The Sun.
London, England, 1860-08-31 00:00:00

THE SUN, LONDON, FRIDAY EVENING, AUGUST 31, 1860.

LOYAL CREMORNE GARDENS
COMPANY (Limited).

NOTICE IS HEREBY GIVEN, That all Applications
for the remaining Shares in this Company must be made, ac-
companied by the deposit of £1 ss. per Share, to the London
and County Bank, on or before Monday, the 3d of Septem-
ber next.

GREAT WESTERN RAILWAY.-
CHEAP EXCURSIONS to the NORTH, for ONE,
TWO, or THREE WEEKS.—Fast Excursion Trains will
save Paddington at 10.20 a.m. on MONDAY, September 10,
returning on the 17th or 24th September or Ist October ; on
MONDAY, September 17, returning on the 241 h September or
Ist October ; and on MONDAY, the 24th September, return-
ing on the lot of October, for Oxford (11s. and ss. 6d.); Ban-
bury (14s. and 6s. 6d.) ; Leamington and Warwick (188. and
8s.); Birmineham (20s. and 9s. 6d.) ; West Bromwich, Wed-
nesbury, and Bilston (21s. 6d. and 10s.); Wolverhampton
(225. 6d. and 10s. 6d.) ; Wellington and Shrewsbury (27s 6d.
and 13s. 6d.); Oswestry, Llangollen Road, Wrexham, and
Chester (335. and 155.); Birkenhead and Liverpool (375. and
175.) The Train will take passengers from Reading.—For
further particulars see bills.

REAT WESTERN RAILWAY.-
X-1 CHEAP EXCURSION to the WEST of ENGLAND.

On MONDAY, September 3, an Excursion Train will leave
Paddington at 6.45 a.m., and Reading at 7.55 a.m., for Weston-
super-Mare, Highbridge, Bridgewater, and Taunton, fares
20s. and 14s. ; Tiverton and Exeter, 225. 6d. and 168. ; Barn-
staple and Bideford, for Ilfracombe, 30s and 205.; itar-
cross, Dawlish, and Teignmouth, 25s and 17s. ; Newton, Tor-
quay, Paignton, and Totnes, 275. and 18s. ; Kingsbridge Road
and Plymouth, 30s. and 20s. ; returning from Plymouth at
6 a.m. on Wednesday, the 12th September.
TOTNES RACES will be held on the sth and 6th of Sep-
tember.

Ist, 2d, or 3d Class RETURN TICKETS, at single fares,
available for return up to the 11th, will be issued at Ply-
mouth to Passengers wishing to proceed to any station on
the Tavistock, Cornwall, or West Cornwall Railways.

A RM Y CONTRA C T S.—Tenders will be
received at this Office until NoonsathsaCithlfaarak.

fortheiatera ,4
FORAGE, .
in such quantities as may be requited for 12 montits from
November Y, 1860;. for the use of Her Majesty's Land Forms
stationed at ALDERSHOT CAMP, and within the Com-
mand.

Forms of Tender, and conditions of' Contract, may be ob-
tained on application at this Office, by letter or in person,
between the hours of 10 and 4 o'clock. .

Tenders on the printed-forms must be properly filled up
and signed, and delivered t the under-mentioned Office, un-
der;closed envelope (marked on the outside " Tender for
Commissariat Supplies"), before Noon on the 20th October
next.

J. S. DAVENPORT,
Deputy Commissary-General.
Deputy Commissary-General's Office,
SOuth Camp, Aldershot,
13t September, 1860.

FIFTY POUNDS REWARD. ROBERT
BUNCO3IBE EVANS.—Whereas a WARRANT has
been ISSUED for ,the APPREHENSION of ROBERT
BUNCOMBE EVANS, late of Colyton, in the county of
Devon, tanner, on a charge of forgery, whoever will give such
information as shall lead to the apprehension of the said
Robert Buncombe Evans within four months irom the date
hereof shall receive the above reward. The said R. B. Evans
is about 45 to 50 years of age, 6 fdet high, brown hair turning
grey, sandy whiskers, slightly bald on the top of the head,
has a large wen behind one of his ears, which is usually
covered with a black silk bag, has also a scar on his forehead.
He is a person of gentlemanly demeanour, slightly made, but
a very remarkable looking man. Information to be' given to
Mr. Inspector tsamilton, City Police Office, Old Jewry, Lon-
don ; or to Messrs. R. and S. Mullens, solicitors, No. 7,
Poultry, London, E.C.
Dated the 30th day of August, 1860.

TO GUN MAKERS AND OTHERS.-
-A- HURST'S (registered) EBONITE RIFLE PROTEC-
TOR pre Tents injury to Muzzle and Barrel while loading.
Price is. each. Supplied wholesale by the sole manufacturers.
S .W. SILVER and CO., 3 and 4, Bishopsgate within, 8.C.,
and SilTertown, Essex.

nAVIESON'S EVERLASTING TEETH.-
THE LATEST DISCOVERY.—Mr. 'EDWARD
DAVIESON, Surgeon-Dentist, has introduced a material
for, the construction of ARTIFICIAL TEETH, so extraor-
dinary that nature appears to have made good the ravages of
TIME, DISEASE; or ACCIDENT, and when fitted detec-
tion is impossible even though the wearer's mouth be closely
examined. The price is so moderate that it is within the
reach of all, and it is fitted without springs or other unsightly
fastenings. The removal of stumps is unnecessary, and thus
ailpain,is avoided.. Mr. Edward,Davieson invites one visit
ofinspection to his establishment, which will convince the
most sceptical of the truth and stialghtforwardliess of this
statement- The LIQUID ENAMEL, for Stopping Decayed
Teeth, is ENAMEL WHITE, keeps its colour, and lasts for
ever.. It is invaluable for Front Teeth. Attendance daily
from. Ten till Six. Consultations free. Mr. EDWARD
DAVIESON, "Electric 'Teleg”aph, Office, 448, West Strand,
London. The descriptiie pamphlets free for two stamps.
. .
' •

A NEVER,
Dr. SCOTT'S BILIOUS and LIVER PILLS, pre-
pared without aity_mercurial ingredient, from the recipe of Dr.
Scott, of Bromley, Kent, are a sure remedy for affections of the
liver, indigestion, bile, sick headache, giddiness, loss of appe-
tite, lowness of spirits, &c. They can be taken at any time,
without any danger from wet or cold, act mildly on the bowels,
without pain or griping, clear tke . remove sallowness
and pimples,_purify the blood, brace the nerves, and invigo-
rate the whole system. Sold by moist • druggists, in boxes,
is. lid. and 2s. 9d. each..,Bes sure to ask for Dr:. Soott's
Bilisus and Liver Pills. Thesenuine area a scli
, ale ereen
.1144fgeiwith " William, Lambert, 20, Jeriirk-ia et,, en_
grsTe4 oirtne CioYerliiirelit stamp. . _

SPORTING INTELLIGENCE.

BETTING AT MANCHESTER—TxuRsDAT.

There was very little doing to-day, so far as any future
events were concerned. For the St. Leger, 5 to 2 was
offered against Thormauby, and 7 to 1 was taken about The
Wizard, and afterwards offered. Bto 1 was offered against
Sweetsauce, whose friends wanted 9 to 1. St. Albans seems
to be steadily improving, being backed at 15 to 1, and 30 to
1 was offered against High Treason. Closing prices :

ST. LEGEB..
sto 2 agst Thormanby (offered, take 3to 1)
9 to 2 agst Sabreur (offered)
7to 1 agst The Wizard (taken and offered)
Bto 1 agst Sweetsauce (offered, take 9 to:1)
15 to 1 agst St. Albans (taken)
30 to 1 agst High Treason (offered)

STOCKTON MEETING—THIntsair.

The Corporation Plate of 50 sous, added to a handicap of 3

-
sous. each. One mile. - -
Mr. Byrn's Byrsa filly (Hardeastle) 1
Col. Towneley's Be Quick (Snowden) 2
Mr. Heslop's Edendale (Entwistle) 3

Peggy Taft, Greta, and Professor Dick also ran.

Betting-5 to 4on Byrsa filly, 7to 2 agst Greta, and sto
1 agst any other. Won by six lengths; and the same dis-
tance divided the second and third horses.

TheMiddlesborough Handicap of 100 SOTS, added to a sweep-

._.
stakes of 10 sore each. One mile and a half. -
Mr. Bruere's Dilkooeh, 5 yrs, Bst 21b (Snowden) 1
Mr. Osborne's Moorhen, 3 yrs, 6st 111 b.... (Grimshaw) 2
Mr. Thompson's Brown Holland, 4 yrs, 7st 111 b (Owner) 3

Prince of Denmark, Horace, and Viatka also ran.
Betting-5 to 4 agst Moorhen, and 6to 1 each agst Prince
of Denmark and Dilkoosh. Won by a neck. There were
five lengths between the second and third horses.
The Grand Stand Selling Stakes of 3 sovs each, with 30
added, for two-year- olds ; colts, 9st ; fillies and geldings
Bst 101 b. Half a mile.
Mr. J. Osborne's Camphor .. (Grimshaw) 1
Mr. Russell's Patterdale (Bullock) 2

Betting-2 to lon Camphor, who won by four lengths.
The Stewards'Plate of 50 sovs, added to a sweepstakes of
5 sovs each ; two. year-olds, 7st; three, Bst 121 b; penalties
and allowances. Six furlongs.

Colonel Towneley's Doefoot, 2 yrs (Snowden) 1
Mr. Jaques's Weatherwitch, 2 yrs
Mr. Osborne's Moorhen, 3 yrs (Challoner) 3
Fast Runner and Wildman also ran.

Betting-2 to lon Doefoot, and sto 1 agst Moorhen.
Won by a short head. Moorhen was a bad third.
The Stockton Gold Cup, value 200 soya, by subscription of

15 sovs each ; three-year-olds, 7st ; four, 51b ; five,
Bst 121 b ; six and aged, 9st 21b. Penalties llowanoes.
Two miles.
M. . Henry's The Rap, 3 yrs (Cballonl 1
Mr. Eastwood's Butterfly, 3 yrs (Snowden 2
Mr. Forster's Underhand, 6 yrs (Aldcroft 0

Betting-5 to 4 agst The Rap, 6to 4 agst Butterfly, and
3 to 1 agst Underhand. Won by four lengths. Underhand
did not pass the post.
The Garbutt Nursery Pedestrian Handicap of 100 sous,
with an entrance of 3 sovs each. Six furlongs.

Col. Townsley's East Stanley, 7st 91b ......(Snowdsn) 1
Mr. Stewart's Joey Jones, Est 101 b (Sinclair) 2
Mr. Barber's Horatio, Est 41b (Entwistle) 3

The following also ran :—Gardener, Longshot, Pancake,
Brother to Riseber, Tattoo, Black Diamond, Weatherwitch,
Crusade, Hospodar, and Sister to Horace.
Betting-5 to 2 agst Sister to Horace, 4to 1 agst East
Stanley, 6 to 1 agst Tattoo, 7 to 1 agst Weatherwitch, and
10 to 1 agst any other, Won by two lengths, There was
a bead between the second and third horses.

DEVON AND IXETER RACES—WIDNISDA.T.
The Exeter Stakes of 10 sovs each, with 50 added, for two-
yr-olds ; colts, Sit 71b; fillies, Bst 41b; certain penalties
and allowances ; the winner to be sold for 200 sovs, &c.
Straight half-a-mile. 8 subs.

Mr. E. Brayley's Ringbone, Bst 21b (Gray) 1
Mr. T. Parr's Eccola, Bst 41b (Clements) 2
Mr. Hughes' Parole, 7st 131 b.. (Bray) 3
Betting—Even on Parole, 2 to 1 agst Ringbone.
Won by six lengths ; three lengths between the second
and third.

The Rougemont Stakes of 5 sova each, with 25 added ;
weight for age ; certain penalties and allowances ; gentle-
men riders. One mile and a half. 8 subs.

Mr. W. Gulliver's Miss Eleanor, 4 yrs, list 41b
(Mr. Thomas) 1
Mr. J. F. Rowland's Birdbolt, 4 yrs, 11st 41b (0 wner) 2
Mr. T. Parr's Nucleus, 4 yrs, list llb (Mr. Scobell) 3
Mr. Brayley' s Water Sprite, 3 yrs, 9st 111 b (Mr. Edwards) 4
Betting—Even on Nucleus, 2 to 1 agst Miss Eleanor, 3
to 1 agst Water Sprite, 5 to 1 agst Birdbolt.
Won easily by a length and a half ; 12 lengths between
the second and third ; Water Sprite beaten off.
The Haldon Plate (Handicap) of 80 sous ; winners extra.

third ; Shepherdess was fourth ; Portia and Mountain
Daisy fifth and sixth. Babbler did not pass the post.
The Devonshire Stakes of 20 soya each, with 100 added ;
the second to receive back his stake ; winners extra ;

two miles and a distance. 30 subs. •
Lord Portsmouth's Tame Deer, aged, 9st 81b (in. 101 b ex)

oater 1
Mr. J. R. Riddell's Frederick, 5 yrs, Sat G
(in. 71b ex)
(T. Sadler) 2
Mr. E. Hall's Eskdale, 4 yrs, Bst 51b (G. Fordham) 3
Winkfield and Gridiron also ran.

Betting-6 to son Eskdale, 4to 1 agst Winkfiold, 6to 1
agst Gridiron and Frederick, and 10 to 1 agst Tame Deer.
Won by a neck; six lengths between the second and
third ; a bad fourth. Gridiron bolted, and ran up an em-
bankment, coming down on his head and throwing Adams.
The lad was unhurt.

The Devon and Exeter Club Stakes (handicap) of 5 SOTS
each, with 75 added ; winners extra ; one mile. 22 subs.
Mr. E. Brayley's Codicil, 3 yrs, 7st 51b (in. 71b extra)
(A. Sadler) f 1
Mr. S. Jacob's The Don, 3 yrs, 7st (J. Adams) f 2
Capt. King's Philomel, 3 yrs, 7st 61b (Clements) t 3

. .
The following also ran :—Chanoine, My Uncle, Shep-
herdess, and Wortham.
Betting-2 to 1 each agst Codicil and The Don, 4to 1
each agst Philomel and Shepherdess
A dead heat between three ; Wortham fourth,. Chancing
fifth, and Shepherdess sixth. My Uncle, beaten off, was
pulled up.
Deciding Heat—Betting-6 to 4 agst Philomel, 7 to 4
each agst The Don and Codicil.

Won by half a length; six lengths between the second
and third.

selling weighti:'lW4RritaftillgfEWAKlßSk
Mr.. S. Thellusson's Confusion, 3 yrs (680)4'ezt 71b
7st 81b)
(; Fordha in) 1
Mr. W. Day's Phingari c01t,•2 yrs (£3O), 6sV(J.-Adams) 2
Mr. T. Hughes's Chantress, 6yrs (£so),Pti6lb. , (Bray) 3
Mr. Brayley'E Czarina, 4 yrs(£3o), 7st 1111Y-.:..(Gray)'o
Betting-6 to 4on Confusion? sto 2 agst Chantress.
Won by half a length; two lengths between the second
and third ; Czarina beaten off.
The winner was bought in for 250 guineat; -,the Phingari
colt was claimed by Mr. T. Hughes, and.Mr.•Thellumon
claimed Chantress.

TA'
The Lancers' Stakes of 6 etch, 2 ft, `'or alttiges, with
25 sovs-attflO: .Flalf a Mile: :7
Lord de Mauley's Reynarcl;4,yis, Bst 715: Cowley) 1
Mr. Thellusson's Chantress, 6 rs, Bst 51b . (Fordham) 2
Mr. T. Stevens's Chanoine, 4 en, 7st 915'i ....(Elatchins) 3
The following also ran Babblir, My Uncle, and
Parole.
Betting-6 to 4 agst Cha*reSs, 7 to4.(fttfirst 6to 4)
agst Reynard, 7 to 1 agst Parolerlo to 1 any other offered.
Parole turned round sharply 'Wien the flag:fell,-and was
left at the post. The three plac4ran in front throughout,
Reynard having a trifle thelest of it all the wayi and win-
ning, after a good race, by a length ; a head between the
second and third ; My Uncle was fourth ; Daisy fifth ; and
Babbler, who was ridden with a powerful postillion's whip,
which was plentifully applied all the way, last.
The Ladies' Plate of 25 sovs, added to a sweepstakes of 6

sovs each (handicap) ; gentlemen riders; jockeys 71b

extra. One mile and a half.
Mr. J. F. Rowland's Birdbolt, 4 yrs, list 51b . • (Owner) 1
Mr. Donaldson's The Poet, &yrs, 1 Ist 121b(gr. Edwards) 2
Mr. W. Hedge's Daisy, 4 yrs,,lOst4lb. , . (Mr. Thomas) 3
Mr. J. Shelley's. Lord Berk6l4; 6 yrs, 12st 71b
Mr. J. Dixon) 4
Betting-2 to lon Birdbolt, 7to 2 agst The Poet, sto 1
agst Lord Berkeley. • .
Poet made play, waited upon by the favourite, who cams
away at the distance, and won in a canter by two lengths ;
bad third.

The Hamhead Plate of 30 soils, added to a Sweepstakes of
5 sous each, 3 ft, for all ages. Three-quarters of a mile.
Mr. Gulliver's King of Kent, 2 yrs, 6st '2lb „(Pearson) 1
Mr. E. Brayley's Codicil, 3 "yr§, 7st 41b; 71b extra)
(A, Saddler) 2
Mr. S. Jacob's The Don, 3 yrs, Est 51b• 4... (J. Adams) 3
Confusion, Reynard, and Rosedale also ran.
Betting-5 to 4 agst Confusion-3 to I, agst Codicil-5 to
1 agst King of Kent.
Codicil was first on her legs, with Kingsof Kent lying
second, and The Don third. • In this order they ran to the
distance, where the King quittekhis opponents, and, com-
ing on at his ease, won by threo lengths; bad third ; a head
between third and fourth.
The County Cup of 200 sovs value, by subscription of 10
soya each, 5 ft, with 100 added. TM) ngles and a'
Mr. IV. Ley's Crater (not to be sold), 3 yrs, ,fist 21b
G. Fordham) I
Lord Portsmoutais Tame Deer, aged, 9st- 71b(J.Goater) 2
Lord de Mauley's Marine, 4 yrs, Bst 61b (A. Cowley) 3
Borderer and Star of the West also ran.
Betting-2 to lon Crater, 3to 1 agsti Tame Deer, Bto 1
each agst Borderer and Marine.
As soon as the holies had settled down to their work,
Borderer (who as usual ran in his hood and winkers) showed
conspicuously in front, with Marine second, Tame Deer
third, Crater fourth, and Star of the West last. When the
straight was fairly entered Borderer dropped back, and the
favourite, Tame Deer, and Marine were on pretty equal
terms, the old horse looking so well at the distance that a
shout was raised of " Lord Portsmouth beats anything ;"
but Fordham roused his horse, and the call was instantly
responded to, the favourite winning by four lengths ; three
lengths between the second and third ; the other pair were
separated by long distances.
The Nursery Handicap if 10 sous each, 5 ft, and only two
if declared, with 100 added, for 2-yr-olds. One mile.
Mr. E. Brayley's Ringbone, fist (Lambourn) 1
Lord Portsmouth's Cronstadt, Bst 41b (J. Goater) 2
Mr. Gulliver's King of Kent, Bst 10lb (in. 31b extra)
(Payne) 3
Mr. Brayley's Reprieve, 6st 101 b
Betting-7 to 4on Ringbone, 3to 1 agst Cronstadt.
The favourite made all the limning, and won by four
loneths : bad third ; Reprieve did not pass the post.
Mr. Riddell has refused 1,000 guineas for Frederick for
the foreign market.

IRREGULAR DISCOUN TRANS-
ACTIONS.

(From the Bankers' _Magazine for September.)
No greater evil can exist in the course of busi-
ness operations than the loss of confidence between
the money broker and his customer. From the
highest in the mercantile ranks to the lowest in the
retail department the effect is precisely similar,
prejudicing, as it does, connexions, and eventually
entailing disgrace and ruin. The link is, neces-
sarily, so close, and the tie of such a delicate nature,
that the least suspicion or alarm is sufficient to de-
stroy faith, and this accomplished, the result even
to the strongest, must be most disastrous. It had
been hoped that the exposure of late frauds and
irregular dealings had, at least for the present, so
cleared the path of the mercantile community from
this system of trading, that whatever disaster en-
sued would in the main arise from misdirected
adventure, and not from bill operations on an
unsound basis, or from an accumulation of bad
debts represented by paper. A merchant,
or general trader, who has taken probably
too sanguine a view of the future, or whose
operations may suddenly be brought to a crisis
through changing markets or political events, is not
to be unmercifully dealt with because he is compelled
to suspend, unless it should happen to turn out that
he has proceeded in violation of all known prin-
ciples and pursued a reckless career. But the case
is very different, and the punishment should be
the greater when it appears that a long course of
trading has been followed at a loss, and that when
- • • • -ANL'by steP,Antßusl 9f-warren,
w . . ero ts ror the benefit, onieditofi a
system is-adopted by individuals of making avail-
able the credit obtained, by putting afloat in every
conceivable channel manufactured paper and bills
based upon debts, the very existence and increase
of which proved . the hollowness of the trading
carried forward. The free negotiation of paper in
the discount market, and the facilities afforded to
every branch of business supposed to be conducted
on-legitimate principles, has opened, to a certain
extent, the door to the almost illimitable circulation
of this'species of security ; and the eagerness with
which favourite description of bills are sought for
have-freqiently, before now, produced large loss to
those who make them .their chief market. Great,
however, as is the competition that prevails, it is
desirable -that increased caution should be used,
since not only Metropolitan bankers and brokers
may be deceived, but country bankers also, as their
opportunities for inquiry are much less available
than -those of their London • friends. It will 'be
noticed in most of the recent cases, that, although
the London banks and discount houses have suffered
seierely, provincial establishments have not, alto-
gether escaped ; and it must be admitted that if
the system had not fortunately broke down when
it did, these latter institutions would have become
much more extensively involved.
The bills, as a class (though pretending to re-
present bona fide transactions), have ab initio been
little better than waste paper, particularly those
representing debts; as the position of the one firm
was already sacrificed and could only be propped
up so long as the other was supposed to be wealthy,
and the public relie,d upon, the presumed inex-
haustible resources of -the partners. To take the
most humane view of things, the principal indi-
viduals in these transactions must have possessed a
purblind estimate of their own situation, or they
never could have perievered in their career. The
maze of figures in which they were involved may,
combined with a sanguine temperament, have
led them to believe that a few years' of strug-
gling would either partially restore' affairs
er set them free'; but cool • examination
and patient analysis could only have been necessary
to have shown them the inevitable con Sequences of
the mass of current liabilities by which they were
unhappily, surrounded. The intermixture of,coun-
try with Metropolitan 'engagements, the growing
total df the respective accounts, and the difficulty
of proceedieg from-day to day without the issue of
additional paper, must have, ,if,.not permanently,
occasionally' treated a strong impression of the
utter impossibilityof eventually surmounting the
difficulty. -
This was an aspect that did not at first resent
itself except t 6 these who' privatc,ly JnyesiAg•ated
several of the estates, but it has become Confirmed
since through the extraordinary revelations which
have been made at various meetings ; and the prin-
cipal wonder now is, that the foundation of the
credit having been comparatively slight, it could
for so long a period have borne with seeming
ease such an overwhelming mass of engage-
ments. In the course of the proceedings which
have taken place, a point has elicited notice, ex-
hibiting the thoroughly reckless conduct of the
majority of the subordinate firms engaged in the
operations. In justice to the great parent house
mixed up in these questionable dealings it must
be stated that the books and accounts were most
systematically kept; so correctly, indeed, that but
a few days were required to submit a balance-
sheet to creditors, including liabilities exceeding
£1,000,000 sterling, and every kind of banking
and discount account. Not so, however, with
the majority of the other firms. In these instances,
correct or approximate book-keeping has been the
exception and not the rule ; stocks have hardly or
ever been properly taken, and it has almost been an
axiom with the debtors not to rely on themselves
or their own resources, but to look for deliverance
through their leviathan supporters. This imbe-
cility will, no doubt, be remembered whenc-ver they
enter into trading pursuits again, for though par-
donable to some extent, the complete abandonment
of these ordinary safeguards to commercial rectitude
will not obtain the acquiescence of a commissioner
in bankruptcy or of a body of inspectors. No circum-
stance can be more damaging than this to the credit
of a trader who ever desires to recover his star us,
the national inference being that he, in the first
instance, was fully alive to his position, or that he
was wholly incapable of managing his affairs. A
more healthy regulation can never be enforced than
that of sound accounts accompanied by periodical
investigation.

The most serious feature that has been manifested
throughout the inquiry connected with these in-
debted firms—and one has proved merely the reflex
of the other—is the magnitude of the accommoda-
tion transactions. If in the larger estates the
line can be drawn, it is only so far as the issue
of paper on old debts is concerned, and renewals
have been as frequent as any other mode of draw-
ing, while accommodation paper in its broadest
sense has been found to exist. In the smaller
estates the excess of the system has been. deplorably
developed. Not only accommodation bills have
been circulated, but exchanges of paper for the ex-
press object of baffling inquiry have been resorted
to, and with an ingenuity that has eluded the lynx-
eyed—the second and third class discounters, so
artfully have the arrangements been perfected.
The recoil of the blow upon the infatuated dupes
who lent themselves to the system is, however,
now the stronger, for the opposition of the law,
in its most vigorous form, is arrayed against
them, and they will have to suffer the con-e-
-quences, which cannot be other than Basinghall-
street and low class certificates, with suspensions
running for more than an ordinary period.
One consideration, however, is presented through
the frightful amount of bill dealing, which these
embarrassments have brought to light, viz., what
is really accommodation and what is not. Advo-
cates are, of course, as usual to be found, pro
and con, the opinions of each being entitled to
weight; though in the midst of the nice dis-
tinctions which are endeavoured to be drawn, every
disposition is carefully shown to reprobate any
irregularity. It was once remarked by an eminent
financial authority, when a querulous creditor com-
plained of a debtor having given accommodation ac-
ceptances, that the whole system of trade was based
upon accommodation, although not the kind of
accommodation alluded to. But, notwithstanding
this distinguished personage scarcely intended that
his sarcasm should cat so deeply by the application
of the illustration, it was not far removed from the
truth. Accommodation paper in its worst form is
undoubtedly that in which the trader has recourse
to the use of the names of men of straw, who have
simulated addresses and imaginary occupations ; and
when circumstances such as these are discovered,
no pains should be spared to inflict the largest pro-
portion of punishment that the law will allow. The
next step in the accommodation system—and here
intrude very many of the transactions of which such
just complaint is made—is where bona fide business
has been completed, forming the original basis of
paper negotiation, which, eventually increasing,
terminates in over-drawing without an adequate
value in goods. This is, to say the least of it, dis-
creditable, and deserves severe condemnation ; but it
is sometimes accompanied by mitigating accessories.
The practice of ' renewals, with part payment in
cash, is recognised, the object being to allow the
debtor to diminish his liability by gradual stages ;
but it is not permitted that these renewals shall
go on indefinitely extending, becoming at last a
mere mass of accommodation bills. Much less, how-
ever, should old debts have been drawn against,
espeoially when discount and other charges were