The Sun.
London, England, 1866-05-12 00:00:00

POLICE INTELLIGENCE.--Th's Day.

Suspension of the Bank Charter Act.

MARLBOROUGH-STREETI

REFUSAL OF OUTCASTS TO ENTER A WORKHOUSE.—
Elizabeth Smith, Georgina Goodall, and Ann Anderson,
the three young women charged with frequenting Hyde
Park, without visible means of subsistence, were again
brought before Mr. Knox, When before Mr. Knox on the
last occasion they refused, notwithstanding they had no
place to go to, to enter a workhouse, and Mr. Knox re-
manded them for a week, in the hope that at the end of
that time they might change their minds. They, however,
still refused to go to a workhouse, and Mr. Knox com-
mitted them for fourteen days each, at the same time tell.
ing them that if at the end of that time they thought
proper to attend the court ho would try and find employ-
ment 11
for them.

The following is a copy of a letter addressed last
evening by the Governor and Deputy-Governor of
the Bank of England to the Government, with a
copy of Earl Russell and the Chancellor of the Ex-
chequer's letter in reply, authorising the Bank to
extend their issue of notes :

" BANK OF ENGLAND, May 11, 1866.
" Sir,--We consider it to be our duty to lay
before the Government the facts relating to the ex-
traordinary demands for assistance which have been

made upon the Bank of England to-day conse-
quence of the failure of Messrs. Overend, Gurney,
and Co.

" We have advanced to the bankers, bilibrokers,
and merchants in London, during the day, upwards
of four millions sterling, upon the security of
Government Stock and Bills of Exchange, an un-
precedented sum to lend in one day, and which
therefore, we suppose, would be sufficient to meet
all their requirements ; although the proportion of
this sum which may have been sent to the country
must materially affect the question.
" We commenced this morning with a reserve of
£5,727,000, which has been-drawn upon so largely
that we cannot calculate upon having so much as
£3,000,000 this evening, making a fair allowance
for what may be remaining at the branches.
it We have not refused any legitimate applica-
tion for assistance, and, unless the money taken
from the Bank is entirely withdrawn from circula-
tion, there is no reason to suppose that this reserve
is insufficient.

" We have the honour to•be, Sir,
" Your obedient servants,
" H. L. HOLLAND, Governor.
" THOS. NEWMAN HUNT, Deputy-Governor
" The Right Hon. the Chancellor of
the Exchequer, M.P., &c."

" To THE GOVERNOR AND DEPUTY-GOVERNOR OF
THE BANK OF ENGLAND.
" Gentlenaen,—We have the honour to acknow-
ledge the receipt of your letter of this day to the
Chancellor of the Exchequer, in which you state the
course of action at the Bank of England under the
circumstances of sudden anxiety which have arisen
since the stoppage of Messrs. 0 verend, Gurney, and
Company (Limited) yesterday.
" We learn with regret that the Bank reserve,
which stood so recently as last night at a sum of
about £5,750,000, has been reduced in a single day,
by the liberal answer of the Bank to the demands
of commerce during the hours of business, and by
its just anxiety to avert disaster, to little more than
one-half of that amount, or a sum (actual for Lon-
don and estimated for the branches) not greatly
exceeding three millions.
"The accounts and representations which have
reached her Majesty's Government during the day
exhibit the state of things in the city as one of ex-
traordinary distress and apprehension. Indeed,
deputations, composed of persons of the greaten
weight and influence, and representing alike the
private and joint-stock banks of London, have pre-
sented themselves in Downing-street, and have urged
with unanimity and with earnestness the necessity
of some intervention on the part of the State to allay
the anxiety which prevails, and which appears to
have amounted through great part of the day to an
absolute panic.
" There are some important points in which the
present crisis differs from those of 1847 and 1857.
Those periods were periods of mercantile distress,
but the vital consideration of banking credit does
not appear to have been involved in them, as it is
in the present crisis.
" Again, the course of affairs was comparatively
slow and measured; whereas-the shock• has in this
instance arrived with an intense rapidity, and the
opportunity for deliberation is narrowed in propor
tion.

"Lastly, the reserve of the Bank of England has
suffered a diminution without precedent, relatively
to the time in which it has been brought about ;
and, in view especially of this circumstance, her
Majesty's Government cannot doubt that it is their
duty to adopt, without delay, the measures which
seem to them best calculated to compose. the public
mind, and to avert the calamities which may
threaten trade and industry. If, then, the directors
of the Bank of England, proceeding upon the pru-
dent rules o f action by which their administration is
usually governed, shall find that, in order to meet
the wants of legitimate commerce, it is requisite to
extend their discounts and advanceS upon approved
securities so as to require issues of notes beyond
the limits fixed by law, her Majesty's Government
recommend that this necessity should be met imme-
diately upon its occurrence, and in that event they
will not fail to making application to Parliament for
its sanction.
" No such discount or advance, however, should
be granted at a rate of interestless than 10 per cent.,
and her Majesty's Government reserve' it to them-
selves to recommend, if they should see fit, the im-
position of a higher rate.
"After deduction by the Bank of whatever it may
consider to be a fair charge for its risk, expense, and
trouble, the profits of these advances will accru e to
the public.—We have the honour to be, gentlemen,
your obedient servants,

" RUSSELL,
" W. E. GLADSTONE.
Downing-street, 11th May, 1866."

A Frenchman's Account of the Derby.

"Every variety of our species was to be found there,
, in close quarters, and brought under the same glance
• as if melting into one another—from the young lord
admired for his turn-out, to the juggler admired for
his feats of strength ; from the great lady display-
ing her lace, to the gipsy displaying her rags ; from
the betting-man, trembling lest he should not lay
his head on the pillow of a millionaire, to the beggar,
happy in having made a fortune of a few pence ;
from the woman of pleasure with painted cheeks, to
the Ethiopian with a sham complexion. Neither,
indeed, was there any lack of matter for painful
reflections, had it been the proper time for philo-
sophising—in such bold relief stood forth the woeful
contrasts presented by modern civilisation !
" Hark ! the bell is ringing. The jockeys have
been weighed. The grand race is about to begin.
The competitors proceed from the enclosure, in
which they have been passed in review by the
amateurs, towards, the starting-post. They are 18
in number, and among them Royallien, a French
horse belonging to the Count de Lagrange. But
alas ! Royallien is neither first nor second favourite.
It is to Dundee, to Diophantus, but especially to
Dundee, that the opinions of connoisseurs and the
sympathies of the crowd have beforehand assigned
the victory. Dundee and Diophantus are the two
chief actors in view in the betting drama. An immense
murmur arises. The policemen move off, driving be-
fore them, to keep an open space, the mob of loiterers
scattered over the course. A cry from all parts,
' Hats off !' Every eye is turned to one sole point.
The signal is given. They are off ! they are off 1'
I am not going to describe the various accidents
of this memorable race, but there: is one which my
national vanity forbids me to pass over, in silence.
During one part of the race our compatriot Royallien
figured among the foremost, and valiantly sustained
the honour of France, when suddenly, 0 cruel fate!
at one of the turnings Atherstone, another of the
horses, knocked up against him, caused him to
lose his stride, and threw him back upon Dundee,
who was next behind.' Was it in consequence of
this misadventure that Royallien did not come in
first ? I dare not go so far as to say that, but there
is no patriotic exaggeration in supposing that, with-
out this accident, Royallien would not have been
the sixth. The conqueror,' however, was—Dundee ?
No. Diophantus? No more than the other. The
two favourites only came in after a horse, certainly
very powerful and very handsome, but which had
been quoted very low in the betting list. Such is
the fortune of war !"—Louis Blanc's Letter on Eng-
land.

THE LORD CHIEF JUSTICE, says the Law Times
of to-day, is still suffering severely from his old complaint,
sore throat, which the east winds prolong. He was erro-
neously reported as having been present at the dinner of
the Royal Academy on Saturday last. In fact he has not
We are happy to hear
qthuaittt
iligisul:wousreaLor some days.

THE SEN, LONDON, SATURDAY EVENING, MAY 12, 180.

lIER MAJESTY.

hurt%*
sunk

WINDSOR CASTLE, Friday.
The Queen drove out yesterday afternoon in a
carriage and four, attended by Lady Churchill.

RECENT WILLS AND BEQUESTS

(From the Illustrated London 21*ews)
The will of the Right Hon. Lady Augusta Gordon-
Hallyburton, of Kensington Palace, and Hallybur-
ton House, Forfar, wife of Vice-Admiral Lord John
Frederick Gorden-Hallyburton, G.C.11., was proved
in the London Court, on the 9th ult., the executors
being Mr. George Dalhousie Ramsay, of the War-
offi ce ; the Hon. Gerald Henry Brabazon Ponsonby,
and Mr. William Henry Kennedy Erskine, the son.
The personalty was sworn under £12,000. Lady
Gordon-Hallyburton was the widow of the Hon.
John Kennedy Erskine, and by her first marriage
had three children—a son and two daughters—but
no issue by second marriage. Her ladyship's will
bears date August 3, 1855; a codicil Jan. 31, 1856;
and a second codicil Dec. 2, 1865. In the disposi-
tion of her property her ladyship refers to a " will
fund" and a " settlement fund," in both of which
her husband Lord Gordon-Hallyburton takes a life
interest, and at his lordship's decease her ladyship
disposes of the will fund to her son, William H. K.
Erskine, and the settlement fund to her daughter
Millicent, wife of Mr. James Hay Erskine
Wemyss, of Wemyss Castle, Fifeshire, for her
own separate use. Her two daughters take
interests under marriage settlements. There are
several specific bequests, amongst others a dia-
mond tiara, diamond and gold bracelets with the
crown and cypher W.R. and A.R., together with
several diamond, emerald, and ruby rings left to
her ladyship by Queen Adelaide, which she be-
queathed to the person who shall become the wife
of her son, William Henry Kennedy Erskine, or to
him absolutely, and bequeaths the rest of her per-
sonal ornaments between her daughters, Lady
Munster and Mrs. Wemyss, in equal shares. Her
plate, carriages, horses, &c., and the rest of her own
personal property, over which she possessed a power
of disposition, she leaves to her said son, whom she
appoints residuary legatee. The will of the Right
Hon. Williamina Baronesss Douglas, relict of Baron
Douglas, of Douglas Castle and Bothwell Castle,
Lanarkshire, and late of Grosvenor-square, was
proved in London on the 23d ult., under £30,000
personalty. Her ladyship was the daughter of Lieut.
General the Hon. James Murray, and died Feb. 3,
1866. The will is dated April 30, 1864. The
executors and trustees are Lieutenant - Colonel
Frederick Clinton, Grenadier Guards ; Mr.
Charles T. Wilson, Bryanston-square ; and Mr.
William Brownrigg Elliot, of the Middle Temple,
to • each of whom there is left a legacy of £lOO.
There are bequests to nieces, and to servants, free
of duty ; and tier ladyship bequeaths her carriages,
horses, plate, books, pictures, wine, furniture, and
all the rest of her property, real and personal, in
trust, to pay the interest to her niece, Cordelia, wife
of Major-General Charles Trollope, and the princi-
pal to be at her disposal by will. The will of Lieu-
tenant. General Archibald Dyce, colonel 'of the 105th
Foot, late of Grosvenor House, Grosvenor-square,
Southampton, was proved in London, on the 17th
ult. by his daughter, Jane Dyce, the sole executrix.
The will is dated Feb. 24, 1866. The, gallant gene-
ral leaves the whole of his property, including his
freehold residence in Grosvenor-square, equally be-
tween his two daughters, Jane and Elizabeth Dyce,
for their own absolute use. Mrs. Charlotte Jane
Thorne leaves the following charitable bequests :
To the British and Foreign Bible Society, Church
Pastoral Aid Society, Church Missionary Society,
and Curates' Fund Society, each £lOO ; to the
Governesses' Asylum, Kentish-town, £5OO ; to the
Deaf and Dumb Asylum, Old Kent-road, £5O ; and
a like bequest to the Trinity Church Schools,
St. John's Schools, Town Mission Society, and the
Society for Encouraging Female Industry, all in
Tunbridge Wells.

The magnificent new reading-room of the Paris
Bibliotheque Imporinle, built after the model of our own
room at tho British Museum, will be opened to students on
the loth of August.
A CLERICAL JOE MILLER.—Among forthcoming
books the newspapers toll us one is a Spurgeon jest-book,
under the title of " Anecdotes and Stories of the Rev. C.
H. Spurgeon, now first collected and arranged." This
must not take to itself the credit of being the earliest cle-
rical budget of wit.
Mr. J. C. Prince, well known as a minor poet,

whose contributions to literature are familiar throughou,
Lancashire, died at his residence, Brook-street, on the sth
inst. Mr. Prince, whose health has for a long time been
failing, was in his sixtieth year when he died.
BYRON'S " DON JUAN," RECENTLY TRANSLATED
INTO GERMAN by Gildemeister, is said to be a most perfect
rendering of a great work from one modern language to
another, as admirable, in its way, as Coleridge's version of
Schiller's "Piccolemini."

r CURRAN'S THREE SIMPLE RULES OF LIFE were
something like the following :—Never to do anything to-
day that can be put off till to-morrow ; never to do any-
thing yourself that you can get any other person to do for
you; and never to do anything at all that you can possibly
avoid doing.
The English Government has just presented to M.
Frangois Got, captain of the ship Valliant-Basque, of Bor-
deaux, a handsome telescope, as a mark of satisfaction and
gratitude for having saved the crew of the English ship
Simla when in distress.

THE PASTON LETTERS.—The recent criticisms of
Mr. Herman Merivale upon the famous " Paston
Letters," and the subsequent discussion upon theirgenuine-
ness, have suggested that a strict search should be insti-
tuted for all the originals. Her Majesty, it appears, has
commanded an inquiry to be made for the three volumes
of MS. letters presented by Sir John Penn to George 111.,
but, notwithstanding the strictest search, they have not
yet been discovered. In other depositories for the archives
of the Crown search is also being made, and it is now
hoped that the inquiry at preseat taking place under the
direction of the Lord Chamberlain may be successful.
AN ODD WAY OF PUTTING IT ; OR, A PREDICTION
TO THE ABSURD.— The debates on the Oxford Union
enjoyed a little unwonted publicity, thanks to Mr.
Disraeli. Doubtless Mr. Gladstone never expected the
Hebrew prophet to mire upon him a second Nathan, and
bring-to remembrance the sins and offences of his youth.
But Mr. Disraeli, in his favourite part of the Angel—
which we first heard of from his own lips within
these walls—has apparently selected the Recording Angel
for his speciality, and opening his black book reminds
the Chancellor of the Exchequer that his opinions of to-
pay are inconsistent with those which ho expressed 35
Years ago at the Oxford Union. It is like being told in the
vestry by your parish clerk after sermon, "That's not the
doctrine you preached 35 years ago !" or being reminded
with reference to one's wife, " That is not the sort of woman
you admired ;" or with reference to one's own head,
" That is not the sort of hair you used to wear !" or of
one's waist (so to call it), "that is not the sort of figure you
used to sport—thirty-five years ago !" The enemy must,
indeed, be short of ammunition when he is obliged to load
his guns with rusty nails and such-like missiles.

THE VALUE OF COTTON TO THE UNITED
STATES.—The amount of cotton that has come out of the
South since the war closed has been equal in value to six
or seven years' production of the precious metals in the
whole country. We do not mean equal in value only in
the same way that the corn, wheat, or hay crop is esti-
mated, but in a much more important and wider sense.
Cotton is not only an article of prime necessity for home
consumption—not only employs millions of hands and
hundreds of millions of capital among ourselves—but it
takes the same place as gold and silver in the commerce
and exchanges of the world. In this sense w' say the
three or four hundred millions of dollars' worth of cotton
that has come out of the South since the war closed—in
one year—is equal in value to six or seven years' produc-
tion of precious metals in California and the other states
and territories on the Pacific side of the continent. We
speak in round numbers, for we haye not the data to be
precise as to a few millions. But every commercial man
or statistician who has thought upon the subject knows
that our estimate is about correct. The amount of cotton
has been variously estimated from a million and a half
bales to two millions and a half. Say the amount was two
millions of bales ; and this, at the high price of cotton,
would yield over three hundred millions in gold.—New
York Jerald.

An interesting volume of American folk-lore is
announced for publication in Now York—" The Legends
of Long Island," by W. A. Chandos Fulton. It is said
that the stories in this work are founded on the quaint and
beautiful legends with which this State abounds. The
foundation of the stories is Indian, but the incidents given
are thoSe which attended many of the first settlers in their
strugglee Apixt§t the Red Men.