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

THE BANK ACT AND PRESENT CRISIS. .THE COURT OP DIRECTORS OF THE EAST
INDIA COMPANY AND THE TRANSPORT
OF TROOPS.

TO THE EDITOR OF THE SUN.
SIR, —You have so ably written upon the subject
of the Bank Charter Act, that I venture to intrude
upon your columns with a few observations, as to
the cause of the present crisis, and the working of
the act in question in times of pressure.
The supporters of this act of the late Sir Robert
Peel, affirm that it gives security for the payment
in gold for the Bank note, that it acts against over-
trading, and that it cannot in any way be prejudi-
cial t o the prudent dealer ; I deny these hypotheses
and will prove that the action of the bill has no
beneficial effect in one case or the other.
Now, as regards the convertibility of the bank
gold, there is no security whatever, for at the pre-
sent moment I believe it is in the power of the
Joint Stock Banks to cause the Bank to suspend
specie payment by simply withdrawing the
amounts they hold there on deposit, the actual
credits being considerably above the amount of
gold now in the Bank cellars, thus, therefore, with-
out any run from the public depositors. the
Bank is evidently at the mercy of the Joint Stock
Banks in question.
As regards overtrading—l am sure that no Act
of Parliament ever did or ever can prevent it ;
trade is based upon credit, and not upon bullion,
and so long as merchants and traders can obtain
credit, they will enter into speculations and lia-
bilities far beyond the amount they can pay,
should a sudden commercial crisis occur as at
present with America and India.
As regards the protection this Bill gives to the
merchant who does not speculate or overtrade,
allow me to observe, that in October, 1847, I
received from the Continent some large remittances
consisting of Bank Post Bills at 7 days' sight, and
drafts upon bankers at 3 days' sight, to meet the
payment of Foreign Stocks, which I had bought
to order, these high class remittances did not
meet the exigency of the times, for I could not
got them discounted at my bankers or at Messrs.
Gurney and Co., and if I had had no other re-
sources to depend on I should have stopped pay-
ment, with Bank notes virtually in my possession.
It is difficult to point out a remedy ; it appears
to me, nevertheless, that, as the Joint-Stock Banks
have the power to allow an interest to the depositors
upon the amount they lodge, the Bank of England
should at least have tho same rights. I feel con-
vinced that if our national establishment granted a
maximum interest to their depositors, the greater
portion of the 30 to 40 millions sterling now in the
hands of Joint-Stock Banks would find its way
into the Bank cellars, and that we should not so
often be subjected to these frightful times of pres-.
sure and distrust.
As the law now stands the Bank must always be
in danger ; the present Bank Bill is a fair-weather
one, but in stormy times, it becomes a mockery,
a delusion, and a snare.—l am, sir, your obedient
servant, T.
U.
London, Nov. 20.

THE CURRENCY.

The following letter has been addressed to the
editor of the Times :

Sin,—ln the leading article of the Times of
this morning it is asserted, with reference to the
subject of the transport of troops to India, that
the East India Directors have bean the partisans
of that method of marine locomotion, which best
accords with their antique traditions ;' that it
was only when the danger became extreme that the
directors were prevailed upon to take up the best
vessels and to send out the men with the utmost
despatch ;' and further, that, 'in defiarce of
remonstrance, troops were sent in ships which have
lost seven weeks on the voyage.'

I venture to state that These aliegations are
without any foundation, and you will, no doubt,
bo glad, in justice to the body against which the
charges are made, to admit a contradiction in your
columns.

With regard to the ships Areta and Bucephalus,
which are stated to have been employed "in de-
fiance of remonstrance," it will be found that these
ships were engaged before serious news reached this
country,* and that they conveyed troops which hid
been provided for ordinary service, and not in cosi-
sequence of requisitions from the Government of
India after the mutiny had broken out. They
would, in fact, have gone if India had remained in
the most perfect tranquillity. You have also been
misinformed as to any remonstrance having been
made against the employment of the ships ill
question, as they were, on the contrary, engaged
with the expressed concurrence of the Board of
Commissioners for the Affairs of India, by whom
all such arrangements are approved before being
carried out.

Ever since the news of the mutiny had reached
these shores the great desire of the Directors bas
been to transport the troops for which they had
made requisitions to her Majesty's Government by
the readiest and most speedy mode ; and they
obtained some of the largest and quickest steatnerst
for the purpose, as well as fast sailing clippers,
which, by reference to Sir Charles. Wood's speech
in the House of Commons on the 17th of July, it
appears the Government considered superior, in
many respects, to the former.
Instead of being " prevailed upon" to adopt these
measures, and instead of "remonstrances" being
used against the engagement of slow sailing vessels,
the Directors at one:determined, upon the receipt
of serious intelligence at the end of June, to engage
the fastest vessels, and those which could be got •
ready with the least delay, without reference to
price. It is well known that, in several eases, ships
of superior size and make were selected in prefer- ,
ence to others which were offered at a lower rate.
Such, I aver, was the real state of the case. The
production of papers can alone prove it satisfao-
t orily ; but, in the meantime, erroneous impree"
sions may be produced and prejudices engendered.
In the event, therefore, of your considering that I
have the means of judging, I trust that you will
allow this contradiction to the grave accusations
against the East India Directors to go forth.
I am, Sir, your obedient servant,
London, Nov. 27. VERAX.

* The Areta sailed on the 18th of June and the Baca'
phalas sailed on the Ist of July, the intelligence of the
Meerut revoit having been published in these column' en
the 9th of June. This was in the estimation of everybody
but the Directors " serious news ;" but they still der,.
patched the only reinforcements then ready in vessels
which have made voyages of 126 and 114 days respectively.
t The news of the Capture of Delhi was published by u 8
on the 27th of June, but in the whole of July, out of :32
ships, only two steamships wore despatched.

Lady Dofferin is staying on a visit with the Duke
and Duchess of Somerset, at Stover Lodge, Devonshire.
Lady Arthur Hervey and the Hon. Mrs. Singleton
have arrived at the Brunswick-hotel, St. James's, froth
Bury St. Edmund's.
S,r Robert and Lady Emily Peel arrived in town a
few days since, from Drayton Manor, and have since left
on a tour in Italy.
The Speaker of the House of Commons and Lady
Charlotte Denison will arrive in Carlton House-terrace
Tuesday next, from Ossington Hall, near Newark.
The Right Hon. B. Disraeli and Mrs. Disraeli have
arrived at Grosvenor-gate, for the season, from a vide
to Mr. Henry Drummond, M.P., at-Albury Park..
The Right Hon. Frederick Peel and Mrs. Peel have
arrived in town, from the Continent. They will leave
to-day for Avington House, Hampshire.
Colonel and Mrs. Frazer and Miss Fraser have arrived
at Edwards' Hotel, from Brighton ; Professor William
Rogers has left the same establishment, for Liverpool.
The Hamburg letters yesterday mention the failure of
Messrs. Levin Hertz Sohne, a very old and respectable
mercantile firm.
Mills,T
il
hea Northsgi
for
v of M
r about r
British.
8:A0 o. Daily
01Cruickshank,
andllia
of
the
of Bm
announces
efi r iodf ge d
e
at t
J. a
he f
and
Corns
Glasgow
•
Wright, cotton brokers. It is feared that in therlatter
case the liabilities are considerable.
It ,is stated that the Government will not bring for
ward any financial measures until February. All
questions regarding a funding of Exchequer bills, or a
loan in any shape, are therefore for the present set at
rest,
THE NUMBER OF
DAILY
ER PRISONS.—It appears that
the average daily number of prisoners in criminal pri-
sons in England and Wales, is 17,754.
MAILS FOR SWEDEN.—The packets conveying mails
once a week between Grimsby and Gottenburgh, 'under a
contract with the Swedish Government, having ceased
running, no more mails can be sent by that route until
the re-opening of the navigatian next spring, of which
due notice will be given.—By command of the Poste
master-General, ROWLAND HILL, Secretary.---No'•,2s:,
SIR WILLIAM DON, BART.—This eccentric actor is eie
present a prisoner in the Bristol gaol, having be e
in
°
arrested on a writ of ca. ea. He has filed a petition
the Insolvent Debtor's Court at that city, and is to be
brought up on Monday before the judge, Sir J. EardleY
Wilmot, Bart., for the purpose of being admitted to bail*
THE DUKE OF NEWCASTLE.—We regret to state the
the Duke of Newcastle, while hunting with the Earl of
Scarborough's hounds, near Kneesall, on Thursday bole
was thrown from his horse, and falling on his elbow dise
located his shoulder. Fortunately two medical nsine
were in the field at the time, and his grace was carried
to a cottage, where the fracture was reduced, &0., and
he was conveyed home by Dr. Ward, of Wellow-balls
Early on the following morning the duke started off to
Nottingham to attend to his official duties as Lord-
Lieutenant of the county of Nottingham.—Nottingharre
Review.
THE LA.NOASHIRE CHIMNEY-STALKS.—The chi hick
:noel
shafts form a branch of practical architecture in vrh
our Lancashire friends excel. However these erections
may have become vulgarised, in the perception of inset
persong, from their number, and, the deleterious at!:
opaque mass which some of them emit, they are_ Li
hunierous instances beautiful objects—not less so .11
the Egyptian obelisk. They are ustially octag '
plan, rising directly from the ground with
kraP id
lYd:
diminishing sides, and are terminated by a nee- 113° the
ing and cornice ; and what is required in them for ,
due effect, is a somewhat better character about the be.
and careful proportion in the details at the summit. 1e
construction and the materials aro eenerally, as they
are
required to be, of the first order.—The Builder. s
VACANCIES, APPOINTMENTS, AND PROMOTION
THE CIVIL SERVICE.—War Department.—The Ass Stan
Chaplaincy to the Royal Artillery Garrison,.Wviea
has become vacant by the death of the R Sailo"i".
Connor.—The Foreign Department.—The Vice-Coneille
ship at Paraiba, Brazil, has become vacant by t
prmotion of Mr. 'Vredenburg. Salary, 2001. Cob_,
Guard.—Mr. Harper, Mater, R.N., Chief Officer, 137
been removed from Islands of Kane to Tangent.
Custome.—Mr. Frederick Preston has been appointed
a clerk and Searcher at Lancaster. Mr. James
Gul_
has been promoted from Eleventh to Tenth Clerk in tha
Receiver-General's office, London. Mr. G. F. Wild
has been promoted from Sixteenth to Fifteenth ClerkSW
ja
the Receiver-General's Office, London. Mr. M. J.
moor has been promoted from Seventh to Sixth
Clerk at Cork. Mr. D.. Barry has been proe
moted from Eighth to Seventh Clerk at Cork.
Scotland.—The office of Principal of the Univer
city of Glasgow has become vacant by the death of Mr.,
Duncan Macfarlan. Jersey.—,The office of Bailiff (Chit':
Magistrate) of the Island of Jersey has become vac*"
by the death of Sir Thomas Le Breton.—Civil Service
Gazette.
STATE OF TRADE IN ROCHDALE.—The following
the result of inquiries into the state of trade and of th:
working populationithin the district, extending in °So
direction from Bluepits through Rochdale tovrArip..
Bacup, a lergdi of seven miles; and in the other,v
e
eluding 01,iham-road to Littleborougli—an area "lech
miles by five. In thatarea there are 96 mills, re tn. 10
'info' illation had been gained, and at which there
hands are employed ordinarily. Of the 961 twO
are &ix, with 1,427 hands, entirely stop Pee ;
ar days
of them being in Rochdale. Running feee
a week, and emeloying 5,379 hands, ttere attxod.
mills in Rochdale ; two running four &le dope
balf7employing 320. hands ; seven running three do.,
employing 1,316 bands; and two running are 826
employing 930 hands. In Rochdale* hare area
persons working short time ; and in the distritoi
;ether
giving a total of 15,050, exclusive of the 1,427 * time
unemployed. There is very little difference in
,lu_orsl
worked in the cotton and woollen mills ; but th P,ceps
opinion of employers in the cotton trade is that, e:6110:1
a vely great change take place, they will be c°ltios
entirely to close. The few who are working full letiag
are simply working up cotton on band, or one3P
day
old orders. Several mills that up to last I"..nfour
worked full time, are beginning this week to, reirch ao
days only. The machinists are suffering abase Ira the
other branches of trade ; for in some thoseCae
hands have been reduced nearly one half, and es of
work are so for an average of 31 days onlY• Irbr io
these firms bad been running over-hours before the PtaPeo
—mild so pressing had been the demands uPs9D,OOIO.
that they had made accommodation for 1,500 fre
our
mill
One firm slx.tes—" We calculate that to keenPd u 1111
the -'
standing for one week is a dead loss of 701.; a
nearly tb.
versal feeling of the milloivners is, to work
nacelle*/
angst the
ordinary time as is at all possible." It is ;atm
to add that there is a good deal of distress
loperatives, and that largely increased re
feared by the relieving officers.—/ffandeOter