The Sun.
London, England, 1860-07-24 00:00:00

asserted that upwards of 14,000 muskets and a pro- '
portionate quantity of ammunition were in this
way delivered to the peasantry." It is remarkable
that the very next sentence in this singular com-
munication tends rather seriously to invalidate its
statements ; the writer frankly ackowledging—" I
will not vouch for my correctness in the names of
the individuals of the committee, but they are those
given by public report, and what seems to confirm
the report is that, with the exception of one
(M. FARGIALLA), they fled as soon as it was seen
that the Druses could not be conquered so easily."
The upshot of it all is manifestly, therefore, that
the writer, though. a twenty years' resi-
dent in Syria, has been putting forward those
very positive accusations (anonymously) upon the
merest hearsay, upon flying rumours, and popular
conjectures. What certainly helps him out so
far in this direction is the consideration that France
and Russia have almost equally positive inducements
to secure to themselves, either separately or toge-
ther, some specious plea for interposition between
the Druses and the Maronites, between the Chris-
tian and non-Christian part of the population own-
ing allegiance to the rule of the effete Turkish
Government. Inasmuch were these the most ob-
vious probabilities that the news of the late civil
war in Syria had hardly arrived in Western Europe
before suspicions began to be aroused as to whether
the deadly quarrel there had not been secretly
fomented by the connivance of the French and
Russian autocratic Governments. The different
plight of the sick man is at any rate brought once
more pointedly enough under the consideration of
the European Sovereignties. Before any conclusion
be arrived at by those Powers in regard to the
treatment of the political invalid of Constantinople,
it certainly does behove us to inquire searchingly
into the causes of the recent outbreak in Syria—to
decide, at least, whether Druses or the Maronites
have been in this last instance the aggressors—and
to ensure those unhappy regions thereupon, as
best we may, from the recurrence of these periodi-
cal and infernal massacres.

TEE SUN, LONNYN, TUESDAY EVENING. JULY 24, if 366.

AND MONEY DEALERS.

LONDONDERRY, JULY 24.

The Montreal Ocean Company's steamer Anglo-
Saxon, Captain Ballantine, from Quebec on the
14th, has arrived. She landed all mails except
those for Liverpool and Manchester.
The Glasgow had arrived out.

WASHINGTON, JULY 12.

Advices from Peru to the 12th ult. state that the
relations of the United States with that Republic
were approaching a crisis. The Peruvian Minister
here has been notified that unless his Government
accepts the American ultimatum, passports will
be furnished him. The sloop of war Wyantoon had
arrived in Peru. _

Despatches had been sent to Callao, instructing
the American Minister to demand a settlement of
the claim arising out of the seizure of the Lizzie
Thompson and Georgian, and in case of non-com-
pliance to close the Legation.
The election at Oregon had resulted in the suc-
cess of Logon, the Republican candidate.

SOUTHAMPTON, TUESDAY.

The North Atlantic Company's steamship Adri-
atic, Capt. Comstock, with New York mails and
dates to the 14th inst., has arrived here.
The news from Havannah was unimportant.
Sugars were firm. Freights declining. Exchange
firm, on London, 121 to 131.
The Adriatic brings 315 passengers and
1,122,556 dols. in specie, of which 250,000 dols. are
for England.
She spoke the Vanderbilt 50 miles from New
York, and on the 20th inst., at 11 p.m. passed afleet
in close order, supposed to be the convoyof H.R.H.
the Prince of Wales.

News received from Mexico states that General.
Ortega had defeated the forces of Ramire, and
taken a number of prisoners as well as artillery
and war materials.

Miramon had retreated to Guadlajara, and was
followed by the Liberals.__ _ .

NEW YORK, JULY 14.

Stocks better, and active. Flour firm and quiet.
Wheat firm—demand fair. Pork firm. Sales
small.

EVILS OF THE COMPETITIOY AMONG BiLITES

(From the Money Market Review.)
More than one useful moral is to be drawn from
the history of the great failures is the hide and
leather trade. The public faith in the soundness
of the general business of the country, though it
has sustained a shock from the evidence of rotten-

ness in a large section of this particular branch of
trade, and from the low estimates of the probable
dividends fr'om the estates of the failed firms, is
reviving, now that the area of the evil is distinctly
defined. But the point upon which the immediate dis-
cussions chiefly turn, is the extreme facilities of
credit which Messrs. Streatfeild and Co., and the
associated houses, were enabled to command. With-
out these facilities the whole system would have
come to the ground long before it attained the pro-
portions by which the public have been so much
startled. The question—how happens it that the
two or three millions of unsafe paper were kept
afloat so long ?—is one of deep importance to the
commercial community at large, and to the share
holders in our flourishing banks in particular.

To placard the names of the banks and other
moneyed establishments which are holders of the
bills of the failed houses in the leather trade,
together with the amounts held, would be so in-
vidious, that the press has, by a sort of tacit
consent, avoided this portion of the subject, leav-
ing the details to transpire at the general meet-
ings of the banks, or at the meetings of creditors
convened at the invitation of the professional
accountants. It is not our intention to break
through this reserve. There is the less need to
publish the list now, because any person who really
cares to know the extent of the involvments of each
establishment may readily ascertain it by inquiry of
his neighbour. It will suffice for our purpose to
point to the notorious fact that a dozen of the prin-
cipal establishments in the city of London are more
or less " hit," despite the character for caution which
many of them have deservedly acquired. Now,
how has this happened ?
We have no hesitation in declaring our convic-
tion that the cause lies in the too keen competition
of the banks and other establishments. Their com-
petition has of late years attained a height, of
which the outside public have no conception.
Various new banks have been formed; discount
companies have been introduced ; and, although
we do not say that the forcing system alluded to
has originated with such establishments, it is per-
fectly clear that by these and similar means the
channels for obtaining monetary " facilities" have
been greatly enlarged, and the general rivalry of the
moneyed class stimulated. There is, consequently,
a vast deal of what may almost be termed " tout-
ing" for custom; and, in many instances, from the
very trifling extent of the margin of profit, as be-
tween the price at which the money dealer takes
money, and that at which he lends it, it would
almost appear as if he were willing to work for
nothing save the pleasure of keeping his connection
together. We abstain from particularising in-
stances, in even the remotest degree, but we appeal
to persons of practical experience to say if
these remarks are not true. Assuming their
truth, a blot in our monetary arrangements is
hit. The factitious and unsound development ac-
quired by the operations of the insolvent houses in
the leather trade, constitutes a flagrant instance of
abuse of those universally-abused commercial in-
struments—bills of exchange ; and if, as appears-to
be the case, the development complained of has
been promoted by the extreme competition of
bankers and other discounters, the sooner we look
narrowly into the motives of their conduct, the bet-
ter for the health of the body commercial.
It is not necessary to search far for the motives.
The rivalry referred to has two aspects. In the first
place it causes the money dealer to bid the
highest possible price for money, and, in the next
place, it causes him to lend it out again at the
lowest possible price, consistent with profit, or, it
may almost be said, consistent with the avoidance
of certain loss. If he had not to pay so high a rate
for the commodity in which he trades, he would
not be obliged to look about so hastily for a chan-
nel wherein to employ it. But if he give, say 4 per
cent. for money, when the current rate of discount
for the best bills is only 44 or 41, it stands to reason
that if he hold the money idle for a week, his
margin of profit may be completely eaten up. Ile
must employ it swiftly, and as he scours the market,
if some of Messrs. Streatfeild's paper offers, he
catches it up readily. But if he paid only 3 per
cent. instead of 4 for money, the rate of discount
for safe bills remaining at 4, be would not be in
the:same hurry, and would scrutinise more narrowly
the securities offered to him. The plan pursued by
the discount establishments differs little from that
pursued by many of the banks. The evils of the
keen competition now witnessed are felt by all.
A remedy would be applied by a common ac-
cord amongst the banks and discount establish-
ments not to allow more than a certain rate of
interest for deposits. To the organisation of such
an agreement there is no poSsible obstacle, ex-
cept that involved in the trade jealousy which
mutually prevails. The rate of allowance on
deposits might be governed absolutely by the
minimum rate of discount of the Bank of England,
and should in all instances be lower than that now
accorded. There would naturally be one scale for
deposits for long periods, and another for those at
a few days' notice. As regards money "at call,"
we say that the sooner the practice of allowing
interest upon it is abolished entirely, the better.
This practice unquestionably causes the immediate
reserves of bankers and others to be used up far too
closely, and when a pinch comes, and these reserves
are drawn back, a tendency to general confusion is
occasioned.
To recapitulate, then : We claim to have shown
—l, that there is too much competition in the
money business of the country; 2, that it has con-
tributed to an unsound development in the hide
and leather trade, and to a wide-spread disturb-
ance, otherwise, to a great extent, avoidable ; 3,
that one of the primary causes of the competition
consists in the unduly high rates allowed by
bankers and discounters for deposits, particularly
for money " at call ;" and 4, that nothing would
be more simple than for the whole of the esta-
blishments referred to to come to a common under-
standing, compatible with their individual interests,
and highly conducive to those of the public.

ACCIDENT ON THE LONDON AND NORTHWESTERN
RAILWAY. —On the arrival of the 8.40 a.m. train from St.
Albans at the B arrow station yesterday a passenger named
Patrick Leven, from Mayo, Ireland, imprudently leaped
from the carriage while the train was in motion and fell
between the wheels and the platform. When extricated
from his perilous position it was found the unfortunate man
had received extensive lacerations of the lower extremities,
and on being conveyed to the University Hospital amputa-
tion of the leg was deemed absolutely necessary, and he re-
mains in a verfprecarious condition.
SINGULAR ACCIDENT TN KENT.—On Saturday
morning a ploughman. at Chilham was at work with a team
of four horses on a farm in the occupation of Mr. Bay,
when, passing too near the edge of a chalkpit, the ground
under the wheel-horse gave way. Observing this, the driver
struck the front horses with a view to save the others from
going over, but unfortunately the chains broke. The two
last horses were consequently precipitated into the pit, drag-
ging the plough after them. One was killed upon the spot,
and the other only lived a short time after the accident.
The two horses were said to be worth nearly £loo.—Araid'
stone Journal.