The Sun.
London, England, 1857-11-28 00:00:00

LONDON, SATURDAY EVENING, NOVEMBER 28, 1857.

M. DUPIN.

(From the Times.)
An ancient conqueror was said to have chained
victory to his chariot. The Emperor of. the French
appears to have secured a similar hold on success.
If his visits to Windsor and his interview at Stutt-
gart recorded his admission into the family of
Kings, M. Dupin's return to official functions at
the Court of Cassation may be considered as the
most authentic acknowledgment that the present
Government is practically and regularly established.
The weakness of the Empire has always consisted
in its dependence upon the army and the people, to
the exclusion of the refined and educated classes.
The literature of France is scarcely represented
among the supporters of the reigning dynasty; and
the old Parliamentary celebrities• naturally keep
aloof from a system in which there is no place for
eloquence or for independent action. M. De Mont-
alembert soon withdrew, from religious or sectarian
motives, his hasty adhesion to the Power which had
superseded the Republic. M. Guizot consoles him-
self for the loss of liberty at home by denunciations
of English policy in all parts of the world. Even
M. niers, the most persevering
_and effective pro-
phet of Bonapartism, abstains from an open adhe-
sion to the heir and imitator of Napoleon. M. Dupin,
a personage of Equal importance with any of the
ancient leaders of the Chamber, has been the first
to recognise the absolute monarch who now reigns
as the legitimate .successor of three constitutional
sovereigns. The significance of his recent appoint-
ment principally depends on his public resigna-
tion of the same office in 1852. The Attorney-
General of the Court of Cassation has never been
considered a political functionary ; and even under
the Parliamentary system, like the Queen's Advo-
cate in England, he retained his post without refer-
ence to the state of parties or to changes of Ministry.
D upin himself was Procure ur-General for 22 y ears,
including the whole reign of Louis Philippe, the Re-
public of 1848, and the beginning of the Dictator-
ship assumed by Louis Napoleon. During a large
portion of the same period he was President of the
Chamber of Deputies, and the coup d'etat of
December found him holding a similar position in
the National Assembly. During the continuance
of the Orleanist monarchy he was generally in op-
position, or rather he was at all times the acknow-
ledged leader of the sO-called Tiers Parti, although
he was' known to be the confidential friend and
adviser of Louis Philippe. "He revenged him-
self," it was said by an unfriendly critic, "on the
Ministers of the Crown for his complaisance to the
King."
No living French politician can look back on a
longer career of eminence. During the Hrindred
Days M. Dupin voted against the serville procla-
mation of Napoleon as the " saviour of his coma-,
try." After Waterloo he was one of the first to
propose the abdication and to resist the hopeless
pretensions of Napoleon 11. The Restoration
threw him into the ranks of the Constitutional Op-
position, and his professional engagements brought
him frequently into connexion with the parties who
were then proscribed. One of the ablest advocates
at the bar, he defended Sir Robert Wilson in the
.affair of Lavalette, as well as a more illustrious and
unfortunate victim of the law. It was M. Dupin
who devised for Marshal Ney a technical defence
founded on the capitulation of Paris, and at the
same time drew up the apparently extemporaneous
refusal to profit by so ignominious a plea, which
afterwards electrified the Court and audience when
duly delivered by the indignant prisoner. In the
midst of his forensic practice and political acti-
vity M. Dupin found time to become one of
the most prolific of modern writers on jurispru-
dence. It is said by those who depreciate 'his
powers that his treatises, which rival in number
those of Chitty or of Archbold, are rather ready
and useful than profound; but their author has
never been accused of deficiency in any species of
practical ability. "He can- even write Latin," it
was said, " bad Latin, it is true : but after all it
is Latin."

One of his sources of influence has always been
derived from the ready humour which accompanies
his unfailing good sense. Although well born and
wealthy, M. Dupin always affected the character of
a rough country gentleman, or rather of a thriving
freeholder. Professedly despising the mob of the
capital aid rejecting their political pretensions, he.
identified himself as far as possible with the tastes
and prejudices of the dominant middle class. In
the chair of the Chamber of the Deputies he exer-
cised that active authority which apparently suits
the French better than the courteous impartiality'
of an English Speaker ; but it was in the tumultu-
ous Assembly of 1849 that he most fully satisfied
his friends of the party of order. Audacious but
awkward Jacobins were cowed by the sneers and
epigrams of the President even more effectually
than by his frequent and unsparing reprimands.
There was always room in the Tribune for the mem-
bers of the Conservative majority. The Republi-
cans, even when they ootained a hearing, were
compelled to face an unfriendly audience without
the smallest protection from the chair. Although
opposed to the encroachments of the President,
M. Dupin was inclined to remain passive in the
conflict between two irreconcilable authorities,
whom an absurd Constitution had placed side by
side. He refused to give General Changarnier a
contingentnrder to command the troops appointed
for the defence of the Assembly. On the morning
of the 2d December he invited the members to
meet for deliberation, but he readily submitted to
the summons of an officer at the head of a file of
troops, and he even remonstrated with a colleague
who attempted to harangue the troops, reminding
him of the impropriety of interfering with military
discipline. On the establishment of the Dictator-
ship be retained his office in the Court of Cessation,
which he had not thought it necessary to resign
even in the anarchical days of the Provisional Go-
vernment.
The scandal occasioned by his return to the same
pf
aol sl
et
na r ids eysn
af
sr
toym. hiss intimateafter ctohnen er ce
restoration
the
h m.
Dupin became the professional adviser, and after-
wards the confidential friend, of the Duke of Or-
leans. After the flight of Charles X. he was one
of those who counselled Louis Philippe's acceptance
of the vacant crown. During the whole of the
King's reign the same relations were oontinued,
no. withstanding the frequent opposition carried on
by M. Dupin in the Chamber. During the wild
and discreditable confusion of February, 1848, he
appear
of theediny hisronaal tufraamly. I
natural
ipositiot wnaass
M. Dupinthefriend and
adviser who
proposed to the Duchess of Orleans that she should
proceed with her children to the Chamber of Depu-
ties ; and, accompanying her there, ho announced
to his colleagues the abdication of the King, and
the accession of the Count de Paris under the re-
gency of his mother. When the violence of the
mob and the caprice of Lamartine had destroyed
the last chance of a legal termination to the crisis,
M. Dupin, after bis practical fashion, acquiesced
in the Republic till the return of better times ;
but the universal submission to a state of things
which scarcely counted a single genuine, sup-
porter was thought compatible with the strictest
principles of Royalism. " The Republic," said M.
Thiers, " divides us less than any other arrange-
ment," and for a time his words seemed to be.
true.
M. Dupin was intrusted with the care of the
large property belonging to the exiled royal
family, and at the death of Louis Philippe he
was named an executor of his will. It was in
this capacity that in 1852 he addressed to the
President of the Republic a well reasoned and
dignified remonstrance against the confiscation of
the Orleans property. At the same time he
resigned his office as Procureur of the Court of
Cassation. "It had been," he said, "his duty for
more than twenty years to call on the court to
enforce the law. It was impossible to retain his
position when all law was overruled." The subse-
quent judicial decision that the President had acted
in a legislative and sovereign capacity would cer-
tainly not have tended to remove his well-founded
objections.
The Orleans property has not been restored, but
the former Attorney-General has resumed his func-
tions. His personal dignity would have been better
consulted by continuance in retirement ; his ambi-
tion can be little flattered by a return to the position
which he filled in 1830, and his ample fortune seems
to exclude the suggestion of mercenary motives. It
is more probable that he feels that impatience of
repose which not unfrequently disturbs the old age
of energetic men. Even if a constitution is in store
for France, M. Dupin at 75 cannot afford to wait
for it. The six years of the English statute of limi-
tations will soon have consecrated by lapse of time
the Orleans confiscation. The old King's executor
has personal duties to discharge besides those which
he mists to his testator. If France chooses to be
governed absolutely, it is better that the laws should
be administered by a learned and experienced func-
tionary. Whatever may be the motives of the
veteran politician, his adhesion is a triumph to the
Imperial cause. Through the whole of his long life
M. Dupin has represented that large section of
public opinion which, especially with Frenchmen,
consists in the recognition of accomplished facts.

THE BANK CRISIS AT GLASGOW.

On Thursday afternoon a public meeting of the
citizens, called by the Lord Pro_ vast in tiring of a
requisition signed by upwards of 200 firms, was
held "to express their apprehension of the appal-
ling consequences of the final stoppage of the West-
ern and City of Glasgow Banks, and their opinion
of the expediency of maintaining these banks, as
well as to consider the propriety. of memorialising
her Majesty's Government on the subject.
The meeting was called, in the first instance, for
the Merchants'-hall, but at 2 o'clock, the hour spe-
cified, this place, spacious though it is, was densely
crowded, and hundreds were unable to gain admit-
tance. In these ciicumstances an adjournment to
the City-hall, which is capable of accommodating
3,000 persons, was resolved upon. The hall was ac-
cordingly filled immediately on its opening, there
being present members or representatives from every
important business .establishment in the city. In
fact, it was the largest representation of the, com-
mercial, manufacturing, and mercantile classes
which ever assembled in. the City-hall of Glasgow.
The Lord Provost took the chair, and on the
platform beside his lordship we observed Mr. W.
Buchanan and Mr. R. Dalglish, the two city mem-
bers ; Bailies Clouston, M'Culloch, and Couper ;
Mr. J. Smith, of Jordan-hill ; Mr. A. Morrison
(Dean of the Faculty of Procurators), Sheriff Steele
Mr. R. Hutcheson, Mr. D. Hutcheson, Mr. G. R.
Tennant; Mr: A. Stevenson, the great body of city
councillors, &c.

The LORD PROVOST, rho was received with ap-
plause, said—l will very_ brieflistate that I was in-
duced to call the present meeting at the requisition
of 240 firms, largely connected with the trade and
commerce of this city, to afford the inhabitants an
opportunity of expressing their sentiments in regard
to the unfortunate position of the Western and City
of Glasgow Banks—a - subject of most painful and
deep interest with the citizens of Glasgow and inha-
bitants of the West of Scotland. To this movement
I gave my concurrence, feeling that the sym-
pathy and support of an influential meeting of
citizens as this might tend much t strengthen and
encourage the Shareholders and depositors to carry
out successfully the resolutions they have adopted
at the meeting lately held by them ; and though
neither a shareholder myself, nor having any busi-
ness connection with either of these banks, I deeply
lament that such a calamity as their suspension
should have fallen on such a very numerous and
highly, respectable per ion of the community as
transacted business with them. Many may think
that the past proofs of confidence shown by the
public in receiving their notes, and in the deposi-
tors so generally acceding to the proposals made
not to withdraw their deposits for periods extend-
ing to two years, with other tokens of the public
desire to continue these banks, would render this
meeting unnecessary; but those who are desirous
to have them continued for their note circulation,
and to maintain their position as bankers under the
existing acts of Parliament, thought that an expres-
sion of public sympathy with their present prostrate
position, arising from a money panic, might have
the effect of eliciting the forbearance, the sympathy,
and co-operation of the other Scotch banks ; and,
failing this most natural expectation, that a move-
ment might be made to procure the countenance, if
not the aid, of Government in the present circum-
stances in which they are, unfortunately plsced.
Any one having even a limited knowledge of the
transactions of these banks cannot fail to be satis-
fied that if there be an immediate winding up under
trustees, that the loss would be very much aggra-
vated to the shareholders ; and the object of this
meeting now is to mitigate that loss if possible,
more especially to the shareholders whose entire
means may be invested in the shares, and to avert
the numerous bankruptcies that may arise from an
immediate winding-up. There is no doubt but that
the management of the Western Bank, which has
brought
,it to its present unfortunate position, is
much to be condemned and deplored, and a total
change in this respect will be necessary to restore it
to public confidence; but on this point I need not
dwell, as it will naturally be a chief element in any
future arrangements that may be made to resusci-
tate the banks. The resolutions t hat will be submitted
to you by the gentlemen who will address the
meeting I trust will be acceptable, and I am not
without the hope flie-if they are carried may tend
to put the two banks in a position that will pro-
mote the desirable end they have in view, of pm-
venting the ruin of many a shareholder, and saving
many respectable mercantile firms from severe
distress.

Sheriff STEELE moved the first resolution as fol-
lows, and on doing so commented on the unwork-
able character of the Bank Charter Act :

" That the English Banking Act of 1814, by prohibiting
any new bank of issue, established practically a monopoly
of the business of banking in Scotland in favour of the
then and now existing banks—and the business of Scot-
land, whether commercial or agricultural which has in-
creased prodigiously since 1845, would receive a violent
check were either the amount of capital now applied to
banking, or the paper issue, by which that business is
almost exclusively carried on, materially diminished or
even concentrated in the bands of a smaller number of
powerful corporations than at present."
" That the final stoppage and judicial winding up of the
affairs of the Western and City Banks, two of our most ex-
tensive local banks, would farther be a public calamity, as
entailing serious inconvenience and loss on upwards of
50,0, 0 depositors, and ruining a great number of manufac •
turing and commercial houses throughout Scotland, who
have been doing their business in these banks and their
branches, and who, although perfectly solvent if afforded
the usual banking facilities, could not, if suddenly forced
into liquidation, realise means sufficient to meet their en-
gagements."

Dean of Faculty MORRISON said—lt affords me
great pleasure and satisfaction to second the reso-
lution moved by the learned Sheriff, who has gone
into the subject so fully and eloquently that he has
not left me
a word to say. I think I shall there-
fore best consult my own comfort and your conve-
nience by simply seconding the adoption of the
resolution.

The resolutions were then put from the chair and
y
carried by acclamation.
Mr, SMITH, of Jordan-hill, said,—A resolution
unexpected) been
has very put into my hands,
which I shall read before offering any observations
upon it. The resolution is as follows :--
"That the ultimate security of the creditors of these two
banks cannot be doubted ; and the first thing requisite to
enable these establishments to resume business, and so
avert the evils already described, is the restoration of pub-
lic confidence--a result to be attained chiefly by the for-
bearance of the creditors and by the liberal support of the
other great banking concerns, both in England and Scot-
land, to whom the public are entitled to look for aid in a
crisis like the present, in exchange for the peculiar privi-.
leges conferred upon them."
The observations of the preceding speakers pre--
elude the necessity for my-trespassing on your time.
The simple enuraeration made by the Lord Provost
of the trust estates and females involved in the
bank suspension reminds us that we are not only
endeavouring to restore commercial credit, but
pleading the cause of the widow and orphan. But
I will not dwell upon this painful topic. Nor need
I say much of the solvency of these banks, for every
one acquainted with the wealth and prosperity of
the shareholders knows that the solvency is not for
a moment to be suspected. I look upon it that the
suspension of these banks would be a great public
calamity, the results of which make one shudder to
think upon. It gave me great pleasure to be pre-
sent at the last meeting of this kind, differing so far
from the present meeting that itmightbe called the
demonstration of the nobility and country gentle-
men of Scotland, and I may be allowed to say that
me greater pleasure than when I heard
friend,of that true-hearted Scotchman
(Lord ligballvie neton), who, without waiting for anycombination,mbng combination, ination, announced that he, for one, was
ready to receive Western Bank notes. No-
thing could have been better calculated to
allay the panic among the rural population.
The requisition which has called us together.
alludes to an application to Government. As that
proposal belongs to a subsequent resolution, I feel
precluded from entering upon it, but it may be
allowed to an old man, old enough to remember
1793, to mention some of, the things which took
place then, fora little experience is not a bad thing
in the management either of private or public
affairs. Though I myself bad no share in these pro-
ceedings,
of the my father, who was then at the head of
one great West India houses, often told me
that so marvellous vas the effect of a simple resto-
ration of public confidence, that when it became
known that G=overnment was ready to advance Ex-
chequer-bills, the issue of these was not called for,
and it turned out actually an advantageous thing
for the Government itself. As an old man, and
having some excuse for garrulity, you will allow
me to tell you another anecdote. One of the
greatest, if not the greatest house in Glasgow at
that time was obliged to suspend payment, but such
was the effect of the measures of relief that the next
balance was the most profitable they ever struck.
At my years, I might be allowed to look forward
hopefully to better times, and I might say with
truth—

" The sunset of life gives me mystical lore,
And coming events cast their shadows before."

Bali() CLOUSTON said, in taking part in the
proceedings of this day, I come forward bell) per•

fectly free:-from the influence of any bank connec-
tion whatever, being neither a shareholder nor di-
rector in any bank whatever. But I consider it my
duty, as I consider it to ba the duty of every indi-
vidual who has the prosperity of the city at heart,
and has the wish not only to see that prosperity
continued, but that it should make progress as in
times past, to -come forward in- the hour of need,
and with a.helping hand 'endeavour to avert the
evil alluded -to in the second resolution as likely
to come upon ns by the continued closing up of
the Western and City banks. The resolution just
proposed -by Mr. Smith, in the first place, refers
to the ultimate security of the creditors of these
banks. I feel satisfied that in such a meeting
as this it would be presumption and waste
of time to state anything in. reference to
the security of the banks, for I believe that neither
among us nor around us has the opinion ever been
hazarded that there is the least possible' chance of
loss to any of the creditors of either'bank. (Cheers.)
But, while, there can be no ultimate loss either to
depositors or other creditors, I cannot hide from
myself the effect of the serious inconvenience. and
loss which must result to these creditors, whether
in the shape of depositors with their funds locked
up, or other creditors with claims which they can-
not make available. That would be a calamity
involving not only these creditors, but the whole
of this vast community in which we dwell, and also
a calamity reaching to the whole manufacturing
and agricultural districts of Scotland. Seeing, then,
that such evils are likely to ensue upon the con-
tinued close of these banks, how are they to be
averted This, I think, seems to be answered -in
the second part of this resolution, which speaks of
the restoration of public confidence by the liberal
support of the other great banking concerns. From
what we have seen of late of the manner in which
our highest mercantile houses have been obliged to
succumb, I believe that there has been a feeling of
commiseration, from man to man, through the
whole community, which leaves no doubt as to
what will result from the consideration of the cre-
ditors of these two banks ; and that, so far as they
are concerned, they will give them their best sup-
port. With respect to the other creditors, the great
banking concerns, holding securities for which they
are liable, lam not here to attribute blame ; for,
if this were to be done, I fear we must come nearer
home ; but I would most respectfully urge that we
should go to these banks, whether in Scotland or
England—whether directly or by memorial, and to
her Majesty's Government, and there state the case
candidly and fairly, show the real position of the
banks, what their liabilities are, what their assets
are, and what their. losses—(hear)--and do think
we are in a somewhat anomalous position from such
details having been given. (Hear.) With these
remarks, I beg to second the resolution proposed
by Mr. Smith. _ _

The resolution was put from the chair, and car-
ried with applause.
Mr. DALGLISH, M. P., who was received with
loud cheering, said,7--Gentlemen, before proceed-
ing to address you, I have to apologise for Mr.
Buchanan and myself coming in half an hour too
late to-day. I am sure you will forgive us when I
tell you that we have been engaged since half-past
10 on most important business connected with the
banks. (Applause.) I have to apologise also to
you should I fail iu making myself sufficiently clear
upon the present occasion, because I candidly tell
you that I intended to devote the three hours I
have devoted to other purposes to arrange in some
way what I should say to you now. The resolution
which I have now to propose is as follows
That her Majesty's Government ought to be made
acquainted with the present critical position of the mer-
cantile interests in Sconand, and solicited to take such
steps as shall seem most expedient for averting so much
suffering and loss to the nation and for that purpose the
following deputation be appointed to proceed to London to
communicate with the First Lord of the Treasury and the
Chancellor of the Exchequer."
Perhaps the most important subject which arises
out of the late financial crisis in Glasgow is the con-
sideration as to the number of people who will be
deprived of the means of earning their livelihood.
It is impossible that such a mercantile crisis should
have occurred under any circumstances, much less
under the circumstances at present, without many
people being thrown out of employment ; and
although I would not be prepared to go forward to
Government and ask them for any assistance to re-
establish our banks, I think .we have a fair claim
upon Government to render them assistance, if ne-
cessary, to maintain or to feed our people. (Ap-
plause.) Perhaps one of the greatest difficulties
arising from the present shutting up of the City of
Glasgow and Western Banks is the difficulty
many concerns carrying on a large business
have to raise the necessary means, the sources
from which they derived their supply being now
stopped. I have no doubt the chartered banks
and the other banks in Glasgow will do their
best Pa afford the means to all solvent houses
to carry on as far as lies in their power ; but there
will certainly be otter concerns—whether houses
employing labour, or shopkeepers, or other people
doing with bills in Glasgow—which will xt ft have
the facility of acquiring this assistance from other
bands, and who will have to look forward to certain
evils in the conduct of their business. Our respected
friend Mr. Smith has told us what happened in
the last century, now I can tell you what happened
in this. En 1826, at a period of deep distress in
Glasgow, when the banks in England—l think to
thepu number
at
ion
we ft 1f —Lad,2.osmc4 la s
gsuspendedsuspend a
snatw, a
London,tdiele-
ynpe
then Prime Minister of the Government, and after
consultation secured a grant of a large sum of
money. This grant of money was put iu the hands
of a committee of three merchants in Glasgow, of
whom my father was the chairman. (Applause.)
With this money they got goods from different
manufacturers, audthey assisted other classes of the
community with.loans, taking such security as they
thought fit ; and they managed this fund so that
innumerable houses in Glasgow were prevented
from suspending business, and were enabled to
carry it on as to supply the people they were accus-
tomed to employ in work. (Applause.) And I have
further to state that this was managed with the
most trifling—perhaps, I may almost say, without
loss at all to Government or to the country. I
think that, having such a precedent before us, we
may safely go forward to the Government and ask
them, if funds should be necessary, that they should
afford us some assistance—some means, in our pre-
sent state, to carry on the business of our large
manufacturing concerns. But, gentlemen, that
would be a last result. I hold that there is suffi-
cient wealth—that 'there is sufficient business talent
in the city of Glasgow to get ever our present diffi-
culties without any application to Government.
(Great applatfse.) All that we now want is a resto-
ration of confidence, and that restoration of con-
fidence will place us on a fair and proper foot-
ing. I was absent on the Continent when the
great crisis occurred, but the details which I
have received since I returned lead me to
make one or two remarks. The learned Sheriff
has given his opinion of the Act of 1844. The Act
of 1844 may have many objections urged against
it, but I think there is one objection which must
occur to you all, which is a fatal objection—viz.,
that whenever the Act begins to act, then it is
obliged to be suspended. (Applause.) I would like
to make one or two remarks with regard to the
Act in one particular case. Before I left home it
was stated that certain large houses were in diffi-
culties. It was stated that the Messrs. Macdonald
were in great difficulties, that Messrs. John Mon-
, teith and Co. were in great diffictitie , 3 and that
the Western Bank was very largely involved
with them. It proved that the report con-
necting those houses with the Western Bank
was true. Those houses were obliged to sus-
pend, and that created a considerable
amount of
distrust in the City of Glasgow. Deputations, as
I understand, went to London, represented the
evil effects that would follow if the distrust con-
tinued, and urged upon the Government or the
Bank of England to do something to relieve the
state of the money market. The Government re-
fused. On Monday, the 19th Nov., the failure of
Messrs. Dannistoun occurred, one of our largest
and most respectable firms. It is right to draw a
distinction here. The suspension of the Messrs.
Dennistoun did not arise from a course of over-
trading without sufficient capital like the others—it '
arose from the bankruptcy of a nation—from the
total failure of the whole American people to pay
their debts. (Great cheering.) The suspension of
Messrs. Dennistoun led to a general run upon the
banks. The Western Bank shut their doors, the
City of Glasgow Bank shut their doors. The Union
were able to withstand that run, and to it I think
belongs the merit of having saved the banking sys- ,
tern of Scotland. (Great applause.) Gentlemet ,
what was the result ? Did the Government relax
the Act of 1844 ? The Government did not relax
the Act of 1844 for Scotland, but within ten days,
when the thing came nearer home—when the Lon-
don large establishments were falling—when one of
their largest bill-discounting houses broke—when
others were in difficulties—then the Government
saw fit to relax. (Great excitement.) Government
sacrificed Glasgow, but saved London. Then they
,4 saw the evils of the Act of 1844. Perhaps, although,

it is not a part of the resolution to which I am
called to speak, it might be well io say how much
we sympathise with all the different parties in-
volved in the present .crisis—holy much we sympa-
thise with the depositors who have their money
locked up in these banks—how much we sympa-
ih:se with the unfortunate shareholders of these
banks, many of them ladies, and many of tnem
trustees for children—how much we sympathise
with all these, it is impassible we can express. But
we have also to acknowledge that there. has been
gross mismanagement by one of the managers of
these banks. I am sure that circumstances will
come to light with regard to the management of
one of the managers which are perfectly astound-
ing. But with that we have not to do just now. I
cannot agree with Sheriff Steele, nor with the
papers, that. we should reprobate the conduct of
the chartered banks in Edinburgh. I think these
banks will be prepared to do whatever is right
whenever they see themselves safe. I cannot for
one moment believe that these banks would wish to
put down either the City er Western Banks, of
Glasgow if they saw any means of carrying them on.
I believe that to the chartered banks of Edinburgh
and the other banks in Glasgow we shall be in-
debted for taking up a large amouot of the accounts
of the City of Glasgow and the Western Banks, for
giving facilities to an immense number of firms for
carrying on their business, which otherwise they
would not have had ; and I do not think we ought
to blame rashly establishments which have main-
tained their credit in Glasgow, which give immense
facilities to the business both mercantile and manu-
facturing of the I do not think we should
blame in the way they have been blamed. I trust,
although my sentiments on the subject may per-
haps be different from many expressed out of doors,
that they are honest and fair sentiments, and I am
sure you will agree with me in thinking that so far
as the public generally are concerned we are much
indebted to the chartered and other banks. (His:es
and &tearing.) Gentlemen, I have to state one
other point. When I heard of a run upon the banks
in Glasgow and throughout the country generally I
blushed for my fellow-countrymen, and I will tell
you why I did so. In Scotland, during the last 80
years, we have had the suspension of the following
banks :—The Ayr Bank, trading under the firm of
Douglas, Heron, and Co., established in 1769, and
suspended in 1772, with only 128,00 G/. capital paid
up—its creditors paid in full. The Dunbar or East
Lothian Bank suspended in 1820. Its creditors
were paid in full. The Falkirk Banking Company,
with only five partners, established in 1789, and
suspended in 1816. • This was not properly a bank-
ing establishment. It was rather a company formed,
consisting of five persons, for the purpose of deal-
ing in cattle ; and although they went under the
name of the Falkirk Banking Company they were
not properly a bank. The public lost by that bank
25,0001. The Fife or Cupar Bank, established in
1802, with 29 partners, suspended in 1825—the
public suffered no loss. The. Stirling Banking Com-
pany, established in 1777, suspended about 1825,
and the public were paid in full. These facts could
not be known to the public generally, brit I be-
lieve the fact was known generally that the public
had never sustained any loss by any bank in Scot-
lany, except the Renfrew. (Applause. A Voice,
" Watson's Bank.") Watson's Bank was not a
bank of issue. It was more a discounting home,
and it is, therefore, different from banks receiving
deposits and issuing notes. Another gentleman
suggests the Aberdeen Bank. No doubt it was a
total failure so far as the partners were con-
cerned ; but the public never lost anything.
Now, gentlemen, with these facts before us,
and, recollect this, with the proprietary of the
various banks here, whose names are published an-
nually, the public should know that with such au
amount of property, with such wealth in the list of
the shareholders, even undoranything like ordinary
mismanagement, they cannot suffer, nowever much
the shareholders may. lam confident that what-
ever may be the result depositors in the two banks
now in course of suspension will suffer no loss—
that every farthing they owe will be paid. (Ap-
plause.) They only point now is to nominate the
committee to proceed as a deputation to London.
The hon. gentleman then proposed.
The Lord Provost, the Dean of Guild, Bailie
Clouston, Dean of Faculty, Morrison ; Mr. 'BAJO,
Temaaut, of Well-park, and Mr. Robert Napier,
Lancefield, with power to add to their number.
Bailie M.`CuLLocil seconded the motion, and it
was unanimously adopted.
Mr. BUCHANAN, M.P., said—lt is my pleasing
duty to ask you to join in a very hearty vote of
thanks to the Lord Provost for his conduct in the
chair. It is one of the first occasions on which he
has met a large body of his fellow-citizen', and I
am sure the manner in which he has conducted this
meeting is a good augury for his career as Lord
Provost. (Applause.)
The meeting then separated. •

MEETING OF BENNOCH, TIVENTYMAN, AND

RIGO'S CREDITORS.

-.0.-

Yesterday a meeting of Messrs. Bennocb, Twenlyeaan,
and Rigg's creditors was held at the Guildhall Coffee-
house, for the purpose of receiving a balance-sheet, and
considering the general affairs of the firm. The meeting
was very numerously attended ; upwards of 60 peesons
being present. At first there was difficulty in obtaining
a chairman, several gentlemen who were put in nomi-
nation, including Mr. Eaton, one of the largest creditors,
having declined to act in that capacity. Ultimately
Mr. Foster, a cash creditor, accepted the office.
Mr. PARRINTON, of the firm of Parrinton, Eastbury,
and Co., accountants, read the balance-sheet, as follows:
-Drs. To creditors, as per list, 167,5521 5s 10d ;
less securities held by them, 6,722/ 5s 3,1-160,830/ Os
7d. (En the above claims 50,9501 11s 91 is Included
depreciation in the value of silk in the hands of the
brokers.) To bills accepted for consignors, 99,663/ 18s
9,-1; less bills fully or partly secured by goods on hand,
62,6801 13s 6d-36,9831 5s 3 i ; to liabilities on bills
receivable discounted considered good, 127,5111 14s
10d ; ditto bad, 23,547/ 6s lld ; less security held on
account there,f, 5501-22,9971 63 11d; liabilities on
guarantees in respect of which it is considered there will
be a claim of 3,0001 ; creditors of Messrs. Lovatt aid
Gould, whose debts Messrs. Bennoch, Twentyman, and
Rigg have undertaken to pay, 33,8841 3s ; total,
257,6941 15a 11d. By stock in trade in London and
Manchester, cost 65,7681 5i 83, estimated at 39,1951
183 4,1 ; book debts, good, 41,3471 51 2d ; less debts
un consignors' account, 10,1911 Os ld-31,1561 5s ld ;
book debts, doubtful and bad. 16,2671 18s Id, estimated
at 5,0571 15s 41 ; bills receivable on band, 7,2481 7s ;
less portion due to consignors, 4351 13s 9d-6,8121 13i
3d ; cash in hand and at bankers, 8741 13s 41 ; by
cash at bankers, 2,0281 16s 4d ; deducted from heir
claim of 5,0001; fixtures at Manchester, 1541; furni-
ture, &c., at Wood-street, 3001; shipments to Mel-
bourne, Sydney, New York, Ste., amounting to 41,0211
5s lld ; subject to advances and claims thereon, 20,1.631
103 ld-20,8571 15s 10d ; estimated at 12,7941 8s 3d ;
value of shares, 1001; securities deposited with credi-
tors and dedUcted per contra, 6,7221 5s 3d ; leases and
fixtures of premises, 77 and 78, Wood-greet, and land
in Silver-street, 1,4001; stock, book debts, utensils in
trade, furniture, &c., of Messrs. Lovett and Gould,
of Leek, 4,3821 lie 7d ; equity of redemption in free-
hold land and mill of Messrs. Lovett and Gould, subject
to mortgage of 10,0001, 102,2281 5s 2d, less rent, sala-
ries, &c, 7811 lis Bd.-total, 101,446/13s 6d; deficiency,
156,24812 s sd.
Mr. Parrinton added to this statement the remark
that the firm commenced business in 1848, Mr. Ben-
noch having a capital of 1,4571 ; Mr. Twenty-
man, 2,1821., and Mr. Rigg,. 5,7001., making together
9,4101. This capital went on increasing year by year
until it stood at 38,2471 on the 24th Dec. last. The mis-
fortune of failure had overtaken the firm through allow-
ing parties to overdraw upon them in respect of silk and
other goods, and becoming liable for the debts of Messrs.
Lovett and Gould, of Leek, amounting in the whole to
22,9771. The two other principal losses bad resulted
from the failure of two firms, one in Derby the other
in Coventry. In 1846 the firm of Reid and Co. was
established at Derby. It consisted of Mr. Reid of that
place, who put in 8,0001, and of Messrs. Bennoch and
Twentyman, who put in 5,0001. The firm of Bennoch,
Twentyman, and Rigg had.been drawn on by this Derby
house to the extent of 32,3231, but the goods consigned
were not worth more than 14,2781, and here, therefore,
there was a loss of 18,2781. In 1856 the firm of Taylor
and Co. was established at Coventry with a capital of
4,0001. Bennocb, Twentyman, and Rigg had been drawn
upon by this house for 18,7501, but the goods consigned
were now only worth 11,961/. The Coventry firm were
also cash debtors of the London house to the extent of
10,637/, and the loss by the Coventry firm was put down
at 17,427/.
Mr. HERD, solicitor, representing Messrs. Bennoch
and Co., stated that in consequence of the serious reduc-
tion in the present value of the assets, Messrs. Bennoch,
Twentyman, and Rigg were unable to propose any offer
of compensation which would be safe for themselves and
at the same time satistactory to their creditors, and
from the magnitude of the liabilities it was doubtful
whether they could find an adequate guarantee, even if
the creditors assented to a composition ; that, with the
hope. of securing to their creditors the present value of
their assets at all events, and a greater dividend than is
at present shown should a better state of things ensue,
Mesiers. Bennoch and Co. proposed to realise their estate
under inspectii,n in the usual way, but that the creditors
.should give power to the inspectors, when the estate
elan have been brought within smaller compass by re-
gisation and the payment of a certain amount oficiivi-