The Sun.
London, England, 1856-01-12 00:00:00

THE SUNS LONDON, SATURDAY EVENING, JANUARY 12, 18 5 6.

the very pernicious practice of " hoarding," the
effect whereof is precisely the same as if so much
specie had for the time being been absolutely de-
stroyed. We have already (in our impression of
Thursday) referred to the testimony of the Times,
which declares that Sir ROBERT PEEL " oould not
foresee the insane terror which the misapprehension
of its possible consequences would occasion"—
adding " that it was the terror of the Act, and
not its operation, that required to be palliated,
was shown by the fact that the moment this ter-
ror was removed every man found himself at
ease !" Such a statement, emanating from the
recognised organ of the bullionists, and perhaps
—with the single exception of Lord OVERSTONE
himself, the most strenuous advocate of the law
then enacted—might be deemed conclusive on the
point. But we find that statement corroborated
and confirmed by a body of unimpeachable wit-
nesses, many of whom were also favourable to the
doctrine thereby established.
The Lords' Committee, in their very able and
elaborate Report on the Causes:of the Commercial
Distress of 1847, declared that they had come to
the conclusion that " the recent panic was mate-
rially aggravated by the operation of that statute
(the 7th and Bth Vie., c. 32), and by the proceed-
rings of the Bank itself. This effect may be
traced directly to the Act of 1844, in the legis-
lative restrictions imposed on the means of ac-
commodation, whilst a large amount of bullion
was held in the coffers of the Bank, and during a
time of favourable exchanges." They also declare
that "an attempt to enforce by law, under all
circumstances, one fixed and inflexible rule for
the management of a National Bank of issue,
seems inconsistent with the best-written autho-
rities, with the general principles of economical
science, as well as with the testimony of many
witnesses of practical knowledge and experience.
It can hardly fail to be productive of most serious
evils, more especially when a contraction of
issues, indispensable in a state of adverse
foreign exchanges, is rendered imperative,
as it is by the Act of 1844, under
circumstances which may be wholly opposite.
It has been shown that an enlargement of the
issues of the Bank, under a favourable foreign ex-
change, would frequently be expedient at times
when, under the provisions of the Act, no such
enlargement would be possible ; and even in cases
where, by the Act, a compulsory contraction would
be enforced. It is difficult, in the judgment of
the Committee, to appeal to more demonstrative
evidence on this subject than is to be found in
the Treasury letter of the 25th October. That
letter was a practical repeal, by an act of autho-
rity, of the restrictive clauses of the Act. It ap-
pears impossible at once to defend the restrictive
provisions of this Act, and to justify the letter,
which in this respect abrogated, or at least sus-
pended, those very restrictive provisions. " The
Committee consider that those restrictions materially
aggravated the pressure, and produced the panic of
1847 !"

Nor could any other conclusion have been
arrived at under the evidence adduced. Mr.
HORSLEY PALMER, who had received the high and
very unusual compliment of being re-elected to
the Governorship of the Bank, declared that " in
consequence of that sudden reduction" (in the
banking reserve) " the Bank was compelled, under
the Act of 1844, forcibly to contract, in order to
regain its position, and which forced proceeding
caused a very severe pressure on the money mar-
ket." * * " These extensive suspensions
caused a general discredit, and an abstraction of
Bank notes and, coin from circulation to a very
material amount, thereby creating a largely-
increased demand upon the reserve of the Bank,
which, under the Act of 1844, it was found most
difficult and impossible to sustain." * "The
demand continued to increase until the 25th of
October, when relief was afforded by withdrawing
the restrictive clause of the Act of 1844, and by
which the pressure was immediately relieved."
The fact of hoarding was also established be-
yond the possibility of doubt by the evidence of the
then Governor and Deputy-Governor of the Bank.
They stated that " money was hoarded to a consi-
derable extent, so much so that, notwithstanding
the notes and coin issued to the public in October
exceeded by 4,000,0001. or 5,000,0001. the
amount with the public in August, still the gene-
ral complaint was of a scarcity of money." And
Mr. SAMUEL GURNEY added the weight of his
great experience and sound judgment in the fol-
lowing answer, "Under the Currency Act they
(the Bank) found themselves under the necessity
suddenly of not only withdrawing their usual
accommodation by way of discount, but of
calling in, with a severe and unrelenting
hand, the loans they had made upon the
security of bills, Exchequer Bills, &c.
The suddenness and severity of this change was
forced upon the Bank by the Currency Act. Had
it not been for that, they would have spread over
months what they felt themselves compelled to do
in a few days, to the serious derangement of the
Money Market, and to much alarming disaster !"

Mr. G. C. GLYNN, M.P., in like manner
declared that the pressure in October " proceeded
from an apprehension on the part of all mercan-
tile men, that the want of confidence was- becom-
ing so great, that at last the reserves of the Bank
would be driven so very low, that, in point of
fact, persons who wens possessed of property
would not be able to convert that property into
Bank of England notes."
There is but little need of accumulating testi-
mony. We shall only refer to two other piece
of evidence—one a statement respecting the con-
dition of things in Liverpool, quoted by the Com-
mittee, to the following purport :—" This showed,
beyond dispute, I think, that the scarcity of
money was artificial, not real, and that the panic
was a moral one, caused by the mischievous and
whimsical provisions of the Bank Act of
1844, and not by the want of confidence
in the securities themselves." * * " I
have no hesitation in stating that in my opinion,
the letter of 25th of October virtually annulled
the Bill of 1844, and saved the country from an
almost universal stoppage of payments, in which
the banking department of the Bank of England
would have been included."

The last witness we shall quote is one whose
authority will not be despised by " Mercator."
The then Mr. SAMUEL JONES LOYD, now Lord
OVERSTONE, observed :—"The remedial character
of the measure (that is the issuing of the Treasury
letter of 25th of October) was not the discounting
at 8 per cent., but the declaration to the public
that at 8 per cent. interest there was an unli-
mited supply of bank notes at their command.
The Bank could not possibly make that offer with-
out the sanction of the Government."

Here we shall rest. It will be seen that we
have only quoted the evidence of witnesses
avowedly favourable to the Act of 1844,
although we might have produced even more
striking statements, by persons who would be
received by the country as, at least, as high
financial authorities as any of them. We prefer,
however, to rest on testimony respecting which
there can be no controversy ; and if the nation
is, according to " Mercator's" doctrine, " to be
Guarded not only against ealamitY, but the fear

of calamity," it can only be effected by the total
and unqualified repeal of an Act which produced
a panic far more severe and injurious to the
national credit than those of either 1837 or 1839,
and, perhaps, even greater than that of 1825, when
the Bank and nation were only saved by the
issue of 1/. notes, a box of which was accidentally
discovered ; when, as "Mercator" says, " a parcel
of old discarded one-pound notes were drawn from
a refuse cellar." They saved public credit, how-
ever, and we would now ask " Mercator" what
would then have bees the result but for their
fortunate discovery ? And why should not
similar instruments now be resorted to ?

JACK afloat or JACK ashore is about the easiest-
going philosopher to be met with. He takes mat-
ters pretty much as he finds them, and makes the
best, according to his notions, of his lot. Afloat
his chief object is to do his duty at whatever risk,
and that done to while away the time as pleasantly
as possible. It is not in human nature to rejoice
over :nouldy biscuit, or biscuit that needs breaking
with a hatchet, any more than over salt junk tough
enough to give a shark the toothache. But after
hours spent aloft on the groaning spars amid the
wild whistling cordage, and on the tossed deck
washed by the roaring waters, JACK will wipe his
eyes clear of the salt spray and tumble down below
to masticate no better food with hardly a grumble,
provided he can wash it down with a stiff glass
of grog—that luxury that makes music to his ears
of the elemental roar, and renders comparatively
indifferent to him everything but a gaining leak,
a smouldering fire, or a nearing lee shore. The
tidy ship will make head and bear him safely
through the storm before long into port, where
" the girl he left behind" will haste to greet him,
and a run of enjoyment will make amends f©r his
past hardships. The thought of this braces him
afresh, and once ashore he takes especial care to
realise his dream by enjoying himself to the ut-
most until he has never a shot in his locker, or
his time is up, when he finds the aching of a
somewhat jaded frame materially to diminish the
natural regrets which he carries aboard with him,
and in less than forty-eight hours JACK'S alive
again.

But with all his philosophy JACK entertains
an unconquerable prejudice against drowning, and
has a rat-like aversion to a doomed vessel. A
smart craft he takes a pleasure in. He will sail in
a tub, and take his revenge in salt water jokes,
but he won't, if he can help it—agreements not-
withstanding—go aboard an unseaworthy or un-
der-manned vessel. Dead men tell no tales, JACK
is given to story-telling, and whatever he may
think of sounding, has a decided objection to
take the deep in propria, persona when there is no
chance of kis return to tell the altitude. And he
iis quite right. The bravest of the brave, he
would be the veriest fool if he hadn't. Why
should he expose himself unnecessarily to all but
certain destruction to gratify the inhuman greed
of an owner. The ship, if it goes to the bottom,
goes to the bottom insured, and the owner may
be the better for it—but if JACK goes to the bot-
tom he reaches the briny ooze uninsured, and leaves
his wife and children a good deal the worse for it,
without possibly himself being much better. Is
there no better use for a brave seaman than to
ship him for Davy's locker ? Certainly, JACK,
there is. Your logic is ours ; and when we hear of
a hard.fought action, in which British bravery
has surmounted with blood, sweat, and muscle,
hazards to which, but for the incompetency of
its leaders, it need never have been exposed,
our first and most enduring impulse is to de-
mand, "Is there no better use for British bravery
than to march ik to wanton immolation ?" Better
use, indeed, JACK, and you do well to grumble !
Yes, JACK has been grumbling (JACK of our
mercantile marine—that's the JACK we have been
talking about), and with good cause. He has
been grumbling at the state of the law with re-
gard to seamen and owners in connection with
unseaworthy, ill-manned ships. JACK is not
over-thoughtful beforehand, and not seldom signs
articles of agreement without being acquainted
with the condition of the vessel. Once engaged
ill-news reach him fast, and he finds he has agreed
to sail in a bad ship bound for the bottom, or one
so ill-manned as to render it problematical whe-
ther it is likely to be kept deck upper-
most, at best at the top. JACK turns his
quid, discharges a trifle of savoury juice
and " calculates" he wont go. The owner
calculates if he doesn't the law is against him,
and with all his (the owner's) good-will he will
have to go to prison and enjoy a few weeks at the
treadmill. JACK persists, and the owner puts his
threat into execution. JACK thinks whoever
ought to go to prison in such a case (say for in-
stance the owner--the suggestion is ours) he ought
not to be so hardly used as to be sent there for
doing what is every man's duty, and that flesh
and blood ought not to endure it. So JACK takes
another quid, gives himself a long hitch, and sets
to work to talk the matter over. The result is a
memorial to—certainly not; Sir GEORGE GREY ;
catch him having anything to do with the land
lubbers at the Home or any other office—but to
the QUEEN herself—to her most gracious MA-
JESTY, who knows JACK don't sing out without
cause, and who, as a matter of course, will un-
derstand `pis wrongs, and put them to rights
better than anybody else. The QUEEN, GOD
bless her, ought to kno w that the A.B.'s of
the mercantile marine are " compelled to sail
in an unseaworthy vessel, and have had
no redress at common law for any injuryll
they may in consequence sustain." Only think
of that ! By the piper that played before MOSES
there'll be keel-hauling somewhere before long
when she gets to hear of it, So, " God save the
Queen" and three times three ! Seriously, the
memorialists have bad strong ground for com-
plaint, and however matters may be mended by
the interpretation of the law of the case by the
legal advisers of the Crown, as given in
our columns yesterday, it seems to us that
no vessel should be suffeved to go out without
being pronounced seaworthy by some competent
authority, against whose decision there might be
permitted an appeal to a local board, on which
sailors, as a class, should be represented as
well as owners. A provilion of this sort would
make the present law workable.

PEACE RUMOURS.

(Prom the Press of this day.)

The Court of St. Petersburg has transmitted
by Count Stackelberg to the Court of Vienna
Propositions for Peace expressed in a frank and
conciliatory spirit. We are assured that they do
not differ so much in principles from the Propo-
sitions of the Western Powers as in details of
practical application, and that the Russian form
is likely to be more agreeable in several points to
the Sublime Porte than the original method.

There is no foundation whatever for the ac-
counts of interviews and conversations between
various Ministers and Envoys which have ap-
peared in the public journals,
The prospects of peace are favourable.

LETTER FROM THE EMPRESS OF RUSSIA.

The Journal de St. Petersbourg of the 3d inst. pub-
lishes the following letter from the Empress Marie Alex-
antlrovna to Count Michel Wielhorski :

" Count Michel Yourivitch,—Appreciating the gener-
ous sentiment which led your son to express the desire
to go to the aid of the suffering among our brave sol-
diers wounded in the army of the Crimea, I intrusted to
him, in this sacred work, the accomplissuent of my views
and intentions.

"Count Wielhorski-Matuschkine completely justified
my choice and my confidence by wise measures and an
indefatigable activity, which were joined in the midst of
incessant labours to his feelings of humanity and ardent
zeal. Thousands of wounded men, thousands of mourn-
ing families have blessed and still bless the attentions so
full of humanity and Christian sentiment which your son
lavished upon them. It gave me pleasure to think that
on his return to St. Petersburg I should have the heart-
felt joy of expressing to him my sincere gratitude for his
assiduous labours and for having so well divined my
wishes, and carried them out with so much success.
He had already worthily received a testimony of the
high satisfaction of his Majesty the Emperor at the
period of his visit to the Crimea.
" The Most High has otherwise ordains& It is with
keen sorrow that I have learned the premature and un-
expected death of your son. I appreciate the extent of
your grief, and I am unable to express the interest and
sympathy with which it inspires me. One consolation
remains to your sorrow—it is the sweet thought that
your son, in his short career, has known how to distin-
guish himself by a useful activity in the performance of
his profes,ional duties, and that Divine grace has granted
him an end that every Christian may envy.
" Deprived of the satisfaction of expressing my thank-
fulness to your son himself, it is in his name and in
remembrance of him that I address myself to you. It
was in the paternal house and in the example of the
family that be imbibed the principles which formed the
rule of his life, and which after his death will assure
to his memory an imperishable fame.
" I remain, ever yours, very affectionately,
" MARIE.
" St. Petersburg, Dec. 26."

COURT CIRCULAR.

WINDSOR, JAN. 11.

Prince Albert went out shooting this morning, accom•
panied by the Count of Flanders, Earl Granville, the
Speaker of the House of Commons, and Rear-Admiral
Hamilton.

The following visitors left the Castle to-day :—The
Earl and Countess Granville, the Austrian Minister
(Count Colloredo), the Marchioness of Hastings, and
Capt. Yelverton, Sir Charles and Lady Mary Wood, Sir
Benjamin Hall, and the Right Hon. Spencer and Mrs.
Wal pole.

A Cabinet Council was held yesterday afternoon at
the Fureign•office. It was attended by Viscount Pal-
merston, the Lord Chancellor, Earl Granville, the Earl
oie
flelrla, Sir Charlesrrowby, Wood,SirGeorg Grey,Leord
bI
Stanleyr of
Secretary Labou-
cAlderley, the
Right Hon. M. T. Baines, and the Duke of Argyll. The
Council sat three hours.
A deputation from the Woolwich Local Board of
Health had an interview yesterday with the Right Ron.
W. Couper, M.P., President of the General Board of
Health, at his office, Whitehall. The deputation con-
sisted of the Rev. Henry Brown, Chairman of the
Local Board, Mr. Samuel Dixon, Mr. Bernays, and Mr.
PidEmd, attended by Mr. Edward Sargent, Clerk to the
Board.

Earl Granville arrived in London yesterday, from a
visit to the Queen at Windsor Castle.
Meetings of the Oxford University Commission were
held at No. 17, Great Queen-street, Westminster, on
Tuesday, Wednesday, and Thursday last. The Com-
missioners present were the Earl of Ellesmere, Earl of
Harrowby, Mr. Justice Coleridge, the Hon. Edward
Twisleton, the Dean of Wells, and Sir John W. Awdry,
with the Secretaries.

Viscount Palmerston arrived in town yesterday, from
his seat, Pcoadlands Hants.
Sir Char'l'
es Wood returned to town yesterday, from
Windsor Castle.
Despatches for the Governor of Canada were sent
yesterday from the Colonial-office.
MEANING OF MR. COBDEN'S PAMPRLET, "'What
Nex l"—Next to nothing.—The Press.
The Kreutz Zeitung affirms that on the 27th of Decem-
ber the Emperor Napoleon knew the Austrian proposi-
tions would be rejected.

The shipbuilders in Portsmouth Dockyard have put
in their claim for an increase of wages.
The Princess de Leignitz, the morganatic widow of
the last King of Prussia, who has resided in Switzerland
for several years, is about to build a summer villa at
Vevey.
The sentenc:?" of four years penal service passed upon
Askhaii Eyre Tennant for an alleged assault upon Sarah
Warrington has been remitted. A free pardon was re-
ceived by Mr. Wheeler, the solicitor, from the Home-
office on the Bth inst.
Mr. Justice Bramwell is the second member of the
Garrack Club that has within a few months been elevated
to the bench.

It is stated that the only tale in " The Holly Tree
Inn,' by Charles Dickens is the "Juvenile Elopement."
Liszt is about to visit Vienna, to conduct a grand
musical solemnity in honour of the centenary of Mozart.
According to the Helsingor Avis, 580 vessels traversed
the Sound dur:ng the month of December last. The
number of vessels which passed during last year was
15,800, being 560 less than in 1854.
The elevation of Sir James Parke to the peerage is at
length gazetted. His title is Baron Wensleydale of
Wensleydale, Yorkshire. Mr. Baron Bramwell has en-
tered on his judicial duties.
DEATH OF GEORGE HERMAN, ESQ., OF SION HILL,
STRABANE.—It is with much regret that we have to an-
nounce the death of this highly estimable gentleman,
which took place, after a short but severe illness, on
Saturday last. He was the head of one of the largest
manufacturing establishments in the north of Ireland.
He has left a numerous family to mourn his loss.—Ban-
ne,. of Ulster. _

INCREASE OF DISCOUNT AT HALIFAX.--The two Hali-
fax banki have just issued a circular informing their
customers that henceforward an I until further notice
they shell charge interest at the rate of G per cent.
They allege that they have for some time laboured under
com.iderable disadvantages by charging a lower rate of
interest than that adopted by the Bank of England ;
and the present tightness of the money market has de-
cided them to adopt the above rate.
TORTURE IN INDIA.—A gross instance of torture has
occurred under the eyes of Calcutta and Mr. Theobald,
yet it has received scarcely any attention. The punish-
ment was too swift and too severe for a plausible accu-
sation. The case occurred at Kidderpore, within the
shadow, as it were, of government house. On Saturday.
the 27th of October, the magistrate of the 24 Pergun-
nahs was informed that a man had been brought into
Alipore gaol complaining of the injuries he had received.
The man's name was Minato°. He had been arrested
as he left the Calcutta gaol on a charge of theft, which
he denied, but which he subsequently was induced
by the torture to confess. It was late in the even-
ing when the report reached the magistrate, and, as
the man's life was in no danger, nothing could be
done that night. The next day was Sunday, but in
such cases promptitude i■ humanity, and Mr. Fer-
gusson commenced his investigation. The man had
been tortured severely. According to his own ac-
count, he had been hung to the rafters by the wrists,
severely beaten, and squeezed with a bamboo. His
shoulders and loins bore marks of the treatment, and the
medical testimony proved that he had sustained severe
internal injury, ife charged the thannadar of Kidder-
pore and his policemen with the crime. It was commit-
ted, he said, in the thannadar's own house, and thither
the magistrate proceeded. The bamboo rafter was in-
stantly pointed ont, and, on examination, appeared to
bear the marks which a heavy rope always leaves on a
bamboo. The neighbours testified to screams proceed-
ing from the room. The jemadar of the Calcutta
gaol proved that the victim had left that establishment
uninjured, and the local police proved that Muntoo
appeared agitated on his return from the mohurrir's
house. The fact of torture appeared demonstrated. It
remained to ascertain the criminal. Fortunately, direct
evidence was not wanting. Two servants of the mo-
hurrir, who had been passive spectators, testified most
unwillingly egainst their master. Some of the burkun-
(lazes implicated confessed, and the case was clear. The
mohurrir bad inquired into the charge of theft. He had
directed the accused to be taken to his house. He
had there ordered the torture, which was inflicted in his
presence. The case was fully proved, and on the follow-
ing morning, not 36 hours after the crime had been com-
mitted, the mohurrir and his accomplices were committed
for trial. Ten days after they were working in chains in
the Alipore gaol. The chief delinquent had been sen-
tenced to hard labour in irons for seven years, and his
accomplices to a somewhat shorter period. He could
not even in England have been punished with more
swiftness or severity. The (fungal), against whom there
was no direct evidence, was recommended for dismissal.
The case, moreover, is illustrative of another obstacle in
the way of Indian reform. In no European country
would the magistrate have first heard of this case from
the gaoler. The indignant neighbourhood would have
performed his functions. The man's screams were
clearly heard, yet no one interfered, or, as far as it ap-
pears, even inquired. There was no horror, no excitement,
and no sympathy. The witnesses gave their evidence re-
luctantly, and we question whether the mohurrir is not
still considered in his own neighbourhood, and among
his own class, an injured man. No Bengalee cares one
jot for human suffering, and the fact is at once the true
explanation of the practice and the greatest obstacle to
its suppression.—Priend of

suppress the truth in official returns, nor endea-
vour to conceal defects and mismanagement, is all
very well as far as it goes, but it is generally ex-
pected will have no beneficial practical result.
Every day brings to light fresh instances of pecu-
lation and fraud amongst officials of rank. Thus
we find in this day's number of the Marine Jour-
nal the sentence of a court-martial held on an
" intendant," or storekeeper-general of the navy,
by which lie is degraded to the ranks of the com-
mon sailors, "for proved connivance in the falsifi-
cation of documents, and purposely making incor-
rect returns of stores on hand and received by
him."

ODESSA, DEC. 29.
The extreme severity of the present winter has
caused not only the outer road-tead to freeze, but
the Black Sea, as far as the eye can reach from the
lighthouse, is covered with one mass of ice. Such a
rigorous winter is beyond the recollection of the
oldest inhabitants. The thermometer was for se-
veral days as low 26 deg Reaumur (27 deg. below
zero of Fahrenheit), but the quicksilver has now
risen to 12 deg. Reaumur, and the snow falls with-
out interruption. Many accidents have occurred
and people been frozen to death—even in their
beds I You can fancy that the deep snow greatly
impedes all communication, although workmen are
continually employed to clear the roads, and throw
up the snow on either side, forming immense
hedges, so that when the farmers' carts meet with
a train of artillery or baggage waggons they have
great difficulty in making room to pass.
The simultaneous arrival in this city of several
general officers of high standing, from Kiew,
Nicolaieff, Chotim, and even from the Crimea, has
given rise to the report that a council of war is
ordered to be held here. It is added that the re-
sult of the grand council of war lately held at St.
Petersburg is to be laid before it, and the opinion
of the generals taken, before being finally adopted
and receiving the sanction of the Emperor.

The Cologne Gazette publishes the following
letter : Odessa, Dee. 27.

The Commander of the Gth Infantry Corps of
the Active Army, Lieut.-General Liprandi, from
Nicolaieff ; Count Osten-Sacken, the Commander
of the 4th Army Corps • and General Kotzebue,
Chief of Prince Gortschalroff's Staff, and from the
head-quarters of that general, have arrived here,
and have had conferences with General Luders,
General Krusenstern, and Count Strogonoff.
These meetings of military authorities at St. Peter-
sburg in the North and here in the South are
doubtless held for a like object with the military
councils in the West.