—not, however, at 82, as I before
announced, but at 80, from which sum the commission is
to be deducted. The Government is indebted for these
good terms to the competition of two other bankers,
Messrs. Va!eulini and Appoll. The establishment of a
which a French company wishes to under-
discount batik,
take, has been stopped through some obstacle. Such an
establishment, with a sufficient capital and guarantee and
ld be of reat eto
if the interest were not too high, v
this city and the whole country, foritoius now awhintßztwitmfp:loisinsig-
ble to raise money even on the best security,
It
difficult toobtain
into the hands of greedy agents. I
money on mortgage, as many persons let their m
oosneythbaet
unemployed in their coffers rather than lend it out;
7 or H per cent, must be paid by any one who absolutely
ints money.
LEIPZIC, SEPT. 22.—Her Imperial Highness the Grand

LONDON,
THURSDAY EVENING, OCTOBER 3, 1833.

Although no official accounts of the resigna-
tion of General BOURMoNT and the French
officers who are with him have been received
through the regular channel, there can, we think,
be little doubt that it has taken place, a letter
having been received here by a gentleman from
his brother in Lisbon, in which the writer states
that he had received the account of their resig-
nation, and of their departure for Spain, from
Admiral PARKER, Lord WILLIAM RUSSELL,
and the Secretary of the Emperor. We have
also seen a letter written on the 25th, in which
it is stated that on the preceding day an officer
of the Asia bad received a letter from General
CLOUET, requesting that a boat might be sent
for him, to convey him to the African, as he
had quitted the service of MIGUEL, and wished
to proceed to Lisbon ; but, subsequently, the
General changed his mind, and decided on ac-
companying BOURMONT into Spain. The fact
of the French Charge d'Affaires here not having
received any account of this resignation, except
as a mere rumour current in Lisbon, when the
despatches were made up, is not important, as
the circumstance is said to have occurred only
on the day before the packet sailed, and could be
knowp officially to very few persons.
We are sorry to hear that the official accounts
of the health of the Duke of PALMELLA are
very unfavourable. When the packet sailed, the
Duke, although suffering severely from an attack
of cholera, was able to receive his friends ; but
his physicians would not pronounce him out of
danger. The REGENT, although at present
acting upon a system opposed, in a great degree,
to the policy of the Marquis PALMELLA, is
sincerely attached to his late Prime Minister,
and is stated to have expressed great concern and
anxiety at his illness. CANDIDO DE XAVIER,
the Minister of War, was said to be severely
afflicted with dropsy ; but it was whispered in
Lisbon, that the Duchess of BRAGANZA, who
has great influence over the mind of her husband,
had represented to him the expediency of dis-
placing this Minister, and therefore that his ill-
ness, although not serious, would be made the
excuse for his retirement. It is known that,
before the Duchess left this country, she had a
long conversation with Lord PALMERSTON, in
the course of which he probably mentioned the
dislike entertained of CANDIDO DE XAVIER
by himself and his colleagues. The objections
which our Ministers were said to feel towards
M. de CARVALHO are, however, in a great
measure, removed. M. CARVALIIO, who is
now the virtual head of the Portuguese Ministry,
is a gentleman of high character and first-rate
talents, without any of the intriguing propensities
which have distinguished CANDIDO DE XAVIER.

Considerable sensation has been created
among the merchants trading with Egypt, by a
report that the treaty, recently entered into by the
Emperor of Russin and the SULTAN, contains
two or three articles very prejudicial to the
commercial interests of this country. A copy
of this treaty has been received, but its con-
tents have not been suffered to transpire. It is
merely stated by those official persons who have
read it, that it contains nothing which would
warrant the intervention of this country. This
opinion, however, comes from a quarter which
has frequently manifested great indifference to
the continual encroachments of Russia, and to the
insults inflicted upon the British character. It

cannot, therefore, have much influence over the
commercial public. Besides, may there not,
whilst the treaty itself is so worded as to give no
cause of interference merely for the purpose of
resenting indignity, be secret articles respecting
which it is the duty of Government to procure
information ?

The pamphlet published by Mr. GEORGE
FARREN, of the Asylum Assurance Office,
parading the responsibilities attaching to persons
connecting themselves with joint-stock banks,
has drawn forth several answers. The thing
was not really worth attention, so grossly did it
exaggerate bare possibilities into probabilities,
and probabilities into certainties. It is a part of
the press having taken up and promulgated, we
verily believe in sheer ignorance, Mr. FA RREN'S
notions, that has occasioned different friends to
freedom in the banking trade to come forward in
its defence. One of the most unpretending,
but at the same time one of the most sensible,
publications we have seen upon the subject is a
sixpenny pamphlet, entitled " Considerations on
Joint Stock Banking, chiefly with Reference to
the Situation and Liabilities of Shareholders."
The following is a line of argument we have
often ourselves followed :

" Although in the provincial towns it was at first at.
tempted in every shape, and more especially by the bug_
bear of responsibility and legal difficulties, from the n um-
her of partners, to terrify people from joining thejoint
stock banks, the attempt was unsuccessful ; and such
will be the case in London. They had befcre them the
example of the Banks of Scotland, amounting to thirty,
only three of which were or are chartered banks. In se-
veral others the partners were upwards of 300 in num-
ber, and in one the number of partners exceeded 1,000. All
these partners were jointly and severally liable to the debts
oc the bank in which they were partners. They were
living under laws for the recovery of debt infinitely more
speedy and severe in their operation and execution than
those of this country yet these partners, in spite of
these dangers and impediments—these Scotchsnen, having
justly the character of being excessively prudent and
cautious—were seen to join and remain gladly in these
banks, and would not part with their shares, however
horrible and distressing the impediments and dangers sur-
rounding them, without being paid a handsome premium
for every share they possessed. No anxiety was
displayed, to use the language of the most absurd
of those who have attacked joint stock banks,
to make " their bargain a gift" to others, nor is
such anxiety now to be found. Surrounded with
every impediment, and difficulty, and danger, and respon-
sibility, with which the public of London are now being
attempted to be scared, as attaching to shareholders in
new joint stock banks, the subscribers to these joint stock
banks in Scotland, and also the subscribers of the joint
stock banks of England, established beyond sixty five miles
from London, are found to be so callous ..-n1 insensible to
the horrors of their situation, that they cling to it, and
will not accept for their shares one penny less than the
premium eagerly offered for them in the market."

This is followed by so plain and sensible an
exposition of the real practical working of the
array of liabilities, with which Mr. FARREN
endeavoured to alarm such of his readers as were
ignorant of every thing beyond the sound of Bow
bells, that we cannot forbear quoting it. Our
anonymous friend says—

" The subscribers to the existing joint stock banks in
England and Scotland not chartered, and the subscribers,
to the provincial joint stock bank of Ireland are all in
the same situation. Each and every of them are jointly
and severally liable to the debts of the bank i❑ which he
is a proprietor—each and every of them is liable to the
legal proceedings, the judgments, the writs of execution,
and the seizures now detailed in such fearful colours to
the London public. These then have passed through the
great ordeal. They are now deep in it. Ask them how
much they have suffered in mind or pocket from being
such shareholders. Ask them how often they have been
troubled with writs of execution—how much they live in
dread of such wt its. Ask them to " make their shares
a gift" to any body requiring them. Ask them to
part with these even without the premium they bear
in the market. Is it necessary t o suggest what
the answer would be to such inquiries? If any
man is ignorant what they would be, let him put
these questions to his neighbour who is in the unhappy
situation of being a shareholder in a prosperous joint-
stock bank, and to that neighbour and the pleasure of a
personal conference is the inquirer left. The case may be
even pushed to the ridiculous extreme of asking a proprietor
of the Bank of England to give his stock away as a gift,
or at a less price than 2121. and an eighth, because he is
personally liable after the capital has been exhausted, to
his proportionate share, according to the amount of stock
he holds, of the deficiency in the capital as realized to meet
the debts, and liable to an action at law for the recovery
of the amount.

" This is in truth the situation of a Bank of England
Proprietor, although the Company is chartered, and to
prevent any doubt upon the subject the sections of the
Acts of Parliament which bring this liability upon each
Proprietor are subjoined.
" From the perusal of these sections it will be seen
that the situation of such Bank of England Proprietor,
in point of liability, is almost and altogether the situation
of the shareholder in a joint stock bank.
" Whether the joint stock bank act with or without
an Act of Parliament, the parties sued for debts due
by the Bank are in the one case public officers, and
in the other case the Trustees with whom the contract
is made, and under which the debt arises.

" After a judgment has been obtained against a hank,

it pays its debt just like any other person or partnership._
satisfied with the law's decision, and which of necessity
must be obeyed. This payment is made against whom-
soever, connected with the bank, whether its public officer
or its trustee, the judgment has been obtained. It is from
the singular process that the bank pays its judgment debts,

that the shareholders are never troubled with the sight of
a writ of execution. Beyond this, the hank acts prudently.
It is under good management—not one head, but many,
guide it; and after consideration by each and all, the beet
by c immon agreement is in every case done. Of few
things they are so careful, end so properly careful, as
avoiding law, especially where they are defendants, and
the consequence is, that in actual practice the ju.iginents
at law against such a bank may be one in number in the
course of a year; and then only, if having gone to law as
defendants, they be declared to be maintaining an incorrect
opinion. There is, therefore, little chance of any judg-
ments against a bank, and no chance at all of writs of
execution. Shareholders have found this to' be the
situation of matters in joint stock banks, and they live
in great comfort, and safety, and happiness under it, yer,rly
receiving a good dividend on their money invested. The
path and the example of other banks is before every new
bank, and can and will be followed ; and every subscriber
in such new bank will, in respect of his responsibility,
be precisely in the same situation as the shareholders in
other banks, and who hold to their shares with pleasure.
" If the contingency does by any means happen that a
shareholder pays a debt of the Company, he is repaid out
of the capital stock of the Company, and be is by covenant
in the deed of settlement indemnified by his brother
shareholders, which covenant can be put in force without
difficulty. But it is never requisite ; the shareholder
is never placed in any such situation ; he hears of nothing
more unpleasant from the bank than that his dividend
is due ; and if lie be a customer of the bank, he finds in
his connexion with it that accommodation in transacting
his business, and that satisfaction which a bank under good
management and with honest objects invariably affords.
A customer can have his deposit when he wants it; the
interest even will be added to it ; and if in good credit,
and his temporary necessity requires more, he can draw in
moderation for the excess he requires. The bank will
love plain dealing. It will not shuffle, and quibble, and
act with the mind of an ex-attorney. It will be the honest,
active servant of the public.
" To sum up the matter: just as any partnership of
bankers now, with credit to themselves, and to the satis-
faction of the public, carries o❑ its business, so does and
will A joint stock hank. No shareholder will feel impe-
diment or danger, or uneasiness, neither will a customer,
and in the same degree and to the same extent as joint
stock banks have gratified the people of Scotland, the
people of Ireland, and the people of England, their share-
holders and their customers ; and just in the same manner,
and to the same extent as they have drawn to themselves
great business, so joint stock banks in London most un-