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

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 to 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 *use the Bank to suspend
specie payment by simply withdrawing the
amounts they hold there on de2osit, the actual
credits being considerably above the amount or.
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 bougllt
to order, these high class remittances did not
meet the exigency of the times, for I could not
get them discounted at my bankers or at Messrs.
Gurney and Co., and if I had bad no other re-
sources to depend on I should have stopped pay-
ment, with Bauk notes virtually in my possession.
Ib As 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 the 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 the3i 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, air, your obedient
servant, T. U.
London, Nov. 20.

THE CURRENCY.

TO TEE EDITOR OF TH/4 SUN.

SlR,—When you recently gave your readers so
admirable an article, fortified by the opinion of the
first Sir Robert Peel, it occurred to me that you
would render acceptable service if you could afford
space in your valuable journal for liberal extracts,
from Hans trd, from the speeches of that day.
I am old enough to remember much of the de-
bates of the last 50 years ; and have frequently
been told by one who sat in Parliament 40 years,
but since deceased, that he himself heard Sir Robt.
Peal say to his son in private, " Robert, you have
doubled my fortune, but you have ruined your
country." He no doubt expected that the crisis
would be nearer at hand ; but it shows with what
sagacity he foresaw its ultimate effects.
It is now evident, that when the Free-trade mea-
sures were adopted, the currency of the coun-
try should have received further consideration
at the same* time. Every encouragement has
been given to the expansion of trade, whilst the
currency has remained under restrictions—which
appears to me to be like an attempt to run a loco-
motive with wheels of different diameters.
I am, sir, your obedient servant,
A CONSTANT READER.
27th Nov., 1857.

THE EXPECTED CALCUTTA, BOMBAY,
AND AUSTRALIAN MAILS.

We learn by telegram from Marseilles that the
Peninsular and Oriental Company's mail packet
Vectis, with the overland Calcutta, Bombay, and
the missing Australian mails, left alta at 4p. m.
on Tuesday, and arrived at Marseilles at 10 a.m.
on Friday.
Having made a longer passage than anticipated,
she was not in time for the mails to be forwarded
by the regular train, but they were despatched by
"special train at noon of that day.
is not unlikely that the special train may have
overtaken the regular express, and that the mails
will arrive in Paris by five o'clock this morning.
In that case they will come on to Boulogne by
special train, thence to Dover by special mail
packet, and to London by special South-Eastern
train, and will arrive at the General Post-office by
three o'clock this afternoon.
But it is feared the mails will not arrive in Paris
before seven o'clock this morning, when they will
come on to Boulogne by special train, and, arriving
there about noon, will not reach London before
five o'clock this afternoon.

However, all that can be done by anticipation
has been arranged by the General Post-ofice autho-
rities to ga these all important mails to London in
time to deliver the letters for the metropolis this
evening, and to despatch the country portion by the
evening mail trains. The mail-packet Prince
Frederick Williams after landing at Dover the extra
China mail last night, started off again to Boulogne
to fetch§the Calcutta, Bombay, and Australian
mails. It happens most unfortunately that there
will be no water in Boulogne harbour at the time
of the arrival of the mail there, but if the weather
should improve to-day the Prince Frederick Wil-
liam will go out into the roads at Boulogne, and,
if practicable, will embark the heavy mails there,
without waiting for the tide ; but should there be
too much swell of the sea on the bar she will not be
able to bring the mails out before five o'clock, and
then they cannot reach London before about half-
past nine.
The Australian mails, per Simla, of the following
dates—Sydney, October 11th, 'and Melbourne,
October 16th, may be expected in Loudon De-
cember the 6th.

THE ENGLISH ENGINEERS AT NAPLES,

We are glad to be able to state that despatches
from Naples bring intelligence of a more satisfac-
tory nature in regard to the two English engineers
who were made prisoners some months ago with the
crew of the Cagliari steamer, when that vessel
lauded imurgents on the Neapolitan coast. The
Government has hitherto refused to allow any com-
munication with the prisoners. Report said that
they were ill-treated, and even that one of them
had attempted to commit suicide.
The English Government has made energetic re-
monstrances on the subject, and the Neapolitan
authorities have at last permitted the prisoners to
bp visited. Mr. Pugh, the chaplain of the mission,
has seen them. He found them, with the captain of
the steamer, confined i❑ an airy room. The meu
had no complaints to make, and said they were suf-
ficiently supplied with money by an agent of the
steam-packet company in whose employment they
are. For the future, the British Vice-Consul will
be allowed access to them. He has engaged counsel
in their behalf, and it is hoped that legal forms can-
not much longer delay their trial and liberation.—
Morning Post.