The Sun.
London, England, 1832-07-16 00:00:00

DEACONS.

W. H. Bloxsome, A.B. Wadham College, Oxford.
A. F. Daubeny, A. 8., Brasennose College, Oxford.
J. A. Dunnage, A. 8., Brasennose College, Oxford.
J. C. H. Tracy, A. 8., Oriel College, Oxford.
C. F. B. Wood, A. 8., Pembroke College, Oxford.
G. F. Whidbourne, A. 8., Queen's College, Oxford.
J. Barry, Queen's College, Cambridge.
PRIESTS.
J. R. F. Billingsley, M.A., Lincoln College, Oxford.
R. Eldridge, M.A., Wadham College, Oxford.
J. E. Pitcher, M.A., Oriel College, Oxford.
F. H. Romney, B.A. Worcester College, Oxford.
C. D. Strong, B.A. Magdalen Hall, Oxford.
ECCLESIASTICAL PREFERMENTS.

The Rev. James S. Boone, M.A. of Christ Church, in
this University, late one of the 111a.ters A the Goal ter
House, to the New Church at Paddington, vacant by the
re,ign*tion of the Rev. W. B. BenneD.

The Rev. Thomas V. Durrell, M.A. and Student cf
Christ Church, has been presented by the Dean and Cl'sl
ter of that Society to the Vicarage of Pyrton, in th's
county, void by the death oTthe Rev. Mr. Buckle.
The Rev. R. French Laurence, M.A. and Student of
Christ Church, has been presented by the Dean and Chap-
ter to the Vicarage of Chalgrove, in this county.
The Rev. W. L. Buckle, Rector of Adwell, in this
county, has been instituted to the Vicarage of Bansted,
Surrey, on his own petition.

The Rer. John Stevens Henslow, M.A. Regius Pro-
fessor of Botany in Cambridge University, to the Vicarage
of Cholsey-cum-Moulsford, Becks; patron, the Lord
Chancellor.

The Rev. Samuel Smith, M.A. to the 'Vicarage of
Lois Weedon, Northamptonshire, vacant by the death of
the Rev. James Price, on the presentation of the Master
and Fellows of King's College, Catnbridge.
The Rev. John Bicker, to the Perpetual Curacy of
Wingfield, Suffolk. The Rev. 'William Okes,
Senior Fellow of Gonville and Caius College, Cambridge,
to the Consolidated Livings of Wheatacre, Norfolk, and
Mutford with Barnaby, Suffolk, vacant by the death of
the Rev. W. Bond, M.A. ; patrons, the Masters and Fel-
lows of that Society.

The Lord Bishop of Cork has presented the Rev.
Charles L. Coghlan, D.D., Curate of the Union of
Glamire, to the Vicarage of in the diocese of
Ross, vacant by the death of the Rev. Thomas lindaer,
We have observed with pleasure the promotion of the
Rev. Dr. Coghlan, so many years Curate in our diocese,
and compiler of a very valuable work, " The Scripture
Reference," now in progress through the press, to a living
in the diocese of Russ. It is highly creltable to our
Bishop that Dr. Coghlan is the fourth Curate whom
his Lordship has presented to an ecclesiastical benefice
since his exaltation to the see of Cork and Ross.-- Cork
Reporter.

AN AWKWARD QUESTION.-4 patient in
one of the French hospitals tells a curious story of the way
in which he received his wound. He m't a man in arm*
in the street, who commanded him to ciy what he thought*
Taken by surprise, he did not know whether to cry for
the King or the Republic ; and, in consequence of hig
hesitation, received a thrust of a bayonet in the side !
The whole number of wounded taken to the Paris boa.,
pitals, in the late disturhanoes of the Zith and 6th of June,
was 293. There were 57 killed. Of the wounded, more
than one-half have died.—Medical Gazette.
CHOLERA.--A considerable number of cases
of cholera have occurred in London during the last fort-
night, and the disease is still slowly on the increase,
though there is nothing at present which can be regarded
as amounting to an epidemic return of the pestilence. The
influence of a diet consisting of an unusual proportion of
fruit and vegetables, has been manifested here as elsewhire,
and the effects have clearly shown that, where the predis-
position is generated, the subtile causes of:the cholera, what-
ever these may be, still exist around us in sufficient in-
tensity to produce the disease in its malignant form. Our
readers cannot be too energetic in their efforts to enforce
the most rigorous attention to regimen at the present mo-
ment ; the safety of the metropolis may depend upon it.
In all the countries which cholera has visited, its most
fat 11 irruptions have been among those whose diet is at once
impoverished and stimulated ; nor is it possible to con-
ceive any thing possessed of these characteristics more
strongly than salads, or other raw vegetables, and half-
ripe fruits, qualified with copious libations of adulterated
gin. Of how many among our poorer brethren do these
consitute a part at least, and often a very large part, of
their daily subsistence? If their pittance was spent ex.
elusively upon meat and bread, how different would be
their state of health—how much greater their comfort anti
tkir

rr- Fa!
SPIRfT OF THE PUBLIC JOURNALS.

Rumours are again in active circulation—we
hope unfounded ones—of an intention to bring,
the inquiry before the Bank Committee to a pre-
mature close ; and great complaints are made of
a preference supposed to be given by the Com•
mittee, to evidence from London agents, bank-
ers, bill-brokers, and other instruments of the
existing system—all interested in the mainte-
nance of things as they are—to that offered by
witnesses from the country, of the injuries in-
flicted on our trade by the past management of
the Directors, and of, the evils anticipated from
the renewal of their exclusive, and hitherto
abused, privileges. Of the three questions be-
fore the Committee—the embarrassed condition
of the concern in Threadneedle-street—its con-
nection with the present and future state of our
currency—and the terms on which a renewal of
the charter should take place—the last is the
least pressing, and by far the least important.
It is material, with a view to the proper settle-
rnent of these questions, that the consideration
of each shall be kept distinct and separate.
A Bank is only required as an instrument
for the performance of certain functions, and
Ole construction of the machine should
combine the principles of simplicity and
economy with that of the most complete efficiency.
The Bank Proprietor seeks, of course, to attach
an exaggerated importance to the present esta-
blishment, by its connection with the currency,
and to create an impression that his interests
are identified with those of the public in all the
questions before the Committee, that he may
have the better chance of renewing the lease of
his present bonuses and dividends. We, on
the contrary, are of opinion, that those interests
are directly in opposition—that every shilling
paid beyond a reasonable profit on a moderate
capital is an unjustifiable tax on the people ;
and, from our experience of the injurious conse-
quences of a near connection between the Go-
vernment and the Directors, that the greatest
object to be attained in a new arrangement is to
provide for a complete separation between these
parties, and their independence of each other.
Laying aside the considerations of the present
state of° the Bank and the Currency, we wish to
be informed why a capital of fourteen or fifteen
millions is necessary for a National Bank, or
why the public should be taxed to continue
a dividend on a fictitious amount of stock
to that extent ? We suppose it will not be
disputed, that the Bank having lent the whole of
their capital on a permanent loan to Govern-
ment, and so placed it beyond their con-
troul, have been exactly, during the term
of the last Charter, in the situation of holders
of three per cent. stock—their capital, so tied
up, having been of no possible use in their
banking operations. If this nominal capital is
not required for banking business, why, in form-
ing a new establishment, should it be kept up ?
Let the debt due by the public be funded and
divided amongst the proprietors, and the amount
of the future capital be regulated strictly by the
probable wants of such a concern. Their
buildings may be worth a million—add four
millions more—and in the bargain to be struck
for tl.e future management of the public business,
let the arrangement be made on terms to provide
a reasonable profit on a capital of five millions.
If any persons are still to be found who maintain
that a large capital lent to the public is a security
for the transactions of the bank, we suggest pub-
licity to their consideration, as a preferable sub-
stitute in this respect. A bank constituted with
a disposable capital, to the amount of five
millions, must be a much more efficient instru-
ment for ail the purposes of commerce and of
the State, than a bank with a nominal capital
of fifteen millions locked up, and which can-
not be used. But the still greater object
than economy in reducing the amount on
which a profit is to be paid, is the entire
separation between the hank and the Govern.
ment. The amount of capital determined, the
exclusive privileges to be made the subject of ar-
rangement, are the banking business of the State
and the issue of paper in the metropolis and the
neighbourhood during the pleasure of Parlia-
merit. No man dreams of renewing the restric-
tion against the formation of other banks with
more than a certain number of partners, except,
indeed, the proprietors of Bank Stock and the
London Bankers, who alone have an interest in
this absurd regulation. Nothing can be so sim-
ple as the reconstruction of a national Bank
upon these principles, if this question is kept se-
parate from the others, which are not ne-
cessarily connected with such an arrangement,
but are of infinitely greater difficulty. We
have never seen our way so clearly out of
the dilemma in which the mismanagement of the
late Government and the Directors has placed
the affairs of the present establishment. Their
concerns are no secret, and the sooner a distinct
statement of them is laid before the public the
nearer we shall approach to some reasonable
scheme of liquidation. Sir Robert Peel is na-
turally anxious to press upon Ministers the re-
sponsibility of carrying on the present concern
with its engagements and embarrassments, still
keeping tip the wretched system of mystery and
secrecy which have enabled the Directors and
the Minister of the day, by tricks in loans and
repayments, in issues and withdrawals of paper,
to make and mar, almost annually, the for-
tunes of the gambling speculators of the
times, and to inflict irretrievable ruin upon a
large proportion of the honest traders of the
country. This may suit the purposes of those
who are accountable for past transactions. But
can Lord Althorp be blind to the consequences
of assuming a responsibility, no part of which
now attaches to him, or of undertaking to per-
severe in a system upon principles which he
knows to be vicious, and which, upon the first
panic arising from internal or external causes,
must bring this old house about his ears ? Is it
proposed in future to publish the accounts an-
nually, and in a comprehensive and detailed
shape, like those of the Bank of France, or to
adhere to the present rule of secrecy ? A re-
formed house of Commons will scarcely brook
the latter, and what must be the reforms and the
preparations necessary to enable the Directors
to make a tolerably decent appearance before the
public in the. former case ? These are points
which the present Ministers must deeply con-
sider before they venture upon either course.
Let them compare the plain unvarnished tale
of Mr. Harmer before the Committee, with the
arrogant pretensions of the Directors to high
credit for their management—let them con-
trast the actual means of the Bank for
the payment of its engagements since the date
of the last renewal of the Charter—they will
find that it has only been in a solvent condition
when the public has been exposed to the deepest
distress by the sudden contraction of its enor-
mous advances on inconvertible securities, and
that at all other times, up to the present moment,
it has escaped the fate of less fortunate
in the same condition, by tke credulity

or blind confidence of its creditors. Publicity • ,
I
applied in time would have corrected all this. I
Publicity without liquidation may be now dan- 1
I.zerous—but publicity and a reformation of the
principles on which the Bank should be re-con-
structed
and its affairs conducted, is the only safe
course for statesmen, who are unfortunately
obliged to deal with this complicated concern in
the state in which it has been left to them by
their predecessors. The liquidation may be
conducted in such a manner as to produce very
gradually a reduction of the engagements of the
establishment. Any sudden contraction would
add to the distress which the public have already
suffered by the operations since 1825, rendered
necessary for the counteraction of those of the
three preceding years ! Inconvertible securities to
some exten tshould be gradually disposed of—the
mortgages transferred to individual capitalists,
who have now difficulty in finding investments
of that description—the new capital paid in
on a transference of the dead weight to the
subscribers, and other measures of that de-
scription, considered with a view to the selec-
tion of them, which will bear with the least and
most gradual pressure on the currency. We
know it will be said that the currency will bear
no further contraction, and we are fully sensible
of the reduction which has taken place in prices,
and the ruin and embarrassment which have been
caused to trade and industry, • by the infamous
system which has so long prevailed, aided by the
secrecy under which the operations of the Bank
have been conducted. But we repeat, that
matters relating to currency and the Bank should
be kept distinct. The standard has been raised
by the wisdom of the Legislature forty per cent.,
after having been depreciated to that extent.
That was an operation which men were found
hardy enough at the time to undertake, and the
, country, in a paroxysm of honesty, consented to
submit to it. Whether the value of our currency
is enhanced or depreciated is, or rather ought
to be, no affair of the Bank. Their agency is
required by the public merely to issue notes on
the principle on which any private banker
would issue them, on such convertible se-
curities as would enable them to exchange
the notes for coin, and to pay all other claims upon
them on demand. To the extent to which any other
• cautious and experienced banker would be justified
in investing his deposits in Government securities,
or his capital in loans, the Bank of England, under
a good and prudent management, would be justi-
fied in doing the same. But what banker would
not have been called insane, who, having parted
with all his capital, invested not only all his
deposits, but a large portion of the money he
had raised by issues of paper, in mortgages,
and inconvertible annuities for forty-five years.
This has been the conduct of the sapient Di-
rectors of the Bank, encouraged by the secrecy
observed, and which must now expose the pub-
lic to inconvenience from the necessary although
we hope gradual withdrawal of part of its over-
issues, by the conversion of securities into money
on a liquidation. If this operation be not ne-
cessary, we hope the Committee, in their Re-
port, will tell us how they intend to provide for
the solvency of the establishment. It is less in-
solvent (and we beg to be understood, by the
term insolvency, inability to convert fictitious
assets into money on an emergency) than it was
on the accession of the present Ministers, and
greatly less so than in 1825 ; but still we be-
lieve the stock of money is only between four and
five millions, and of bills of exchange, the otherle-
gitimate foundation of issues, about three mil-
lions; while the notes range from sixteen to
eighteen millions, and the deposits and other
debts from ten to twelve. How long could the ,
Directors have kept their doors open, if the
Duke of Wellington had succeeded in his at-
tempt upon the Government in May ? How
long would they be able to do so after a shot
was fired as the commencement of an European
war ? Their mortgages, dead weight, and Ex-
chequer bills, in a panic, would be worth about
as much as the paper they are written upon, and
they would not improve in value on an inter-
ruption of peace. We beg again,_ therefore, that
the Committee may report how they intend to
place the present concern, if it is to be continued
in an intelligible and satisfactory state of se-
curity, and how it is to be so placed without a
further contraction of the circulation, the cur-
rency
remaining on the basis on which it was
fixed by Sir Robert Peel's Bill in 1819. These
questions are the Scylla and Carybdis, between
which the concern has been left to the pilotage of
the present Administration, and the Com-
mittee has been called into Council to ad-
vise the proper course. Sir Robert cared
little whether his successors were driven into
the whirlpool or upon the rock : but we take
some little credit to ourselves for nailing him to his
post as one of the crew, and we recommend
the solution of the difficulty to especial attention,
as one in which his character and pretensions as
a Statesman are peculiarly interested. We can-
not add to this long article some observations
which it was our intention to make on the state
of the currency, and of the views of the contend-
ing parties for the maintenance and alteration of
the existing system. We shall resume the sub-
ject on a future occasion ; but whether, as we
hope, the currency can be maintained on its pre-
sent footing—whether the legiolature may, in
their wisdom, again alter it—or even whether 1
they may be driven to an alteration by the mis-
management of the Directors and embarrassments
of the Bank—nothing can be more inexpedient
or impolitic than to mix up these inure important
considerations with that of the renewal of the
Bank Charter to the present proprietors, or the
establishment of a new Bank to supersede the
present one, if the proprietors shall throw any
impediments in the way of a reasonable settle-
ment. No duties should be imposed upon or
entrusted to the Directors of a Government
Bank beyond the management of the de-
tails of their own business. As issuers of notes
they should be placed precisely in the same
situation with all other issuers of notes in
the kingdom, with the sole difference of account-
ing to the public for any additional pro-
fit they may derive from the monopoly which, it
is generally agreed, should be given to them, of
the issue of paper in the metropolis and the
neighbourhood. The laws to regulate the issues
of paper as a substitute for coin should be
equally applicable to the private bankers in Eng-
land, Ireland, and Scotland, to chartered banks
in each country, and to the Bank of England.
What the provisions of these laws ought to be,
we may hereafter discuss ; but let all things be
settled by the law, and may Providence—for we
have no great reliance on the wisdom of our
Legislators in such matters—defend us in fu-
ture from having the value of our property and
tile amount of our debts increased or diminished
by a fluctuating standard, regulated according to
the discretion of a Chancellor of the Exchequer
or a Governor of the Bank. It was once ob-
,erved, that the joint discretion of Nicholas
Vansittart and .John Pearse, in the issue of pa-
per, wag the only standard of value known for

many years in England. These times, we trust,
cannot return ; and as a first symptom of amend-
ment, we shall hail a settlement of the Bank
question separate from the others, on principles
of common sense and publicity, and divested of
all the complication in which interested parties
endeavour to involve it.—Morning Chronicle.