The Sun.
London, England, 1857-11-06 00:00:00

(From the Morning Post City Article.)

The discount houses have raised the rate for
money "at call" to 8 per cent.' and, with seven
days' notice, to 81 par cent. The National Discount
Company offer 81 and 8 2 per cant. respectively for
money at call, and at short notice. The jcint-st,,ck
hanks have raised the rate of interest upon deposits
to 8 per cent. per annum. It was generally under-
stood when the Bank rate was raised to 8 per cent.
on the 19th ult., that, in the event of a further in-
crease in the minimum rate, no change would be
made iu the interest allowed by the banks and dis-
count houses fur money placed. with them for em-
ployment. This intention has been frustrated by
the action of one joint-stock hank, and much dis-
satisfaction has been expressed in consequence.
That the rates offered by the discount establish-
ments and banks for money were sufficiently high
at 7 to 71 per cent. per annum to bring in a supply
of money can scarcely be doubted, but it is ques-
tionable whether the enforced advance of the tJrnas
will not havo a contrary effect ; at all events it will
deprive the discount establishment to a groat ex-
tent of the power' of competing with the Bank of
England, as they have nut a sufficient margin of
profit to admit of any groat reduction in the rate
at which they will grant discounts to the commer-
cial community. The publio have, therefore, but
little ground for thanlifulnoss in the selfish policy
of the Bank to which we have alluded, however
satisfied capitalists may be to gain an additional 1
per cent, on their money.

THE AMERICAN PANIC.

(Front the Derbyshire Courier.)

The state of commercial affairs in the United
States is such as has never been equalled within the
tuetnory of man. - The New York City and State
Banks have suspended specie payments in a body,
and their example has been followed by the Banks
and Bauking Companies of Boston, Baltimore, and
Albany, and other places. Indeed the suspension
of cash payments if, and must necessarily now be-
come, almost general.

When Mr. Alexander Henry Wylie, an experi-
enced Liverpool merchant, was examined before
the Committee of the House of Lords on the com-
mercial distress of 1847, he made this statement :
" So far as I have been able to compare different
systems of banking, and to look into the subject, I
believe that in no part of the world whatever is
there a system of banking more perfect than that
now working under the General Banking Law of
New York. It has now been in operation ten
years ; and it is found to answer securely and pro-
fitably that is, profitably to the proprietary, and
usefully to the public. The great peculiarity of the
General Banking Law is, that it enables any party
or partieo• 414.4*-- to -rum a Banking Association
to do eo, on complying with certain provisions of
the law—the principal of which is, the deposit with
the State Comptroller of an amount of State Stock
equal to the amount the projected Banking Asso-
ciation intends to issue."

When this remarkable statement was made by a
gentleman of commercial intelligence and experi-
ence, there were doubtless many persons prepared
to believe that the Americans really had " profited
by their past experience," and that they would feel
sufficient confidence in security banks to abstain
from any measures calculated to dimibish their sta-
bility,
. .

Tile result proves that under no system, however
well contrived, can a circulating medium bo devised
to ensure safety where it is placed upon a metallic
basis.

Had the New York banks been obliged to pay
in notes issued by the United States Government,
and receivable for taxes, with the option of paying
in gold at its market price, they would have pos-
sessed a stability far greater than the deposit of
any amount of State stock can confer. With the
drain of gold, consequent on the silver drain, has
come distrust, alarm, panio ;—till eventually all
securities becoming depreciated to an extent which
renders them no security at all, trade has been
brought to an absolute stand-still.
The United States Bank have now done the only

thing which was left for them to do. They have
suspended cash payments, as the Bank of England
did in 1797. • This may, if properly managed,
enable the country to get over the commercial
crisis. It remains to be seen whether there be
sufficient financial ability in the country to establish
on the ruins of Bullionism a safe and steady system
of unconvertible paper currency. If not, the im-
mediate pressure will be removed only to return at
a subsequent period with increased violence and
destruction of property and credit.

STATE OF THE CURRENCY.

( From the Derbyshire Courier.)

Nothing appears yet to check the exportation of
silver. Large sums must be sent to India, and
larger sums will, in all probability go to China.
Our gold goes out of the country. But a worse
misfortune has happened to us. ' Common sense has
gone out of the country. How, othorwise, could
it happen that such a state of things as that which
we now see could be allowed to exist ?

Since the fatal time, in 1816, when theorists
and currency doctors began to tamper with the
monetary system which had carried this country
safely and prosperously through a period of un-
exampled difficulty and national expenditure, w
have had warning upon warning to convince u
that our present system is erroneous iu principle
and most pernicious and ruinous in practice.
Yet, here we are, in 1857, listening to the old
exploded fallacies of the Peelites, and reaping the
bitter fruits of their impracticable and contemp-
tible " experiments" on the currency. The Eng-
lish people appear to have learned little by the
misery of 1819, by the ruin of 1825, by the de-
pressions of 1336 and 1837, and the panic of
1847. It remains to be seen whether a little
common sense in financial matters can be beate
into them by the ruin now spreading throughou
the country.

How many solvent and princely commercial
houses, which years of patient and enterprising
industry have establi-hel, have already !fallen
victims. In Manchester, Bradford, Liverpool, and
Glasgow there have been most destructive calami-
ties.

It is evident that commercial experience and
ability, with trade in its most "healthy" condition,
and with the foituitous advantage of the immense
treasures of precious metals brought in from Aus-
tralia, aro insufficient to withstand the pernicious
operation of our absurd and childish monetary sYs-
tern.
most injuriously on oar.-
currency arrangements act
end. But this
Even the mistakes of our neighb3ur3 in their
selves. We have not yet seen
money dealers alone
degrees of men—capitalists ange
We give an. example,—
"is certain, that the evil will extentdheto all orders and
excepted.
" Glasgow is suffering from bad trade. Last
girlsdischarged from
were '
where they
had. been employed
one establishment,
i as sewers.'
week no lessthan 600
Ovorstono will make
and Lord
iiesrwmilil
a nTotl Ilgioono.n,

Forty workmen destined for the works on the Roman
railway have left Marseilles for Civita Vecchia. These
men had been preyion3ly employed on the Southern.
lino.

ER
JUL MAJESTY
[EN'S 'S THEATRE.
L CONCERTS.
MDLLE. JETTY TREFFZ THIS EVENING.
The Indian Quadrille and General Havelock's Triumphal
March, dedicated to the Heroes of India, is in active re-
hearsal, and will be produced on Monday next, Nov. 9.
Fslees of Admission—Promenade, le ; Upper Bows,;
Gallery, Is.; Dress Circle, 2s. 6(1.; private Boxes, 10s.
6d. and upwards, be had at the Box.
Prospeetases, with full particulars, naay
libraries ; and at
office of the Theatre ; of all the principal
Jullien and Co.'s, 214, Regent-street.
The Concert will commence at Eight o'clock.

THEATRE ROYAL, HAYNIARKET.
Lessee—Mr. J. B. Buckstone.
THIS EVENING, to commence at Seven o'clock; with
Sheridan Knowles' comedy of THE LOVE CHASE. i.On
stance, Miss A. Sedgvrick.
After which, BOX AND COX. Box, Mr. BuckstOne ;
Cox, Mr. Compton.
Followed by MAKE YOUR WILLS.
To conclude with THE GALICIAN FETE.

Orchestra Stalls (which may be retained the whole of the
evening), 6s. each. (No charge for booking.)

_
First Price. s. d. Second price. s. d
Dress 'loxes 5 0 Dress Boxes ... 3 0
Upper Voxes ....... ....,... 3 0 Upper Boxes 2 0
Pit , 2 0 Pit 1 0
Lower Gallery 1 0 Lower Gallery .. 0 6
Upper Gallery 0 6N. half-price to Upper Gallery.

ROYAL PRINCESS'S THEASRE.
P.-oprietor, Mr. Charles Kean.
LAST FOUR WEEKS OF THE TEMPEST.
THIS EVEITIN 0, will be performed 6bakspere's Play of
THE TEMPEST.
Preeeded by LIV2NG TOO FAST.