The Sun.
London, England, 1857-01-27 00:00:00

THE SUN, LONDON, TUESDAY EVENING, JANUA':NY 27 ,857

tIN 14:S LEASED FIXED RENTALS.

POSTPONEMENT OF OUNDLE RACES.

BANK CHA...RTER.

~~~.1

..ds":4l3
COM pan.

Closing Prices I
this clay. i

Business
this day

-- -

(BY ELECTRIC TELEGRAPH.)
Therie races are postponed till Thursday and Friday
next, on account of the frost.

JTO ROBERT GRTMSHAW, ESQ., J.I '., D.L., PRESIDENT OF
THE BELFAST CHAMBER OF CO: VIEF.CE; AND THOMAS
M'CLURE, ESQ J.P.
Gentlemen,--As the Chamber f)f Commerce have aone
themselves the honour of appoint ing you to represent their
interests at the Conference of th, "Society for Promoting
the Amendment of the Law," i o be held, in London, on
the 28th and 29th instant, and a s one of the questions to
be considered is the " Law of Fa .nking," I take the liberty
of calling your attention to af, 3 facts connected with the
Bank Charter of 181=1.
Under the present law the r a to of discounts depends on
the state of the atmosphere, as i d upon many events equally
unstable. This is a startling a section :it is, nevertheless,
too true; and I have only to r e fer you to a very recent sir-
cstmstance in confirmation : 0 hat was the position of the
motley market immediately ID( lore a late arrival of the
James Baines from Australi• a, and what was it after her
appearance, along with one or two other vessels, bringing
in a supply of about a con pie of millions or so of gold?
Why, a change from alarm, w ith discounts approaching 8
per cent., to a return of con ipr irative confidence, with dis-
counts at 6 per cent., and al 1, forsooth, because the wind
changed, and brought in a ti. mely supply of gold 1 I would
ask—Does, or can Comm er ce get fair play under such a
ridiculous banking system. e .s this?
Even to some of our 'establishments in Belfast the
differencein discounts 'o indicated would amount to
a very serious item ; Or t when extended over a nation
whose circulation of bills of exchange has been reckoned,
by experienced statists, a t upwards of 660,000,030/. ster-
ling, how great an incubus has the commerce of the country
to bear ! The advocates of the present law may try to
deceive, by insisting that , the rapid advance of commerce
of late years, is the best proof of its soundness. But this
is mere sophistry. The trade of the country has expanded
in spite of it, thanks to free trade, the discovery of gold in
Australia and Californi Ft, and the indomitable industry
and Superior businesa qtr slifications of the British merchant.
The Bank Charter c .urtails the circulation when the
supply of gold dimin isl les, and expands it when gold in-
creases; thus actingin an inverse ratio to the requirements
of trade.
The Bank Charter deprives the Bank of England note
of legal tender in Ira' land, and the Bank of Ireland note
of legal tender in Gre at Britain; thus crippling commerce
to a most serious ext, ant.
The Bank Charter restricts the issue of notes in Eng-
land below 5/. ; thus offering a premium to the people to
hoard up gold to an enormous extent, to the great lessen-
ing of the supply it the coffers of the parent Bank.
The Bank Charts obliges an immense quantity of gold
to lie idle and unproductive, to the great loss of the na-
tion, and deti hum' to every branch of industry.
The Bank Charts sr, besides giving the power to the Bank
of England, or as •bitiarily regulating the state of the
money market, gis es it many other exclusive privileges
which are dangerot is to the true prosperity of trade.
The Bank Chart( r prohibits the establishment of addi-
tional Banks of Ist us, under any circumstances, even if
40s. in the 1/., in hard specie, wore deposited in lieu of
every paper note is sued.
The Bank Chart er was framed to suit the trade of 1844,
when the value of the imports and exports of the country
alone were SO per sent. less than they are now.
The Bank Chart er thus assumes that a circulation of
38,000,00 ;/. to 4;0,000,0001. sterling will suit a trade,
valued by imports and exports alone at 250,000,000/. ster-
ling, as well as d id one of only 140,000,0001. sterling.
The Bank Ch srter was framed on a Protectionist, or
anti-Free-Trade principle, whereas the British Government
and nation have, almost to a man, embraced the principles
of "Free Trade," Since its establishment, discounts have
been constantly :fluctuating from 2 to 8 per cent., whereas,
for 150 years previously, the Bank rate of discount never
advanced above 5 per cent., except for a few months in
1839.
These, gentlemen, are only a few of the leading objec-
tions to the present Charter : were I to enter more into
detail, I would only weary and harass you in your delibe
rations.

96 - 98
98 102
11 - 13
133 - 136
4 , 44

BETTING AT MANCHESTER.—YESTERDAY.
Two THOUSAND GUINEAS STASES.

4to 1 agst Schiedam offs red (5 to 1 taken freely).

LAW INTELLIGENCE.—(This Day.)

all

COURT OF EXCHEQUER.

(Sittings at Nisi Prius at Guildhall, before Mr. Baron

12i --
23 --- 24
108 - 110
1 pl

Bramwell and a Common Jury.)
RANDALL V. LUCK.-SEDUCTION.

• This was an aciion brought by the plaintiff to recover
damages off the defendant, for the seduction of his step-
daughter, Emma Staggell, 19 years of age, whereby she
had lost her service and incurred great expense.
It appeared from the plaintiff's evidence that be kept
the Acorn public-house at Rotherhithe, and the defendant
was a contractor at the docks close by. The defendant
had been intimate with Mrs. Randall and her family for
many years, and had known her daughter since she was
about 12 years of age. He visited the plaintiff's house,
and was occasionally waited on by the daughter-in-law,
who acted as bar-maid. On the 27th Aug. last she left the
plaintiff's house, and was afterwards traced to Eritb,
where she was found living with the defendant as man
and wife, under the name of Barnes. When discovered
there by her father-in-law, she exclaimed, on seeing
him, "Oh, God ! father, is that you I'll go with you
anywhere." She appeared most anxious to return home
with him, and did so on the 16th October. She was
then found to be in a very nervous state, and afterwards
twice attempted to commit suicide. A medical man
had to be called in, and attended her several days. In
the plaintiff's cross-examination he stated that his
daughter-in-law was paid no regular wages, nor was
there any agreement between them as to services. Sha
had clothes found her, with board, lodging, and spend-
ing money, which amounted to more than the usual
sum, &c., paid to a bar maid. She acted as such in his
house, and he was much inconvenienced by her leaving,
and had to employ a bar maid in consequence.
Mr. Sergeant Slice, who appeared for the defendant,
contended the plaintiff had not shown such a servitude
on the part of the daughter-in-law, and such a loss of
service on his part, as entitled him to recover in this

21 -- 2i

94

b6P i— 58

i 32 135

9 - 9i

33 •- 34
118 g 0

action.
Mr. Sergeant Parry, for the plaintiff, contended con_
tra, and called the daughter's mother, but she was un
able to carry the service beyond the facts stated above.
Mr. Baron Bramwell said that if the plaintiff could
not carry it further there was no case for the jury.
Mr. Sergeant Parry contended at much length that
the evidence showed an implied service, at the time of
the seduction, sufficient to warrant the case going to the
jury. There was ample evidence to go to the jury on
the counts for expense, &c., incurred by loss of the
daughter-in-law's service.

Mr. Baron Bramwell ruled otherwise, and
Mr. Sergeant Parry submitted to a neusuit.

In seeking any alterations, however. I would be sorry to
advocate any other doctrine than that of the convertibi-
lity of the bank-note, which should be retained, as it is
now, a fundamental principle.
The following amendments appear, in my humble
judgment, to be primarily necessary, iu order to bring the
Charter into unison as much as possible with Free-Trade
principles :-
Ist —That all existing privileges enjoyed by the Banks of
England and Ireland be abolished.
2d—That the convertibility of the note be retained,
founded upon a basis of one-half to three•fourths of the
amount being lodged, either in specie or other approved
neg, Liable security.
3d—That all other restrictions upon the quantity of
notes issued, and the value of the note, be rescinded, leav-
ing them to be regulated by the natural law of supply and
demand. In order to check any over supply and, conse-
quently, too low a rate of discount, some parties advocate
restricting banks to a minimum rate of discount of 4 per
cent. ; but this would bo a gross violation of the principle
of Free Trade. ',would be sorry, however, to see discounts
range below 4 per cent., as that rate is quite low enough
for all legitimate commercial transactions, and any lower
terms offer a premium to speculation and encourage over-
trading.
4th—That Bank of England and Bank of Ireland notes
be made legal tender throughout the Unite .1 Kingdom.
sth—That the possibility of a deficiency of the legal ten-
der, arising from the Bank of England or Ireland note
ceasing to be a legal tender, when these banks cease to pay
in gold, he provided for by Government.
6th--That the banking and issue departments of the
bank he amalgamated as before.
With alterations similar to these, it might be well, also,
tr combine that of making directors and officials liable to
criminal prosecution, in cases of irregularity similar to
those for which the past year has been so famous.
I would not have presumed to address you, on this
occasion, had it not been for the feeling evinced at the
annual meeting of the Chamber of Commei co. on Thurs-
day last, by the Presi lent, and also by Mr. William Dun-
when I brought this matter before the Chamber.
As the question is to be discussed at the approaching
conference in London, it was considered by those gentle-
men more advisable for me to address you on the subject
than to bring any specific motion before the Chamber at
that time.
All the subjects to be brought before you are of a most
important character, and I have no doubt will be considered
by you in a comprehensive and enlightened spirit, worthy
of the important commercial town you represent, which
indeed has already recently immortalised itself by its phi-
lanthropicadvocacy of the unselfish and equitable principle
of direct, in preference to indirect, taxation.
My own impressions aro at preent iu favour of restrict-
ing the issue of notes to one bank, which we may call a
" National Bank," sulject to the control of Parliament.
Any joint-stock company or other parties wishing to esta-
blish a bank could supply themselves with this national
paper, on payment of satisfactory security, in specie
or other convertible property in lien thereof, receiving
from the Bank of Issue a certain premium for circulating
the notes.
This National Bank should be confined to one of issue
and deposit alone, with the liberty of lending, which their
immense receipts, in lieu of notes, would enable them to
do, most profitably.
The profits of the Bank, which would be large, and in-
creasing every year, could be devoted either to paying off
the National Debt, or lightening the public expenditure.
The public mind is not yet, however, iu favour of such
an important monetary revolution as this, and it is useless
to advocate its adoption at present.—l am, Gentlemen,
your most obedient servant,
Belfast, Jan. 1837.

COURT OF BANKRUPTCY.
(Before Mr. Commissioner Evans.)
IN RE ANDREWS.

This bankrupt was described as a drug vendor, of.
the Strand, and to-day was appointed for his last exami-
nation.

On a previous occasion a lengthened examination took
place, it being alleged that the bankrupt had, just before
his bankruptcy, consigned a large portion of goods,
thought to be to the extent of 14,0001. or 15,000/.
(the debts being about 19,000/.) to America, and of
which he gave no satisfactory account.
Mr. Bagley now appeared for • the assignees, and
after an examination of witnesses, which did not throw
any light upon the matter, the examination was
adjourned sine die, the bankrupt not having filed any
accounts, and did not attend the present meeting.
Mr. Commissioner Hoiroyd and qr. Commissioner
Fonblanque were engaged at private meetings upstairs.

POLICE IrrELLIGENCE.—(This Day.)

THAMES.

IMPUDENT ROBBERT BY A JUVENILE.—James Demy,
a boy about 14 year of age, was brought before Mr.
Yardley, charged with the following daring robbery.
Mr. James Watson, a pawnbroker, pf No. 86, High-
street, Poplar, stated that yesterday afternoon a bundle
of silk handkerchiefs and five pairs of trousers were
stolen from the interior of the shop, and the thief got
away unperceived. Some time after wards be received
information from a neighbour that another robbery was
to be committed, and he went to the opposite Ride of the
way and concealed himself behind a neighbour's door.
Soon afterwards he saw the prisoner enter the shop,
remove five pairs of trousers from a shelf and run away
with them. He immediately pursued the prisoner and
soon gained upon him. The prisoner then dropped the
trousers and increased his speed, but he was overtaken
and secured. He removed the trousers, which were
worth 355.

Police-sergeant Yeoman, 3 IC, stated that the pri-
soner was given into his cu,tody, and he said that he
picked up the trousers. _

A police-constable of the H division said the prisoner
was an "associate," but of whom' or of what institution
he did not state. It has become the practice lately for
policemen to state that a well-known associate of thieves
is " an associate."

The prisoner, in defence, said he was not an " asso•
elate," and did not steal the trousers. They were thrown
down at his feet.

Mr. Nathan repeated his evidence► and swore most
positively to the prisoner.
Mr. Yardley committed the prisoner for trial.

JOHN SEED.

LLOYD'S SHIPPING.—.(This Day.)

LONDON, Jan. 27.—Wincl this day at noon N.E.—
Moderate breeze and fine weather.
PLYMOUTH, Jan. 26.—Wind N.E.—Arrived—H.U.Str.
Simoom, from Portsmouth, for Queenstown; H.M.S. De-
vastation, Portsmouth; Portia, London. for the Cape of
Good Hope. Sailed—Marina, for Sierra Leone ; Eliza-
beth Ellen, New York.
DARTMOUTH, Jan. 26.----Wind N.E.—Arrived—Maria
and Elizabeth, from Lisbon, for Vlaardingen, leaky.
Sailed—Avalanche, for China.
DOVER, Jan. 26.—Wind N. to N.E.—Sailed.—St. An-
tonin°, for Naples, after repairing.
RAMSGATE, Jan. 26.—Wind N.E.—Sailed—Bon Je-
sus, for Havana.

JERSEY, Jan. 25.—Wind E.—Arrived—Ocean, from
La Poila.

GUERNSEY, Jan. 25.—Wind N.W.—Sailed—Teazer, for
Curunna.

LIVERPOOL, Jan. 26.—The Atnea Stebson, which ar-
rived here yesterday shipped a heavy sea on the ith inst.,
and lost one man overboard, stove boats, &c.
MILFORD, Jan. 26.—The sloop Speculator, of Exeter,
from Saunderfoot to Pembroke dock, missed stays yester-
day when off the Crow Rook, drove on the Crow Toe and
sunk ; master drowned.
MALDON, Jan. 23.—The Broadwood, of Blyth, came
in contact with the Mystery Park, of Mystley,' at the
mouth of the basin, and received considerable damage.

(PER ELEOTAIO TRLEGBAPR.)
LIVERPOOL, Tuesday Morning.

Wind N.N.E.

Sailed—William Fairbairn, for Calcutta • St. Helena
' and Eagle, Bombay ; Olive Branch, Trinidad Black Cat,
Lisbon ; Neptune, Curacoa; Mechem, Ibrail•, Die Drei
Onkel, Bayonne ; Hannah, Lisbon ; Brevet, Talparaiao.

(BY SUBMARINE AND BRITISH TELEGRAPH.)
DEAL, Tuesday, 9.42 a.m.

Wind N.N.E., strong.
Anchored—Jnlindur, from London, for Sierra Leone.
Passed, the 26th—Maria Minalla, from London, for
Oporto • Sophia, London, St. Thomas; Isis, London,
Constantinople.

MARKET NEWS.— (This I: ay

HAY MARKETS. t
SMITIIFIELD.—Meadow hay, 2/ lOs to 41 4s ; clover do.,
3/ 10s to 6/ 03; and straw, 11 4s to 1/ 93 per load.
Trade rather dull.
CUMBERLAND. —Meadow hay, 2/ 15s to 4/ 4s ; clover
do., 3/ lOs to 51 03 ; and straw, 1/ 4s to 1/. Os per load,
Supply moderate and trade steady.
WHITECHAPEL.—Meadow hay, 21 12s tc 4l 48 ; cloier
do., 3/ lOs to 5/ 5s ; and straw, 1/ 4s to 1/ 9s per load.
Trade dull.

COLONIAL.
TEL.—The market has been very firm, and some excite-
ment has been caused by the news by the overland mail,
Nearly all the common congous have been bought up at Is.
ld. to ls. lid per lb., the latter being the current quota-
tion.
SUGAR.—There has been an improved demand for most
descriptions, and prices have advanced about 61 per cwt.
Some large parcels are advertised for public competition
during the week, and full prices are expected to be rea-
lised. The supplies of both colonial and foreign are ex-
tremely limited. In the refined market there is a good
demand for home consumption, and full rates are main-
tained.
COFFEE.—There has been an active demand for all de-
scriptions, and the stocks generally being exceedingly light,
with short supplies, prices are very firm. Both Native
and Plantation Ceylon were in demand, and in some in-
stances brought advanced values.
RICE.—A very fair demand for the low and medium
qualities at fully former values ; but the finer descriptions
have been neglected.
RUM.—The market is inactive, but prices are firm.
TALLOW.— A rather firmer appearance has been apparent
on the market, and considerable business has been done
for spring delivery. P.Y.C. on the spot and spring deli-
very 62s to 62s 3d, last three months 530 6d to 54s per cwt.