The Sun.
London, England, 1834-11-06 00:00:00

To conclude with—THE REGENT.

Philip, Mr. Vining; the Abbe Dubois, Mr. Bartley ; Porte
Carrero' Mr. Baker ; Captain d'Aubigny, Mr. Brindal.
The Duchess du Maine, Mrs. Newcombe ; Rose, Mrs. H.
Cramer ; Juvtine, Mrs. Humby ; Lisette, Miss Lee ; Marton,
Miss Murray; Julie, Mrs. Chester; Fanchon, Miss Somerville.

THEATRE ROYAL, DRURY-LANE.
• THIS EVENING will be performed the Tragedy of
CATO.-
Cato, Mr. Vandcnhoff ; Portius, Mr. King; Marcus, Mr. Baker;
Lucius, Mr. Brindal ; Sempronius, Mr. Matthews; Juba, Mr.
Vining ; Syphax, Mr. Younge.
Marcia, Mrs. Sloman ; Lucia, Miss Taylor.

To conclude with—MASANIELLO.
Masaniello, Mr. Sinclair ; Don Alphonso, Mr. Durnset.
Elvira, Miss Betts ; Fenella, Madame Proche Giubilei.

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LONDON,
THURSDAY EVENING, NOVEMBER 6, 1834.

In the leading article of the Morning Oronicle
which we have transferred to our columns,' is given a
letter from Mr. CHARLES PHILLIPS to the Editor of
that Journal respecting the charge preferred by the
Times against the LORD CHANCELLOR, on the sub-
ject of the Metropolitan Criminal Court Bill which

has just come into operation. For some time past we
have ceased to quote the coarse and vulgar slanders of

the Times, in its unceasing attacks on the character of
Lord BROUGHAM, and therefore it may be requisite
to the proper understanding of the letter to which we
refer, to state that the Times accused the LORD'
CHANCELLOR of having procured a copy of the Bill
in its present shape, from Mr. CLARKE, the nephew
of the late Mri SHELTON—by whom it was drawn up
in conjunction with Sir JOHN SYLVESTER—and
passing it off as originating entirely with and from him.
self. This charge of the Times against the CHANCEL-
LOR was sought to be corroborated by the introduction
of names, and dates, and whatever else could add
to the probability of the fabrication ; and to make it
still the more plausible, the Noble Lord was accused
of entering into a collusive contract , with the gentle-
man from whom he received the draft of the bill,
by which his Lordship was to obtain a lucrative ap-
pointment for him, on condition that himself alone
should be known as the sole originator of this impor-
tant measure. The testimony of Mr., PHILLIPS dis-
pels the mist with which- the Times would envelope
this simple, plain, and straightforward proceeding.
The mysterious character of the affair is gone ;
the collusions of the LORD 'CHANCELLOR
turn out to be consultations with eminent lawyers, of
which the whole world was welcome to take cogni-
zance ; and as for the secrecy of the business, why it
rested with the Times itself whether it might, or might
not, be the topic of general conversation in every coffee-
shop in the metropolis. Mr. PHILLIPs asserts, that
the plan for the establishment of the New Court was
developed by the Lo RD CHANCELLOR in a conversation
which he held with him, before his Lordship had heard,
a word about the opinions entertained by Sir JoHic
SYLVESTER. The testimony of Mr. PHILLIPS was
hardly necessary on this point, as it is not attempted
to be inferred that his Lordship- saw or heard of any
draft of the Criminal Courts Bill, before he drew
up his Bill for the Establishment .of the Local
Courts in England and Wales ; which, as the Standard
acutely,observes, was precisely the same in principle,
but more extensive in its details, because embracing
the Kingdom within the limits of its jurisdiction. It
is therefore the grossest absurdity to talk of the LORD
CHANCELLOR'S dependence, for the smallest fractional
part of his high character as a statesman, on' the
posthumous labours of any man. Where was, the
difficu'ty of circumscribii and contracting the opera-

tion of a measure for which no model exists ; and '
what is the Criminal Court's Bill but a contraction
of the rejected measure for the establishment of local
Courts ? Will the logic of the Times enable it to
prove that the less is beyond the comprehension of
him who comprehends the greater, of which this less
is an essential and included part ? If so, then we may
expect to be convinced, that, the LORD CHANCEL-
LOR, by whom the plan for the establishing of Crimi-
nal Courts throughout England and Wales was pre-
pared, and with whom it solely originated, was
indebted for a knowledge of the possibility of con-
fining the operation of his plan to the metropolis. But
why waste words in rebutting the Times' attacks
on the LORD CHANCELLOR ? Thy unscrupulous
character of that journal is by far too notorious to
merit observation. It is enough that it has a
point to carry. As for the LORD CHANCEL-
LOR, he is alike indifferent to the praise or cen-
sure of the Times. Were he less distinguished than
he is as one of the greatest law Reformers in
the present age, the abuse of the Times might pro-
cure for him much useful notorietv, or its praise raise
in the minds of reflecting men suspicions of his talents
' and integrity ; but standing, as he does, on a self-
raised pinnacle of greatness, full in the eye of the
world, neither flattery can augment his excellencies,
nor malice magnify his failings.‘

Our Legislature makes itself so busy in interfering
with the concerns of individuals which they them-
selves best know how to manage, and is so umvilling
to perceive the evils of its interference, that from what
it has lately done, the country must suffer some more
years of infliction from the over issue of the Bank of
England, through its exclusive privilege, before that
exclusive privilege can be repealed. Some whole Some
provisions, however, have lately been made, which in
due time will set our money system right. 1. The.
restoration of the standard in 1819, which, though it
does not prevent the over-issue of the Bank of Eng-
land, yet it limits its extent, and restores to a par with
gold the exchangeable value of bank-notes, brought
down below it by their over-issue, when gold being
sent abroad through the operation of the Foreign
Exchanges, the Bank is obliged to controul its issues ;
to the injury, however, of all persons concerned in in-
termediate transactions, the necessary consequence of
over-issue being to raise general prices, in which in-
termediate engagements are made, and when the Bank
is obliged to contract its issues, all persons who had
become liable to pay in a cheaper or depreciated
currency during the expansion, are obliged to pay in a
dearer currency, because rendered more valuable by
its contraction. This alternate expansion and con-
traction is the cause of supposed plentifulness of money.
during the expansion, and of supposed scarcity after
the contraction. 2. The exclusive privilege of the
Bank, limiting to six the number of partners of a
Banking Company, which originally extended over all
England, having been repeated in the year 1826,
65 miles beyond London, a sounder system of Bank-
ing has been introduced, and a better security has
been afforded for deposits with Bankers, which perhaps
are not less than ten times the amount of Bank and
bankers' notes in circulation, and which in the hands
of all Banking Companies in England are large com-
pared to the amount of their issues, excepting in the
case of the Bank of England, whose issues are always
more than double the amount of its private deposits.
It is under the notion of securing sound issues that
a prejudice prevails in favour of the Bank or England,
and against other Banking Companies, but the security
of deposits has been altogether overlooked.
If, however, the security for deposits be sound,
can the security for issues be unsound? The
Legislature has not interfered to prevent individuals
from making deposits of their money with whom they
please. Why, therefore, should it interfere to prevent
individuals from receiving issues from whom they please?
As the deposits with all bankers, except the Bank of
England, are large compared to the amount of their
issues, so the amount of the deposit which any individual
has with his banker is large, compared to the amount
of the sums which he draws from him at any one time.
Can anything, then, be more absurd than for the Legis-
lature to interfere, under the notion of protecting him
against issues, and to leave him without any protec-
tion for deposits? He wants no protection in either
case. He judges and can judge for himself, as to the
banker with whom he makes his deposits, and would
judge equally well for himself, if left to judge for him-
self, as to the banker from whom he is to receive
issues. If the Legislature did not interfere, the banker
with whom he made his deposits would always be
the banker from whom he received his' issues, and
whose notes he would always receive as he does re-
ceive them, where the exclusive privilege of the Bank
does not prevent him. 3. When the exclusive privi-
lege of the Bank was renewed, it was subject to the
condition of making returns of its issues and assets.
The obligation was extended to other Banking Com-
panies to make returns of their issues. Such returns
will lead to sound results. They will more particularly
show that over-issue is always with the Bank, though
it has been supposed to be, and is still maintained by
the advocates of its exclusive privilege, to be with the
Country Banks. The returns already made go a great
way to show that over-issue is always with the Bank.
From the returns made by the Bank, it appears that
during the time when the inquiry which preceded the
renewal of its charter was pending, and until its exclu-
sive privilege was renewed, its circulation did not ge-
nerally much exceed seventeen millions 'l', but it has
since frequently approached twenty millions; while it
appears from the returns made by the country banks,
that the country circulation has increased very little.
The aggregate of the returns made by them for three
quarters, has been laid upon the table of the House of
Commons. The first, from 28th August to 28th De-
cember, 1833, shows the aggregate for this quarter to
have been 10,152,1041. (Private Banks, 8,836,8031.,
Joint Stock ditto, 1,315,3011.) The next, from 28th

• From an account laid upon the table of the House of
Commons on the 21st March 1834, it appears that the total:
amount of Bank-notes in circulation on the 4th January 18841
was only 17,112,9301. When the gap between the first date
in this account and the last date of the account laid before the
Bank Charter Committee, showing the weekly amount of its
issues shall be supplied, and the above account shall be brought
down to the present time, we have no doubt that by contrastin
the increase of issues subsequent to the sitting of the Bank
Charter Committee with the diminution thereafter .made, it
Will manifestly appear that the late money pressure arose from
such increase and diminution, as by contrasting the increase of
issue fora year or two before 1793, 1797, 1810-11, 1815-16,
1825-6, and in July 1832, with the diminution at end about
each of these different periods, the emergencies in each of the 64.,
years are clearly traceable to- previous over-issue and subsq..
quent contraction. The above account was moved for by Mr.
Cayley, and we trust that, upon thomeeting of Parliament,
he will move for the completion and continuance of it. We
trust also be will move for quarterly returns- of the issues :it
each of the Bank Branches, for without these it is imposzible
to have the means of forming a sound judgment as to" the
country circulation—and the Bank should be required to spc- •
cify whether the amount of the notes issued at its branches is
inclusive or exclusive of the amount of its weekly issues al'-:
raring from the 'accounts produced by it.

Dec. 1833, to 28th March, 1834, makes the aggregate
10,191,827. (Private, 8,733,4001., Joint Stock,
1,458,4271.) The third quarter, from 28thniarch
to 28th June last, gives an aggregate of 10,518,6821.
(Private 8,875,7951., Joint Stock, 1,642,8871.) The
increase -of issue by the country banks, thus appears
to have been only to 326,7551., an -increase to be ac-
counted for by the over-issue of the Bank of England,
which, by raising general prices, increases the amount
of the bills of exchange which they discount, and also
the amount of the temporary accommodations required
by their customers, as well as the amounts paid on their
cash credits, which are the only ways in which country
bankers put forth their notes. They thus use, and
can use, their notes only in the way of instruments of
exchange, the amount of which is necessarily limited
by the demand of those requiring them as such instru-
ments. Whereas the Bank makes use of its notes in
the way of capital, by purchasing Exchequer bills,
Government Stock, and Government long annuities,
(dead weight) in making loans upon stock, and even
lending upon mortgage, in all which it uses its notes
as capital, and not as instruments of exchange. The
only way in which the Bank uses its notes as instru-
ments of exchange, is in discounting bills of exchange,
the amount of which discounted is very small, gene-
rally not exceeding 1,500,000/. current at one time ;
but the amount of the former is always large, and there
is no limit to such issues, excepting the knowledge and
discretion of tic direc,ors, for the absence of which
they have rendered themselves conspicuous. We
pause for the present.

We have just received the Paris Papers of Tuesday,
and find by their contents that Louis PHILIPPE
Still persists in his prosecutions, or rather persecutions,
of the Press, and that he is raising more and more
enemies against his Government, by continuing so un-
wise and illiberal a policy. Surely he ought to know
that it is folly for any Legislature to be over severe
upon The vehicles of public opinion, and especially so
in France, where journalism is actually a preponde-
rating power in the State. We wish well to his
dynasty, and think that its stability would be a sure
guarantee of social order and prosperity, and it is with
regret that we see him thus slowly but surely under-
mining his throne. It seems there is still nothing de-
cided as to who is to succeed Marshal GERARD as
nominal head of the Ministry. The King's choice
seems to be fluctuating between Messieurs SOULT,
GUIZOT, THIERS, GUILLEMINOT, MAISON, and
SEBASTIAN! ; but it is of little consequence who it is
to be. The KING will still be the actual though not
the nominal Premier, and the policy of the Ministry
still remain unchanged. It argues but ill for the po-
pularity which the new Ministry may attain, that the
late Premier was forced to resign on account of his
liberal sentiments, and his advocacy of the wise mea-
sure of granting a general amnesty to all persons ha-
Inisoned for their political offences.
We never think of the fate of the predecessor of
Louis PHILLIPPE without being strongly reminded
of my Uncle Toby and the fly. The insect had been
buzzing about his nose for sometime, when my Uncle
Toby, wearied by its incessant annoyance, , suddenly
caught the little tormentor in his fingers, and was more
than half inclined to crush it, when a merciful and
philosophic spirit came over him, and instead of re-
venging himself on the paltry insect, he coolly walked
toward the window and, opening it, let the fly escape,
exclaiming at the same time, " Go, get thee gone
poor devil I why should I harm thee ? the world is
surely wide enough both for thee and for me I" Even
so generously did the French nation act towards
CHARLES X., who had been buzzing about the nose
of liberty, and causing it serious annoyance ; and even
so, or perhaps a little more severely will it act towards
LOUIS PHILIPPE, if he persists in the unwise course
he has been and is now pursuing.

Letters and papers from Lisbon, of different dates,
from the 15th to the 25th ult., Tve been received by
express. They bring no intelligence of any very great
importance, as hitherto the proceedings in the Cham-
bers have been confined to discussions on bills which
relate to the internal affairs of Portugal, and which are
still in progress, through the different Committees.
The only Ministerial changes that have taken place
since the accession of the Duke of PALMELLA and
his colleagues to office, were, the removal of M. A.
MACARINO D'ACEVEDO from the Vice-Presidency
to the Presidency of the Chamber of Deputies, and
the appointment of M. CARVALHO to the Vice-
Presidency. The differences between Admiral NA-
PIER and the Portuguese Government are well worth
attention, and will be found detailed in the Lisbon
correspondence of a Morning Contemporary, together
with some important information on the currency
question.

We have received the Brussels and German Papers
of the 2d inst., extracts from which will be found in
another column. They contain nothing of any public
importance.
BELGIAN FUNDS.--Bnussecs, Nov. 4.
Actual Debt, 2% per Cent 52 34
Rothschild's Loan, 5 per Cent 9B
Loan of the City, 1832,4 per Cent 9Bl

Brazil Papers, received by the Mutine packet, men-
tion that. the Legislature and the Regency have ratified
the measure for establishing a federal form of Go-
vernment throughout the entire Brazilian territory.

The Dutch Papers of the 3d and 4th November
contain no news of importance.

' DUTCH FU NDS—AmsrFanAm, Nov. 3.
Actual Debt, 2% per Cent. 524 to 52•74
An.ort Syndic, 4% per cent.
Ditto, ditto, 3% pc:- cent . 74% to 747.4
Loan (18:10) 5 per cent.
Ditto (1e32 and 1833) 5 per cent.
Exchange on London , 1..! 15
Two months
-- Dutch Papers, Nov. 4.