The Sun.
London, England, 1857-12-01 00:00:00

.221,865,445
1,547,270
-- -220,318,175

Publio Deposits
Other deposits
Seven day and other bills

. .
4,766,394
8,580,509
947,013

ASSETS.
In the issue department—
Go Id coin and bullion
Silver bullion 1,120,091

54,612,0 n

7,865,445

In the banking department—
Gold and silver coin 447,246
—._— 8,31',691

Balance which the Bank could not pay in gold
or silver; 26,299,400
On the 11th Nov. 1857, the day before the sus-
pension, the state of the Bank of England was
th7s—

Notes issued £21,141,065
Deduct held by the Bank itself 957,710£20,183,355

Public deposits
Other dermits
Seven day and otter bills

5,314;F59
12,935,344
$53,075

39,236,433

ASSETS.
In the issue department—
Coll coin and bullion 6,666,065
In the banking department--
Gold and silver coin 0)1,443
7 170 508

Balance which the Bank could not pay in gold
or silver
... -
You 50,., then. not only from the argitments which
have been use', but from the facts and figures,
that this fair-weather measure, the Bank Charter
Act, - has, on two separate occasions--when its
true object, " the effectual maintenance of specie
payments," has been teste t has most com-
pletely and most disgracefully failed. (Loud
cheers.) You. cannot possibly convert the
enormous indebtedness of th;s great nation
into gold. The convertibility of the note at a
fixed rate has been demonstrated to be a mere
political fiction. But there is another, and a novel
aspect, under which this question has recently been
presented to the public. The Times, the organ of
the bullionist party, charges the whole of the
people of England with dishonesty. "Any man,"
it says, "who comes under an engagement to pay a
certain sum on a certain given day pledges himself
to deliver so many sovereiguq. No doubt," it says,
" bad not the Government letterbeen rap
wo peared2ol. to
on
would have th
to the general panic which
T3olllu. risedraycemnotney owing
would have been created," while we are subse-
quently told " the hard calculator sees the time at
hand when the gold he has prudently reserved will
be worth 15 ptr cent. The Government steps in
to frustrate the results of his patient enquiry and
reflection." This
,is the true way of putting the
case. Lord Overstone said in 1844, that the
terttuaple"
eml adieuctlearrieadu cLotf.
sophjeceicet
poafytmheenbtisll. wassitrheßnoffbe
4l
panicsl
objects
sh
adwaosectourrperdeiv'nell tBt2hse,
roenieietoift o its PfrisnuceihP
1837, and 1839, and preserve
us from commercial

depression and ruin. But in 1857, the long worn
rnaskisat length thrown off and the usurer stands

revealed in the face of day. (Loud cheers). It is
not the maintenance of specie payments alone, but
such a maintenance of specie payments as may com-
mand an usurious rate o finterest which they
nmay
oly so,r but
equireth (Hear,e
"bard calculator,"atid che )w. e
are
rnd
"to Itgar
not
expected that ho should be ablealso buy told,
silk, t all Sorts of articles atttvasti reduction."
A
ricl
But his expec`ations have been disappointed, "
thanks to Government." The producer (he say-)
ought as a matter of course to be sacrificed to the
consutner. Put the ca9e.of the farmer. A farmer
in prosperous times commonly makes the land bis
bank. Whatever capital he can by persevering in-
dustry, and the results of " patient inquiry and re-
Ilection," accumulate he invests iu the improve-
ment ( f his land in bettor management, better
cultivation of the soil and improvement of his stock,
and he naturally expects it willsecure to him the quiet
possession of ch© fruits t,f his industry. But how
nihtaken, is his calculation.
the .
man re
ba,
calcs I:Yen ano-
therut at work --this is T"
erhard "
fie has improved his acquaintance with Peel's
bill, and cultivated an acquaintance with the opera-
tions of the money market. A monetary crisis
comes. Gold goes out of the country, the bank