The Sun.
London, England, 1866-11-02 00:00:00

A Banking and Mercantile Panic.

(From the Economist.)
For the moment the money market is very easy. The
payment of the dividends has released a considerable sum
of money, and there is still a probability that the Bank
rate will be lowered to 4 per cent. It is only a probability,
for no one can predict the course of the money market to
a half per cent. ; still perhaps it is the predominant proba-
bility.
But there aro conspicuous signs which indicate that
the panic of 1866 will not be followed by the period of low
interest—by the rates of 2 per cont. and thereabouts which
occurred after 1857 and 1847. The panic of 1866 occurred,
not in the autumn, but in the spring. And in the autumn
we usually have to pay for a large a—munt of foreign com-
modities. This year especially, we shall have to pay con-
siderable sums for corn and very considerable sums for
cotton. The depression after the panics of 1847 and of
1857 fell in the spring, when no similar foreign payments
had to be made, and when money accordingly tended
to be cheaper; it Wks an accelerating force to a mar-
ket otherwise falling ; the depression of 1866 is a
retarding force in a market otherwise rising.
But the contrast between the panic of 1866 and its
two predecessors is not one simply of date, but also of
nature. It was a " credit" panic ; it affected bankers,
finance: companies, who live by their credit, not mer-
chants and manufacturers. The malady fell not upon
the users of capital. 1857, and still more in 1817,
prices,
were extensive mercantile failures, a great drop in
and a diffused disorder in our industry. But now
that credit, and this is almost the whole mateonoy
certain persons who used to have credittter. have
will not
In consequence the trade demand fdoriB47.
The mere
be affected now as it was in 1857 an
s (or at least
of itself cause lost
fall in prices, when diffused, .
produce amount—
say the sale of the same quantities
i therefore the efficient
much promotes) cheap money in
t less money, and . • supply remains
say to 10 per cen •
demand for money is diminished,delicious as ours, where so
In a market so Leof a:bard-street. Bills
and therefore must
as it was.
slight pentage in
much money held . u
0.
ovena
a diminution . t
sure to produce an effect far
be employed,
of employment is .
d would at a first glance
the means
rent magnitu e
than its apparent
greater is at high interest,
seem to warrant-
oneral consumption and the general
Secondly. As theg
the drinking, and the labour of
production—the
tantuilly unaffected by this panic, the
England—are
forsubs
eating,
mercantile accommodation will not be
• i former times, when besides an itn-
ry
demand
credit we also must meet
labouring distress and
paired
derangement.
mercantile
reduced as it was ii
These reasons do not all prove, or even tend to prove,
that the value of money will now be what it would have
been if no panic had occurred. The business of the country
is of two sorts—first, the necessary common business fur
limo supply of our usual recognised wants; and secondly,
the optional business—the business of enterprise by which
new channels of trade are struck out and desires gratified,
the mere existence of which was before all but unknown.
Both these kinds of business are necessary to keep the
value of money at its common rate ; usually there are trade
borrowers of both kinds. But a panic stops all optional
business ; it puts a stop to all kinds of enterprise ; it re-
duces everything to a routine. For five months or so—
from May till now—no man of business would look at any-
thing " new." In consequence, though the value of money
will not in all likelihood be so low after this panic as after
its two predecessor; it will be -far lower than it would
have been had the commerce of the year run in its accus-
tomed course, and if no calamity had happened.

';EWSPAPE
VW. k
tr:
.414
Royal National. Life Bo '5l. t 4 rjr 1"r?‘•
•
Yesterday a meeting of this instztution4as Rad
at its
Ehosqus.,e,FJ.Roh.sn.-,svtr.epet, A
~
indtehlephchi ; 'Thomas
air chair. There Chap-
man,
relverealso present—Sir E. Perrott, Bart.,CaptainDeSt.
Croix, W. H. Barton, Esq., Colonel Palmer,
Cap-
tain J. R. Ward, R.N., and Richard Lewis, Esq.,
the secretary of the institution.
The SECRETARY having read the minutes of the
previous meeting, a reward of £lO was granter'
to the crew of the institution's lifeboat the Sir
George Bowles, stationed at Howth, for putting off,
during a strong gale of wind from the S.E. and a
heavy sea, and rescuing the crew of seven men and
a boy from the smack Favourite, of Peel, Isle of
Man, which had gone ashore off Baldoyle, two or
three miles from Howth, on the 17th ult. The
master and crew of the smack had afterwards written
a letter expressing their deep gratitude for the im-
portant services rendered to them, under Provi-
dence, by the lifeboat's crew just as they had aban-
doned all hope of being saved. A reward of £7lox.
was likewise voted to the crew of the Civil Service
lifeboat of the institution at Wexford, for going off
during stormy weather to the barque Voluna, of
Liverpool, which had gone ashore on the Long Bank.
They found the vessel abandoned, but the lifeboat
succeeded in saving a coastguard officer and four of
of his men who had just boarded the wreck, and
whose boat bad been lost while doing so. Rewards
amounting to £2B were also voted to pay the ex-
penses of the lifeboats of the institution stationed at
Appledore, Wexford, and Broughty Ferry (Dundee)
for various services during the past month. The
silver medal of the institution was voted to Mr. Bar-
tholomew Stephenson, of -Burdnier; Northumber-
land, in acknowledgment of his general gallant ser-
vices in the Boulmer Lifeboat, of which he had been
the coxswain for many years past. The silver medal
of the institution and £2 were also voted to Mr. Jones,
master of the steam-tug Ely, and £8 to his crew, and
the thanks of the institution to Mr. Nicol, tide sur-
veyor, in admiration of their noble and skilful con-
duct in saving nine men from the sloop Wool Packet,
of Dartmouth, which during a gale of wind was
wrecked on Bideford Bar a few weeks ago. It appears
that the crew of the vessel had abandoned her, and
that two boats' crews, consisting of nine men, after-
wards boarded the wreck with the view of trying to
get her off the bar, but when the tide rose the sea
broke over the vessel, and the men hoisted a flag
of distress. The steamtug Ely now hastened to the
rescue against a strong tide and wind. Before,
however, she could get near the wreck the nine
men were driven to seek refuge in the rigging. The
sea was breaking fearfully in all directions, and the
vessel rolling from side to side, but Captain Jones
and his crew bravely proceeded through the broken
water at the risk of their lives and vessel, and suc-
ceeded in the first attempt in saving three of the
men. This was all that they could then accomplish,
for the sea was now breaking so furiously over the
wreck that the steamer was driven away, and the
same want of success attended a second and a third .
attempt to approach the wreck. The captain then
backed astern, and with consummate skill and bold-
ness actually placed the steamer directly alongside
the vessel's rigging, with her bows over the deck of
the wreck, thus saving all the six men in the rig-
ging, and within the short space of two minutes the
wreck had actually disappeared, and was not seen
afterwards. But for this noble and successful ser-
vice nine widows (for the nine rescued men were
all married) and forty fatherless children would to-
day be lamenting the loss of husbands and fathers.
It may be added, that the National Lifeboat Insti-
tution, since its formation, has contributed to the
saving of 15,700 lives from shipwreck, and who can
tell the number of women and children, who, in the
absence of these great and national services, would
have become widows and orphans. The lifeboat of
the institution stationed'at Appledore immediately
put off on seeing the hovellers in the rigging of the
Wool Packet., but before she could reach the wreck
the steamer, which was in the neighbourhood, had
performed the daring service. The expense to the
institution of the lifeboat expedition was £lO 3s.
Various other rewards were also voted to the crews
of shore-boats for saving life from shipwreck on our
coasts. During the past month a legacy of £5O bad
been received by the institution through its New-
castle branch from the executors of the late Mrs.
E. Neilson, of Newcastle. in the county of Down.
Miss E. Goodman, of Eversholt, Bedfordshire, had
senlottih
also left the institution a legacy of £6OO to pay for
a lifeboat, its equipment, and transporting carriage.
New lifeboats had been sent during the same period
to Losi
, institution
NaLt
oi.
tßsiusn.
ti,
or
nen
Bristolonbud y t
htthloieof
eßnbßrohi
suaerttron,
sy which, t
tr nearoiomaeichn,
Bridgewater.
l
was
Club,
presented to
tli The
l
wasexhibited
wcitya station,s
othn e andghieftoa f grand
occasion.there sidemonstrationrtii,ehnetsßour Burnham
hhaelmtteolnoi
hfkeabpmol place ctwe, in t
sai
also
whichl
o
taken through that town, where the lifeboat was
formally presented to the institutionbyMr. Schneider,
M.P. A demonstration also took place at Burnham
on the arrival of the new boat. The several railway
companies kindly gave the boats a free conveyance
to their destinations. The institution decided to
place a new lifeboat at Portmadoc, in lieu of an older
boat there at present, which was found unservice-
able. John Ashbury, Esq., of Openshaw, had,
through the Manchester branch of the institution,
undertaken to defray the cost of the new boat, and
to name it after his late father. It was reported
that the gas companies at Sunderland and at Teign-
mouth had kindly laid on pipes to the lifeboat-
houses of the institution in those towns, and had un-
dertaken to supply, free of charge, thegas for the use
of the stations. The thanks of the institution illu-
minated on vellum were ordered to be presented on
their retirement from office to A. A. Ranken, Esq.,
and
Arthur Owen, jun., Esq., Henry Rodd,
their
J. Kearney White, Esq., in acknowledgment
valuable co-operation in the management
Bay, d V-1C Valentin
Glasgow, Teignmouth,
Tees
Ra•nchard Thornton
life-
boat branches of the institution.d
given to the °of the
West, Esq., and Mrs. West
tatthieonsaubsoseuxt
in-
stitutiontobe
coast. The Government'fehooats might be built like
formed t the n
ewholear
vo e
as t t ofi
vtf
Bombay
had given to the in-
stitution the whole cost of the l
that two large
adndunsdoenr
.itsTsiulepemrienetteinng-
dence,
Messrsco.rdial vote of condolence to the
passed a very
to
i• Dean of Norwich, who had been
family of the a
ew
those of the institution, n
for many rrielstatn
• titution on the Norfolk coast. The
years pasta
.most zealous and valuable co-
adjutor of the ins
dean's late father, the first Lord Exmouth, the dis-
tinguished admiral, took a deep interest in the for-
mation of the National Lifeboat Institution. Re-
ports were read from Capt. Ward, R.N., the inspector
of lifeboats of the institution, and from Captain D.
Robertson, R.N., its assistant-inspector, on their re-
cent visits to differentlifeboat stations on the English
and Irish coasts. Payments amounting to £2,100
were ordered to be made on various lifeboat esta-
blishments. The proceedings then terminated.

We have much pleasure in announcing that Staff-
Commander Moriarty, who distinguished himself during
the laying of the Atlantic Cable, has been recommended
for the honour of a Commandership of the Bath.
SHOCKING SUICIDE OF THE MANAGER OF A
COTTON MlLL.—Yesterday Mr. Driffield, county coroner,
held an inquest at Ashton-in-lrackerfield, on Benjamin
Grundy, late manager of a cotton mill in that township,
who committed suicide last Sunday. A few mon,hs ago he
gave up a good situation at Ashton-under-Lyne to take
charge of a cotton mill belonging to Messrs. Gray, at Ash-
ton-in-Mackerfield, but the business did not prosper, and six
weeks ago the mill, accidentally taking fire, was burnt to
the ground. Since then his mind has been giving way, and
ou Saturday he purchased a small pistol. During the nighto
phioaiwu
jansavoetryhisuhneeaasdy.,Nraemxtblminogrnaibnogu, tabthouethBoouio,
elit_nbdecsbot
k had been shot
himself. A portion of his right jaw,
az:(3yr,,i
et waso found 0
,tr,
Temporary
beneathora .y abnisoat,hlietry.,bo,ldw.ahsinieretthuerns,az_er:oaoami

chafer Courier.
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LATEST INTELLIGENCE.-
Mr. CHAPMAN, of the White Hart, Acton, Middle-
sex, begs to inform Lis friends and nPLihbours that the
Latest Edition of "The Sun" cau be seen at his house as
above.

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HIGH WATER AT LONDON BRIDGE.
THIS DAY.-31,m)ing., 106. sm.—Afternoon, 1011. 45m.
r )-3loratow.-Morning, 116. 20m.--Afternoon,-Afternoon, 1111. 50n)

t!)-

SAM.