The Sun.
London, England, 1857-11-09 00:00:00

TO THE EDITOR OF THE SUIT.

SlR,—Yours being the only journal which has boldly
and consistently argued the probability of the occurrence
of the present crisis, and as boldly and consistently
suggested and demanded a remedy, I, although hitherto
a Conservative, and still a Protectionist (unless free
trade be reciprocated by our neighbours), venture to
address a few words to the public thronah your columns.
How is it that merchants, manufacturers, and others,
who, after the warning they received by the operation of
the "Bill of 1844 " in 1847, have endoavourel topursue
their various occupations, with increased industry, but
with ten-fold caution, now find themselves unable to
obtain banking ac3ommodation o❑ the best security,
say, property with ample margin, represented by bills
drawn and accepted by parties of undoubted means, but
not at the moment available in gold or Batik of Englat;d
notes ? •

that these industrial parties have 'seen over
trading, or dealing in accommodation paper ? No. The
red-tape crew and the " Overstone" n'cool may say that
they ought to have sufficient bala6ices at their bankers
to pruvide for their acceptancies without requiring dis-
counts. But suppose, even if inclined to make every
sacrifice to sell, commodities cannot be realised for cash,
in quantity, or parted with to others fcr bills which ap-
pear certain to be paid at maturity—what are prudent
and sot rent traders to do ? Further, if they can get no
paper discounted, and those to whom they sold three
months ago are in the same fix, and although solvent,
cannot find gold or Bank notes, how much further is the
evil aggravated

But who is to blame ? The individuals in question 1
No ; if this country is to continue to trade ; for they
never held a share in Bank or Railway, or dabbled in
Console or Telegraphic Companies, but have attended
to their own legitimate business, yet still the cry of such
men is, what are we to do ? we cannot get our paper,
well represented as it is, discounted !
In 1846 I, much ridiculed, proposed at much length,
in the columns of one of your morning contemporaries,
that "free trade unreciprocated," with a fettered cur-
rency, could result only in a terrible smash and discom-
fiture of the ,Cobden, Overetone, and Wilson theorists.
And what is the result ? If the Bank Act of 1844 is not
modified or repealed within a fortnight, will not all the
trade profits of this country, accumulated during the last
ten years, have been dissipated ? And why ? Because
honest, blunt, and cautious traders cannot get discount.
And if no remedy is applied, and quickly, the good,
indifferent, and bad must fall together, like a rope of old
onions—the good and bad together, from the fault of the
string connecting the whole.

Whu has got the money accumulations of the past 10
years ? The moneyocracy, and the countries who sold
us dear grain during the Russian war. Tnose countries
who have supplied us with cotton, silk, sugar, hides,
tallow, coffee, cocoa, &c., at double the cost of produc-
tion. We have not gone ahead in railways, &c., in this
country, and the high rate of interest has interfered with
tho negotiation of foreign loans. But I aver that we
have plenty of money capital available nevertheless. It
is the FEAR of the "Bank screw" ALONE, which prevents
good paper from being discounted freely.

It is true that our transatlantic cousins have robbed
us of a vast amount of money, obtained under false pre-
tences, but such lossen fell in certain quarters, and the
effect would have been local, not general ; severe, but
nut overwhelming. But just at the time when the drain
of bullion was ceasing for China, the EAST INDIA COM.
PANIC STEP IN, and, in order to carry oa a war of their
own creation, borrow the money in London, so much
needed at the moment, convert it into silver, to pay for
which the Bank of England is drained of gold, and thus
the reserve of notes grows "beautifully less," and hence
the cry is, no discounts ! Bur WHO IS TO BLAME ? Not
the cautious and solvent trader; he does not care if India
is governed by Nana Sahib, so long as he is not ruined !
he would have been content never to have heard of the
" monster," nor would he, if the East India Company
had, checked by the Board of Cjntrol, been competunt
to govern India, (upon Exeter Hall principles), or,
when the mutiny broke out, had acted with the sagacity
of even a " British Bank director," and had prevented
the Bank of Bengal from advancing silver to the natives
upon Government securities, for the purpose of hiding it,
and so have avoided that scarcity of money in Bengal,
which is proving to make it even scarcer here.
This, I aver, is the result of the Indian Mutiny ; and
in answer to the
.question, " Who is to blame !" I aver
that our Government alone is to blame, by allowing
Lord Dalhousie to inflame the passions of our Indian
subjects, and Lord Canning to make bad worse, by re-
fe'ing to put down the mutiny with a strong hand when
able to do so, and by thus and otherwise so deranging
his finances, that his masters here have been obliged to
rob us of our currency, and thus throw the whole finances
of Great Britain out of gear.

If, during the coming winter, the operatives and
mining labourers are unemployed, and regarding, as they
will do, that under " free trade" and the boasted mag.
nitude of our exports and imports, somebody must be to
blame, they fix that blame on Government and the East
India Company, the militia may see come home service.
Therefore I say, let discounts be made available for every
solvent trader who can show good security, and let it be
looked to quickly Each day proves the danger of delay.

I am, sir, your obedient servant,
CIVIS BRITANNICUS.
London, Bth Nov., 1857.

REPRESENTATION OP FINSBURY.—We regret to hear
that the state of Mr. Thomas Duncombe's health is
so very unfavourable as to render it probable that
there will be a speedy vacancy in the representation
of Finsbury.— Morning Advertiser.
LIVERPOOL, Nov. 7.—The Royal mail steamship Nia-
gara, Wyckman commander, sailed hence this afternoon
for Halifax and Boston, having on board 119,958/. 103.
in specie and 104 passengers, among whom was the
Hon. Mr. Sumner, of the United States' Senate.
THE OVERDUE AUSTRALIAN MAIL.—The overland
Australian September mail, per Emu, now five days
overdue, is anxiously looked for • and great disappoint-
ment is felt by merchants and others that she has not
been announced in due course, more especially as utiles
she comes forward promptly, there will be no opportunity
of replying by the outward mail, which leaves South-
ampton on the 12th, and via Marseilles, on the 16th inst.
If the steamer was despatched at the proper date we
shall have advices from Sydney to the 11th, Melbourne
the 15th, and from Adelaide to the 10th of September.
There will not be a regular mail from the latter place,
as South Australia has refused to join in the postal sub-
sidy under the present arrangements for the transmission
of letters from England; but the receipts of letters and
tapers are, nevertheless, calculated upon to the date
mentioned.—Mining .Tournal of Nov. 7.
THE PENINSULAR AND ORIENTAL CO.'S STEAM FLEET.
SOUTHAMPTON, Nov. 7.—The new screw steamship
Nemesis arrived here this afternoon from the Clyde, in
charge of Captain Black, and forms a valuable addition
to the extensive fleet of steam vessels belonging to the
above-named company. She left Greenock at one
o'cleck on Thursday, and has made a capital run round,
arriving at -the Needles at 2 p.m. to-day, and at 4 p., ;
was at the dock jetty. Tee Nemesis has been built and
ngiued by Messrs. Todd and M'Gregor, of Glasgow,
and is of 2,600 tons (builders' measurement, 2,516), and
600-horse power. She has two engines, on the trunk
principle. Toe diameter of the cylinder is 851 inches ;
length of stroke, 54 inches ; diameter of air pump, 48
inches ; stroke, 24 inches ; diameter of large cogwheel,
15 feet 11 inches ; diameter of pinion, 8 feet 1 inch ,
diameter of propellers, 17 feet : pitch, 23 feet 6 inches
diameter of crank shaft, 171 feet, and of screw shaf:,
131 feet. The engines are started by a new invention,
a small engine being affixed for the purpose of setting
them in motion. The Nemesis is ship-rigged, and the
following are her principal dimensions :—Lerieth over all
301 ft.; width of beam, 41 ft.; depth of hold; 191 ft. She
ie a noble-lueking vessel, and is one of the strangest
boats ever built on the Clyde, having a strengthening
plate all round her two inches in thickness, placed jest
above the wales. Accommodation is provided on board
for 150 passengers, 125 of them first-cla-r. One of Ler
boats is fitted with Clifford's patent lowering appara-
tus, and one witle Captain. Guthriser ; and the vessel
is supplied with apparatus for converting salt water
into fresh. According to present arrangements the Ne-
mesis will go out on a trial trip some day next week, and
will be dispatched for Alexandria with the next outward
India and China mails ou the 20th inst., on returning
from which voyage she is to proceed to India, to take
up her station on one of the i .t)rcolonial routes. Tiara,.
other steamships for the company are rapidly approach-
ing completion—viz., the Benares, a silver ship to the
Nemesis, the Salsette, of 1,500 tons, building at Glise-
gew, and the Northam, of 1 500 tons, now being built
by Messrs, S immers and Di y of this p
Loss or TEE ENGLISH Sail' FR NO le AND nen X
LIVES.—Toe following is a Cepy of a despatch which IthB
been received at the Marine Depot of the Board cf Trade,
announcing the 10-s of this shii!:— "British Consulate,
Ningpo, July 28, 1857.—Sir, in. conformity with the
instructions of consuls, based on the provisions of the
Merchant phipping Act, I have the honour to r; port to
you that on the 18th instant, the British ship France,
Captain So itt, master, was lost io a typhoon, near a
island about half-way between this port and Shangae
Twenty-five of the crew were saved, andarrived.a- t)
consulate on the 24th inet. They state that, dui
at, unit g the
storm, the veesel ran ror.an smote rage under the island
referred to, but, after anchoring, she soon commenced
to drive, and was eventually deehyl to pieces on the
ronns. The master, Captain Seott, the chief mate (Mr.
Rowland), eighteen seamen, and oue Chinese girl, lost
their lives ; the others of the crew (twenty-five) get
saftly ashore and remained there tbree days, durino
which time no part of the ship cr cargo was seen on
shore. From the statements of the crew it was evident
that the ship had been entirely destroyed, and it there-
fore did not appear necessary to despatch any one from
this consulate to t, ke charge of the wreck.—.l have &c.
(Sig Led), T. T. MEADOWS, Vice-Consul Charge."

LATE S. F NE WS:

BRUSSELS, Nov. S.

The Moiliteur Beige announces that there will
not be a royal sitting for the opening of the
Chambers.

The latter will meet iu their respective halls,
and proceed to the verification of their powers.

It appears less certain that it will be a Liberal
Cabinet that will proceed to a dissolution.

By intelligence from Malta, of the 4th, it ap-
pears that the Porte, in the exercise of its Sove-
reign rights in the Regency of Tripoli, has sent
Nusret Bey to take the command of the Tripoli-
tan troops against the Arab Chief Gouma. Nusret
had arrived at Tripoli. The fleet of Admiral
Lord Lyons is at Candia.

The Bank of Prussia has raised its rate of dis-
count from 6 to 7 per cent.

FRANCE.
PARIS, SUNDAY EVRNING.
The ministerial crisis in Belgium still continues.
All that is known in addition to the information
received yesterday is that M. Rogier, after his
audience with tie King, proceeded to the residence
of M. Frere-Orban, and had with him a long con-
fera.nce.

M. de Kisseleff, the Russian Ambassador, will
return to Compiegne on the 16th ; he has long been
in possession of his invitation, so that all the sur-
mises built on his absence from the festivities are
without foundation.
The Moniteur is filled with extracts from the
English papers, the Annales du Commerce Ex-
terieur, several columns of a romance translated
from the Spanish, and more than one quarter of the
whole journal is devoted to a continuation of
Historical Studies of the 17th Century. Thee curi-
ous specimens of journalism of course offer no
temptation for extract.

BOURSE, Nov. 7.—Tlio following wore tho last
quotations : •

Cash. fr.
4i per Conte

End of Month.
—fr. - -r,:.

3Ver Cents 6'i 80 67 5
Bank Shares 0970 Credit Foncier 512i—
Credit Mobilier 770 Roman -
Do. Account 773 75 Austrian
Belgian 41 (xc1)...... -- Spanish Threes —
Fiedmoutese (5) 9O Home Debt