The Sun.
London, England, 1857-12-09 00:00:00

was an army eq.-nal:if net-superior, in numbers to their
own, that fortress having a vast accumulation of all the
materials of war. The allies were at a distance from their
resources, but they conquered ; they took the place, which
was considered impregnable ; and instead of failing in a
strategic point of view, they gained an advantage which
enabled the allies to conclude a peace with Russia, by which
Russia engaged not to have a naval arsenal in the Black
Sea, and instead of having- a fleet of 26 or 28 sail of the
line there, was bound to have only 10 small vessels for po-
lice and customs. He thought that his hon. friend, if he
would allow him to call him so--(a laugh)—would, on re-
flection, see that he was altogether wrong.
Mr. F. CROSSLEY was understood to express an opin-
ion that the reward to General Havelock, as measured in
money, was too small.
The resolutimewas then put and unanimously agreed to.
The house then went into committee of supply; Mr.
Fitzroy in the chair.
The CHANCELLOR of the EXCHEQUER, in answer
to Sir D. Norreys, said it was not intended to take any
vote in supply before Christmas. The vote just agreed to
was a charge on the consolidated fund.
A formal resolution having been agreed to that supply
be granted to her Majesty the house resumed.
BANK ISSUES INDEMNITY BILL.
The house went into committee on this bill. On clause 2,
Mr. MALINS remarked that by the letter of the Govern-
ment the issues were unlimited, According to the returns
in the Gazette, if this letter had not been issued the amount
of notes in reserve would have been only 280,0001. He dis-
approved of the proviso that 10 per cent. discount should
be charged as long as there was any Over-issue. It was a
larger rate of interest than had ever been known in this
country sincethe bank wasfounded in 1697. Mr. Chapman,
in his evidence before the committee, said he did not think
any new trade could be carried on if there was such a rate of
interest. Did Government mean to proclaim that all new
transactions were to be stopped for the next 12 or 15
months? The consequence of this high rate of interest had
been that produce-had fallen ruinously low. The price of
iron rails in South Wales had fallen from 81. a ton to 51.
By the return in Friday's Gazette it appeared that the gold
in the Bank was 7,356,4671., and that the notes in the
hands of the public were 21,102,4301. The gold in the
banking department was 300,0001. or 400,0001. ; the re-
mainder was in the issue department, and was locked up.
In the appendix to the report-of the committee there was
a table showing the circulation. He had carefully looked
it over to ascertain how long it was since the notes held by
the public had gone below 18,000,0001., and he found that
had occurred' only once, in December, 1841, when it was
17,803,0001., and the following week it was 18 227,0001.
He considered, therefore, that it was improbable, if not
impossible, that the circulation should fill below
18,00,00001. The average circulation being thus about 21
millions, the amount of gold kept by the Bank against
that sum being 7 millions, and the smallest amount below
which the notes in possession of the public could be re-
duced being 18 millions, it was clear that the stock of
gold in the Bank could never be reduced below 3 millions,
or 3 millions and a half. What necessity was there, then,
for distressing the commercial community, by keeping the
rate of interest at an unprecedented height, in order to
preserve the gold from being sent out of the country ? The
experience of the ten years before the passing of Sir R.
Peel's showed that the minimum average of notes in pos-
session of the public was 16 millions, and since then it
had never been less than 18 millions. They had thus
gone on for twenty years with the notes never below 14
millinna ; and why then should they abstract from the
public a rate of interest so prejudicial to all the great in-
terests of the country ? For when the Bank late of inte-
rest was even 7 per cent,, the interest actually paid by the
shopkeeper and the farmer was always from 3 to 5 per
eent. more. And what was the effect of the present state
of things ? They might read in th daily papers, and in
the trade reports every Monday morning ; from which i tap-
peared that there was hardly a mill in Manchester at the
present moment that was working full time. He did not
deny that the monetary collapse in America might have
had some share in bringing about our troubles, but that
share was a trifle compared with the effects produced by a
feeling being universal, that every prudent man ought to
suspend his trading operations so long as the rate of interest
remained so high. (Hear.) It bad been said the other night
that the profits of trade would never pay a rate of interest as
le.gh as 10 per cent.— why then maintain that rate at such a
point? The Chancellor of the Exchequer had stated that he
was only following the precedent of 1847; but what was
that precedent? The rate of interest in 1817 was 51 per
cent., and the Government authorised the Bank to infringe
the law provided they charged 8 per cent. The public would
never have tolerated discounts at that price but for the re-
laxation of the law ; but the operation of the act had been
gradually to familiarise them the seven and even eight per
cent., although it ha! not enabled them to bear a high rate
one whit the better. (Hear, hear.) Take the case of mort-
gages. The land, they knew, onlyyielded 3 per cent.; and
how could they pay 10? If that rate were kept, the land
must, in the conies, of a few years, change its proprietors.
Take again railway property. It appeared that there were
debentures upon railways amounting to 160 millions, a
large portion of which required to be renewed every month.
Those railways could either not get their debentures re-
newed, or they must submit to ruinous terms. The evil
effects of the present state of things upon the agricultural,
the railway, the shipping, and the commercial community
could 'hardly therefore be exaggerated ; and in the mean-
time there was not the slightest necessity for it; the con-
vertibility of the note not being in the slightest degree en-
dangered. Twice, however, the Bank had been in danger
of stoppage for want of notes, and because they had locked
up so large an amount of gold in the issue department. He
had therefore moved that the proviso of the clause before
the committee be expunged, and then the issuing of notes
would be left wholly within the discretion of the Bank.
SirJ. TRELA.WNEYeaid that the effect of the hon. and
learned gentlernau's doctrine was that the Bank should
carry on its discounting operations in a manner advantage-
ous to the agricultural, the railway, and the commercial
community; and that if it sustained any loss, the British
public should come forward and pay. In 1844 he (Sir J.
Trelawney) wasadisciple of thp hon. gentleman the member
for Davenport, who published an able series of articles in
the _Economist in fa Jour of free, trade in banking. The fact
was, however', that the house was performing a sort of
political quadrille. They had given up the idea of a slid-
ing scale with regard to corn, and now they wished to re-
tain it with respect to gold. If they were going to have a
Bank committee, they ought to have upon it some person
who was a pure sceptic—some one who was not pretenti-
ous, and did not pretend to be well-informed. He was
such a person., (Loud laughter.) He wished to be informed, ACCIDENTS FROM THE FOG. Yesterday the metropolis
and the onus of informing him lay with the house. He be-
lieved that they bad no diagnosis, and that they were and surrounding suburban districts were ehnvel,nopseeduienneaes
dense a fog as has visited us for years,
at sea. It had been well said that "fools rushed in where
of which, we regret to say, has bees aettoend
latter
rency, but with regard to all matters relating to social et? with
angels feared to tread," and he was afraid they bad done
that too often, not only with regard to questions of
can" many serious accidents and loss of property, the
chiefly amongst the craft upon the river. The inten-
political economy.
The CHANCELLOR of the EXCHEQUER could not sity of the fog wai from about half-past one o'clock until
subscribe to all the doctrines which had been laid down by six, during which time neither fo A-passengers nor
vehicles could proceed but at a " snail's pace." The
the hon. baronet; but he so far agreed with him that he collisions were without number amongst the different
thought it would not be advisable or the house to expunge vehicles, and although torches were in plentiful requisi-
the proviso to which the hon. and learned gentleman oh- tion the availed bat little, owing to the denseness of
jetted. 1847 the Government inserted, and in his (Sir G. the 'vapoyur. Numbers of persons were knocked down,
Lewis's) opinion very properly, a condition in the authority
which they gave the Bank to infringe the law, namely, that and more or less injured, and nearlyethcoenwsehouleenocfestboef
hospitals received casualties from th
the rate of interest should not be less than 8 per cent.y' so
long as the Lanka vailed itself of the privilege which the
a boatstm o
Government was willing to concede. At that time the at the fog,
have b
terminated
aat present
fatally.it c a n n oiat
,ibney ascertained
oli on also whether
took
rate of interest was 52 per cent., and the Government
sisted that if the law was infringed the Bank should not- osnuntkh.o river,
Between iin s
pbelainceg
lend money at less than eight per cent. The rate was sphere became comparatively clear.
sixor ne
andin asteavnecfsb o'clocka bargee
athued
ansemsrer.i— SIGIIT AND HEARING -- SPECTACLES--
cordingly raised that amount, and to that amount itstosood-
for about three weeks. In the present case the government
e
had stipulated that the Bank should not, if it infringed
the Geesses.—S.
P_ owitaver. TEaI.nEdSCOPHE.S
Solomons,-0R opticians, 39,
PAziabsermEcTarilv:
law, take loss than the amount of interest then current— street, Piccadilly. Observe—opposite the York Hotel, W.
namely, 10 per cent. The rate of 10 per cent- was not ar- By her Majesty's Royal Letters Patent for valuable and ex-
bitrarily fixed by the government; the Government only traordina:y improvements in the most powerful and brilliant
in point of fact, assumed that the extra issue should not be Telescopes,
at a less r ite than that, which was demanded at the time Glasses,
to
kcnaomwpt' Race-course, Opera, and Perspective
he distances. These Telescopes possess
by the Bank. The moment the Bank found its affairs so such extraordinary power that some, three and Sehalf inches,
far re-established as to render it unnecessary to overstep with an extra eye-piece will show distinctly Jupiter's moons,
the dew it would be able to fix the rate of discount at any Saturn's ring, and the double stars ; with the same telescope
'
point it might see fit ; but it certainly appeared desirable, can be seen a person s countenance three-and-a-half miles
while the law continued to be broken, tact the rate taken distant and an object from 16 to 20 miles. For the waist-
should not be below the point it had reached when the coat-pocket, and are of larger, and all sizes, with increasing
powers accordingly, The Royal Exhibition, 1851. -A valu-
Government issued the letter. Ile (Sir G. Lewis) under-
stood that the reserve was gradually increasing, so that it able, newly-invented, very small, powerful, Waistcoat-pocket
would not be an over-sanguine expectation to hope that it Glass, the size of a walnut, by which a person can be seen and
would soon be able to dispense with the privilege which known ono and a-half mile distant. They answer every put,
had been conceded to it. On Saturday last the reserve, pose on the Race-course and at the Opera-houses. Country
including the gold and silver in banking department, was scenery and ships are clearly seen at 12 to 14 miles. They
3,200,0001., and on Monday it was upwards of 3,F,00,000/. are invaleable for shooting, deer-stalkins• vachtincr
to
or more than a million and a half beyond .the extra issue of' sportsmen, gentlemen, gamekeepers,
land arists. Opera,
_2 million notes. He (the right hon, gentleman) hoped that Camp, Perspective, and Race-Course asses with wonderful
that state of things would progress,, and thus if the Bank powers, '- Invaluable preservinl,..e Spectacle' Lenses of the
found that the natural rate of'discount was reduced below greatest transparent power. . great advatita,ge derived
10 per cent. it would also be enabled to, take that step, from this invention is, that vision impaired becomes pre-
( [leer, bear.) For it was a complete fallacy to suppose that i nerved sad strengthened aid very aged persons are enabled
ho Bank fixed the universal rate of discount. If the deal. 3to employ their sight at the most minute occupation—can see
inga of the connti y weresech that it was profitable to money with those leases of a much less magnify ing power—and
lenders 'blend at 10 per cent., they would no doubt do so l they do not require the frequent changes to the dan'
without asking the permission of the Bank. The vere fact gerous effects of further powerful assistance. Persons
that the prevailing terms of discount were below 1.0 per can be suited at tho most. remote part of'tho world by send-
cent. was'a sufficient proof that the rate fixed by the Bank ing one of the glasses out of their spectaees in a letter, and
was not an arbitrary one, but that it merely followed the stating the dist nice from the eye they can read small print
natural. course of commerce. (Cheers.) The hon. and with it, and those who have not made use of spectacles by
learned gentlemen said that the landowners and railway stating their age. Deafness.—New Discovory.—The Organic
proprietors were injuriously affected; but the mercantile Vibrator, an extraordinarily powerful, small, newly-invented
the instrument for deatness, entirely retefof interest was not the rate which necessarily fixed
rate of all other interests in the country. (Hear.) Would anything of the kind that has beena'sotrhePr
there be a greater proof of the independence of rate of dis- surpassing
different from all otteaebris
can, be produced. Being of the same colourskin,
is
counts charged ou mercantile billerhan the present price of i not perceptible. It enables deaf persons to hear distinct lye'
Consols? (Cheers.) If a person wished to invest •
funds at the present moment, ho would lll
the
removed, and it aft cede
10 at public assemblies;; the, unpleasant sonsatic n el
andcertainly not get singing noises in the ea'r's is entire.
10 per cent. fur his money. (" Hoar, hear," a hush.) all the assistance
Thu rate of interest-on mortgages and real sem piccatahiality, possibly couldY be desired.-39. a-11,01'
.7-Opposite the York Hotel, W,
ri y was also - marle.street,

Corps of Royal Marines —Gentleman Cadet Henry Har-
ford Strong to be Second Lieutenant.
COMMISSIONS SIGNED BY LORDS-LIEUTENANT.
Linlithgowshire—The Right Hon. David Stuart, Earl
of Buchan, to be Depdty-Lieutenant ; Captain Thomas A.
Hog the younger to be Deputy-Lieutenant.
East Kent Regiment of Mihtia—Assistant-Surgeon
Kaylet Curtis to be Surgeon, vice Sicard, resigned.
Tower Hamlets—King's Own Light Infantry Regiment
of Militia—Edward Houlditch, Esq , to be Captain, vice
Pounden, resigned ; Ensign Elijah Littlewood to be Lieu-
tenant • Robert Ormiston Hayes, Esq., M.D., to be As-
sistant-Surgeon, vice Clarke, resigned.
Light Infantry Battalion of the Royal Sussex Militia—
Robert Win. May Wetherell, Gent., to be Ensign, vice
William Watson Wood, resigned.
2d Regiment of Royal Cheshire Militia—Ensign Wm.
A. F. Haugh to be Lieutenant, vice Cawing, promoted ;
Ensign Robert Warren to be Lieutenant, vice Yeo, re-
signed; Thomas Henry Williams, Gent., to be Lieutenant,
vice Hamilton, resigned. •
Worcestershire Regiment of Militia.—E. Hoste Hick-
man, Gent., to be Lieutenant, vice Paulet, resigned ; E.
Peel, Gent., to he Lieutenant, vice Castle, resigned.
Queen's Own Oxfordshire Yeomanry Cavalt y—Captain
Frederick Loftus Dashwood to be Adjutant, vice Loid
Alfred Spencer Churchill, promoted.