The Sun.
London, England, 1857-11-25 00:00:00

TO THE EDITOR OF THE SUN.

SIR, —lt appears to be the general rule with the greedy
and grasping old woman of Threadneedle-street, when
any of the joint-stock banks in temporary difficulties
request her assistance to enable them to weather the com-
mercial panic (which her unmerciful use of the bank screw
to 10 per cent has inflicted upon the trading community),
to dictate to them, and insist upon their winding up their
business, as the only condition on which she will grant
them the assistance required ; though, as a matter of
course, every bank requesting her assistance offers the
most undoubted and satisfactory security, as in the case
of the Wolverhampton and Staffordshire Banking Com-
pany on Wednesday last, when the directors tendered
the deeds of their private estates, though, the bank
is perfectly solvent, and with 150,0001. surplus, and the
security offered for covering the amount asked for, anti
for which so high a rate of interest would be paid ;
but the result was a refusal of assistance unless they
would wind up the bank ; as it was also to the Western
Bank of Scotland, and assistance, on Eillel terms, very
properly rejected in both cases. We do not hear of any
such condition being required of the large American
house, which obtained her assistai ce on Thursday ; but
this dictatorial spirit seems reserved for sinter banking
establishments, and it will remain for the public to con-
sider when a renewal of the Back Charter is applied tor,
whether this settled policy of the Bank of England is not
the remit,- of a greedy and grasping desire to suppress as
many of the other banks, and banks of issue, in the
country, as possible, that she may extend her own
branches, and issues of notes, to fill up the vacancies she
is trying to create ; and it will remain for their further
consideration, if the misery and rain, at present
jell cted upon the country by the 10 per cent.
minimum rate, was not intended, in part, to
ruin and suppress that very useful class of the bank-
ing community, the discount houses of London, whom
they now compel to have t 3 pny 8 and 9 per cent. far
money on call, against bills now running they will
have discounted two or three months ago, at five
and-a
-half and six Der cent. One highly honourable
-and greatly respected house, Messrs. Sanderson, San-
deman, and Co., they have already brought down, and
have so pel'plexed and disgusted the otheri with the
usurious rates they have establivned, that they, knowing
the trade of the country can never stand ouch rat.,
now almost refuse to do any business, and hence arise
the numerous failures of perfectly solvent houses, to the
disgrace of the monetary !awe of this commercial country.
The higher the Bank of England can raise the rate of
interest to, even if to 20 or 30 per cant. (which their
supposed paid organ the Tinses is s.o disappointed at the
breaking down of the 1844 Act, and Overstone theory
haying frustrated), the greater are their profits; but any
approaeh to such rates would have swept away their
rivals in easy times—the Lombard-street discount houses 1
—and would have played nearly all the mill property,
and many of the finest estates in the country, at one
quarter of their real value int ) the coveting bands of
Overstone and Co. These grasping and greedy men re-
lying upon the bullying " thunder of the Times and t'ht
shrill squeaky of the penny whistles," screening Om fr,,in
the consequences of thus plundering the commercial
community, and robbing the working man of half or
three-quarters of his weekly wages, by the rapidly-
increasing short-time working, or entire closing
of nearly ail the milli in the country ; arid clus-
in," their eyes to the fact that a continuance of
1,0 per cent.—not to mention the 20 or 30 per cent. they
aim at—by aggravating the above evils, can only lead to
insurrection and revolution at home, necessitating the
neat of our troops from, and the abandonment of India,
cod wi.h one evil following another in rapid succession.
It will than remain to be seen what will become of the
National Debt, and the 14,000,0001. of Bank of England
notes based upon it, and riot upon real property or
estates, as the issues of joint-s'.ock banks throughout the
country are.
__ OBSERVER.

Itociadale, Nov. 21.

COWES, ISLE OP WIG UT.—Nora. 24.

(PROM OUR OWN CORRESPONDENT.)

ROYAL•YACHT SQUADRON INTELLIGENCE.
The members of the Royal Yacht Squadron removed
on Saturday last from their old Club•house, on the
Parade, at West Cowes, to West Cowes Castle, which
they have taken from the Government on a 42 years'
hue from Michaelmas, 1855. A number of workmen
have been employed on it for nearly two years in enlarg.
ing and embellishing it, and it is now considered the
finest yacht club-house in the kingdom. The Squadret
had held the old club-house thirty years.
The schooner yacht Titania, 181 tone (R. Stephenson,
Bsq , M.P.), is at present the only one in our roadstead
Thera are very few yachts building at this time, but
we hear several gentlemen intend building after Christ-
mas. Inman has a yacht of 160 tons in a very forward
state for Lard Yarborough, ono of 110 for Lord Loathe-
borough, and another, same size, for Sir G. East, Bart.

A Cabinet Council was held yesterday at the official
residence of the First Lord of the Treasury in Downing.
street. The Ministers present were—Viscount Palmer-
ston, the Lord Chancsilcr, the Marquis of Lansdowne,
the Earl of Harrow by, Sir G. Grey, the Earl of Claren-
don, Mr. Secretary Laboochere, the Chancellor of the
Exchequer, Sir C. Wood, the Right Hon. R. Vernon
Smith, Lord Stanley of Alderley, the Duke of Argyll,
and the Right Hon.. M. T. Baines.
The Marquis Conyeghaca has left the St. George's
Hotel on a tour of visits. _ _

The Earl of Aniesiey has arrived at the St. cleorge's
Hotel. •

Lord and Lady Londesborough leave London this day,
to pass the winter months at their castle at Canner, in
the South of Francs. They have been receiving a sac-
cession of visitors in Yorkshire during the autumn.
Sir William and Lady Middleton have been entertain-
ing a succession of visitcrs, at Shrubland Park, during
the past week. The guests have included the Countess
of Jersey and Lady Clementina Villiers, the Earl and
Countess of Gosford and the Ladies Acheson, Lady
Howard de Walden and the Hon. Misses Ellis, Eord
Waiter Scott, Lady Caroline Cast, Sir Henry 'Dotterel!,
and Mr. W. Peel.

General Rayusford and Mrs. Raynsford have taken
their.departure foom Ed wardellotel for Henlow Grange,
near Baldock. Mrs. Parker has left the same establish-
ment for Chelmsford.

Mr. and Mrs. Sheppard have left Farrance's Hotel,
Belgravia, hr their seat, High-house, Woodbridge.
THE ACCIDENTAL DEATH OF CORNET ECHALAZ, OT
THE 7TH DRAGOON GIIARDS.—An inquest was held yes-
terday, in Canterbury, upon the body of the late Cornet
Richard Charles Rebalaz, who was killed on Saturday
last by a fall from his horse, as described in the Sun of
yesterday. Mr. Thomas Delasaux, the coroner, opened
the proceedinv,s, and. after the exainination of eeveral
witnesses, the jury returned a verdict of accidental
death

PRIGS OF GOLD —The qa)tatian of gold at Penis is
about 9 per waffle premium, and the short exchange on
London is 25.40 per 1/. sterling. On comparing these
rates with the English Mint price of 3/. 17e. 10(1. per
ounce 'or standard gold it appears that gold is about
the same price in Paris end 14,,nd0n. By advices frdm
Hamburg the price of gold is 424 per mark, and the
short exchange on London is 13 71 per 11. sterling.
Standard gold at the English Mint price is therebro
about 1 3-10ths per cent dearer in London than in
Hamburg. The course of exchange at New York on
London for bills at 60 days' sight is about 108 per cant ,
for first-class paper; and from that price to 106 per cent.
for other description. At the present rate of discount
here. there is, consequently, no profit on the transmis-
iaon of gold from thia country to the Uuited States.