The Sun.
London, England, 1835-10-14 00:00:00

THE SUN, LONDON, WEDNESDAY, OCTOBER 14, 1833.

port articles are subjected to. In the next meeting of the
States, a motion will be brought forward and supported by
join
the of the members, to request the Duke to
the union. Englan4 Minsittitsh Pif• r li4, 4rif ti4itt.V
she h' AthlV: With Fraiikf6ri—atid lien nandver *ill be
Compelled to submit, for her own safety. Our Continental
trade is then ruined, and we shall have waited too long tP.
see how it works, to obtain the least redress—not even
opening our ports to receive Prusgipm tirnbrr mutt tt)Viii
satisfy a Gi'avernment wht sft sok ViOWs are time destruction
of a country trotu whom she had derived so niarl benefits
—and this all on account of her Northehi AllitiW) Mid at
the instigation of the 'Antths iApMr, whose personal
feeling towards Enaland 18 So well known.
(To be continued.)

BANK OF ENOLAND:

The effect of the, temporary rescinding on the part of the
Batik of Pligiand '4 their deterthinatiot tibt, to diseeent the
commereial hills indorsed the Wittig of
rssue, has been more materially felt to-day than it was yes-
ter;;•• and the Money Market has been to a greater de-
:, •—•
gree relieved from a pressure, the injurious tendency 01
Vtiiith ha§ lint yet tidal aseertaitied; but which pfeoure rtt,,q
Created by the ititluetice Of a iiidriciptiliiin4 peii'er that Might
never to be endured in a 6dtinti*.sd iii ly liOatitqA
tegral Monetary and commercial affairs. Discounts, and
other legal accommodation, have therefore been more freely
made by the bankers to the mercantile interests, in many
instances to large amounts these very facts itlare
stroll ilitiStratti the danger of the headlong folly which in-
deeM the iltitilt Ildfltitirj fur the sake of support-
ing their monopoly and strengthening their thirtt eireakness,
to attempt; at a period *hen the eetintfe, as teprds the ttia:
Waddling districts; was in the lull tide of activity, the check
of the Monet afy.tit•culation; in order to crush or hamper
JointlStbek ilatikS; iiihe de itet eliati§d t 8 Hitt the rise of
Bank or Etig;latid paper, but who, at the seine l,iute, lidt'e
never infringed upon the monopoly granted to the Bank
Within the circuit of 65 miles round the metropolis. The
declared intention of the Batik parlour to renew their op.
position to the Joint-Stook Thinks of Issue, or, in other
words, to attempt the entire monopoly of tho circulating
medium of this country after the close of the present year,
continues to create mach discussion ; and as a most deter-
mined opposition will be made to an eltension of a mono-
poly that the Batik have nut the physieal means to sus-
tain, it is considered by many that it will have the effect
of keeping the Money Market iri a very unsettled position
for some months, both as regards the commercial world and
Atftii hkehang,e. Singe consider that the Dank Dime.
tion have been forced into this late tyrannous demonstra-
tion by the obnoxious influence of Peel's Bill, and the
general inefficient character of our monetary system, but
this argues nothing—they were in the mud already 1 but
had they succeeded in extending their monopoly at the
present time no system of legislation short of public rob-
bery could have extricated them from the quagmire that
they would have been plunged into.—Morning Herald,
The insight into the administration of Bank affairs which
late events have given is not all to the credit of the corpo-
ration with the monied interest. The directors in the first
instance, and without any previous notice, select tt most in-
convenient time for carrying into effect a measure of a very
hostile character against the joint-stock banks of issue in
the cotttitty3 by itiltsitigi or proposing to refuse, all bills on
which they have an endorsement ; they nett, becoming
alarmed at the possible consequences of this step to the
monied interest, or perhaps still more to themselves, with-
draw it I and finally get rid of the affair by an intimation,
which is believed to be perfectly nugatory and never meant
to be acted upon, that they will certainly carry such de-
termination into effect after the Ist of January next. The
blow as regards the country banks in question was per-
fectly harmless, and had it been meditated at any other time
would have have hardly attracted any notice, as the bills be-
ing good would have been readily discounted elsewhere had
the bank rejected them, so that the issue of the whole pro-
ceeding has been to alarm a few timid persons, to mbar•
rass the foreign market of the Stock Exchange, to stultify
themselves, and to get back to their original position, The
secret history of all this is, we understand, that the
injudi-
cious and headstrong measures originate and are partly acted
upon by the Governor, Mr. Pattison, and that they are af-
terwards counteracted by the good sense of a majority of
his colleagues. We believe that we speak the opinion of
nearly all the leading men of the City, when we say that
the Chair of the Bank has never been filled by a man
more unfitted in every respect for that very delicate and
important office. Like most men who have not a quick
perception of consequences, he is always ready to take
too much upon his own responsibility, and when made
sensible of the danger, evinces as little discretion in re-
gaining as he did in abandoning his original position.
There are even complaints abroad of a want of caution
in matters regarding private credit, in which all com-
mercial men are deeply sensitive, and which caution
every banker is religiously bound to observe. Bill tran-
sactions of the most delicate, and, perhaps, ambiguous
nature, constantly come under the observation of the
Board in the Bank parlour, which are dealt with on the
merits—that is, they are either discounted or rejected, but
it is held a gross breach of faith to whisper a syllable on the
subject out of doors. We can refer, however, to very re-
spectable authority for stating that the Governor himself
has committed an indiscretion of this sort, and when charged
with it to his face by the individual who felt aggrieved by
it, has not been able to deny it. To estimate the import-
ance of such things, it is necessary to live among and enter
into the feelings of men of business of the first class, but it
is certain that they have inflicted a wound which cannot be
healed for a long time on the character of the administration
of the Bank. They can only be remedied by some reform
in the mode of election both to the Chair and to the Court
of the Bank ; and if the proprietors will not interfere, it is
the duty of Parliament, which they owe to the trading and
monied interest, to undertake the task. The change of
policy at the Bank of England above referred to, has
produced a sensible alteration in the state of money, and
seems at least to have suspended the injurious conse-
quences which want of confidence was rapidly bringing on.
If the reports current to-day may be relied on, and it
adds much to the blame already incurred, the chief ob-
ject of the Court in refusing to lend money upon the bills
in question was partly jealousy of one or two banks not far
from Manchester, rivals to the branch banks of that dis-
trict. The charge is so current, that it is impossible to
avoid repeating it, but one should hope that it is untrue,
and believe them as a body incapable of sacrificing the
convenience of the public at large to any such unworthy
motives.—Times.