The Sun.
London, England, 1857-10-26 00:00:00

LONDON, MON DAV, OCT. 26, 1857.

The intelligence which arrived yesterday at
Liverpool by the Royal mail steam-ship Arabia
is of a very gloomy character. The panic had
increased in intensity ; an indiscriminate run for
specie was made on all the banks, even on thost,
of unquestionable solvency. Several were com-
pelled to refuse payment in specie during business
hours on the 12th inst., although they continued
to pay bank-notes and certified cheques, and in
the evening of that day the banks of New
York generally agreed, as a matter of self-
defence, to suspend specie payments on the
following morning, and appointed a commit-
tee to proceed to Albany, and request the
governor to eonvene the Legislature to consider
the necessity of enacting some law to give reief to
the present financial emergency. Wo are told by
the New York Courier and Enquirer, a highly re-
spectable journal, well-informed in financial 'mat-
ters, that the prevalent opinion was, that " a few
of the old strong banks combined together, to
force the majority into liquidation, and then con-
fine the business to a limited number. In doing
this the smaller banks were compelled to curtail
their opera4ions, and in the general restriction
many of the most wealthy,- honourable,
and useful firms
have been sacrificed."
Adding, «We speak within bounds, when
we say that this cause has driven 50,000 men
and women out of our workshops into idleness and
poverty. There was, in fact,
an almost
total
destruction of confidence anionse, an dthe chaosPe
orer
(query all) classes of the people,
ass
confusion prevailed in the City. It was utterly
impossible to convert any classes of security into
money. No quotations of foreign or domestic
exchanges could be given. The market values of
property, of stocks, of produce, &c., were all no-
minal.

And this is the state to which matters are
rapidly tending in this country, and at which they
must arrive if the monetary enactments of 1844
are continued in unabated rigour. The faint
hope entertained here was, that better news from
America would relieve our own pressure. That
must now be abandoned ;
impossible that n and it is by no means
new and more stringent regula-

tions will be adopted by the Directors, unless
they have a well -grounded hope of early and decisive
( measures of relief on the part of the Government.
These should no longer be withheld. Yester-
day was the tenth anniversary of the issue of the
well known letter of the 25th October, 1847,
and the virtual suspension of the Bank Charter
Act. The crisis is at present just as imminent
—the danger, in every respect, as great. As we
already pointed out, there are several elements of
confusion at present which did not then Exist.
The exchanges were then in favour of this country.
Now there is a heavy drain to India, China,
America, and to almost all parts of Europe. The
gold arrivals from 'Australia will be purchased
over our heads by strangers who can well afford
to outbid us in our own markets ; and it is vain to
hope for any from California, for they will all be
stopped in transitu to supply the more stringent
wants of the United States. , From whence,
then, can we look for relief ? What deus ex
enachina will come for our assistance ? Is
it not time, then, that we 10ked to our
own security, and adopted the necessary safe-
guards to avert a wide-spread destruction—the
ruin of all but wealthy capitaliits, who may be
enabled to double their already enormous fortunes
at the expense of the struggling community ?
In the Times' money article of this day (written
on Saturday evening) it is stated that " the
arrival of the American and Indian mails, now
due, will most likely settle the question as to the
prospect of any other further immediate move
ment." Well, the American mail has arrived, and
the tidings conveyed thereby is quite sufficient
alone to prove a real "settler." It is true
that the Indian intelligence has not yet come to.
hand, but we learn that the East India Company
have purchased 250,000/. worth of silver to be
transmitted by the mail of the 4th proximo, and
it is more than probable that a still further
amount will bo transmitted, and that the drain
will be kept up for some time to come. This is
another cause of uneasiness. Hitherto the remit-
tances were to, not from
.Lsadeuhall-street, and
from, not to the United States. How can we
stand up against it.
We repeat, then, the questioa we have fre-
quently put —At what time are we to adopt
means to avert the panic, and the incalculable
mischief that must arise from its operation ? Is
it to be in an early stage, or must the relaxation
take place in the last extremity, and when the
danger of general confusion has become immi-
nent t Must we suffer the commercial and manu-
facturing interests to be sacrificed to the
Moneyocracy, and then only step forward when it
is necessary to enable those who have profited
largely by the general ruin to realise and secure
their ill-gotten gains ? This time the deluge may
be more general than before, and if not averted in
duo time may sweep away the great with the
small, the millionaire with the struggling trader.
Exclusive of the painful tidings above commu-
nicated, the Bank Iteturne in Friday's Gazette were
eufficien tto cause grave apprehension. They showed
a decrease in the stock of bullion of 585,4651., au d
in the notes unemployed of 807,215/. The pre-
ceding week showed a like falling off in bullion of
552,7491., and of notes of 581,030/. These are
startling announcements within a single fortnight,
and we fear that, if we could know the state
on Saturday, there would be no symptom of
improvement. Why then is there not an imme-
diate demand for the assembling of Parliament to_
consider measures adaptedfor the crisis. This.tcp
ought to be adopted whether theeebe Government in
terference or matters are tobe allowed to take their
own course. Lord PALMERSTON will have to ac-
count for every hour's delay. The sufferers from
the monetary disturbance will not consent to be
willing victims, and retributive justice will await
those who have trifled with their misfortunes 1

'How will the Campaign Parliamentary begin ?
A' question which must be answered by another
question—What, in Feb. 1858, will be the news
from India ? It woukl be almost lucky for Lord
PALMERSTON if the February mails announced estate
of things as yet far from satisfactory. Patriotism
then might hush all squabbles, Mr. DISRAELI
would sting the Premier by sarcastic forbearance,
W. B. and Sir E. B. LYTTON would give him a more
frank support while fighting his country's bat.le.
and Mr. GLADSTONE and Sir J. PARINQTON would
perhaps merely publish a House of Commons edition
of their lectures on humanity to Sepoys. But hop-
ing, as we do, that the ebb of mutiny will by t'ea;
time not merely have commenced, but be rapidly
flowing out, it is curious somewhat to conjecture
how the game will be plgyed till Easter. There
will be Old India represented by the East India
Directors in the House, and Young India by Mr
BRIGHT, if well enougb, and all the more straight-
forwird Reformers—provided they happen to have
no relatives or connections in the Indian Civil
Service. The Board of Control will strongly lean
to Old India, but will not improbably, to a certain
extent, conceal its policy, till it sees whether it b 0
strong enough to bolster up the D )able Govern m en t
a little longer. That question is, of course, every-
thing, individually and officially, t) Mr. VERN-)N
SMITH, since who on earth would tolerate hint
as the clearly responsible Minister for India, any
more than Lord CANNING would have been tele-
rated for a moment as Governor-General, had it
been supposed that he would have had to suppress
a mutiny, or indeed to do anything &se there than
take his 25,0001. per annum, and countersign the
decrees of Messrs. DORIN, GRANT, and Co.
Then 'there will be the Reform business. If
Indian affairs be convalescent, or tending
that way, the Reform Bill must co=ne
on. Lord JoaN, we presume, must be very hard
at work on that business. Mr. OSBORNE wished
him in the Cabinet, pro heel vice at least, and he
himself on this business, enacts the responsible
minister, who cannot be expected prematurely to
announce his plans. We all somewhat wondered,
when he received an honorary address the ottaer
day at Birmingham, that the earnest Reformers
of that Radical town said not a word about Re-
form to the author of the first
the engaged nurse for t }:se Reform Bill arid
new one. It turns
out that this was
1"..,y his Lordship's
desire. Of perticultr
:ours° the inference was, that
his own Bill is being carefully matured ;
that are means at least to take a conspicuous post-
/3.0n on that question next session, either as the
Minister for the New Reform Bill, or as ihe
independent supporter of Government ; ready
either to supplement their work, if defective, or
to proffer his own if the Government proposals
incurably bad.

Lord PALMERSTON has been very lucky yet in
having a good pretext to keep out of the micon-
I getial subject of Parliamentary 'Worm. Russia,
Chin; or a short session, have come opportunely
to his aid,
reason, that
We hope, for eve
India will
nc.t avail him next year.
As wo have , shown already, it may be
his policy to take India and Parliamentary Re--
1 for together, hoping to divi]©
attention, and to
get off, both at home and in the tact, more easily
by doing so ; especially Ehould he escape through
session the presence of Mr. Counniv- and Mr.
MILNER GIBSON. We rather hope, b
..owev,r,
that the battle will be a pretty stiff one on both ,

the great questions of the session, and that the
nation will not allow its representatives to tolerate
equivocation or shuffling on either. It is quiet—
more quiet than is prudent, perhaps, on the
subject of Representative Reform ; but the
reason is, that it fully expects Government to ful-
fill its promise, and thinks there will be time
enough for action when the Ministerial plan is
proposed.

On the other subject it will not, as we
believe, be content with half measures regard-
ing India. There must be searching en-
quiry. We mu t not be tricked by Mr. ROE-
BUCK stepping forward, taking on himself
gratuitously the office of representing the Liberal
party, giving notice of a resolution for a com-
mittee of inquiry, and then, at the re-
quest of Government, withdrawing it.
Thorough inquiry there must be, and it
must be, not by a Royal Commission, but by an
independent committee of the House of Com-
mons, and of the House of L)rds too. We must
summon home a fair number of the independent
Europeans from Calcutta and elsewhere. We
must have residents in India unconnected with
the Company—the men who have by petitions
and public meetings, where the press is gagged,
asserted the rights of British subjects, and de-
nounced the incompetency of the Governor and
his Council.

We have already pointed out the vast import-
ance, in regard to India, of legislating at the
earliest possible period ; or, in the very homeliest,
but most expressive phrase, of " striking while
the iron is hot." The iron is hot now. England
is more warmly interested on the subject of India
than it has been within the recollection of any liv-
ing man. Her middle classes, her electors, are
interested, and while they are se, is the time for
Indian reform. We are, a- a nation, touched in
conscience for having handed over to a selfish
commercial Company the government of so
many millions of our fellow subjects. We
have awakened from a dream, and while
we are awake is the time to set things right. In-
dian debates will not drive members out of the
House next session, and they will be carefully
scanned next the morning by constituents who
never read an Indian debate before. The eighteen
directors with their 5001. a-year each, their chair-
man and deputy-chairman with their 1,0001.
a-year each, and the patronage divided among
them ; Mr. VERNON Smith, too, and his Board of
Control with its patronage, will, of course, all be
anxious not to canvass the merits of the
system of Indian Government, while every
one's eyes are wide open. All means will,
therefore, be used to stave off such questions till
another year, and till, it may be hoped, the natieia
will begin to lose somewhat of its present intense
feeling. Procrastination, the last and favourite,
and sometimes most successful, refuge of political
wrong-doers, will be the grand expedient.
Let not, however, the Old Indians and the
Board of Control be too reliant on such a poliey.
While every effort should be made by Reformers
to bring the Indian Adrninistrat ion under the most
rigid scrutiny in the ooming session; yet, if these
efforts fail, it may not serve the purposes of char- '
tered abuses so much as is expected. If the fer-
vour of the interest now taken in India !Subside
somewhat, the determination of the country
to do its duty by its almost innumer-
able, but hitherto neglected, fellow-subjects, may
not—we trust will not—subside. The Anglo-
Indian press will regain its liberty, independent
Anglo-Indians will find advocates of their views
who will not ret the pul3liC sleepy and the session
of 3850 may b'e better instructed in East India
Company delinquencies, and altogether more
wary in the right direction, than that of 1858.
Still, we repeat, and stand by our homely motto
on Indian matters, to " Strike while the iron is
hot."

DEATH OP LADY JAMES GEAHAM.—On the 25th inst.
at the Pavilion, on the Parade' at West Cowes,
.after a
long and painful illness, died Fanny, the wife of the
Right lion. Sir James Graham Bart., in the 64th year
of her age. As her ladyship's dissolution had been
almost hourly expected for the past moutb,all her family
had assembled round her—Sir James, the Hon. Mrs.
Deneombe, and the Mums Graham being with her in
her last moment. By her ladyship's particular wieb, her
body will be depoiited in a vault at \Vbippingham, Isle
of Wight.
The Duke and Duchess of Richmond and Lady
Cecilia Gordon Lennox are expected to leave Gordon
Castle, N. 8., the week after next for London, en route
to Goodwood for the winter. The Duke and Duchess
purpose paying visits en rout* to the south.
Lord de Grey has sold his Marine Villa at COWAN, to
P F. Bluett, Esq., of Holcombe Curt, Wellingten,
Somersetebire.
TiH KING 08 PORTUSAL'S MARBIAGE.—Count Lay-
radio, the Portuguese Minister to England, made a:for•
mat dereald at Sigmariugen on tbs 214 inst., of the
hand of the Princess Stephanie for his ina.ter the King
of Portugal. The Princess Stephanie was born on ti'e
15th July, 1837, and is the daughter of Prince Charles
Antony of Hohenzollern Sigmaringen, who abdicated his
little torrit,ry in Docember, 1849, iu favour of tholi,ni
cif Ponca, conditioning for the title of " It iyal Hull
ness," and the rank of a younger prince of the royal
hawse. '

According to the
,lates' arrangements, Prince Frede-
rick William wilt come to EnglAnd in the early part
n month, and stay of our Court until after the birth-
day of the Princess 11.)yal.
A to'egrion from dated 25th instant, an-
,noucccs the death of M. do Niebuhr, the CAbinet Coun-
cillor. •

A circular Las been addressed by Lord Clarendon to
the Britiali Ministers at meritime Courts, directing them
to call the attentien of the Governments to which thol
are accredited to the facilities afforded fur merchant ships
of all nations to make known their identity when meet-
ing British vessels at sea, or pawing signal stations on
the coast of the united kingdom. To effect this, appli.
cation must be made to the Registrar-General of Sea-
men, who, on reoeiv ing particutArs of name, tonnage,
part of registry, and national fltg, and horse-power if a
steamer, will apt:cop:late a distinct signal for each rascal,
comprising four of the flags used in the Commercial Code
autivtise.l by the B.laril of Trade.
The Myeriarket Toeslre programme announces the
repetition of " The Lady of Lyons)" on Monday, Toes
day, and Friday, and on the other evenings in the week
" The Love Chase)" in which Miss Amy Sedgwick ap-
pears. The °grimly of " Victims" will be played as an
afterrieee on the three first-named evenings.
After the new comedy of " Leading Strings," which
will be the chief dish of the Olympic entertainment
during the week, a new farce by Mr. Palgrave Simpson,
entitled " Deadly tivorts," will be produced thiseven-
jog. " A Subterfuge' will be the concluding piece.
The Acielphi management have re-engaged Mr. T. P.
Cooke for six nights, who will appear in the popu!ar
dramas of "My Poll and My Partner Jue" and
•4 Black-Eyed Susan," precsded by " Urgent Private
Affairs." Oa Wednesday an-apropos sketch, entitled
" The Deanery Question ; or Who's for India I" wilt be
produced,
Knowles's play of " Love" will be represented by
Mr.Ciarence Holt, at the Marylebone, the first nights of
the Week. The " Beggar's Opera," this evening, wil
introduce two new actresses; Miss Fanny Lindon mad
Miss Emma Ansley, to the London public.

.
The New ivltxiciii drama of "The War Trail" will
form the piece de re3istance, duriog the week, at

The suecesaful drama of "Ambition" will be repeat,A
every eVenil34 dut•ing the week, at the Surrey. Another
draws, entitled "Avarice," will bi the second piece
every Light.

At the National Standard, Mr. Anderson And Miss
Eleworthy will appear every evening in the popular
drama of " Clouds and Sunshine ;" the afterpieces will
be "Ban, the Boatswain," and "Baphegor,"
M. Salvini, the eminent Italian tragedian lately in
Paris is now, we-learn by the Milan k.urnals, acting
in that city with the most brilliant succees,
the baritone, has returned from America, and
is now'singing with success in Romcb
Mm. Nuptal Arnoult has cancelled her engager rent
with the director of the Gaite, paying hiin forfeit of
12,000 f., having accepted a lucrative offer for St.
Petenburg.
Mum. Bosio and M. Taniberldt have been received at
the Op ra Hone in St. Petersburg with flattering marks
of favour Ey the Royal Family and court.
Mme. Catherine Hayes passed through Paris this
week ea rduee for Pau, where she propses to pass the
inter iu compiete ret.irenent.
GRAND FRUIT Snow OF THE HORTICULTURAL SO-
OIETY.—This splendid exhibition of fruits, open to the
cJrupetitiou of the whole world, took place on SatuHay,
at Willis's Room; St. James's, and attracted vast
numbers of visitors. The display was, indeed, a most
gorgeous (711 e, Ulikti it excited the most enthuslasti9
Praina.

THE NEW SPANISH CABINET.
MADRID, 00T. 26.
The Cabinet is now definitively constituted, and
is as follows a—

President of the Council and Minister of War
—General Armero.
Eitaddo and 171tramar—Martinez do is Losa.
Gracia and Justicia—Casaus.
Fivance—Al-xandro Mon.
Marine—Bustillo3.
Gobernacion—Bermudez de Castro.
Foniento—Salaveria.
Governor of Madrid—Marques do Cobera.

THE KING OF PRUSSIA.-DELEGA-
TION OF THE ROYAL POWERS.

The following telegraphic despatches have been
received from Berlin

SANS-SOUCI, FRIDAY, OCT. 23.

A cabinet order, resulting from the formal
opinion of the physicians, who state that the King
must abstain for at least three months from all
affairs of government, confers upon the Prince of
Prussia the direction of the supreme affairs of
the state for the said period of three months,
unless, contrary to all expectation, the King's
health should be re-established sooner.
The order of the Cabinet invites the Prince to
take upon himself the execution of its provisions.
BERLIN, SATURDAY, Oar. 24.

To-day at noon the ministers of state assembled
at the palace, and the Prince of Prussia received
the delegation of power for three months, in
virtue of a cabinet order signed yesterday by the
King, and countersigned by Baron von Man teuffel.
The bulletin of the King's health, dated from
Sans-Souoi, this morning at 11 o'clock, states that
during the last twenty-four hours the state of his
Majesty has been most satisfactory.
BERLIN, SATURDAY EVENING.

His Royal Highness the Prince of Prussia has
addressed to the Ministers a statement, in which,
after announcing his acceptance of the royal powers
conferred upon him, he declares it be his firm
will to conform faithfully to the constitution and
laws of the country, and to direct the affairs of
the Government according to the King's inten-
tions, known to him, so long as his Majesty shall
think fit.

The Prince adds that be expects from the army,
the functionaries, and the subjects of the King, that
they will pay him due obedience. The Ministers
collectively, and each of them individually, will re-
main charged with the same responsibilities as be-
fore. The Ministry of State and the several de-
partments, together with the military and civil
administrations, will be maintained in the same
conditions.

The decrees of the Prince will bear the signa-
ture :—By delegation of his Majesty the King
the Prince of Prussia.

The Prince prays God to grant him strength
and grace to execute his mission to the King's
satisfaction, and for the good of the country, and
hopes that the re-establishment of his Majesty's
shattered health will soon put an end to a mission,
which he has accepted in deference to the King's
orders, and from love to his country.

The Cabinet order above referred to is as fol
lows :

" To THE PRINCE OF PRUSSIA.

" Royal Highness and dear Prince,—As, accord-
ing to the prescription of my physicians, I must
keep myself aloof from all business of State for at
least three months, I herewith commit to your
Royal Highness and dear Prince my proxy in the
supreme conduct of the affair of State for a period
of three months, unleis my health shout), contrary
to expectation, be sufficiently restore I at an earlier
period. I, therefore, herewith call upni your Royal
Highness and dear Prince to issue the necessary
commands.

"FRIEDRICH WILHELM.

"Sang Souci, Oct. 23, 1857."

(Countersigned by all the nine Ministers.)
In execution of this trust committed to him, the
Prince of Prussia has addressed the following mani-
festo to the Ministry
" Annexed to these presents I forward to the
Ministry of State the original of a Royal Cabinet
order addressed to myself, with the instruction to
have it, together with this my presrint manifesto,
brought to A knowledge of the public in the aezetz
Sam
cnbiZ g (collection of laws).
cal reference to the proxy which the King's
Majesty has committed to me, and which I have
taken upon me, I herewith declare that it is my
firm will And intention to carry on the conduct of
State affairs in conscientious observance of the
charter of the country and the laws of the land
according to my best knowledge of the intentions
•f His Majesty, my Royal brother and Sove-
reign, and for E 0 long a time as His Majesty
may consider this desirable. I expect that His
Majesty's mint .ry fore=s, his civil officers, and all
his Majesty's subjects will s'no w me due obedience,
and more particularly the Ministers of State will all
aid each of them remain duly conscious of their
full responsibility. Business, both in the Mi.,!i•stry
of tatthe different public o :es, alio in
tkeS e andmilitary in of
and Naval Civil, is to pursue the same
All direct ap-
plication to the King's person) are to be ad-
heretofore, and the form in which publio
in docuels will be signed, will ba
courseesse (viz,,
as has been the case hitherto.
cc By order of his Majesty the King,
cc c Prince of PRUSSIA.' "

"1 pr 4 to God that He will confer on me
strength and grace to execute the ch•trg 3 committed
to me to the isatisfaction of His Majesty the King
and to the gOod of the country, and that the restor-
ation of my Riyal Sovereign's health, which to my
deep grief and that of all the nation has of late ben
disordered, wilt soon relieve me Of the task which I,
in conformity with his Majesty's commands, and in
consideration of my duties to the country, herewith
assume,

"Prince of PRUSSIA.
" Von MANTEUFFEL.
Von dor HEYDZ.
" SIMONS.
Van RAMIER,
" Von WESTPHALEN.
" Von BoDELSCH WINO.
" Von MASSON.
"VoIWALDARSEE.
" Von MANTEUFFEL 11.
" Berlin, Oct. 24, 1857."
As sopa as it is possible the King will be con-
voYed to Charlotteuburgh, which is more suited
than Sans Souci to an autuamd residence, and he
will stay there in all probability-at least two months.

ritANOZ.
PARIS; SUNDAY EVANING4
tt 1.4 said that M. Migeun will appeal against; the
"fence of one month's imprisonment pronounce .1
for that offence. prom the dvidenee of their et mn
witnessez, the authorities 'have been clearly can
victed of empltlyieg the saris "41eatoral frauds"
fct which they prosecnted lei, Mige"l
TIP, Chamber ot Oknithered of PaiiiS held, ft
'Special meeting yesterday, .to pass a resoltvion
PtYing the govervnant , std. far to repeal the
laWi as to allow private parties id 4,43
the some rate of discount as is talon 14, filo
Bank of France;At Present there is this extri-
lordinary anomaly, .that a merchant who pays 72
per cent. for discount of his paver to the bank;
cnitiOt lawfully take More than per cent. upon
the bills he receives from his customers. This an,..)-._
walY Provokes. a groat outcry in molt of the pro-
! vin,:ihl t.)w 113, cnd many country journals openly
cad fora foied crvieucy of .banktiotls, The' E a-
peror decidedly sits MA face against this expedient.
Toe Spectateur thus dwells on the immense finan-
cial resources commanded by England, and marvels
at the timid capitalists who imagine that the pre.
sent crisis will unduly try her strength :
f It must not be lost from sight that if the presont

financial difficulties of England are great, her resources
are also prodigious. Of these an idea may be c,mceived
when we state that in five years, from 1846 to 1850, Eng-
land expended 150 million sterling on herrailways, and that
in the revolutionary epoch, and before she had profited in
the sli;zhtest by the immense resources created by the
discovery of gold in California and Australia. If England
could support a sacrifice like the above witkwut in the
least obstructing the progress of her cornmerct and trade
—if England has been able for years to accept only the
petty interest of 1i or 2 per cent. paid on the enormous
capital sunk in her railroad without having cxrrienced
serious inconvenience, how immense must be her re-
sources at the present day, when her railway exrndi
ture is at an end, when her commerce has nearly
doubled, and when the gol l of California and A.ustralia
swell her receipts. The accumuhtion of capital is such
that country that, in our opinion, were England to lose
all the surp, which she has expended in Tilidia and tha
`2 milliards of capital now engaged in the United Stat4s,
her credit would still stand the first in Europe. Froo,
this it may be judged how little important, as regauls
the future, are the exceptional embarrassments wi:ich
now weigh on England, and, through her, on the whole
of Europe—and how vain is the alarm of those people
who allow themselves to become panic-stricken.

BOWRSE, Oct. 24.—The following were the las
quotations :

Can. fr. End of Month.
1 per Cents
3 per Cents 66 90 66 90
Bank Shares 2983 Credit Foncier — -
Credit Mobilier 787 50 Roman
Do. Account 787 50 Austrian -
Belgian 4 - Spanish Three. — -
Piedruentese(s) _ 90 Home Debt