The Sun.
London, England, 1856-11-18 00:00:00

NATIONAL BANK OF SARDINIA.

The report of the President of the Council and Finance
Minister, Count Cavour, on the monetary crisis, which
has been already referred to as recommending a repeal
of the existing legal restrictions of the rate of interest,
proceeds to discuss the situation of the National Bank.
It appears that, with a nominal capital of 32 millions of
lire, and a paid-up capital of 24, the circulation of its
notes has never yet exceeded 45 millions, the average
belie, 35 to 38 millions ; and the amount of deposits
liable to be withdrawn on demand has never been more
than 3. During nine months of the present year the
bank has imported specie to the amount of 50,310,000 f.,
but has not been able, with all its efforts, to maintain
a circulation sufficient for the wants of the trad-
ing community, and Count Cavour is, therefore,
convinced that the only way to enable the bank to ex-
tend its operations, is to alter the proportion which the
law has prescribed between its metallic reserre and its
obligations. That proportion has hitherto been fixed at
one-third. The managing council of the bank has re-
quested that it may be altered to one-fourth, and also
that it may be calculated with reference to the amount of
the bank notes alone, and not that of the bank notes
together with the deposits payable on demand. After
explaining his objections to these particular proposals,
Count Cavour states his reasons for preferring, instead
of a fixed proportion, a sliding scale which shall vary
with the extent of the operations of the bank. He makes
a distinction between that portion of the bank note cir-
culation which is employed in the ordinary business of
the people, the amount of which is tolerably constant,
and that portion which is en; aged in extensive com-
mercial speculations and manufaoturing enterprises, and
is liable to great and sudden fluctuations. Be is
of opinion that the bank should keep a moderate
reserve of specie to provide for the first mentioned
pact of its circulation, but that the reserve should be
fixed at a larger proportion with regard to the secind ;
and he therefore suggests the adoption of a system by
which the proportion to be maintained between the
metallic reserve and the liabilities of the bank, instead of
being a constant and uniform proportion, shall be one
gradually increasing with the increase of their amount.
In seasons of the utmost depression the circulation of the
Sardinian National Bank has never descended below 30
millions, and the Minister therefore thinks it would be
safe to say that the proportion of 1-sth instead of 1-3 d
will be sufficient, if ever the circulation should fall be-
low that amount ; above that amount, the proportion of
1-3 d cannot be regarded as exorbitant ; but there is a
point where the circulation of the batik notes, added to
the deposit accounts, has attained an amount beyond
which their fluctuations are likely to be serious and
frequent ; that point is fixed by Count Cavour at 60
millions, and he proposes that the proportion of specie
to be maintained shall then be raised to one-half, instead
of one-third, the amount of the notes and deposits. This
is the effect of the royal decree, which was signed by
Victor Emmanuel on the 6th inst. In the same report
Count Cavour enters into a comparison of the favourable
situation in which the Sardinian Bank will be placed by
the adoption of his system with that of the Bank of
France at the present moment. He expects that the
Bank of Sardinia will be enabled, by the modifications
proposed, to extend its circulation by five, six, or ten
millions, and afford the relief to the manufacturing and
commercial classes of which at present they are so much
in want. The assent of the Legislature will be required
definitively to enact the measures he has recommended ;
but in the meantime the provisional decree of Nov. 6
will immediately come into force.

CHARGE AGALVST TIVO MILITARY OFFICERS.

Yesterday, at the Canterbury Police Court, two offi-
cers who gave the names (supposed to be fictitious) of
Robert Gibson, ensign, 29th Itegimt nt, and John Stace,
were charged with assaulting Edwin Gill.
Two cases of a similar kind were compromised by the
friends of the accused. Mr. Gill, however, had refused
to withdraw the complaint.

It appeared that ou Saturday evening the defendants
were seen near the Fountain Hotel, with a third officer,
having the sobriquet of " Brown." Two of them were
provided with riding whips, and they were heard to say,
that money was cheap, and they would haven " spree"
somehow. They then proceeded through several streets,
violently attacking several persons, including an old
man and women, and caus.ag the greatest uproar and
excitement. The crowd increased as they progressed
towards the barracks, until the police arrived, and took
them to the station-house, amidst yells, hisses, and great
confusion.
The complainant deposed that on Saturday evening,
as he was about to enter his residence, Stace hit him a
violent blow in his side. Witness had not spoken
to either of the defendants. Stace afterwards repeated
the assault. Complainant followed them down thestreet, and saw them attack an old woman, also an °4
man who was selling sponges. Complainant still
1
fol-
lowed, calling „Police !" and whea defendants carrier
sight of some soldiers, Gibson turned round and stuck u
witness violently on the head with a riding
whip.
pplainant
m
hundreds of persons had now assembled. em
succded in wrenching the whip from the officer's hiwaondes
after a severe struggle, and a general melee ensued,fwhich
Gib.
being struck on both sides, in the course o
son's visage was somewhat disfigured.
thGouibtsohnis into
ha
Police-constable Epps took the defendanti
custody from the last witness. fie
was
Whilesum if goingihe would along
at the time, and very much excited.
the defendant offered the officer any
but let him escape.
11th
Hussars to assist him, but theydid
inchtuorgthee.
not attempt to do so,
reePisotelidc,e-acioidusctaalbleled EupivoenYsoreinceeimveedn
about.
Other evidence
as there were so many civilians Stace
belonging
In answer to the charge, the defendants said they
they having been
first
merely acted in
self defence,
having been given,
struck, but by whom they could not tell.
constable said Gibson was the
wol s 3 for liquor at the time, but Stace was sober.
ed thedefendants The Bencu convict of the assaults
fine of
‘,O
The superintendent
and
default one month's imprisonment.
ordered them to pay a
costs ; in
Of course the fine was quickly paid, and the parties
released.
It is stated that a full report of this disgraceful affair
will be forwarded to the Horse Guards.

MADAME TIISSAIJD'S EXHIIIITION.--The ex-King of
Oade honoured the establishment of Madame Tussaud,
on Friday last, with a visit. Its Majesty expressed
himself highly gratified with the numerous interesting
objects contained in the exhibition.
THE CEUVII-RATE QUESTION. —The Northam?"
thrald says :--" At the Archdeacon's visitation on
Tuesday last, the venerable gentleman, after the sermon,
said a few words to the churchwardens. Among
otherr
h
things he stated that, having inquired of theu?
-
wardens of the 316 parishes in the archdedaffEcunrchYy, 20
difficulty, whe-
ther they could obtain church-rates without
only replied that they had difficuty. his is a moat
time, satisfactory and, at the same
P_
h
la most important
piece of information, and will berew,e
d
and gratiieation by all true Churchmen.wi t equal aurpries