The Sun.
London, England, 1857-11-06 00:00:00

(From the /Warming Post City Article.)

The discount. houses have raised the rate for
money "at call" to 8 per cent., and, with seveit
Mays' notice, to 81 per cant. The National Discount
Company offer B.k and 8 per cent. respectively for
money at call, and at short notice. The joint-stock
banks have raised the rate of interest upon deposits
to 8 per cent. per annum. It was generally under-
stood when the Bank rate was raised to 8 per cent.
on the 19th ult., that, in the event of a further in-
crease in the minimum rate, no change would be
made iu the interest allowed by the banks and dis-
count houses for money placed with them for em-
ployment. This intention has been frustrated by
the action of one joint-stock bank, and much dis-
satisfaction has been expressed in consequence.
That the rates offered by the discount establish-
ments and basks for money were sufficiently high.
at 7 to 7i per cent. per annum to bring in a supply
of money can scarcely be doubted, but it is ques-
tionable whether the enforced advance of the terms
will not have a contrary effect ; at all events it will
deprive the discount establishment to a great ex-
tent of the power, of competing with the Bank of
England, as they have not a sufficient margin of
profit to admit of any groat reduction in the rate
at which they will grant discounts to the commer-
cial community. The public have, therefore, but
little ground for thansfulness in the selfish policy
of the Bank to which we have alluded, however
satisfied capitalists may be to gain au additional 1
per cent. on their money.

THE AMERICAN PANIC.

(From the Derbyshire Courier.)

The state of commercial affairs in the United
States is such as has never been equalled within the
memory of man. The New York City and State
Banks have suspended specie payments in a body,
and their example has been followed by the Banks
and Banking Companieaof Boston, Baltimore, and
Albany, and other places. Indeed the suspension.
of cash payments is, and must necessarily now be-
come, almost general.

When Mr. Alexander Henry Wylie, an experi-
enced Liverpool merchant, was examined before
the Committee of the House of Lords on the com-
mercial distress of 1.847, he made this statement :--.
"So far as I have been able to compare different
systems of banking, and to look into the subject, I
believe that in no part of the world whatever is
there a system of banking more perfect than the.;
now working under the General Banking Law of
New York. It has now been in operation ten
,years ; and it is found.to answer securely and pro-
fitably : that is, profitably to the proprietary, and
usefully to the public. The great peculiarity of the
General Banking Law is, that it enables any party
or parties desiring to form a Banking Association
to do so, on complying with certain provisions of
the law—the principal of which is, the deposit with
the State Comptroller of an amount of State Stock
equal to the amount the projected Banking Asso-
ciation intends to issue."

When this remarkable statement was made by a
gentleman of commercial intelligence and experi-
ence, there were doubtless many persons prepared
to believe that the Americans really had " profited
by t heir pa,t experience," and that they would feet
sufficient confidence in security banks to abstaht
fri m any measures calculated to diminish their sta.
Lility.

Tile result proves that under no system, however
well cow rived, can a circulating medium be devised
to ensure safety where it is placed upon a metallic
bwis.

Had the New York banks been obliged to pay
in notes issued by the United States Government,
and receivable for taxes, with the option of paying
in gold at its market price, they would have pos-
sessed a stability far greater than the deposit of
any amount of State stock can confer. With thq
drain of gold, consequent on the silver drain, has
come distrust, alarm, panic ;—till eventually all
securities becoming depreciated to an extent which.
renders them no security at all, trade has hem
brought to an absolute stand-still.
The United States Bank have now done the only
thing which was left for them to do. They have
suspended cash payments, as the Bank of England
did iu 1797. This may, if properly managed,
enable the country to get over the commercia
crisis. It remains to be seen whether there 1:),,
sufficient financial ability in the country to establish
on the ruins of Bullionism a safe and steady system
of unconvertible paper currency. If not, the im-
mediate pressure will be removed only to return at
a subsequent period with increased violence and.
destruction of property and credit.

STATE OF THE CURRENCY.

( From the Derbyshire Courier.)

Nothing appears yet to check the exportation of
silver. Large sums must be sent to India, and
larger sums will, in all probability go to China.
Our gold goes out of the country. But a worse
misfortune has happened to us. Common sense has
gone out of the country. How, otherwise, could
it happen that such a state of things as that whicla
we now see could be allowed to exist ?
Since the fatal time, in 1616, when theorists
and currency doctors began to tamper with the
monetary system which ivid carried this country
safely and prosperously through a period of un-
exampled difficulty anti national expenditure, w
have had warning upon. warning to convince u
that our present system is erroneous in principle
and most pernicious and ruinous in practice.
Yet, here we are, in 1857, listening to the call
exploded fallacies of the Peelites, and reaping the,
bitter fruits of their impracticable and contemp.
tible "experiments" on the currency. The Eng.
lish people appear to have learned little by the
misery of 1819, by the ruin of 1825, by the de.
pressions of 1836 and 1837, and the panic of
1847. It remains to be seen whether a little
common sense in financial matters can be beate
into them by the ruin now spreading throughout
the country.
How many solvent and princely commercial
houses, which years of patient and enterprising;
industry lotve have alrca&iy rallea.
.rjet;uls, Kancl,lter,
ilavt, loan ,110,4 ilPstructive casami-
IlrAtiford, Liverpool, am!
tic s.

It is eviii,,nt that colinheicial experience and
ability, with trade iii its most " healthy" condition,
and with, the fortuti`,"Pus advantage of the immense
treasures of precious metals brought in from. Aus-
tralia, are insufficient to. withstand the pernicious
operation of our absurd and childish monetary sys-
tem.
al on our-
cuErrveenneytahreramngisetmakeenstsoafetomurosntieni
iguhrib.oluursyin their
But this
selves. We have not yet seen the enal
I is dleaolredresrsalazel
badtrade. Last
eobsYcharged from
certain, that the evil will extetundent
dexegerepeetsedo.f men—capitalists
" Glasgow is suffering from
edi
week no less than 500 girls
where they had eat employed
1 one establishment,
as sewers.
This will go on, and Lord Overstone will make
another million.

Forty workmen destined for tits works on the Roman
railway have left Marseilles for Civita Vocable. These
men bad been previously employed CI

E R MAJESTY'S THEATRE.
JIILLIEN'S CONCERTS.
MDLLE. JETTY TREFFZ THIS EVENING.
The Indian Quadrille and General Havelock's Triumphal
March, dedicated to the Heroes of India, is in active re-
hearsal, and will be produced on Monday next, Nov. 9.
Prices of Admission—Promenade, is ' • Upper Boxes, Is. ;
Gallery, Is. ; Dress Circle, 2s. 6d.; Private Boxes, 10s.
6d. and upwards.
Prospectases, with fall particulars, may be had at the Box-
office of the Theatre ; of all the principal libraries ; and at
Jullien and Co.'s 214, Regent-street
The Concert will oommence at Eight o'clock.

THEATRE ROYAL, HAYMARKET.
Lessee—Mr. J. B. Buckstone.
PHIS EVENING, to commence at Seven o'clock, with
Sheridan Knowles' comedy of THE LOVE CHASE. Con
stance, Miss A. Sedgwick.
After which, BOX AND COX. Box, Mr. Buckstone ;
Cox, Mr. Compton.
Followed by MAKE YOUR WILLS.
To conclude with THE GALICIAN FETE.
Orchestra Stalls (which may be retained the whole of the
evening), 6s. each. (No charge for booking.)
First Price. s. d. Second price. s. d
Dress Boxes 5 0 Dress Boxes 3 0
Upper Boxes 3 0 Upper Boxes 2 0
Pit
Lower Gallery 1 0 Lower Gallery 0 6
Upper Gallery 0 6No half-price to Upper Gallery.

ROYAL PRINCESS'S THEATRE.
Proprietor, Mr. Charles Kean.
LAST FM WEEKS OF THE TEMPEST.
THIS EVENING, will be performed Rkakspere's Play of
THE TEMPEST.
Preoeded by LIVING TOO FAST.

THEATRE ROYAL, ADEL PHI.
Lessee—Mr. Ben. Webster.

THIS EVENING, will be performed the popular drama
of THE GREEN BUSHES, in which Mr. Wright, Mr. Paul
Bedford, and Madame Celeste will perform.
After which, an original Apropos sketch, entitled THE
DRAPERY QUESTION ; or, Who's for India ? Messrs.
Wright, P. Bedford, C. Selby; Miss M. Wilton and Miss
Mary Keeley.

ROYAL LYCEUM THEATRE.—Lessee, Mr.
Dillon.—Under the joint management of
Miss LOUISA PYNE and Mr. W. HARRISON.

THIS EVENING, will be performed Balfe's new opera,
THE ROSE OF CA STILLE. Characters by Miss Louisa
Pyne, Miss Susan Pyne, Miss Marian Prescott, Mr. Weiss,
Mr. A. St. Albyn, Mr. G. Honey, Mr. Wallworth, and Mr.
W. Harrison. Conductor, M-. Alfred Mellon.
To conclude with (second time) a new Farce, entitled A
PAIR OF PIGEONS. Mr. G. Honey and Miss Cuthbert.
Private Boxes, £2 12s. 6d., £2 25., and £1 us. 6d. ;
stalls, 6s. ; Dress Circle, ss. ; Upper Boxes, 4s. ; Pit, 2s. ;
Gallery, ls.—The Box Office is now open daily, from 11 to
5, under the direction of Mr. Chatterton, jun.

ROYAL OLYMPIC THEATRE.
Lessees, Messrs. Robson and Emden.
TilIS EVENING, will be performed HEADS OR ['AILS.
Messrs. Addison, G. Vining, H. Wigan ; Miss Marston and
Mrs. Emden (late Miss Somers).
Followed by the new comedy, called LEADING STRINGS.
Messrs. Addison, G. Vining, H. Cooper; Mrs. Stirling,
Misses Wyndham and Swanborongh.
After which, the comedietta, entitled A SUBTERFUGE.
Mrs. airling, Mr. G. Vining, aad Mr. G. Murray.
Commence at half-past Seven.

ROYAL SURREY THEATRE.
Lesseos, Messrs. Shepherd and Croswiek.

THIS EVENING, will be performed AMBITION : or,
The Throne and the Tomb. Messrs. -Creswick, W. Smith,
Vollaire, B. Potter, Jackson, Belmore ; Miss Webster, Miss
M. Eburne, Miss Johnstone.
After which, a new Petite Comedy, UP IN THE WORLD.
To conclude with AVARICE.

CANTERBURY HILL, Westminster-road.—
OPEN EVERY EVENING.—The follow-
ng company of Vocalists are engaged for the performance of
Ssfactions from all the popular OPERAS, MADRIGALS,
CHORUSES, GLEES, DUETS, dtc., viz. :—Miss Russell,
Mrs. Badzey, Madlle. Marietta, Mrs. Palmyre, Ifiss Bru-
nel', and Madame Marietta; Herr F. Jonghmans, Mr.
Renshaw, R. Grover, T. .arrant, S. 'ones, J. Barker,
W. Melling, Senor Antonio, E. L. Rime, and Mr St.
Albyn; Messrs. S. Collins, W. T. Critchield, and E. Mack-
ney. Pianoforte, Mr. Cecil Hicks; harmoniums, Master
Williams ; Director, Herr F. Jonghmans. Commence at
Sevin o'clock precisely. Suppers, ckc., until twelve o'clock.

HIGH WATER AT LONDON BRIDGE.

True DiT—Morn., 23 min. aft. 4—Even., 49 min. aft. 4
To-Momtow—Morn., 15 min. aft. s—Even., 14 min aft. 5

THE WEATHER—StrN OFEICE, NOVEMBER 6.
THERMOMETER, IN THE SHADE.
62—highest since noon yestm day.
52—lowest this morning and during the night.
57 —this day at noon.

BiLZORNIIIR, 30.04—rising.
WIND, N.W. ; light, with hazy weather.

40 •„
mot .- ! '7;